Wentworth Capital, on behalf of a fund, has acquired the former MLC headquarters at 105-153 Miller Street in North Sydney. The purchase price is speculated to be just over $100 million.
Transaction Overview
The seller was Oxford Properties Group, with Investa acting as manager. Oxford Properties Group acquired the 6647 square meter site in February 2020 as part of a $264 million buyout of the Investa Office Fund.
Historical Significance and Heritage Status
Following the acquisition in 2020, Investa lodged plans to replace the former MLC Centre with a 27-storey commercial tower. At that time, the ex-MLC Centre was listed as a local heritage item, a status that has since been elevated to the State Heritage Register.
Completed in 1957 in two parts, it was North Sydney’s first high-rise office building and contained 42,000 square meters of space.
Approved Development Plans
In October, Investa received permission to reconstruct the Miller Street wing and demolish the central core (which faces Denison Street) to build a new 22-level office structure. Bates Smart, the firm that designed the original building, was appointed for the update.
The property, known as 105 Miller Street, will be held by the Wentworth Real Estate Private Equity Fund 1.