The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterThu 23 Oct 14

North Sydney's Largest Whole-Building Sale Ever Brings in $40 Million

m

An Asian-based developer has purchased all 54 individual units in the building at 221 Miller Street, North Sydney.


The developer bought the 14-storey building located in the heart of North Sydney, for $40 million, a sale which agent Garry Burling said is the largest whole-building sale that North Sydney had seen.


Burling spent three months approaching each individual business owner, asking them to consider selling their space, with each agreeing.


"Over a three-month period, I approached all individual owners to discuss selling their strata office suites to an undisclosed major development company.


"My pursuits were successful with 100 per cent of owners agreeing to sell, surprising many competitors and professionals in the industry,” Mr Burling said.


The new owner has proposed that the previous owners will remain in the building for about two years, before the building is demolished and redeveloped.


According to the

Sydney Morning Herald, the building’s executive committee was given approval in 2013 to turn the building into 175 luxury residential units and parking, as well as adding a retail/ commercial component.


This comes as the North Sydney council begins working towards the movement of increasing the appeal of North Sydney as a combined area of residential living and commercial area.


North Sydney Council general manager Warwick Winn said in a recent speech to the Property Council of Australia the intention for the plan was to “recession proof” the area and to encourage a more broad mix of industry areas.


"The council is also looking to enhance cultural life and attract more residents through mixed-zone developments on the CBD fringe while preserving the vibrant CBD core," Mr Winn said.

ResidentialAustraliado not useConstructionReal EstateConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/north-sydneys-largest-whole-building-sale-ever-brings-in-40-million