41 McLaren Street, North Sydney’s most iconic development site, has been listed for sale for the first time in 20 years by Colliers International Jon Chomley, Tom O’Neill and Sophie Tieman.

The building, designed by Harry Seidler was immortalised by Australian modernist photographer, Max Dupain, in a series of black and white photos taken in the 1970’s.

Situated directly opposite Victoria Cross Metro Station’s northern entrance on the corner of Miller and McLaren Street, this is an opportunity to re-image an architectural icon into a a new generation of development and accessibility.

e9c0292c-3f7e-441b-9f10-9784246a39e4.jpeg

The 7-storey office building comprises approximately 8,400m2 NLA, above basement parking for 91 cars and located on a significant site of 2,359sqm.

The property also benefits from inclusion within the Ward Street Master Precinct (WSMP) bound by McLaren Street, Walker Street, Berry Street and Miller Street. The 3.2-hectare masterplan is set to deliver much needed public domain and amenity improvements to North Sydney CBD, whilst encouraging mixed-use development through increased potential height limits.

Colliers International Jon Chomley, Tom O’Neill and Sophie Tieman have been appointed to market 41 McLaren Street, via expression of interest with pricing expectations above $80M.

Mr Chomley said “This is North Sydney’s most iconic redevelopment site. After having received several compelling offers from developers over recent years the owners have decided to put the property to market, to take advantage of the scarcity of available sites.

The building is strategically positioned for refurbishment and/or additional floors, and provides significant value uplift, via a planning proposal, for a new mixed use residential/commercial tower atop of the existing building to maximise the site’s height and harbour views.” said Mr Chomley.

“Benefiting from demolition clauses, the property is perfectly positioned for a buyer to take advantage of the assets holding income whilst pursuing refurbishment or redevelopment plans for office or mixed use. The property’s location opposite the Victoria Cross Metro station entrance will be a key drawcard for future tenants with the ability to commute to Martin Place within 5 minutes” added Mr O’Neill.

Surrounding major commercial development includes Winten’s recently complete 1 Denison A-Grade office of 56,000m2 tenanted by Nine Entertainment SAP and Microsoft whilst the Victoria Cross Over station development of 58,000m2 is scheduled for completion in 2024.

“41 McLaren Street, with its rare and substantial outdoor terraces, north facing aspect, close proximity to the Sydney Metro entrance and the future redevelopment of Ward St, all provide significant points of difference which add value in the short and medium term,” said Mr Chomley.

There has been strong interest to date from several single use tenants attracted to the property’s expansive outdoor areas though there is also the possibility to infill a number of the balconies to increase the NLA subject to council approval.