Investa has acquired 100 Mount Street, North Sydney on behalf of BGO and Cliffbrook Capital (Cliffbrook) from Dexus (co-owned equally by Dexus and Dexus Wholesale Property Fund).
The 35-storey, Premium-grade building in the heart of North Sydney’s central business district is anchored by a strong roster of tenants including Hollard Insurance, Laing O’Rourke, NBN Co, First Data Resource and Chanel. NBN Co is due to relocate later this year.
Commenting on the acquisition, Adam Crowe, Chief Investment Officer at Investa said: “We expect demand for North Sydney’s prime commercial assets to continue to gain momentum, supported by exceptional connectivity including the Victoria Cross metro, heavy rail and bus interchange.
“This transaction presented a rare opportunity to acquire a 100% interest in a Premium-grade building at a significant and growing discount to replacement cost.
“We see a clear opportunity to enhance occupancy and drive rental growth through Investa’s strong asset management capability,” Mr Crowe added.
Paul Heller, Partner at Cliffbrook said: “We are committed to acquiring quality commercial real estate in gateway cities such as Sydney and are focused on enhancing our footprint, following the acquisition of 10-20 Bond Street in 2025”.
100 Mount Street was completed in 2019 and offers ~42,000 sqm of net lettable area. The building has achieved 5-Star Green Star Design and As Built (v1.1) and 5-Star NABERS Energy ratings.
Investa will be appointed to provide both asset oversight and property management services for 100 Mount Street. Cliffbrook is working with BGO as their local Australian partner on this transaction.