21 August 2013 — Leighton Properties will develop North Sydney’s first new commercial building in six years at 177 Pacific Highway.
The $400 million high rise development is targeting a 5 Star Green Star – Office Design v3 and a 5 star NABERS Energy rating.
It will host 40,000 square metres of A-Grade commercial space across 30 levels with completion scheduled in the first half of 2016.
Leighton Properties managing director Mark Gray said the project would be underwritten by Leighton, which would take a head lease over 76 per cent of the office space.
“We have developed a number of the prime North Sydney towers in the past and we feel the area is worthy of a new development of this kind, particularly given North Sydney has a vacancy rate of 2.8 per cent in the A-Grade commercial sector,” he said.
The building is designed by architectural firm Bates Smart. Jones Lang LaSalle and CBRE are the agents with expressions of interest closing on 19 September.
Jones Lang LaSalle NSW head of sales and investments Paul Noonan said his company’s research indicated that there was “a basket of only 48 assets nationally with investment characteristics similar to 177 Pacific Highway, North Sydney”.
“We expect this will result in strong competition from domestic and international investors,” he said.