Grosvenor continues to be a major developer in the office sector in state capital cities with a reputation for delivering the highest quality of buildings with best practice environmental ratings. We aim to increase our exposure in mid- to upper- residential developments leveraging the strong Grosvenor brand and reputation.
During 2009 we consolidated our financial position and focused on our strategy of premium developments and investments in Sydney and Brisbane. 2009 was highlighted by the opening the 400 George Street office tower on 02 December 2009 by the Queensland Premier. We jointly developed 400 George Street with Leighton Properties, and own this jointly with HSBC Trinkaus. The development incorporates approximately 44,100 sq m of 'A' grade commercial and retail space including a childcare centre, food court, bar and restaurant. The development is well let with quality tenants such as Lihir Gold, Cooper Grace and Ward Lawyers, State and Federal Government departments. It represents the single largest office building development undertaken by the Grosvenor Group.
We have ensured high occupancy levels across our portfolio and high leasing pre-commitments on our developments. Through divestments of non-core assets, we are able to actively seek new opportunities and capitalise on the current opportunities in the market. We are in a strong financial position to extend our portfolio of CBD investments and replenish our development pipeline.
For 2010, we are focused on active expansion in mid- to up-market residential and commercial sectors and will complete this through joint venture and co-investment arrangements.
As Green Star ratings are considered a benchmark of long-term quality for 'A' grade buildings in Australia, our investment in ‘green’ design and construction will continue to preserve and enhance the value of our assets.
CURRENT DEVELOPMENT PROJECTS
60 Station Street, Parramatta (25,700 sq m) – A 20-storey 'A' grade office development with development approval, designed to the Australian Excellence in Environmental Standards and located next to a rail transport hub. This project is with our joint venture partner, Leighton Properties.