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Media Releases

AMP Capital secures major Australian Tax Office lease in Sydney CBD

By AMP Capital media team

AMP Capital has today announced that the Australian Tax Office (ATO) has signed an agreement for lease (AFL) for just over 13,000 square metres across nine floors over a 10-year term at the landmark office building 255 George Street, Sydney.

This lease, which commences no later than 1 December 2022, takes 255 George Street, owned by investors in the AMP Capital Wholesale Office Fund (AWOF) to over 99 per cent leased.

AMP Capital Global Head of Real Estate Kylie O’Connor said: “We are delighted to welcome the Australian Tax Office to 255 George Street and to have delivered close to full occupancy to AWOF investors ahead of schedule.”

“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.”

Also contributing to the building’s almost fully-leased status, are new leases signed by AXA Investment Managers and People + Culture Strategies which follow the Bank of Queensland Group (BOQ) lease signed in March this year for nearly 5,800 square metres over a 10-year term with signage rights.

255 George Street is undergoing an almost $70 million refurbishment including an architecturally designed lobby with a selection of work zones available to support flexibility as well as a concierge, new end-of-trip facilities and wellness studio. The central plant upgrades are close to completion, with lobby works due to complete in late Q2 2022.

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

“The recent leases signed for 255 George St are another indication of the overstated impact of work from home flexibility on high quality office spaces. Based on previous market cycles, Sydney and Melbourne CBDs recorded an average increase in occupied space of 5.6% and 5.5% respectively over the two years following a major downturn. We are expecting the office to bounce back strongly post this latest lockdown,” concluded Ms O’Connor.

Media enquiries

Lara Evans

Mobile: +61 419 226 449
E: lara.evans@ampcapital.com

 Tracy Hicks

Mobile: +61 439 540 960
E: tracy_hicks@amp.com.au

About AMP Capital Real Estate
AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacific1 with more than $23 billionin assets under management on behalf of institutional and retail investors across the globe. We are also one of the most experienced, with our heritage in real estate investment, management and development spanning over 60 years and many investment cycles, starting with Australia's first skyscraper which opened in 1962. AMP Capital's extensive global network and integrated management model allows its multidisciplinary team of real estate professionals to realise true value for clients through the investment management, property management and development of a portfolio of some of the most iconic shopping centres, office buildings and industrial estates across Australia and New Zealand. AMP Capital Real Estate has recently been recognised as a leader in sustainability with a number of our real estate funds being awarded five-star ratings with global ESG benchmark for Real Assets – GRESB, which places them in the top 20% of funds globally.

1 Source: ANREV/INREV/NCREIF Fund Manager Survey 2021
2 As at 30 June 2021. This includes AMP Capital’s 24.9 per cent share of PCCP’s NAV, equivalent to A$1.8b

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Important Notice

While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.

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