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Stockland add to North Sydney Development site

November 8, 2019

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CBRE Global confirm take out of 118 Mount Street

November 20, 2019

CBRE Global Investors have confirmed speculation that they are acquiring the Zurich Insurance building at 118 Mount Street North Sydney for $350m. 

 

The agreement is based on a land acquisition and fund through arrangement of the 21,000sqm building which is expected to be finished with builder Roberts Pizzarotti in late 2020. Zurich will occupy 68% of the completed asset on a 10 year lease back arrangement.

 

The A-grade building will target a five-star, Green Star and five-star ­NABERS Energy ratings and will feature a two-level podium with cafe, a sky terrace, three basement car-­parking levels and end-of-trip ­facilities.

 

CBRE Global investors will manage the investment on behalf of a German pension fund.

 

The deal was brokered by Cushman & Wakefield.

 

The deal comes after a flurry of activity in North Sydney this year including 118 Walker Street acquisition last week by Stockland, the sale of 107 Mount Street for $115m, the half stake of 100 Miller Street for $300m and the Lend Lease acquisition of the North Sydney Metro station development site.

 

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