Asian Group Acquires $56m North Sydney tower for development

17/09/2014 7:37 pm

221 miller st north sydney

Asian developers continue to leap into the Australian apartment market, with an Asian group paying about $56 million for a North Sydney office tower with the potential to be converted to units.

The building, at 221 Miller Street, is being sold by local development and investment group Legacy Property, which paid about $40m for the tower earlier in the year.

While the Asian group could not yet be identified, it is believed the buyer plans a luxury apartment development.

[Via The Australian]