AMP secures ATO to George Street

Near Wynyard station, 255 George Street (shaded) is over 99 per cent committed.

The Australian Taxation Office has signed a 10 year lease for a third of 255 George Street, which is undergoing a $70m refurbishment.

With the agreement, landlord AMP Capital has all but filled the 28-storey, 39,930 square metre A-grade tower near Wynyard station.

In March, Bank of Queensland committed to another 5800 sqm – also for a decade – and building naming rights.

AXA Investment Managers will occupy a space too.

Artist’s impression of the revamped foyer at 255 George Street.

The ATO agreement, for 13,000 across nine floors, kicks in no later than next December.

AMP holds 255 George St in the Capital Wholesale Fund (AWOF).

The deal comes following a rise in Sydney CBD’s office vacancy rate to 9.2 per cent in July, up from 8.6pc six months earlier.

In May we reported Ord Minnett leased 3500 sqm at Grosvenor Place – marking a return to the building it quit 16 years earlier.

Nine months ago, Moelis Australia committed to 3800 sqm at Brookfield Place – joining Hub Australia, which took 4000 sqm not long earlier.

Late last year, Corrs Chambers Westgarth rented 15,000 sqm at Quay West Quarter – an asset owned in equal part by AMP Capital Diversified Wholesale Fund and AWOF (story continues below).

Offices to bounce back: AMP

The refurbishment of 255 George St is adding a concierge desk, end of trip facilities and wellness studio.

The lobby, and central plant, are also being upgraded.

“We are delighted to welcome the Australian Fax Office to 255 George St and to have delivered close to full occupancy to AWOF investors ahead of schedule,” AMP global head of Real Estate, Kylie O’Connor, said.

“In the current environment, this lease demonstrates that quality, well-located offices that cater for a shift in tenant demand to buildings that provide greater amenities, the latest health and wellbeing features and high sustainability credentials, will benefit from ongoing strong demand,” she added.

“The integration of collaborative spaces and a greater emphasis on amenities that promote employee health and wellbeing including social distancing is expected to lead to a reversal of the densification trend in offices and an increase in demand for office space like 255 George St,” according to the executive.

“We are expecting the office to bounce back strongly post this latest lockdown”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of