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August 20, 2013

Leighton Properties to develop new commercial building in Australia

Leighton Properties has secured a contract to develop a A$400m (£235m) commercial building at 177 Pacific Highway in Sydney, Australia.

NSW_177 Pac Highway

Leighton Properties has secured a contract to develop a A$400m (£235m) commercial building at 177 Pacific Highway in Sydney, Australia.

Leighton Properties has signed the contract with Winten Property Group for the project.

Designed by the architectural firm Bates Smart, the development will create 40,000m² of commercial space across 30 levels.

The building will feature large floor plates, green elements and offer complete harbour views.

Construction of the building is scheduled to be complete in the first half of 2016 and the facility is expected to secure a 5 Star Green Star – Office Design v3 and a 5 Star NABERS Energy rating.

Leighton Properties managing director Mark Gray said the project will be underwritten by the company, which will take a head lease over 76% of the office space.

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"The remaining 10,000m² in the tower’s sky rise will be available to other corporates, meeting demand in North Sydney, a market that is experiencing record low vacancy rates.

Jones Lang LaSalle and CBRE will be agents for the sale of the 177 Pacific Highway site to local and international investors.

Leighton Holdings chief executive officer Hamish Tyrwhitt said Leighton Group companies currently occupy more than 40,000m² of office space across 11 buildings in Sydney.

"The potential for a high performance workplace that consolidates our corporate and operational office spaces with shared facilities and high amenity will drive a more efficient and collegiate working environment that embodies the company’s values of discipline, integrity, safety and success," Tyrwhitt said.

Image: The building will feature 40,000m² commercial space across 30 levels. Photo: Courtesy of Leighton Properties.

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