Industry reports indicate that JLL is seeking expressions of interest for suitable takeout candidates on a prime Circular Quay development.
A new office tower with a net lettable area of approximately 60,000 sqm will be constructed within the ADPG block, bounded by Alfred, Dalley, Pitt and George Streets. Lend Lease reportedly purchased the site in 2013 for about $18.5 million, the deal was established off the back of Westpac Banking Corporation’s decision to relocate to Barangaroo South in the future.
Despite not having any council approval of major tenant pre-commitments known at this time, recent demand for prime office space in Sydney’s CBD Core would indicate a yield well below the 6 per cent levels for an opportunity of this calibre.
Confirmed sources were not available for comment regarding this transaction, but JAGONAL will continue to report new information as it comes to hand.