Leighton closes Winten deal

Property groups plan $400 million North Sydney commercial high rise development.

Leighton Holdings (LEI) has sealed a deal for a $400 million North Sydney high rise development, with completion scheduled in the first half of 2016.

In a statement to the Australian Securities Exchange, Leighton Properties said it had agreed terms with vendor Winten Property Group for the building, which will have 40,000 square metres of A-grade commercial space across 30 levels.

Leighton will take a head lease over 76% of the office space and the remainder will be available to other corporates.

Jones Lang LaSalle and CBRE have been appointed agents to sell the site to local and international investors.

Leighton Holdings chief executive officer Hamish Tyrwhitt said Leighton Group companies currently occupy 11 office buildings in Sydney.

"The potential for a high performance workplace that consolidates our corporate and operational office spaces with shared facilities and high amenity will drive a more efficient and collegiate working environment," Mr Tyrwhitt said.

The tower is expected to be the first of more than $1 billion in skyscrapers in the pipeline for North Sydney.