Oxford Properties Group (‘Oxford’), a leading global real estate investor, asset manager and business builder, and Investa announced that they have received Development Approval from the NSW Government for Parkline Place, a new commercial development above the north entrance of Sydney Metro Pitt Street Station.
The development, known as Parkline Place, will deliver an innovative, well-connected, premium commercial building that addresses the evolving needs of office tenants. The approval is a major milestone for the development and the Oxford and Investa project team. Investa is Oxford’s Australian platform partner. Oxford became a shareholder in the Investa platform in 2020, with Investa acting as Oxford’s local operating and development partner across its entire commercial office portfolio in Australia, as well as its growing built-to-rent residential business.
The 39-storey premium office building and retail precinct will feature 47,800 square metres of office space with a further 1,290 square metres of retail amenity. Upon completion, the office building will accommodate upwards of 4,500 daily occupiers and will boast leading smart building and sustainability features.
Nellie O’Keeffe, Project Director of Pitt Street said: “We are excited to have achieved this major milestone, which is a reflection of the hard work that our team has put into this project and the positive impact it will have on the local community and economy. Our plans carefully consider the health, well-being and performance needs of office occupiers while embracing and adding to the already vibrant precinct. We are pleased to see the station works progressing well and are now focused on preparing for the construction phase of Parkline Place.”
Located on the corner of Pitt and Park streets, Parkline Place is ideally positioned to become the new gateway of the city. Benefitting from seamless integration with the new Pitt Street metro station, Parkline Place will offer a vibrant commercial hub that connects occupiers to Sydney’s north west and south west via Sydney Metro, with trains running every four minutes in the peak. The development is also situated just a short walk from Hyde Park and some of Sydney’s best retail, dining, and entertainment.
Alec Harper, Head of Australia at Oxford Properties said: “We have seen the role of the workplace and the demands of office occupiers quickly evolve, but what has remained consistent is the need for connection. Parkline Place is a great example of Oxford’s commitment to customer-centric real estate that is built to connect. Together with Investa, our plans draw from our global development experience to provide a sustainable, adaptable and forward-thinking workplace that brings people together in a way that inspires occupiers and enhances the local community.”
The project will draw from Oxford’s global development capabilities combined with Investa’s decades of in-market experience. As one of the world’s most active global developers, Oxford is currently developing over 30 projects across all major real estate asset classes in cities that span North America, Europe and Asia Pacific.
Parkline Place is designed by world-renowned architects Foster + Partners, in collaboration with Cox Architecture.
Oxford’s consortium partners, CPB Contractors, began construction on the metro station in December 2020. Parkline Place is scheduled to begin in late 2021 and due to be completed in line with metro services beginning in 2024. Oxford anticipates that around 620 jobs will be created through the construction of Parkline Place over a 34-month period.
More information on Parkline Place can be found at www.parklineplace.com.au.
Pitt Street Station Project Background
Oxford Properties was named lead developer and equity investor for the office and build-to-rent residential buildings above the new Pitt Street metro station, announced by Sydney Metro in September 2019. Oxford’s consortium partner CPB Contractors is responsible for delivery of the station.
Collectively, the Pitt Street north and south buildings will deliver approximately 65,000 sqm of new space and create a vibrant new commercial and residential hub around Pitt Street, between Park Street and Bathurst Street. Oxford and Investa continue to make progress on the build-to-rent residential tower and lodged a development application in mid-2020.
About Oxford Properties Group
Oxford Properties Group is a leading global real estate investor, asset manager and business builder. It builds, buys and grows defined real estate operating business with world-class management teams. Established in 1960, Oxford and its portfolio companies manage approximately $80 billion of assets across four continents on behalf of their investment partners. Oxford’s owned portfolio encompasses office, logistics, retail, multifamily residential, life sciences and hotels; it spans more than 100 million square feet in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world’s most active developers with over 100 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees.
For more information on Oxford, visit www.oxfordproperties.com
About Investa
Investa is a commercial real estate management and development service provider in the Australian office sector. With more than $12 billion in assets under management, we maximise the value of Australian workplaces for our tenants, investors and the community through our office management expertise and by consistently delivering a superior customer experience, while remaining an industry leader in sustainable building management and responsible property investment.
For more information visit www.investa.com.au
For more information contact:
Megan Moore, FTI Consulting
M +61 434 225 643
Emily Lee-Waldao, Investa
Group Executive, Brand & Innovation
T +61 2 8226 9378 M +61 416 022 711