Lendlease today announced that its next generation office building at Darling Square will be leased to the Commonwealth Bank and acquired by investors Australian Prime Property Fund Commercial (APPF Commercial) and First State Super (FSS).
The circa 26,000 sqm NLA campus style office is the only commercial building in Sydney’s new urban neighbourhood, Darling Square in Darling Harbour, and will target a 6 Star Green Star design rating and 5 Star NABERS energy rating.
Lendlease Managing Director, Urban Regeneration, Jonathan Emery said, “We are delighted to welcome the Commonwealth Bank to Darling Square. This is a unique opportunity to access high quality flexible office space in the heart of Sydney’s expanding media, knowledge, digital and creative precinct where Lendlease is also developing a 600 room 5-star hotel and building the world-class International Convention Centre Sydney.
“Darling Square will have around 2,500 workers and 4,500 residents, including over 1,000 students, who will enjoy a vibrant village atmosphere that also includes new public spaces, shops and cafes.”
APPF Commercial has committed to purchasing 50 per cent of the commercial building alongside FSS, leveraging its access to Lendlease’s leading office development and urban regeneration capability and pipeline. Darling Square continues Lendlease’s relationship with APPF Commercial and the Commonwealth Bank, which started in Darling Harbour with Commonwealth Bank Place, one of Australia’s most awarded office developments.
Kylie Rampa, Managing Director of Lendlease’s Australian Investment Management business said the investment in Darling Square was in line with APPF Commercial’s focus on next generation, highly sustainable assets. “We are pleased to be able to offer our institutional investors access to such an innovative, sustainable office building in a precinct that will continue to benefit from significant public and private infrastructure investment across Darling Harbour.”
“Having been ranked world’s most sustainable fund for the second year in a row in the Global Real Estate Sustainability Benchmark survey, this acquisition further demonstrates APPF Commercial’s commitment to responsible property investment.”
The Commonwealth Bank has signed a lease for an initial 12 year term and is the sole commercial tenant in the Darling Square office building.
Commonwealth Bank CFO, David Craig, said, “Darling Square’s close proximity to our existing Sydney CBD offices will allow for seamless integration with these locations and represents our continued commitment to investing in leading innovative workplaces for our people. It is another step to ensuring we have world-class solutions in place to support our organisation’s future workplace needs.”
Construction has commenced on the commercial office and is expected to be completed by mid to late 2017.