50% stake in North Sydney’s Northpoint Tower sells for $300 million

100 Miller

Located at 100 Miller St, the building recently underwent significant refurbishment

2 August 2018, Sydney – Redefine Properties has sold its 50 percent stake in Northpoint Tower to Early Light International (Early Light) for AU$300 million in a deal negotiated off market by Knight Frank’s Tyler Talbot and Dominic Ong.

According to Mr Talbot, Partner, Institutional Sales, Sydney Metro, the sale further cements the strength of the North Sydney Market and demonstrates how the rise in amenity and infrastructure is contributing to the area becoming increasingly competitive to the CBD.

“North Sydney is a tight market and we expect it will continue to experience strong growth as it is set to further benefit from the completion of 100 Mount Street and 1 Denison in 2019 and 2020 respectively, followed by the opening of the Victoria Cross Metro station in 2024,” said Mr Talbot.

Northpoint Tower is strategically located in the heart of North Sydney and following the recent $130 million refurbishment it presented a strong investment opportunity for the buyer, said Mr Ong, Partner, Head of Asian Markets at Knight Frank.

“Situated on a large freehold site of approximately 5,020 square metres, the prominent tower comprises over 26,000 square metres of NLA. The complex includes a newly constructed retail podium, a 187 room VIBE hotel and a 32 level office building.”

Located at 100 Miller Street in North Sydney, the building is well positioned with extensive prime retail frontage of 55 metres to Miller Street and 65 metres to Pacific Highway. It boasts outstanding Sydney Harbour and district views, in addition to brilliant natural light.

Cromwell Property Group owns the remaining 50 percent of the building, and will partner with Early Light, retaining the management of the property.

Early Light, founded in 1972 by Chairman Dr Francis Choi, is one of the world’s largest toy makers. It has a diverse array of interests including manufacturing, property, automotive, watches and jewellery and most recently purchased the Exchange Centre on Bridge Street, and 1 Castlereagh Street, both in Sydney.