Oxford Properties and Investa have teamed with Mitsubishi Estate Co to deliver an office above Sydney’s Pitt Street metro, speculated to have an end value of between $1-$1.6 billion.
The partnership – which could extend to other projects – will see MEC hold 25 per cent of the 39 storey premium grade asset.
Oxford will retain the balance.
Due for completion in 2024 – Cimic Group’s CPB recently won the $368 million building contract – the Fosters+Partners designed project at the north east corner of Park St will contain 47,800 square metres of office area.
The ground floor will feature c1290 sqm of retail.
“Upon completion…the office building will accommodate upwards of 4500 daily occupiers and will boast industry leading smart building features, including a digital twin building model for real-time operations insight and management, and sustainability features such as a Gold target minimum, for WELL Rating Core and Shell,” a joint statement said.
“The strong development and investment track record of both Oxford and MEC globally will support the delivery of one of Sydney’s leading new premium grade offices,” Investa chief investment officer Penny Ransom added (story continues below).
Last year, Canada based Oxford and Investa unveiled plans for a 39 storey Build to Rent tower on another part of the block, at the south east corner of Bathurst St.
With 234 residences, that asset will also include a cinema, gym, pool, restaurant, wellness facility and playground.
CPB will also construct that asset – a $150m contract, as well as the Pitt St metro (an agreement worth $463m).
Five months ago, Oxford and Investa launched a management program, Indi, for its national BTR portfolio, which is forecast to include about 5000 dwellings.
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