8 March 2024
by Sabrina Phillips
As Sydney councils and NSW politicians debate the merits of increased population density in the city’s inner suburbs, an established North Sydney office building is being positioned for sale as ripe for redevelopment as residential apartments.
The nine storey office block at 12 Mount Street, North Sydney is up for sale at an estimated price of $40 million. It is currently owned by 12 separate strata members who have agreed to sell the 3202m2 property.
It is being sold by CBRE Capital Markets agents Ben Wicks, James Parry and Angus Windred.
Re-development is a selling point for this building as it is listed under the zoning category ‘MU1 mixed use’, with the potential to turn the current office spaces into residential dwellings.
“With existing commercial strata buildings becoming increasingly costly to manage and requiring significant capital upgrades, we are seeing an increasing trend in owners banding together to sell as an amalgamation,” Windred told the Sydney Morning Herald.
The building is within 200m of Greenwood shopping centre and 350m of the new North Sydney Metro. The property has 31 basement car spaces, and nearby access to the Pacific Highway and Warringah Expressway.
The sale listing follows plans by Mirvac to convert the heritage-listed MLC office building mere metres away to residential apartments, a plan opposed by North Sydney mayor Zoe Baker who says that this would negatively alter the character of the CBD.