“It is government policy to consider viable opportunities to put property assets to better use, to achieve the best possible social, economic and heritage conservation outcomes,” Mr Walker said.
“Lendlease, which co-owns a number of surrounding buildings, is in a unique position to revitalise this building and the wider area over the medium term.
“The revitalisation of this building and the wider precinct will create jobs and stimulate the local economy, while proceeds from the freehold sale will be reinvested into the purchase of new premises for NSW Trustee and Guardian that better suit its modern service delivery requirements to meet clients’ needs, including improved accessibility.”
The building was constructed in 1924 and has been home to NSW Trustee and Guardian (formerly the Public Trustee) since 1942. It has been sold with a conservation management plan in place to ensure its heritage values are protected and maintained into the future.
Lendlease’s Managing Director of Investment Management Scott Mosely said the building’s strong transport links and location would ensure it remains an integral part of Sydney’s CBD.
“19 O’Connell Street and the surrounding area is well positioned to play a role in Sydney's continuing evolution as a leading global gateway city,” Mr Mosely said.
“Lendlease has a global track record of city-changing urbanisation projects, and we’ll continue to invest in creating sustainable and activated buildings as part of our next generation precincts strategy, that will deliver great places for our customers and community.”
Property and Development NSW managed the negotiations as part of its role in helping government agencies achieve the best social and economic outcomes for communities from their property transactions.
