_52 Alfred Street, Milsons Point announced to the market

52 Alfred Street, one of the last remaining freehold office buildings with development upside in Milsons Point, has been listed for sale through Knight Frank’s Andy Hu, Dominic Ong and Tim Holtsbaum in conjunction with Apex’s Denis Wan. The property is expected to sell for circa $190 million 

Ideally located in the heart of Milsons Point, the significant parcel of land spans around 2,711 square metres and occupies a prime position with dual street frontage to Alfred and Glen Streets. Zoned B4 mixed-used, the property currently comprises nearly 10,000 square metres of net lettable area spread across 12 levels, with an additional four levels of underground car parking a total of 220 spaces.

52 Alfred Street is expected to receive strong interest from local and offshore investors/developers as it offers an extremely rare opportunity to acquire a highly strategic, double street frontage asset with clear development upside. 

It presents an attractive opportunity as it is currently one of the few significant office buildings with development upside on the market at the moment. If approved, the submitted planning proposal will see the gross floor area increase to circa 27, 000 square metres of residential and retail. 

The property has a mixed tenancy, with a significant proportion currently let to Kimberly Clarke until 2020, with options to extend. This offers the future owner the benefit of secure holding income prior to redevelopment.

The area is undergoing significant growth and transformation and the recent sale of 1 Pacific Highway demonstrates the strength of the market in North Sydney and Milsons Point. As the best B-grade office tower in Milsons Point, 52 Alfred Street has a historically low vacancy rate and is considered to be under-rented. The relatively short WALE then gives the incoming owner the opportunity to reposition the asset in the medium to long term.

The demand for prime residential apartments in Sydney remains strong, as we are continuing to see growth in Australia’s prime residential market, despite moderation in the mainstream market. The proposed residential apartments at 52 Alfred Street are situated in a highly desirable location, with access to an abundance of restaurants, cafes and public transport links. We expect very strong interest when the project is launched.

Opposite Milsons Point train station, 52 Alfred Street provides convenient access to the Sydney CBD and North Sydney within minutes.

52 Alfred Street is available for sale via Expressions of Interest closing 3pm, 12 September 2018.