Australia based construction contractor Multiplex has been appointed as the construction partner by AMP Capital for Quay Quarter Tower in Sydney.
Located at 50 Bridge Street Sydney, Quay Quarter Tower is owned by investors in the AMP Capital Diversified Property Fund (ADPF) and AMP Capital Wholesale Office Fund (AWOF).
AMP Capital has also roped in super fund platform Rest, which has committed to acquire a one third interest in Quay Quarter Tower upon completion, in a deal valued at A$900m ($690.6m).
Danish company 3XN has designed the 200m high, 50-storey tower, which comprises five shifting glass volumes stacked upon each other punctuated by atrium space.
The tower will maximise views out to Sydney Harbour and daylight into the office floors.
Quay Quarter Tower is part of the 11,000m² Quay Quarter Sydney precinct, featuring the tower, 33 Alfred Street and the Young and Loftus mixed-use precinct.
At the base of the tower, an urban green space and 5,000m² of lifestyle, services, food and dining retail facilities will be provided.
Early building work has already begun and the tower is on track to be completed in late 2021.
AMP Capital global head of real estate Carmel Hourigan said: “On behalf of our investors, we couldn’t be more excited to announce the start of construction of Quay Quarter Tower, with the appointment of tier one builder, Multiplex, as our construction partner.
“Circular Quay has been AMP’s home for more than 55 years and our plans for the Quay Quarter precinct ensure the retention of its rich history as a unique gateway to Sydney.
“AMP Capital is very pleased to welcome Rest as a key investor in Quay Quarter Tower, a further endorsement of Quay Quarter as a compelling and unique investment opportunity.”
AMP is the anchor tenant in the redeveloped Quay Quarter Tower and AMP Capital is in talks with potential major tenants in Quay Quarter Sydney.
Multiplex NSW regional managing director David Ghannoum said: “We are delighted to continue our collaborative relationship with AMP Capital on the construction of Quay Quarter Tower.
“We’re looking forward to getting construction underway on this exciting project that is set to transform and revitalise the Circular Quay skyline.”