Sydney's 1 Bligh Street valued at $629 million

Jonathan ChancellorOctober 10, 2011

The newly completed Dexus Property-built oval-shaped building at 1 Bligh Street has been valued at $629 million.

The flagship development was completed in July 2011 and was officially opened in August 2011 by Australian Prime Minister Julia Gillard.

The $629 million tower has been built to be the first high-rise office to win a six-star rating from the Australian Green Building Council.

The Bligh Street office tower has been to have asking rents for the top floors of about $1,100 to $1300, plus outgoings, according to a recent Australian Financial Review article.

Leasing agents are continuing to negotiate tenants for vacant floors, with the Commonwealth government yet to be confirmed as having struck any leasing deal.

Some 51% of the office space is available, according to the latest ASX filing

The architects, Australian practice Architectus and German firm Ingenhoven Architects, came together for the design competition in 2006.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.