Built in 1972, the landmark property’s sale adds to the flurry of leasing and development activity in North Sydney.
One of North Sydney’s most iconic buildings designed by a scion of Australian architecture, Harry Seidler, has sold as the precinct continues its rapid transformation.
The six-level office building at 41 McLaren Street, which was designed by Seidler and immortalised by modernist Australian photographer Max Dupain in a series of images, sold for over $80 million to Stadia Capital through the Colliers team of Jon Chomley and Harry Bui.
The building had been owned by a consortium, which included the Property Development company RBG, for over 20 years and has a substantial site area of 2,359sqm with a net lettable area of 8,450sqm and 91 car bays. It has an underlying B4 mixed-use zoning, allowing for both office accommodation and residential, with the major tenant being Volt Bank.
“It’s such a prime site and a significant sale for an ever-growing and improving part of North Sydney,” Mr Chomley said. “The opportunity exists to undertake a major refurbishment of the building as well as potential for further development.”
“North Sydney is a dynamic precinct that is currently in the midst of the biggest infrastructure and development boom in its history. 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.”
The previous owners have prepared a development scheme which retains the existing heritage building and allows a potential six-level office addition.
The property is in the middle of the North Sydney Council’s Ward Street Precinct Masterplan area, which will provide extensive parking, new office developments and substantial plaza areas, all situated between the two entrances to the new Sydney metro at Victoria Cross.
“We are currently assisting the purchaser with their future plans for the asset, which includes an exciting development scheme incorporating the existing Seidler building with brand new prime grade office space,” said Director in Charge Sydney North Dan Walker.
“The upper floors will feature harbour views to the south east, and given the position of the asset close to the new Metro entry and flowing onto the future Ward Street Plaza, we expect this to attract high-calibre occupiers when this is launched to the market in due course.”
The sale is one part of a major revitalisation in North Sydney, with three major developments currently underway. No. 88 Walker St will provide 11,700sqm of NLA and is due for completion in October 2022 through Billbergia, the corner of Blue St and William St by Thirdi will provide 14,961sqm of NLA and the Victoria Cross development, which is situated above the new metro station and is being developed by Lendlease, will provide approximately 56,000sqm of NLA.
There are a number of additional towers seeking development approval, including 64,000sqm at 110 Walker Street, 42,835sqm at 100 Walker Street and 33,000sqm at 107 Mount street.
