AMP Capital has announced Bupa Australia has signed a new lease at NAB House, 255 George Street,Sydney, to cater for its growing operations.

The agreement means Bupa will remain within AMP Capital’s Wholesale Office Fund (AWOF) portfolio, relocating from the AMP Centre at 50 Bridge Street and another office location in Sydney. Its new offices at NAB House span more than 5,400 square metres on four levels. The previous tenant was GE and the premises were refurbished late last year.

AMP Capital Wholesale Office Fund Manager Nick McGrath said: “Bupa has growing accommodation needs and the move to NAB House also allows the company to consolidate its operations in one location.

“The transaction demonstrates NAB House’s capacity to attract high quality corporate tenants and also delivers a return on the capital investment in this asset during the last few years, culminating in the fund’s acquisition of the remaining 25 per cent interest earlier in 2014.”

Commencing 1 January 2015 for a period of ten years, the new lease agreement with Bupa will have a positive impact on NAB House’s valuation, with occupancy reaching 96 per cent.

Mr McGrath said AMP Capital’s integrated management model was used to secure this outcome. “The fund’s management worked closely with our asset and property management teams on the transaction while at the same time advancing the process to secure a new tenant for Bupa’s space within the AMP Centre,” he said.

NAB House is an A-grade CBD office tower boasting a 5-star NABERS Energy rating and prominently situated at the apex of Bridge and George Streets.

The AMP Capital Wholesale Office Fund is an open-ended unlisted trust investing in high-quality office buildings in Australia and New Zealand. The fund has assets of $3.1 billion as at 30 June 2014.

Mr Grath said: “We’re pleased to continue our relationship with Bupa at NAB House. This commitment is another demonstration of the progress we are making in our strategy for AWOF to be the leading wholesale office fund in Australia.”