North Sydney office demand drives Zurich tower sale
Global finance and insurance group Zurich Financial Services is looking to tap into the surge of interest in major towers in North Sydney and will offer the $350 million-plus building it is developing for sale.
The area has drawn big name players including Francis Choi’s Early Light International, which bought a half stake in Northpoint Tower.
Dexus and Winten are also developing new buildings.
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Now the complex, which will be completed in 2020, is to be offered for sale via Rick Butler and Mark Hansen of Cushman & Wakefield.
Zurich in May kicked off works on the building that will become its new Australian headquarters, with builder Roberts Pizzarotti undertaking the 25-storey commercial tower at 118 Mount St.
Zurich trimmed its initial plans for the tower from a 29-storey scheme revealed by The Australian last year.
The 20,500sqm A-grade building will target five-star, Green Star and five-star NABERS Energy ratings and will feature a two-level podium with cafe, a sky terrace, three basement car-parking levels and end-of-trip facilities.
An artist’s impression of Zurich’s North Sydney tower.
The company’s existing six-storey Mount St complex is being demolished to make way for the new building.
Zurich will occupy 80% of the space on a 10-year lease as anchor tenant and will look to draw in other occupiers as the project progresses.
The project has been developed in conjunction with White & Partners and Generate Property Group. The tower was designed by architects FJMT with services design by AECOM and structure by Northrop.
Buildings on Sydney’s north shore are being keenly chased by investors. Several groups are pursuing a half stake in Coca Cola Place in North Sydney being offered by South Korea’s National Pension Service after co-owner Investa Commercial Property Fund passed on its pre-emptive rights.
Meanwhile, the Andrew Roberts-backed RF CorVal is selling a Chatswood tower that can accommodate a new boutique building on surplus land on the site for about $150 million.
This article originally appeared on www.theaustralian.com.au/property.
