AMP Capital still seeking construction tender for Quay Quarter Tower
AMP Capital remains in ongoing discussions with Lendlease and Multiplex over the tender for construction of its Quay Quarter Tower.
Lendlease has quoted at $70 million over budget, according to the AFR's Street Talk column.
Tenants in the existing building are due out this Friday.
The 49-storey office building at 50 Bridge Street will be rebuilt as Quay Quarter Tower.
The $1 billion tower, designed by Danish firm 3XN, is due to open in 2020.
The chief operating officer of real estate at AMP Capital, Louise Mason, has previously said revitalising the precinct was paramount to Sydney’s future as a global city.
“Quay Quarter Sydney provides an opportunity to reimagine the urban landscape of Circular Quay,” she said.
The Quay Quarter Sydney precinct will span two inner city blocks over a site area of around 11,000 square metres and incorporates a mix of commercial, retail and luxury residential.
50 Bridge Street is jointly owned by investors in the AMP Capital Diversified Property Fund (ADPF) and the AMP Capital Wholesale Office Fund (AWOF).
Street Talk noted super fund giant REST was the frontrunner to take out the stake in the redevelopment of 50 Bridge Street.