Monday, 18 November 2013
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Leighton Properties has sold a North Sydney development site to Singaporean investment group Suntec Real Estate Investment Trust for $413.19 million.
Leighton Group will take a head lease over 76% of the office space at 177 Pacific Highway, a 30-storey 40,000 square metre commercial development.
The deal was negotiated by Paul Noonan and Simon Storry of Jones Lang LaSalle and Josh Cullen and Richard Butler of CBRE.
It’s the first major commercial development in North Sydney in six years in an area increasingly dominated by residential conversions.
Leighton are aiming for a five star Green Star and five star NABERS energy rating.
“It is a strategic fit with Suntec REIT’s portfolio of high quality commercial assets. We are excited about partnering with Leighton on this project which will be their corporate headquarters in Sydney. We look forward to its completion in early 2016,” Suntec REIT chief Yeo See Kiat says.
Suntec REIT is Singapore’s second largest listed SREIT by asset under management.
Suntec’s current portfolio includes ccommercial properties in Suntec City, Park Mall, a one-third interest in One Raffles Quay and one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.
Leighton Holdings chief Hamish Tyrwhitt says the site was keenly sought after by local and international buyers.
“(The sale) is testament to the building’s design and it is in line with our strategy to align with key investors and efficiently use our capital through pre-selling developments,” Tyrwhitt says.
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