JLL and CBRE Asia Pacific have jointly brokered one of the largest strata office transactions in Australia for 2024, with the sale of 1 Northcliff Street, Milsons Point for $12 million.

Boasting an unparalleled harbourside position within Sydney's premier Lower North Shore, the property offers sweeping panoramic views of Sydney Harbour, setting a new benchmark for commercial spaces in the area. This marks the first time the asset has been offered to the market since its completion in 1999.

The property, comprising three individually titled whole floor offerings totalling 954.2sqm of net lettable area within a prestigious mixed-use building, was sold through a highly competitive Expressions of Interest campaign that closed on 3rd September.

JLL Director of Capital Markets NSW, Willem Watson, said, “1 Northcliff Street represents the most prestigious and versatile strata commercial offering presented to the Lower North Shore market. Its prime location and adaptable floorplates generated significant interest from both local and international investors, demonstrating that premium properties continue to command premium prices in the current market.

“Each level is bathed in natural light from three sides, creating an inspiring work environment. The crowning feature is undoubtedly the sweeping panoramic views of the iconic Sydney Harbour Bridge, Sydney Harbour, and the CBD skyline – something that few commercial spaces can match,” Mr Watson added.

The asset's strategic position, just 1.2km from North Sydney CBD and 4km from Sydney CBD, coupled with its potential for various future uses, significantly contributed to its appeal. Additionally, the property boasts 9 secure basement parking spaces, a rarity in this tightly held precinct, further enhancing its value proposition.

JLL Director of Capital Markets NSW, Harry Sullivan, said, “The strong interest we received for this premium asset underscores the continued demand for high-quality commercial properties in sought-after locations. Milsons Point's highly affluent demographic and exceptional amenities further enhance the investment appeal of this property.” 

CBRE Director of Capital Markets, Angus Windred, added, “This sale demonstrates the resilience of Sydney's prime commercial market and the enduring appeal of assets with strong fundamentals and value-add potential.”