Stockland Corp Ltd has found a buyer for the Miller St, North Sydney, building it will empty in 2007 when the tenant, Optus, moves to a new $A350 million Stockland office park at North Ryde.
Stockland announced Optus’ decision to move its headquarters to North Ryde once it got development approval in November, leaving the fate of the North Sydney building up in the air.
Abacus Property Group, having a growth spurt of its own, signed up to buy 50 Miller St for $A36.25 million, settling on Friday 17 December. Story: Abacus buys Optus office, Cairns hotel, establishes investment fund with Metcash
Optus’ new headquarters will have 84,000mÂ² in 6 buildings
Australian telecommunications company Optus, owned by SingTel of Singapore, will move 6500 staff to a single campus headquarters in July 2007. The purpose-built campus, CentreCourt Estate in Macquarie Park, North Ryde, will be the largest of its kind in Australia. It will be spread across 8ha and offer 84,000mÂ² of office space in 6 separate buildings.
Optus intends to spend up to $A150 million on fit-out over 2 years, but also expects to save up to $A20 million/year on rent.
The office park site will have retail facilities, a childcare centre, gym, foodcourt and parking for 2100 cars.
Stockland managing director Matthew Quinn said the group would consider launching an unlisted fund for a share of the ownership of the new Optus headquarters, following the success of its Stockland Direct Office Trust No1, which recently closed oversubscribed.
Stockland has entered into a fixed-time, fixed-term arrangement with Baulderstone Hornibrook to build the office park, designed by Rice Daubney.
Websites: Abacus Property Group