TH Real Estate acquires Built’s heritage development in Sydney

National construction group, Built has announced the sale of its Sub Station No.164 development at 183-185 Clarence Street in Sydney to global real estate investment group, TH Real Estate.

TH Real Estate have made the $180 million deal for the FJMT designed development on a fund-through basis with Built undertaking the construction of the project.

Built will also become the anchor tenant, pre-committing to lease four floors for its new Sydney head office to showcase the group’s experience across development, construction and managing complex heritage sites.

Brett Mason, Built Managing Director said “Sub Station No.164 is unlike any other development in Sydney right now in creating what we clearly see as heritage development of the future” he said.

“We’ve already had strong enquiry on the leasing front that clearly talks to the quality and rare opportunity presented by this development and we look forward to working closely with TH Real Estate to bring our clear vision to a reality,” he said.

Sub Station No.164 will ambitiously revitalise two historic Sydney buildings into one of Sydney’s most innovative office towers and become a benchmark for heritage buildings of the future.

The A-grade, 7,867 sqm office tower will come equipped with a seven-level sculptural glass extension making an addition to Sydney’s skyline. 

The development will also include the restoration and refurbishment of seven floors in the existing heritage Shelley Warehouse and adjoining former electrical substation, which provides the project’s namesake.

The development is targeted for completion in 2020.