Bank of Sydney to acquire new head office
Written on the 4 March 2019 by Business News Australia
An agreement to acquire 62 Pitt Street has been described by Bank of Sydney as another step in its ambitious growth strategy, with plans to make the CBD building the bank's signature branch and its Australian head office.
The bank was not able to reveal the purchase price, but an information memorandum from Colliers International highlights it is a rare freehold property with dual frontage on Spring and Pitt Streets.
Colliers notes the building has six floors of office space with a combined total space of 1,709sqm, including what are currently two ground floor retail premises.
The real estate agency emphasises the property is in a 'tower cluster' area under the Central Sydney Planning Strategy (CSPS), while future growth is underpinned by state government-backed infrastructure projects like the Sydney Metro, the Sydney Light Rail and the Circular Quay Ferry Terminal upgrade.
"Most properties in this precinct are owned by Institutions held on a long-term basis and the opportunity to acquire a privately-owned prime corner freehold building is indeed rare," Colliers said.
Bank of Sydney said the move will help it continue to provide an "even more improved experience for its valued customers".
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Business News Australia
Author: Business News Australia