Deloitte keep landlords guessing

Deloitte keep landlords guessing

18 May 2018

Global consulting firm, Deloitte, has major landlords clambering, after issuing the largest request for office accommodation in the Sydney market.

The Deloitte requirement is for as much as 30,000 to 35,000 square metres of space in the CBD, enough to anchor the development of a new office tower, reports The Australian Financial Review.

Deloitte has more than 263,900 professionals in more than 150 countries and territories, delivering services in audit & assurance, tax, consulting, financial advisory, risk advisory, and related services.

Deloitte has been a long time resident of Sydney’s Grosvenor Place, located at 225 George Street, which is co-owned by Dexus, Investa and ARIA. Staying put at Grosvenor Place is an option for Deloitte, but a move to a new building within the Circular Quay precinct is just as likely.

“Deloitte is committed to providing our people and clients with premium workspaces that foster collaboration and innovation,” a spokesman told The Australian Financial Review. 

“Right now Deloitte has a lease at Grosvenor Place until 2023. We are currently exploring options in the Sydney marketplace. No decisions have been made at this time,” he said.

A key factor in any move elsewhere would be the potential to obtain signage and naming rights at its new home.

Holding its own in the battle for brand against its well-signed big four peers will be a critical factor for Deloitte.

According to The Australian Financial Review, the leading contenders are AMP Capital’s $2.7 billion Quay Quarter Tower, the centrepiece in the broader Quay Quarter precinct.

The new tower is a key element in the larger Quay Quarter precinct, which covers 11,000 square metres of prime real estate overlooking Circular Quay.

As part of the broader project, AMP Capital will refresh AMP’s historic home at 33 Alfred Street, regarded as the country’s first skyscraper.

“Circular Quay has been AMP’s home for more than 55 years and our plan for the Quay Quarter precinct ensures the retention of its rich history as a unique gateway to Sydney,” said Carmel Hourigan, AMP Capital’s global head of real estate.

The Quay Quarter Tower project has been gaining momentum after super fund Rest committed to take a one-third stake in it last month. Due for completion in late 2021, its co-investors are AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund.

Quay Quarter Tower will rise 200 metres, delivering 97,000 sq m of space in total. The parent group, AMP, will itself take up an anchor tenancy of 36,500 sq m in the building.

Another strong candidate in the neighbourhood is Lendlease’s 55-level commercial Circular Quay Tower.

The Foster + Partners-designed premium office tower will have a mixed-use podium, retail-lined laneways and a new hospitality offering on the Jacksons on George hotel site.