22 April 2016
Dexus and DWPF settle on the acquisition of 100 Mount Street, North Sydney
Dexus (Dexus) and Dexus Wholesale Property Fund (DWPF) today announced the settlement of the acquisition of 90 and 100 Mount Street in North Sydney (“100 Mount Street”) for an initial acquisition price of $41.0 million.
As previously announced to the Australian Securities Exchange on 11 February 2016, Dexus and DWPF will develop 100 Mount Street, North Sydney as a 34-level premium office tower spanning 41,163 square metres. This prime development site occupies one of the best locations in North Sydney on the corner of Mount and Walker Streets with a third street frontage to Spring Street. The site has prime retail exposure and benefits from its proximity to key transport infrastructure, in addition to excellent natural light and
Harbour views from its eastern and southern aspects.
The development has commenced with a staged practical completion from June 2018 to December 2018 to enable early access prior to final practical completion. A long term lease across 6,229 square metres has already been secured with Laing O’Rourke Australia from final practical completion in December 2018, with lease up expected to continue throughout 2019.
1 Excluding acquisition costs.
For further information please refer to the pdf.