Practical completion reached for Investa’s much anticipated Ark
North Sydney’s skyline has a new iconic landmark addition following the practical completion of Investa’s Ark development. The development, with an estimated end value of AU$240 million, began on the site of the old North Sydney Telephone Exchange in 2006, and was designed by Rice Daubney Architects.
The flagship development has already been awarded a 6 Star Green Star design rating from the Green Building Council of Australia (Office Design v2 Certified Rating) representing “World Leadership” in environmentally sustainable design. Ark has also been designed to achieve a 5 Star NABERS Energy rating.
Coca-Cola Amatil and Vodafone Hutchison Australia will be establishing their Australian headquarters at Ark. Both have pre-committed to lease approximately 11,000m2 each, for 10 years with further option periods, accounting for approximately 22,000m2. Together with AWE Ltd, Ark is approximately 85% leased as at Practical Completion.
Tina Tang, Investa’s Group General Manager, Developments, said “The fact that Ark is opening 85% leased is an exceptional result and even more remarkable given the market conditions over the last 18 months. Interest in Ark demonstrates that tenants appreciate the inherent value to their business of having larger floor plates, daylight penetration, energy efficient, well-built and well-serviced space. Ark also showcases Investa’s proven
development capabilities and follows on from Investa’s highly successful 126 Phillip Street
development in Sydney which was 100% leased on Practical Completion and won the 2007
Property Council of Australia’s Innovation and Excellence Award.” Ark will add approximately 28,500m2 NLA of A-grade office space over 21 levels to the North Sydney precinct, which is currently sitting around 850,000m2. Investa now owns five buildings in North Sydney, representing over 46,500m2 of commercial office space.
According to Ms Tang, the buoyancy of the North Sydney market mirrors Sydney’s CBD.
“High quality, efficient, A-Grade office space is clearly in demand and continuing to trend up.
It’s an important market for us, and Ark will be a great asset to the area.
“The building sets a new benchmark in sustainable development. It is the foundation of every
project we’re involved with, and reflected in the demands of our partners, clients, investors
and the communities in which we work.
“Builder’s Thiess have done an outstanding job in delivering the design intent envisioned by
Investa and our architects, Rice Daubney. The attention to detail in this design makes for a
great working space, with outdoor areas and some highly original public art at street level to
create a strong connection to the history of the area”, said Ms Tang.
Ark will be officially opened on 13 May 2010.
Practical-completion reached for Ark