Bank of Sydney to acquire new head office

Bank of Sydney to acquire new head office

An agreement to acquire 62 Pitt Street has been described by Bank of Sydney as another step in its ambitious growth strategy, with plans to make the CBD building the bank's signature branch and its Australian head office.

The bank was not able to reveal the purchase price, but an information memorandum from Colliers International highlights it is a rare freehold property with dual frontage on Spring and Pitt Streets.

Colliers notes the building has six floors of office space with a combined total space of 1,709sqm, including what are currently two ground floor retail premises.

The real estate agency emphasises the property is in a 'tower cluster' area under the Central Sydney Planning Strategy (CSPS), while future growth is underpinned by state government-backed infrastructure projects like the Sydney Metro, the Sydney Light Rail and the Circular Quay Ferry Terminal upgrade.

"Most properties in this precinct are owned by Institutions held on a long-term basis and the opportunity to acquire a privately-owned prime corner freehold building is indeed rare," Colliers said.

Bank of Sydney said the move will help it continue to provide an "even more improved experience for its valued customers".

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

New report reveals 68 per cent of businesses are vulnerable to a cybersecurity attack

Partner Content
36 per cent of employees fear their organisation is at risk of financial losse...
SAI Global
Advertisement

Related Stories

Aristocrat Leisure to buy online gambling giant Playtech for $5 billion

Aristocrat Leisure to buy online gambling giant Playtech for $5 billion

Australian pokies maker Aristocrat Leisure (ASX: ALL) is looking to...

GPT logistics portfolio worth $4.1 billion following Ascot Capital asset acquisition

GPT logistics portfolio worth $4.1 billion following Ascot Capital asset acquisition

Real estate investment trust GPT Group’s (ASX: GPT) portfolio...

PM throws cold water on new NSW Premier's 'opening to the world' plan

PM throws cold water on new NSW Premier's 'opening to the world' plan

Prime Minister Scott Morrison has shrugged off NSW Premier Dominic ...

ASIC takes insurance giant to task over allegedly failing to apply $60m in promised discounts

ASIC takes insurance giant to task over allegedly failing to apply $60m in promised discounts

Australia’s corporate watchdog has Insurance Australia Limite...