The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a TUD+ Membership for your team? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
On Demand

Fireside Chat | Inside GemLife With Adrian Puljich

Building Australia's Newest Airport: Multiplex

The Makers Of The Mondrian | Design, Vision And Delivery Behind One Of Australia’s Most Anticipated Luxury Hotels

Next Gen Now | How Emerging Developers Are Redefining The Game

View All >
Latest News
Lendlease and Mitsubishi Estate Asia are topping out sales books and construction on the One Circular Quay tower which could boast the most expensive apartment in Australia.
Residential

Sydney Penthouse Poised to Be Nation’s Priciest Home

Renee McKeown
2 Min
Development

Brookfield, GPT, Charter Hall, MSCI Join CRE Summit

David Di Marco
4 Min
Office

Golden Age Completes $180m 130 Little Collins Street Tower

Lindsay Saunders
3 Min
Infrastructure

Plans Revealed for $60m Tasmania AFL Training Centre

Lindsay Saunders
2 Min
View All >
Events
Summit

Commercial Real Estate Summit

Summit

Urban Leader Awards

One-Day Course

Property Development Masterclass Series

Lunch

Long Lunch Series

View All >
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
SHARE
4
print
Print
RetailTed TabetWed 17 Jul 19

Brookfield, Oxford Nab Super Fund for Major Lease

8c201bd8-d095-4f32-b825-45c5d4c0b44f

Brookfield Properties and Oxford Investa Property Partners has secured First State Super as a new tenant for a 10-year lease over a 9,500sq m format office space in 388 George Street, in Sydney's CBD.

The Sydney office tower is currently undergoing significant refurbishment, which will see the transformation of both the 28 level office tower and new and expanded retail.

Upon completion, the commercial tower will comprise approximately 35,000sq m of net lettable area and new floor plates connected by light-filled atriums.

“We are very pleased to welcome First State Super to 388 George Street and look forward to delivering a state of the art mixed-use building for the benefit of our customers,” Oxford investments director Alec Harper said.

First State will now relocate over 550 superannuation and financial advice specialists from their existing tenancy on Clarence Street.

▲ Impression of the new-look retail and office podium at 388 George Street, Sydney.. Image: fjmt


“We look forward to moving into 388 George Street next year following the major refurbishment of the building,” First State Super head of workplace Matthew Nolan said.

The 28-storey tower was previously known as the American Express building, then NRMA and now IAG House, was completed in 1976 and refurbished in 1998 and 2009.

The property comprises basement and ground floor retail, being a Coles supermarket, the office accommodation and on-site parking for 80 vehicles.

The co-owners lodged plans in May for a $54 million five-storey retail and commercial addition to a landmark Sydney CBD tower.

The proposed building on the tower's forecourt, comprises three levels of offices, three levels of shopping and a rooftop terrace ­devoted to leisure use.

Looking ahead, the tower is also set to benefit from the regeneration of the Sydney CBD. Its prime location on the corner of George and King Street will place it along the George Street light rail development.

First State moves in on build-to-rent

First State Super, which has $91 billion in funds under management, has backed the potential of the emerging build-to-rent sector.

The industry super fund has partnered with private real estate funds management business Altis to lease apartments in Sydney's Epping as key-worker rental units.

First State purchased the 61 apartments located at 1-5A Cliff Road and 6-10 Carlingford Road in Sydney's north with Altis in May.

The opportunistic acquisition came after the apartments' developer fell into the hands of receivers and managers.

It is understood First State plans to lease the apartments at 80 per cent of the market rent in the area.

RetailOfficeBuild-to-Rentdo not useAustraliaSector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
TOP STORIES
Mirvac Liv Anura BBQ amenity
Exclusive

Mirvac Monopoly: BtR Pioneer Plots East Coast Domination

Leon Della Bosca
9 Min
The Urban Developer Industrial and Logistics Summit 2025
Exclusive

Keeping the Lights On: Growing Pains Jeopardise Industrial Boom

Vanessa Croll
8 Min
Exclusive

What’s Driving Pro-invest Push into ‘Underserved’ Micro-Apartments

Taryn Paris
6 Min
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
View All >
Article originally posted at: https://www.theurbandeveloper.com/articles/brookfield-oxford-nab-super-fund-for-major-lease