John Holland has announced the acquisition of a prime commercial office development located at 275 George Street, Sydney.
The company said the acquisition and capital investment into the new development reflects John Holland’s shift in focus to a fully integrated infrastructure and property company.
“We are now involved in significant developments in Sydney, Brisbane and Adelaide and focused on a number of other opportunities across the country,” John Holland Chief Executive Officer Joe Barr said.
“This is a strategic site located in the heart of Sydney’s CBD. It will benefit from the transport infrastructure projects being undertaken by the NSW State Government nearby.”
The current C-Grade 14-level property comprises approx. 7,000 square metres of office and retail space. It has been purchased on a vacant possession basis. The property has a development application approved for a new office development of similar scale with premium grade services and amenities. The new building will offer column free office floors with high demand 500 square metre floor plates.
Executive General Manager Development & Investments Tom Roche said the development would bring significant economic benefits to the State.
“This development will deliver a boost to the local economy, create more than 300 construction-related jobs during the development phase and ultimately house more than 400 office workers,” he said.
“A leasing campaign will target commercial and retail tenants looking to be located in a prime Sydney CBD location with multiple transport connections at the front door."John Holland will undertake all development and construction of the new building with works expected to be complete by the end of 2019.
The property was sold by QIC and marketed by Colliers International, subject to FIRB Approval.