Dexus Brings North Sydney Office Tower to Market

Dexus has brought its premium-grade commercial tower in the heart of North Sydney to market.

According to agents, it is the first 100 per cent freehold premium asset to be offered in Sydney or North Sydney’s CBDs in more than a decade.

The 35-storey building at 100 Mount Street is being sold via an expressions-of-interest campaign managed by CBRE and Cushman & Wakefield.

Industry insiders expect it to change hands for about $600 million.

The tower was completed in 2019 and comprises 41,500sq m of office space with views of Sydney Harbour, the Harbour Bridge and the city skyline.

It is one of only three premium-grade office buildings in North Sydney and is fully leased. Tenants include Hollard Insurance, Laing O’Rourke, First Data Resources and Chanel.

NBN also has its headquarters there but is preparing to move to a tower that Lendlease has under construction, also in North Sydney.

The 1762sq m site occupies a prominent position at the corner of Mount and Walker streets, with a third frontage to Spring Street, and is close to bars, restaurants, health services and transport links, including the soon-to-open Victoria Cross Metro Station.

CBRE head of office investments, Pacific, James Parry said the North Sydney office market was undergoing a period of strong tenant migration and tightening vacancy.

He said that since 2023, 24 new tenants had relocated to North Sydney, occupying about 36,000sq m of space, as businesses sought newer buildings in better-connected precincts.

Parry said the completion of the Victoria Cross over-station development this year was likely to be the last premium office project in North Sydney for some time, as elevated construction costs limited new supply.

He said this scarcity, combined with growing demand and the conversion of older office stock, was expected to drive rental growth across the precinct in coming years.

The building holds a 5-Star Green Star Design rating, a 5-Star NABERS Energy rating and a 4.5-Star NABERS Water rating.

Expressions of interest for 100 Mount Street close on November 12.

▲ The McLaren Street site has potential for up to 16,947sq m in gross floor area.

McLaren Street site listed

Meanwhile, a development-ready site in North Sydney also near the Victoria Cross Metro Station has hit the market.

The vacant 3132sq m property at 52 McLaren Street is being offered through an expressions-of-interest campaign by Knight Frank agents Mark Litwin, Raffi Zilifian and Dominic Ong, closing November 12.

Zoned mixed-use (MU1), the site has potential for a development of up to 16,947sq m in gross floor area, accommodating a mix of residential, commercial, retail and childcare uses.

A conceptual design prepared for the site outlines two towers rising 24 and 8 storeys, with three basement levels providing 121 carparks.

Litwin said the site aligned with the NSW Government’s Transport-Oriented Development (TOD) strategy, which encourages higher-density urban growth around major public transport hubs.

“The site at 52 McLaren Street is an opportunity to capitalise on a prime development site in one of Sydney’s most tightly held urban markets,” he said.

“It occupies a highly strategic position on the fringe of the North Sydney CBD, within the Civic Precinct—an area earmarked for high-density, transit-oriented development.”

Litwin said the property’s flexible zoning supported a range of high-value contemporary uses.

“It’s well positioned to leverage North Sydney’s evolution into a vibrant, mixed-use centre supported by world-class transport infrastructure,” he said.