This article is from the Australian Property Journal archive
JAPAN’S Daibiru Corporation has paid around $240 million for John Holland’s 275 George Street A-grade office tower development in Sydney’s CBD.
John Holland will remain the development manager and builder, while Tokyo-listed Daibiru TH has appointed TH Real Estate, a subsidiary of Nuveen, investment manager of New York-based TIAA, to provide investment management and development oversight.
The 18-storey tower was designed by Architectus will have 14 levels of commercial office space atop three levels of retail and basement end-of-trip facilities. Construction will begin in February 2019 and the development is targeting 5-star Green Star and NABERS ratings. Practical completion is expected in June 2020.
On the corner of George and Margaret Streets, the development is situated at the public transport nexus between the light rail project and Wynyard train station redevelopment.
Daibiru’s acquisition makes Australia the second country outside of Japan it has invested in commercial property. It owns 24 office buildings in Japan – 12 in both the Osaka and Tokyo CBDs – and two assets in Hanoi and Ho Chi Minh City in Vietnam.
“A landmark Sydney CBD address, combined with a state-of-the-art quality office development, in a market with high levels of transparency and liquidity is a very attractive investment proposition for us,” chief executive officer at Daibiru, Toshiyuki Sonobe said.
Colliers International negotiated the deal.
Nick Evans, executive director and head of Australia, TH Real Estate, said the building expands on and complements TH Real Estate’s core real estate exposure, and is ideally positioned to benefit from strong CBD tenant demand as well as two major transport development projects in the city.”
It is TH Real Estate’s first partnership with Daibiru. TH Real Estate holds a 50% stake in 101 Miller Street and the Greenwood Plaza in North Sydney, and has as investments in Myer Bourke Street in Melbourne, and a 75% interest in Brisbane’s Mount Ommaney Shopping Centre.
Australian Property Journal
