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North Sydney Seidler building sells in major deal

41 McLaren Street North Sydney 1

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.


Related Experts

Jon Chomley

National Director | Capital Markets

Sydney North

Professional summary

I am National Director | Capital Markets based in the North Sydney office focussing on institutional level sales in the greater Sydney metropolitan market. Recently I celebrated thirteen years with Colliers International, and have over 39 years’ experience in the property industry. I have extensive experience working in international markets, and have very strong relationships with local institutional investors. My areas of specialty is in complex transactions, new entrant capital and Asia engagement. I have been a regular visitor to  Asia and continue to work closely with key decision makers looking to make the move to invest in Australia. I work closely with the Colliers International network domestically and offshore to ensure the best outcome for my clients

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Harry Bui

National Director, Sydney Metro Sales | Investment Services

Sydney

I am one of the most respected real estate professionals with significant experience in both domestic and international commercial real estate transactions with expertise in Governments, Corporations, Private Clients, Public REIT and Institutional real estate sales & marketing.

I have a wide well-established referral network for connecting and accessing to both onshore and offshore capital, particularly from the Asian countries including China, Singapore and other South East Asia countries for commercial properties in Sydney, Australia.

I am a driving force for the national premium investment auctions at Colliers International as my national team is dedicated to achieving premium prices for vendors and the 'biggest bang for their buck' through our special premium auction strategies.

I am also responsible for outstanding team contribution, excellence in leading successful teams, strong presentation & communications and effective interaction with other business line leaders within the Colliers International Global network.

I am capable of working successfully under pressure with multi tasks in a fast paced environment and highly self-motivated with a hands-on attention to details that only personal experience can bring.

Specialities:

- Commercial real estate investment brokerage;
- Development site sales;
- Deal-sourcing;
- Acquisition and development;
- Investment underwriting;
- Market analysis;
- Structured transactions;
- Complicated partnership dispute disposal (section 66G);
- Government, corporation and Insolvency solutions;
- Due diligence and
- Leasing. 

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Dan.R Walker

Director In Charge | Sydney North

Sydney North

Dan Walker is a property professional with 16 years of real estate experience and an enviable track record in office landlord representation, asset repositioning and tenant brokerage. Dan prides himself on excellent client service and delivering exceptional outcomes for all stakeholders.

Dan is the Director in Charge for the Colliers International Sydney North office, responsible for the continued success and expansion of 40+ personnel in this established but growing region of Sydney; whilst also leading the Colliers International Office Leasing team in key North Shore markets including North Sydney, St Leonards, Chatswood and Macquarie Park.

Dan commenced his career in residential real estate, and immediately gained a passion for property. After selling many properties within his initial core area, Dan was offered a position by the newly formed McGrath Estate Agents Central Coast with Mat Steinwede. Dan worked directly under Mat whilst perfecting his skills and expertise in all areas including negotiation, mindset, and six star client service. Following a successful 4 years, Dan relocated to Sydney and entered the commercial property arena.

Completing his first commercial leasing transaction within his first week and following a six month knowledge building period in a boutique commercial firm, Dan was fortunate enough to be offered a position with the market leading Colliers International Sydney CBD Office Leasing team.

In his first year, Dan brokered over 50 transactions within the Sydney CBD, and was recognised for these efforts by being awarded the highly sought after Rookie of the Year award.

Prior to his current role in Sydney's North, Dan was involved in the appointment and leasing success of prime grade commercial office assets throughout the Sydney CBD on behalf of major onshore and offshore funds and institutional clients, with involvement in over 50,000sqm of leasing transactions in iconic Sydney office buildings including Grosvenor Place, Gold Fields House & Piccadilly Tower.

Dan lives in Sydney with his wife and two dogs and enjoys exercising outdoors, music, travel, and discussing economics and business both locally and globally.

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