Sydney CBD development one of Australia’s biggest office deals
Sydney’s landmark Wynyard Place development is now in construction on its prime location fronting what will be pedestrian-only George Street and Wynyard Park. Due for completion in 2020, the vibrant project will transform the area around busy Wynyard Station, alongside the NSW government’s continuing upgrade of the station and Sydney’s transport system.
With excellent transport options and fronting the newly pedestrianised George Street, Wynyard Place is just metres from busy Martin Place and an easy walk to shopping districts. It’s only a short stroll down to The Rocks and Circular Quay on Sydney’s famous harbour, west to the emerging Barangaroo precinct or Darling Harbour, or east for city workers to Sydney’s traditional CBD district.
In 2017, when Brookfield Property Partners announced that AMP Capital, together with its industry super fund client UniSuper, was buying out nearly half of its $1.8 billion Wynyard Place development, it was Australia’s biggest single office deal. AMP Capital acquired a 25% stake for its AMP Wholesale Office Fund, while Unisuper took up 24.9%, at an undisclosed price reported to be around $450m for each stake.
With a premium 59,000 sqm, 27-level office tower at 10 Carrington Street above Wynyard Station as its centrepiece, the development will upgrade Wynyard Station’s George Street entrance, public concourse and grand transit hall and revitalise Wynyard Lane.
The new mixed-use precinct of Wynyard Place will be lively and diverse, offering Sydney locals and tourists a range of shopping, dining and entertainment experiences. These will include fresh food providores, convenience retail, entertainment and your choice of the precinct’s indoor or outdoor bars, restaurants and cafes to dine in or relax and people-watch.
The 75,000 sqm Wynyard Place precinct offers 3,500 sqm of high-end retail space and will restore the two heritage buildings Shell House and 285 George Street. This will create a total of 9,400sqm of boutique office space and returns both buildings to their original use.
The #6 Green Star-rated office tower is already 45% pre-committed by National Australia Bank (NAB) as a founding anchor tenant. Brookfield has contracted Multiplex to construct Wynyard Place, with the development designed by MAKE in its first Australian project, in collaboration with Architectus.
Since its initial 2017 investment, AMP Capital has significantly boosted its stake in the development and deepened their strategic relationship with Brookfield through acquiring a 50% stake in two office buildings adjoining Wynyard Place, for approximately $250m.
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Hong Kong Monetary Authority buys 25% in A$1.8bn Sydney office tower, Realassets.ipe.com
Wynyard Place, Wynyardplace.com.au
Wynyard Place, Ampcapital.com