$400 million office tower in North Sydney to provide new urban centre: developer

Eastmark Holdings, a privately held Sydney-based company run by Jin Yong Park, says a proposed $400 million office tower will create a new centre in North Sydney.

The 30-level tower at 1 Denison Street will include 2000 square metres of retail space with a supermarket, restaurants and cafes.

It is a 45,720 square metres grade-A commercial building near Greenwood Plaza and the train station. It has a targeted 5 Star Green Star rating and a 5 Star NABERS rating.

CBRE and capital.z are marketing the property to potential tenants. IAG Insurance and Zurich Insurance Group are both interested, The Australian Financial Review reports.

“Denison Street is basically going to be reconfigured into a new public plaza, like a mini Martin Place,” CBRE director Ari Petrovs told The Australian Financial Review.

He says it will create a “a new heart” in North Sydney.

Average rents in the building will be around $640 per square metre.

Depending on leasing commitments it will be completed in late 2016 or early 2017.

"The office market in North Sydney has little to offer in the way of quality space to any major tenant wishing to relocate there," Derek Zillman of capital.z told The Australian.

"1 Denison will meet this need, and it has the ability to attract tenants from outside North Sydney."

It’s not the only office developer eyeing off North Sydney though. Leighton has plans to develop a 40,000 square metre, 30-level tower while Mirvac and Laing O'Rourke are marketing a proposed $400 million development.