Coca Cola Place, North Sydney
Category
Case StudiesWorld Leadership office development
Coca Cola Place at 40 Mount Street is a striking 21 storey A-grade building occupying a prime North Sydney CBD location. 40 Mount Street is that rare building that will be described as iconic for years to come. Architecturally sophisticated, representing ‘World Leadership’ in sustainable design, it has been awarded a 6 Star Green Star Office Design and ‘As Built’ rating.
SECTOR
Commerical
NLA
28,500 m2
VALUE
$200M+
AWARDS
2011 – Property Council of Australia Innovation and Excellence Awards – NSW Development of the Year
2011 – Property Council of Australia Innovation and Excellence Awards – Best New Sustainable Development
2011 – Australian Institute of Architects, NSW Awards Commercial Building Commendation for Outstanding Architecture
2010 – Urban Taskforce Development Excellence Award – Development of the Year
2010 – The Australian Property Industry, NSW, Excellence in Property Award – The Environmental Development Award
2010 – Master Builder’s Association, New South Wales, Excellence in Building and Construction Awards – Best Use of Glass
2010 – Master Builder’s Association, New South Wales, Excellence in Building and Construction Awards – Energy Efficiency
2011 – Property Council of Australia Innovation and Excellence Awards – Best New Sustainable Development
2011 – Australian Institute of Architects, NSW Awards Commercial Building Commendation for Outstanding Architecture
2010 – Urban Taskforce Development Excellence Award – Development of the Year
2010 – The Australian Property Industry, NSW, Excellence in Property Award – The Environmental Development Award
2010 – Master Builder’s Association, New South Wales, Excellence in Building and Construction Awards – Best Use of Glass
2010 – Master Builder’s Association, New South Wales, Excellence in Building and Construction Awards – Energy Efficiency
Insight
At the time of acquisition, a business case was prepared that included detailed research on the available office supply in North Sydney and the Sydney CBD. Sydney office rents had been steadily rising and were predicted to continue ensuring that the North Sydney office market had a competitive value proposition. North Sydney had the necessary amenity, infrastructure but also the opportunity to provide a competitive value offer for key tenants in comparison to the CBD. Although a complicated planning application was required, it would still be able to provide new supply ahead of the in-depth Sydney CBD planning process.
The proposition was fulfilled when the planning application was approved and Coca Cola were secured as the anchor tenant. There was no comparable competing supply in North Sydney office market nor the Sydney CBD on the horizon. Despite the GFC, the building reached full occupancy shortly after completion, providing a secure and valuable investment from a well mitigated risk prone development process.
