100 Mount Street delivers a new landmark for North Sydney
After years of limited supply, 100 Mount Street has kicked off the next wave of quality office accommodation coming online in North Sydney, supporting the revitalisation of the North Sydney CBD.
100 Mount is a landmark 35-level premium office tower spanning approximately 41,900 square metres. Occupying one of the best locations in North Sydney, the site is set to benefit from proximity to the new North Sydney Metro Station currently under construction.
The development was acquired by Dexus (50%) and DWPF (50%) in April 2016 at a time when there was a lack of quality space available in the North Sydney office market. During the period of construction, Dexus secured 12 new customers including NBN Co, taking leased space to 96% at practical completion in May 2019.
Dexus created significant value at 100 Mount Street, at a total cost, including acquisition and construction costs, of $476 million.
The property was valued at $764 million (100% interest) as at 30 June 2019 based on a capitalisation rate of 4.88% and has delivered an annualised unlevered IRR of 39.6% to 30 June 2019, above the target development IRR of 12-14%.
Contributing to leading cities
100 Mount is an iconic centre for commerce in North Sydney’s growing CBD that sets a new benchmark for workplace design, sustainability features and public amenity.
The tower adopts ‘smart’ building technology solutions designed to promote connectivity, comfort and convenience for the building’s occupants including:
- The ability to ‘plug and play’ technology as it becomes available without impacting on operations
- Leading full cellular coverage throughout the building and an upgrade path to the impending 5G standard
- High performance, free WiFi in common and public spaces
- A turnkey network-as-a-service solution enabling new customers to gain connectivity and leverage the substantial IT infrastructure embedded in the building from their first day of occupation
- At the ground level, the lobby comes to life with digital artwork by internationally renowned photographer, Tamara Dean. The development offers new dining and retail experiences and a pedestrian pathway bisects the site to connect the building to nearby public transport.
- An exemplar of sustainable design, 100 Mount is targeting 5 Star Green Star Design & As Built and 5 star NABERS Energy ratings. The International WELL Building Institute™ has awarded 100 Mount the WELL Core & Shell Gold Pre-certification.
- This new development supported more than 1,800 construction jobs and contributed approximately $300 million in GVA during construction.