This article is from the Australian Property Journal archive
PRIVATE health insurer Bupa has signed a new lease at NAB House, 255 George St in Sydney's CBD.
Bupa has signed a 10-year lease commencing January 1 2015 for 5,400 sqm on four levels. The previous tenant was GE and the premises were refurbished late last year.
AMP Capital’s Wholesale Office Fund (AWOF) fund manager Nick McGrath said Bupa has growing accommodation needs and the move to NAB House also allows the company to consolidate its operations in one location.
The agreement means Bupa will remain AWOF’s portfolio, relocating from the AMP Centre at 50 Bridge St and another office location in Sydney, to 255 George St.
“We’re pleased to continue our relationship with Bupa at NAB House. This commitment is another demonstration of the progress we are making in our strategy for AWOF to be the leading wholesale office fund in Australia,” he added.
The latest lease takes the building’s occupancy rate to 96%.
“The transaction demonstrates NAB House’s capacity to attract high quality corporate tenants and also delivers a return on the capital investment in this asset during the last few years, culminating in the fund’s acquisition of the remaining 25% interest earlier in 2014,” McGrath concluded.
Property Review
