The latest research from North Sydney Cityscope shows property sales for the quarter to April 2024 have significantly increased in terms of total value. Sales recorded in the most recent quarter totalled $158.9 million.
Included was a sale negotiated by CI Australia, 124 Walker Street, North Sydney, which sold for $95.5 million. The vendor was Dexus’ Wholesale Australian Property Fund and the buyer, Singaporean based Ho-Group.
124 Walker Street is an 18-storey commercial building with basement parking for 80 cars; it was completed in 1974. Alterations and additions, including replacement of external cladding and awning at an estimated cost of $7 million, were carried out in 2023. Tenants include Oztam, Strata Community Insurance, Shore Financial and several retail tenants. It last traded at $73.6 million in 2007.
Nearby in Neutral Bay is another recent commercial sale. Trading for the first time in almost a quarter of a century, 50 Yeo Street has sold for $45 million to a Woolworths subsidiary. It is a five-storey office building, built in 1987 and reconstructed in late 2006. Tenants of the property include Wotso Workspace, with several floors, Leapfrog Life and the Lounge Neutral Bay. It last traded at $5.8 million in July 2000.
CoreLogic Australia