Zurich is a global insurance company with deep real estate expertise based in Europe but limited local expertise in Australia.

Zurich owned and occupied two properties in North Sydney built in the 1980’s. W&P|G were engaged to consider strategies for grow the value of these assets and the implementation of the selected strategy.

118 Mount Street, North Sydney
2016 — 2020
Initial asset value: $28m
Asset value on sale: $350m

Our Role:

• Integrated development and project management
• Highest and best use study including strategic and financial options analysis across residential, hospitality and office uses
• Conduct a design competition to select preferred architects forthe project
• Select and lead project develop the preferred design and procure development approval for a new 20,000sqm office tower
• Negotiate agreement to lease and lease for Zurich to
  pre-commit to the new building as anchor tenant for 65% of the space
• Procure a builder to construct and fit out the building
• Structure, negotiate and agree a contract to pre-sell the building, including residual leasing risk

• • •

5 Blue Street, North Sydney
2016 — Ongoing
Initial asset value: $80m
Target refurbished asset value: >$130m
Target redeveloped asset value: >$500m

Our Role:

• Integrated development and project management
• Conduct a highest and best use study including strategic and financial options analysis across residential, hospitality and office uses
• Maintain optionality between a variety of uses as complex planning regime evolving in rapidly changing North Sydney market
• Develop and approve business case to undertake $16m refurbishment
  of existing building and re-lease until forecast next demand cycle (ongoing)
• Procure State Significant development approval for major redevelopment of site (ongoing)