A new trophy-sized office development in North Sydney has been acquired by CBRE Global Investors.

Located on the eastern side of the North Sydney precinct, the 21,012-square-metre property is well-located adjacent to the motorway that runs over the Sydney Harbour Bridge and provides uninterrupted harbour and city views from the majority of levels.

With completion expected in Q4 2020, it boasts three street frontages and will feature 817-square-meter floor plates, a lobby café, rooftop terrace and high-quality end-of-trip facilities.

The building is also expected to feature high sustainability credentials, targeting a 5-Star NABERS Energy rating and 5-star Green Star rating.

At a glance:

• A 21,012-square-metre office development at 118 Mount Street, North Sydney has been acquired by CBRE Global Investors.
• With completion expected in Q4 2020, it boasts three street frontages and will feature 817-square-meter floor plates, a lobby café, rooftop terrace and high-quality end-of-trip facilities.
• The building is being developed by Zurich Insurance Group to house the headquarters of Zurich Financial Services Australia, which will occupy more than 64 per cent of the site.

CBRE Global Investors Managing Director Australia and New Zealand, Chris Johnston, said the North Sydney market was undergoing a revitalization with a significant infrastructure spend.

 “We are excited about how this market is evolving and the opportunity for our client to be part of that revitalization as the owner of a development of this size, quality and location," he said.

The building is being developed by Zurich Insurance Group to house the headquarters of Zurich Financial Services Australia, which will occupy more than 64 per cent of the site.

Zurich's Head of Real Estate for Australia, Reto Buehler said the company's aim was to achieve superior risk-adjusted returns relative to the Group’s liabilities. 

”Zurich Insurance Group has a systematic and structured investment approach,” he said.

"With the sale and leaseback of 118 Mount Street, we have achieved important milestones as this property will provide our Australian business with new purpose-built headquarters and support the optimal diversification of our global real estate investment portfolio.

"Notwithstanding the sale, Australia will remain part of our global investment strategy.”

Cushman & Wakefield International Directors of Capital Markets Australia & New Zealand, Richard Butler and Mark Hansen, exclusively represented Zurich in the transaction.

Mr Hansen said the sale of 118 Mount Street highlighted the ongoing strength of institutional demand for assets in North Sydney, a precinct that "continues to undergo a significant transformation".

“The North Sydney office market continues to be a destination of choice for global capital, having attracted more than $1 billion in investment in the past 12 months from Singapore, USA, United Kingdom, Hong Kong and Mainland China.”

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