Leighton Properties have announced the sale of their 177 Pacific Highway commercial development to Singapore based Suntec Real Estate Investment Trust (Suntec REIT) for $413.19 million.
Designed by award winning architecture firm Bates Smart, the 30 level commercial development will incorporate 40,000sqm of a-grade office space located in North Sydney, 3km from the Sydney CBD.
Leighton Holdings Chief Executive Officer, Mr Hamish Tyrwhitt said, “The project was keenly sought by buyers domestically and internationally”.
"The sale to Suntec REIT, Singapore’s second largest listed SREIT by asset under management, 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”.
177 Pacific Highway will be North Sydney’s first new major commercial building in 6 years.
Leighton Group will take a lease of 76% of the office space for their corporate head offices in Sydney. The remaining 10,000sqm will be available for lease, meeting a demand in North Sydney’s market.
Suntec REIT’s Chief Executive Officer Mr. Yeo See Kiat said, “It is a strategic fit with Suntec REIT’s portfolio of high quality commercial assets".
The commercial tower will offer harbour views and its design is aimed to receive a 5 Star Green Star energy rating. The ground levels will incorporate a vibrant town square, café and retail areas.
Mr Tyrwhitt said the building will provide, “a connected and interconnected workplace with amenity, transparency, flexibility, contextual fit and environmental responsiveness".
The project will be developed by Leighton Properties and built by Leighton Contractors. It will be completed in early 2016.
