Leighton Properties & ISPT Purchase North Sydney Landmark

Leighton Properties Pty Ltd and ISPT Pty Limited as trustee of Industry Superannuation Property Trust No 1 have won the tender to purchase 100 Pacific Highway North Sydney from the Joint Coal Board.

The purchase price for the property was $26.5 million.

The existing 10 storey commercial building fronting the Pacific Highway is prominently located in the heart of the North Sydney CBD, close to the junction of Miller and Mount Streets. The building has a net lettable area of approximately 5,900m2 with 129 car spaces and has been home to the ANZ bank for the past 10 years. This lease expires in August 2001.

The building was originally built as the head office of Golden Fleece Petroleum and Caltex currently operate the service station on the building’s forecourt. The property was purchased and refurbished by the Joint Coal Board in 1991.

Leighton Properties and ISPT propose to develop a new 20,000m2 A Grade office building on the 2,700m2 site with large public areas to compliment the surrounding heritage buildings and the adjoining historic Don Bank Museum. The new building will incorporate all the technical infrastructure required by IT corporations today, a formula that lead to Leighton’s success in leasing their 80 Pacific Highway development to Siebel Systems and Cisco Systems prior to completion.

The joint venture between Leighton Properties and ISPT provides for ISPT to be the long term owner of the development.

Robert Sewell of Jones Lang LaSalle North Sydney office acted for the Joint Coal Board in the sale.

Mr Mark Gray, NSW Manager of Leighton Properties and Mr Arthur Apted, Managing Director of ISPT in a joint statement said “The combination of the investment strength of ISPT with the development experience and capability of Leighton Properties proved to be the winning formula”.

“The North Sydney market is the tightest in Australia with low vacancies, strong rental growth and strong demand. Coupled with the lack of development opportunities the sentiment for the future success of 100 Pacific Highway is very positive”, they said.

For further details contact:
Mark Gray
NSW Manager
Leighton Properties Pty Limited
(02) 9925 6666