NAB to occupy two new Sydney skyscrapers
The National Australia Bank has committed to two major Sydney towers in a move that will underpin the building of skyscrapers worth more than $1 billion in total, with one to soar above Wynyard station in the CBD and the other in the emerging hub of Parramatta.
Canadian giant Brookfield will develop the Wynyard Place tower as part of its $1.7 billion overhaul of the station precinct, and property tycoon Lang Walker will develop the $320 million tower in Parramatta as part of his own $2 billion plans for the area.
Attention is now switching to Melbourne where Brookfield and Charter Hall are leading the charge of developers, alongside Walker and Lend Lease, to win NAB for new digs.
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The bank issued a 65,000sqm leasing requirement via Pepper and its shortlist includes Brookfield’s proposed tower at 405 Bourke St, Walker’s Tower 5 at Collins Square, Charter Hall’s 130 Lonsdale St and Lend Lease’s Melbourne Quarter.
The prospective developers and the bank declined to comment, with the focus on its leasing of two new buildings in Sydney in 2020, which will house its 5600 Sydney staff and consolidate its current seven offices in the city into two locations.
“This plan ensures NAB retains a presence in the CBD, with the office centrally located in the heart of Sydney,” says Matt Lawrence, NAB’s acting chief technology and operations officer.
As an iconic Australian financial institution, NAB is the perfect fit for Wynyard Place, which will be the premier commercial address in Sydney’s CBD
“It also delivers on our commitment to support small and medium businesses in Sydney’s West, an area with immense opportunity and growth.”
Work on the two buildings has started, with NAB expecting to move in mid-2020. Under a 12-year lease agreement, the bank will occupy 31,000sqm at level 1 through to level 9 in the Wynyard Place tower in Carrington St.
Brookfield is developing the 27-level commercial tower as part of its transformation of the precinct around Wynyard Station, which also includes the restoration of Shell House and 285 George St into office buildings.
“As an iconic Australian financial institution, NAB is the perfect fit for Wynyard Place, which will be the premier commercial address in Sydney’s CBD,” says Carl Schibrowski, head of development at Brookfield’s Australian office division.
The development has achieved a coveted six-star Green Star Office Design v3 rating and is targeting a 5.5-star NABERS Energy rating. About 30,000sqm of premium office space remains available for lease, as well as a 600sqm external terrace on level 27.
In Parramatta, NAB has secured the A-grade Tower 3 building at Walker Corporation’s Parramatta Square development and will occupy 35,000sqm across 13 floors.
Walker did not comment on the NAB lease, but has said it has received strong interest in the JPW-designed commercial towers at Parramatta Square.
This article originally appeared on www.theaustralian.com.au/property.
