Real Estate

AMP Capital’s Quay Quarter Tower majority leased with new anchor tenant

By AMP Capital media team

AMP Capital today announced that Deloitte Australia would be taking a 10-year lease over approximately 32,000 square metres in Quay Quarter Tower at Circular Quay.

This brings the total pre-commitment of Quay Quarter Tower to 76 per cent, following AMP’s announcement in December 2016 it had agreed to take 35,000 square metres.

Quay Quarter Tower is located at 50 Bridge Street, Sydney and is owned by investors in the AMP Capital Diversified Property Fund (ADPF), AMP Capital Wholesale Office Fund (AWOF) and Rest, who will acquire a one-third interest in the tower upon completion.

... Quay Quarter Tower ticks all the boxes for Deloitte.

Global Head of Real Estate Carmel Hourigan said that this was another significant achievement for the landmark development and testament to the team’s strong customer focus to deliver sustainable outcomes for investors.

“I am thrilled Deloitte will be establishing their Australian headquarters in Quay Quarter Tower, in our unique Quay Quarter Sydney precinct at the gateway to Sydney."

“Not only do we welcome a world-leading professional services customer into this transformational development, but with the majority of the tower now leased, this is also a great outcome for our investors."

“We look forward to creating a workplace of the future for both Deloitte and AMP and provide a truly unique platform for these businesses to thrive."

"We’re focused on creating a globally significant precinct that will transform the workplace through cutting-edge design, future-proofed technology and wellbeing – to help our customers attract the very best talent,” Ms Hourigan said.

Deloitte Chief Operating Officer, Andrew Griffiths, said: “Investing in a workplace is a critical decision for any business and Quay Quarter Tower ticks all the boxes for Deloitte."

"We’re proud to choose a Sydney landmark the gives us the flexibility to meet the changing needs of our clients through an adaptable workplace designed to be connected and innovative.”

The pre-commitment by Deloitte follows a significant shift in customer focus and investment in AMP Capital’s Real Estate platform over the past three years to realise value for investors.

“This is an outstanding team effort."

"Over the past few years we’ve invested in our integrated management capability and have been able to attract some top talent to really drive our active management approach, key to delivering sustainable income growth at this stage of the cycle,” Ms Hourigan added.

Construction of Quay Quarter Tower by partner Multiplex is on schedule for practical completion in early 2022.
Images: Artists' impression of the completed Quay Quarter Towers development.

Construction of Quay Quarter Tower by partner Multiplex is on schedule for practical completion in early 2022.

With over 8,000 square metres of retail across the precinct, the retail leasing program, finely tuned towards lifestyle, wellbeing and dining, is well underway.

The 200-metre-high, 50 storey tower, designed by Danish architects 3XN, comprises five shifting glass volumes stacked upon each other punctuated by sky terraces and atrium space, maximising views out to Sydney Harbour and daylight into the office floors.

Lobby interiors are by London architect Tom Dixon’s Design Research Studio, and the tower’s Market Hall is designed by AvroKo of New York.

Quay Quarter Tower forms part of the Quay Quarter Sydney precinct, incorporating two city blocks including the tower, 33 Alfred Street and the Loftus Lane mixed use residential and retail laneways precinct.

The tower has over one acre of green space, with landscaped sky park and terraces in its vertical villages.

Quay Quarter Sydney will also include lifestyle, wellbeing, food and dining, and services retail.

Construction is underway on both city blocks.

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Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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