One of North Sydney’s largest single office vacancies, the 15,614 square metres left by NSW Roads and Maritime Services at 101 Miller Street last year is now filled after Allianz snapped up the last big bulk of space across four levels.
Insurer Allianz has signed up for 5654 sq m at the premium-grade building owned by Mirvac and TH Real Estate, paying a blended net annual rent of $746 a square metre.
The lease will consolidate the company’s IT division, split across two buildings in the Sydney CBD into the North Sydney location.
This deal represents the last of the backfill space, left by RMS. There is a small 700 sq m spot available.
The other tenants that filled the large vacancy stretching from levels 9 to 19 were Chubb Insurance, Bedford CA and White Clarke.
Chubb Insurance committed to 3500 sq m last year, to accommodate a business expansion. It also consolidated some of its North Sydney operations into the new lease.
White Clarke took up 1400 sq m last year, and Bedford CA moved from 141 Walker Street to the whole of level 16 at 101 Miller Street. Both moved due to a displacement caused by the construction of the Sydney metro train station in North Sydney.
“This deal, along with our other signings in 2017, reinforces the North Sydney market as an important office precinct which is only going to improve with new development and infrastructure scheduled,” TH Real Estate head of asset management Jayson Egan said.
The North Sydney market A-grade vacancy is at its lowest level in two years at 4.1 per cent, Colliers International which handled the Allianz and rest of the RMS lease said. Agents Louise Rowe and Frank Sassine handled negotiations.
Office space particularly along Miller Street has been constricted due to compulsory acquisition for the North Sydney metro station construction, displacing many staple North Sydney tenants.
The property at 101 Miller Street offers 37,550 sq m of offices across 35 floors. It also has retail shops at Greenwood Plaza.
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