An Asian-based developer has purchased all 54 individual units in the building at 221 Miller Street, North Sydney.
The developer bought the 14-storey building located in the heart of North Sydney, for $40 million, a sale which agent Garry Burling said is the largest whole-building sale that North Sydney had seen.
Burling spent three months approaching each individual business owner, asking them to consider selling their space, with each agreeing.
"Over a three-month period, I approached all individual owners to discuss selling their strata office suites to an undisclosed major development company.
"My pursuits were successful with 100 per cent of owners agreeing to sell, surprising many competitors and professionals in the industry,” Mr Burling said.
The new owner has proposed that the previous owners will remain in the building for about two years, before the building is demolished and redeveloped.
According to the
Sydney Morning Herald, the building’s executive committee was given approval in 2013 to turn the building into 175 luxury residential units and parking, as well as adding a retail/ commercial component.
This comes as the North Sydney council begins working towards the movement of increasing the appeal of North Sydney as a combined area of residential living and commercial area.
North Sydney Council general manager Warwick Winn said in a recent speech to the Property Council of Australia the intention for the plan was to “recession proof” the area and to encourage a more broad mix of industry areas.
"The council is also looking to enhance cultural life and attract more residents through mixed-zone developments on the CBD fringe while preserving the vibrant CBD core," Mr Winn said.