Practical completion reached for Investa’s much anticipated Ark

North Sydney’s skyline has a new iconic landmark addition following the practical completion of Investa’s Ark development. The development, with an estimated end value of AU$240 million, began on the site of the old North Sydney Telephone Exchange in 2006 and was designed by Rice Daubney Architects.

The flagship development has already been awarded a 6 Star Green Star design rating from the Green Building Council of Australia (Office Design v2 Certified Rating) representing ‘World Leadership’ in environmentally sustainable design. Ark has also been designed to achieve a 5 Star NABERS Energy rating.

Coca-Cola Amatil and Vodafone Hutchison Australia will be establishing their Australian headquarters at Ark. Both have pre-committed to lease approximately 11,000 m² each, for 10 years with further option periods, accounting for approximately 22,000 m². Together with AWE, Ark is approximately 85% leased as at practical completion.

Tina Tang, Investa’s Group General Manager, Developments, said, “The fact that Ark is opening 85% leased is an exceptional result and even more remarkable given the market conditions over the last 18 months. Interest in Ark demonstrates that tenants appreciate the inherent value to their business of having larger floor plates, daylight penetration, and energy-efficient, well-built and well-serviced space. Ark also showcases Investa’s proven development capabilities and follows on from Investa’s highly successful 126 Phillip Street development in Sydney which was 100% leased on Practical Completion and won the 2007 Property Council of Australia’s Innovation and Excellence Award.”

Ark will add approximately 28,500 m² NLA of A-grade office space over 21 levels to the North Sydney precinct, which is currently sitting around 850,000 m².

According to Tang, the buoyancy of the North Sydney market mirrors Sydney’s CBD.

“High quality, efficient, A-Grade office space is clearly in demand and continuing to trend up. The building sets a new benchmark in sustainable development,” she said.

Ark will be officially opened on 13 May 2010.