18 February 2014 — Construction has officially begun on Leighton Properties’ newest commercial tower at 177 Pacific Highway, North Sydney.
The $413 million, 30-storey, 40,000 square metre building will be the new global hub for Leighton, with the group taking head lease and planning to move in 2500 staff.
The building, which is being developed by Leighton Properties and built by Leighton Contractors, is targeting 5 Star Green Star v3 (Office Design and Office As Built) and 5 Star NABERS Energy ratings. Sustainability features that have been announced so far include low-temperature airconditioning systems for reduced energy consumption, rainwater harvesting and performance glass facades.
The breaking ceremony occurred late last week on the 2418 sq m site, with Leighton Holdings chief executive Hamish Tyrwhitt, Leighton Properties managing director Mark Gray and North Sydney Mayor Jilly Gibson in attendance.
“This is a great milestone to be celebrating today,” said Mr Tyrwhitt.
“For the Leighton Group this is a step towards creating the next generation workspace for our staff – one that fosters collaboration, innovation and performance and is an example of our corporate values.”
Managing director Mark Gray said the building would add a new dimension to the North Sydney skyline.
“Being the first new ESD rated commercial tower in six years it will provide the market with much-needed A-grade accommodation,” Mr Gray said.
“It signals an important next step in North Sydney’s continued development as a commercial CBD.
“We expect the certainty of the completion date, and the commitment and involvement of Leighton, will make this a highly sought-after building for companies wanting to secure a noteworthy address.”
The building was designed by architect Bates Smart, and is scheduled for completion and occupancy in early 2016. Woods Bagot has been selected to fit out Leighton’s 30,000 sq m tenancy, and will create a “vertical village” with a focus on health, amenity and best practice workplace design.
Suntec REIT purchased the development from Leighton Properties for $413.19 million in November last year (representing an initial yield of 6.89 per cent), and 10,000 sq m of top level space remains available for lease through CBRE.