InvestSMART
The Intelligent Investor Growth Fund is listing on the ASX. Initial Offer now open

ANZ to spend $60m on new HQ

ANZ Bank has earmarked up to $60 million for its new headquarters in the 161 Castlereagh Street skyscraper, which is being built by developer Grocon.

ANZ Bank has earmarked up to $60 million for its new headquarters in the 161 Castlereagh Street skyscraper, which is being built by developer Grocon.

Expressions of interest will cover the fit-out for the 28,500 square metres of premium space, which is also the new headquarters of law firm Freehills at the Pitt Street entrance of the block.

Despite Grocon having sold its 25 per cent stake in the project last week to the Industry Superannuation Property Trust for $200 million, it will remain the developer.

It has been suggested that Grocon could use the cash to buy Thakral House - atop Wynyard Station on George Street - which is being sold by Thakral Holdings and is also earmarked for redevelopment.

The other owners of the Castlereagh Street tower include GPT's Wholesale Office Fund with 50 per cent and LaSalle Investment Management with the remaining 25 per cent.

The original owner of the site, property developer John Boyd, has retained a penthouse that will be accessed separately from the office tower entrances.

The Grocon project's general manager, Stephen Nicol, said yesterday construction of the $800 million building was on schedule and expected to be completed in early 2013, with 84 per cent of the office space leased to ANZ and Freehills.

A leasing program by agents CBRE and Cook Wish Ellison has been launched to lease the five floors covering more than 8000 square metres at the top of the tower

James Patterson of CBRE said the 161 Castlereagh Street site was the largest commercial office building project under way in the Sydney CBD.

The leasing rates for the building are expected to start from $1100 per square metre and spaces are available from 215 square metres to entire floors of 1625 square metres.


Join the Conversation...

There are comments posted so far.

If you'd like to join this conversation, please login or sign up here

Related Articles