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Sydney building takes top national property award

12 August 2002

The Renzo Piano designed building, the ABN Amro Tower at Aurora Place has been awarded the industry’s most coveted award for excellence by taking out the Property Council of Australia/Rider Hunt Award for 2002.

The Colonial First State Property managed fund, Commonwealth Property Investment Trust (CPIT), took control of the property in February 2001 for $485 million. Since completion, the tower has attracted long term leases from major corporates including ABN Amro, Minter Ellison and Challenger International, with 93 per cent of the tower leased.

Roger Parker, fund manager at Colonial First State Property said the building has been recognised for its success in aligning the needs of both tenants and investors.

"On first impressions, the building is recognised for its innovative architectural design which has significantly enhanced the streetscape of the Sydney CBD. On closer inspection, there are many design benefits which go beyond the initial design statement and focus on operational efficiency, facilities for occupants and environmental sustainability. The design of the building also provides effective office floorplates that increase in area from around 1,000sqm in the low rise up to 1,400sqm in the high rise, commanding gross rentals of over $1,100 per square metre, which have supported strong returns for the CPIT investors," said Roger Parker.

The building also sets a new standard for providing a ‘people friendly’ environment.

"The unique wintergarden design provides fresh air to occupants throughout the day. The building strikes a balance between a modern, sophisticated design and an environmentally friendly workplace," said Mr Parker.

The building was developed by Lend Lease and East Asia Property Group, with Bovis Lend Lease responsible for the building’s construction. The building is managed by East Asia Property Group Services.

The Property Council of Australia/Rider Hunt award recognises architectural merit, technical qualities and excellence in the efficient use of capital for its owners.

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