Deloitte set to anchor Sydney’s Quay Quarter Tower
The multi-billion-dollar redevelopment of Sydney’s Circular Quay is gathering steam, with AMP Capital in pole position to secure accounting firm Deloitte as an anchor tenant of its proposed $3 billion Quay Quarter Tower.
The accounting firm in March issued one of the city’s largest ever leasing requirements, seeking 30,000sqm-35,000sqm of space, and it is now set to occupy multiple floors along with financial services group AMP. The accounting firm will shift out of Grosvenor Place at 225 George St — which is owned by the listed Dexus, Investa and fund manager ARIA — in 2023.
The move means that AMP Capital’s tower has effectively beaten rival project Lendlease’s 55-level commercial Circular Quay Tower for the accounting firm.
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AMP Capital had been chasing a major tenant as its own parent group, which will take up about third of the tower, came under pressure and investors pressed it to secure a commitment to de-risk the project.
In April, the group locked in superannuation fund REST to buy a $900 million slice of the Quay Quarter Tower.
The landmark project, at 50 Bridge St, is co-owned by investors in the AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund.
Deloitte’s move means AMP also has the jump on a series nearby Sydney office projects proposed by Mirvac and Poly Group at Circular Quay.
International construction company Multiplex is building the AMP complex after a proposed earlier agreement with Lendlease’s building arm floundered. The 200m high, 50-storey tower, designed by Danish architects 3XN, is tipped to become a city landmark.
The existing Bridge St tower will be overhauled to comprise five shifting glass volumes stacked on each other punctuated by atrium space, maximising views out to Sydney Harbour and daylight into the office floors.
The tower forms part of the overall Quay Quarter Sydney precinct, also incorporating 33 Alfred St and the Young and Loftus mixed-use precinct.
The tower, atop about 5000sqm of top-class retail and public space, is on track to be completed in late 2021.
Deloitte’s forthcoming shift comes after rivals Ernst & Young, KPMG and PwC have moved to new premises.
A spokesman for the accounting firm last night said “no final decision has yet been taken on the future Sydney headquarters of Deloitte but we are working with a preferred party to reach binding terms”.
AMP Capital said that it was “continuing conversations with a number of potential tenants … and discussions are progressing well”.
This article originally appeared on www.theaustralian.com.au/property.
