This article is from the Australian Property Journal archive
THE last vacant floor is under negotiation at Dexus’ $600 million 100 Mount Street office tower in North Sydney, the future headquarters of NBN Co.
There are currently 12 occupants secured within the 35-storey, 41,500 sqm tower. Tenants will also include Laing O’Rourke, Victory Offices, Chanel, First Data Resources, Nextgen.Net and Glorietta Restaurant and Café, while anchor NBN Co. will take up around half of the office space.
Around 1,400 sqm remains.
100 Mount received a $33.1 million valuation uplift at the end of last year after delivering leasing deals and a 12.5 basis point cap rate tightening.
“After years of limited supply, 100 Mount kicks off the next wave of quality office accommodation coming online in North Sydney that is appealing to a more diverse range of tenants who see North Sydney as a viable alternative to the Sydney CBD,” Dexus head of office leasing, Chris Hynes said.
Also reaching over 2019 and 2020 are Winten Property Group’s 1 Denison Street, the future home of Channel Nine, and the headquarters of Zurich Financial Services Australia at 118 Mount Street, which will follow no new office buildings were being to the market across 2018.
Developer Maville Group recently proposed a $66 million tower at 173 Pacific Highway.
North Sydney vacancies lifted slightly to 6.8% in the six months to January, according to the Property Council. Prime grade vacancies are at 3.5%, and attract net face rents averaging $792 per sqm. Negative absorption in the period was largely attributed to MasterCard exiting 100 Arthur Street and moving to 72 Christie Street in St Leonards.
100 Mount is on the corner of Mount and Walker Streets, with a third street frontage to Spring Street and offers harbour views across to the Sydney CBD, and will benefit from its proximity to the new North Sydney Metro Station that is currently under construction.
The development is targeting a 5 Star Green Star and 5 Star NABERS Energy rating, as well as a Shell & Core WELL Gold rating.
Dexus and Dexus Wholesale Property Fund own the building, which was developed by Dexus in collaboration with builder Laing O’Rourke. It will include a food and beverage offering on ground floor plane, premium end of trip facilities, 113 car spaces, on-site GoGet services, and electric car charging stations.
Australian Property Journal
