Multiplex gets the nod to build $1b North Sydney tower

Multiplex gets the nod to build $1b North Sydney tower

11 May 2018

Multiplex has been awarded the build of Winten Property Group’s new $1 billion, 37-level 1 Denison Street office tower in North Sydney.

The soon-to-be tallest building in North Sydney will also be the new home of the Nine Network, which is moving from Willoughby. The Nine Network has committed to 17,700sqm for its newsroom and studios.

The network’s shift into the proposed tower has sparked interest in the area with tenants chasing space in the Winten building and at nearby projects as they rival the new towers being built in Sydney’s CBD.

“There is a number of inquiries in the market; we are talking to those tenants coming out with briefs,” Winten development ­director Stuart Vaughan said.

Nine is seen as a drawcard for other media and hi-tech tenants. Winten hopes they will be attracted to its next-generation tower.

The new tower will be completed in 2020 and will offer more than 60,000sqm of premium office space with large 2,000sqm floor plates and a two-level lifestyle precinct.

Mr Vaughan said the North Sydney market was maturing with the nearby 100 Mount Street project, by Dexus, and a planned over-station development above the planned Metro station, adding premium grade space to the area.

The Australian Financial Review reports that the signature feature of the building will be panoramic views of Sydney Harbour on its upper levels. 1 Denison Street will also have 5 Star Green Star, 5 Star NABERS and Wellness Rated standards.

The appointment of Multiplex follows the termination of construction giant Grocon in January 2018. According to The Australian, Grocon had signed a contract to build the office tower but due to a refinancing deal, Winten Property Group terminated the construction contract with Grocon. Grocon was delayed in providing a form of financial security known as a performance construction bond, lodged in favour of a client in case a builder defaults on a project.

1 Denison Street will be eclipsed in the future by a new 230-metre, 40-storey office tower above Victoria Cross Station. Lendlease, Dexus and a John Holland-Charter Hall joint venture have been short-listed by Sydney Metro to build both the Victoria Cross Station and the commercial tower over the top, reports The Australian.

The Victoria Cross building would include maximum gross floor area of 60,000sqm, 160 car- parking spaces and a “design excellence framework”. A Sydney Metro spokeswoman said the contract to build the tower and station would be awarded by the end of the year with the project due for completion by 2024, 4 years after 1 Denison is completed.

The Victoria Cross tower will cap off a development boom for North Sydney which has recently seen a surge of activity with 1 Denison Street and the 35-storey 100 Mount Street, owned by Dexus, which will become the headquarters of the National Broadband Network upon completion next year.