AMP Life sells Sydney headquarters for A$430m
The AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund have acquired 33 Alfred St. in Sydney on behalf of their investors for an undisclosed amount. The asset, which was sold by AMP Life, is estimated to be valued at approximately A$430 million ($312 million).
The 26-story class A office tower, which serves as AMP headquarters, is located in Circular Quay adjacent to the proposed Quay Quarter Tower at 50 Bridge St. The acquisition consolidates the ownership of an entire 2.7-acre block located on Circular Quay. In addition, AMP Capital has secured a major anchor tenant in the development, with AMP Group committing to 390,000 square feet of the Quay Quarter Tower at 50 Bridge St. from 2021.
Sydney office CBD sales totaled A$3.1 billion ($2.3 billion) in the 12 months to September 2016, according to Savills. This is down 55 percent from A$6.9 billion ($5 billion) in the previous 12 months and down on the five-year annual average of A$3.6