China Communications Construction Company’s (CCCC) Australian construction arm, John Holland, has on-sold its development at 275 George Street, Sydney for $240 million to Japan’s Daibiru Corporation.

The A-grade, 15-storey commercial tower is currently under construction and upon completion will have around 7,300 sqm of office space with floor sizes ranging from 283 sqm to 498 sqm. 

In its first foray into the Australian market Daibiru will purchase the land from John Holland and ‘entrust the office building development work to them’. The existing building is currently being demolished with completion of the new tower scheduled for 2019.

Daibiru Corporation is a listed Japanese firm that owns and leases a wide range of buildings including offices, hotels, retail complexes, apartment buildings and student resident halls. The vendor, CCCC, is ultimately owned by China Communications Construction Group, a state-owned enterprise, holding almost 64% of the company’s shares.

The property last traded at $82.74 million in 2017 with the estimated cost of construction being $44 million in 2015.