Leighton Properties & ISPT Finalise Purchase of 100 Pacific Hwy

Issue Date:  22 December 2000
Issued By:  Leighton Properties Pty Ltd

Leighton Properties Pty Ltd and ISPT Pty Limited as trustee of Industrial Superannuation Property Trust No 1 have today finalised the $26.5 million purchase of 100 Pacific Highway North Sydney from the Joint Coal Board.

Leighton Properties and ISPT plan to spend $120 million to develop a new 20,000m² A Grade office building on the 2,700m² site. The development costs will be shared equally between the two partners with development applications to be progressed with the North Sydney Council early in the New Year.

Mr Vyril Vella, Managing Director of Leighton Properties said “We will be developing a first class building incorporating all of the cutting edge technical infrastructure required by today’s IT corporations”.

The existing 10 storey commercial building is prominently located in the heart of North Sydney which is now the hub for Australia’s IT community.

“Our expertise in developing dot-com parks in Melbourne and the recently completed 80 Pacific Hwy development reinforce our ability to provide tailored solutions for IT clients”, he said.

“The North Sydney market looks very positive with its low vacancy rates, strong demand and solid rental growth.  Combine this with a lack of development opportunities and you have a very bright future for the development at 100 Pacific Highway”, he said.

For further details contact:
Vyril Vella
Managing Director
Leighton Properties Pty Limited
(02) 9925 6666