Bank of Sydney collects seven-storey Pitt St office
The Bank of Sydney has swooped on a Pitt St office block in the heart of Sydney’s central business district, buying the complex from Kingsmede for about $50 million.
The bank, whose ultimate parent is the Lebanon-based Bank of Beirut, bought the seven-storey building as it looks to expand.
The purchase gives it a prestigious corner freehold building in a prime location in the Sydney CBD’s financial core.
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The bank is likely to make the most of the building’s impressive 56m of street frontage to Spring and Pitt streets.
Colliers International’s Vince Kernahan and Steam Leung handled the deal.
The property has been identified as a tower cluster area under the Central Sydney Planning Strategy but property heavyweights Dexus and Brookfield are likely to pursue a separate project elsewhere on the block.
The proposed developable height on this city block will increase up to 300m, well above the existing structure at 230m.
The building consists of seven floors of office space, including 221sqm floor plates, two ground floor retail premises and new end-of-trip facilities, making a total of 1709sqm of net leaseable area on a 284sqm site.
The bank can also capitalise on the property’s position between Circular Quay and Martin Place, which is set to benefit from the building of new infrastructure and development.
Projects include the Sydney Metro, George Street Light Rail and Circular Quay Ferry Terminal upgrade.
This article originally appeared on www.theaustralian.com.au/property.
