A2B Australia, responsible for brands including 13Cabs and Cabcharge, will hand over its Alexandria base to Addenbrooke which will build a replacement nine-storey headquarters on a neighbouring site it owns, as a swap.
The deal will see the transport group wind up with an asset estimated to be worth $135 million upon completion, in 2024/25.
On 2431 sqm at 20-24 Bourke Road, the investment will include 9634 sqm of area, about two thirds of which is expected to be rented out.
In exchange, Addenbrooke will seize control of A2B’s c8489 sqm holding, 9-13 O’Riordan Street, where it is intending more commercial product.
The arrangement shares parallels with a deal struck last year between Stockland and Johnson & Johnson regarding respectively owned Macquarie Park sites.
A2B, Addenbrooke swap assets
A2B said the proposal would provide operating benefits and cost savings while allowing it to generate an income – estimated to be $3m, per annum – from the surplus office area.
“The new building will be constructed in a flexible format to support a mobility business such as 13Cabs,” it added in a statement.
“Initially this is expected to include facilities for drivers and EV charging stations, and ultimately will include facilities for autonomous vehicles (story continues below).
Other A2B brands include Champ, EFT Solutions, Mobile Technologies, Silver Service and Spotto.
13Cabs is the country’s largest taxi network.
“We believe in the importance of accessible, dependable and equitable transport in the community and are building the team, technology and brand to support its delivery,” it said
Established in 1992 by Hymix concrete founder Denis O’Neil, and now run by his sons, Ned, Jake and Tob, Addenbrooke holds a diversified property portfolio including hotels, offices residential and retail.
Some of its assets include the Observatory Tower, Goldsborough Mort Building, The Rex, The Excelsior and Sydney Park Village.
It also controls three marina developments, including in Sydney, at Rose Bay and Point Piper, and Cairns.
Subscribe to our newsletter at the bottom of this page.