Dexus has been able to satisfy the needs of its customers nationally by building strong relationships and leveraging portfolio scale and platform capability.
Dexus identified an opportunity in late 2014 to create value and generate trading profits by developing underutilised land adjoining its property at 130 George Street in Parramatta.
Identifying the potential to capitalise and respond to an emerging Parramatta commercial office market, Dexus worked with Property NSW to design a 25,000 square metre workspace customised to their needs.
As a result, a 12 year lease was secured, fully pre-committing the development at 105 Phillip Street and enabling construction to commence in September 2016.
Dexus sold the property in May 2017 for $229 million, reflecting a 5.3% implied capitalisation rate, with the sale delivering trading profits in both FY17 and FY18.
Dexus remains responsible for developing the property and secured a property management contract for five years post completion, enabling its relationship with Property NSW to continue.