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New Corporate Era Beckons as Seidler Building Sells for $80m-Plus

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The renaissance of North Sydney is in full swing with a heritage-listed office building selling for $80-million-plus, cementing a new corporate era in the New South Wales capital’s second largest CBD.

It is the first time the six-level Harry Seidler-designed building at 41 McLaren Street has changed hands in two decades.

Stadia Capital has acquired the iconic asset from a consortium, including development company RBG, and plans to incorporate the existing building into a future redevelopment with prime grade office space featuring upper-floor harbour views.

The North Sydney landmark—on a 2359sq m site opposite Victoria Cross Metro Station’s northern entrance—gained significance in the 1970s after being featured in a series of images by Australia modernist photographer Max Dupain.

Its sale was negotiated by Jon Chomley and Harry Bui of Colliers after an expressions-of-interest campaign.

Volt Bank is the major tenant in the building, which comprises a net lettable area of 8450sq m and 91 car bays. It has an underlying mixed-use zoning, allowing for both office accommodation and residential.

The McLaren Street commercial holding also benefits from its key position within North Sydney Council’s Ward Street Master Precinct, a 3.2ha masterplan aimed at delivering much-needed public domain and amenity improvements as well as encouraging mixed-use high-rise development.

“It’s such a prime site and a significant sale for an ever-growing and improving part of North Sydney,” Chomley said. “The opportunity exists to undertake a major refurbishment of the building as well as potential for further development.”

North Sydney has been undergoing a rapid transformation that has gained momentum in recent years, driven by an infrastructure and development boom.

“With significant uplift in investor and occupier demand, North Sydney has almost become an extension of the CBD and is set to continue to flourish,” Chomley said.

Three major commercial developments are under way—Billbergia’s 88 Walker Street will provide 11,700sq m of net lettable area; Thirdi Group’s Blue & William will comprise 14,961 of office space on the corner of Blue Street and William Street; and Lendlease’s Victoria Cross development above the new metro station will offer 56,000sq m.

Several other office tower proposals are currently seeking development approval, including projects at 110 Walker Street, 100 Walker Street and 107 Mount Street comprising 64,000sq m, 42,835sq m and 33,000sq m, respectively.

Earlier this year, the first commercial work of the late Seidler—lauded as one of Australia’s most-awarded architects and leading exponents of modernism—hit the market and was swiftly snapped up by a Hong Kong family for $23.3 million.

The eight-storey mid-1950s building at 398-402 Sussex Street in the heart of Haymarket received a sensitive $2-million makeover in 2019.

Originally built as Horwitz House, it is now known as Workhouse and comprises 1097sq m of space (including its rooftop) on a 177sq m site with 15m of street frontage.

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Article originally posted at: https://www.theurbandeveloper.com/articles/new-corporate-era-beckons-as-iconic-building-sells-for-80m-plus