Brookfield Property Partners are seeking expressions of interest to sell a 25% share in the planned Wynyard Place redevelopment of Sydney's Wynyard Station precinct.
Brookfield Property Partners, a company listed on the New York and Toronto Stock Exchanges, has enlisted JLL to conduct an expression of interest campaign to sell a 25% share in the planned Wynyard Place redevelopment of Sydney’s Wynyard Station precinct. A 25% stake in the $1.8 billion development, which will be anchored by a 27-level office development at 10 Carrington Street, is likely to fetch as much as $450-500 million. However Brookfield may consider selling up to 50% of the property if there is sufficient interest from the market. Brookfield has confirmed that it is seeking potential capital partners in the project, with a spokesman stating “Wynyard Place is a unique opportunity for a capital partner to invest alongside Brookfield while we continue with completing the development and managing the post asset completion.”
The centrepiece of the Wynyard Place will be a 27-storey 59,000 sqm office tower with floor plates of 2,500 sqm to known as 10 Carrington. The tower will become the headquarters for National Australia Bank upon completion. The development will also include the restoration of the former Shell House at 2-12 Carrington Street and the office tower at 285-287 George Street to provide a further 9,400 sqm office space. There will be about 7,000 sqm of retail space across four levels with space around the Wynyard Station concourse, in a new arcade linking Carrington and George Streets and along the Carrington and George Street frontages. The complex will include about 80 car spaces over two basement levels. Brookfield is targeting 6-star Green Star and 5.5-star NABERS Energy ratings for the complex. The development was given approval by the NSW Government in June 2016 and construction is due to be completed by 2020.
The properties comprising the Wynyard Place development were acquired by Brookfield in September 2012 following the acquisition of all units in the Sovereign Property Trust which held the properties on behalf of the Thakral Property Group. The expressions of interest campaign will be conducted by JLL’s Simon Rooney, Simon Storry, Paul Noonan and Rob Sewell and close on March 15, 2017.