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Deloitte mulls Sydney headquarters move to Lendlease, AMP’s Circular Quay precinct

May 16, 2018

AMP's Quay Quarter Tower project is said to be a likely contender in Deloitte's space hunt. Photo: Supplied

Nick Lenaghan and Matthew Cranston 

Deloitte has major landlords scrambling, after issuing the largest request for office accommodation now in the Sydney market.

The Deloitte requirement is for as much as 30,000 square metres to 35,000 sq m of space in the CBD, enough to anchor the development of a new office tower.

The big four accounting and advisory firm has been a longtime resident in Grosvenor Place at 225 George Street, which is co-owned by Dexus, Investa and ARIA.

Staying put will certainly be a possibility for Deloitte, but so too is a shift closer to the water, with major projects at Circular Quay among the contenders.

The leading contenders are AMP Capital’s $2.7 billion Quay Quarter Tower, the centrepiece in the broader Quay Quarter project.

The project has been gaining momentum after super fund Rest committed to take a one-third stake in it last month. It is due for completion in late 2021.

Quay Quarter Tower will rise 200 metres, delivering 97,000 sq m of space in total. The parent group, AMP, will itself take up an anchor tenancy of 36,500 sq m in the building.

Another strong candidate in the neighbourhood is Lendlease’s 55-level commercial Circular Quay Tower.

The Foster + Partners-designed premium office tower will have a mixed-use podium, retail-lined laneways and a new hospitality offering on the Jacksons on George hotel site.

Another option, thought to be less likely, is 388 George Street, which is controlled by Investa and Brookfield.

“Deloitte is committed to providing our people and clients with premium workspaces that foster collaboration and innovation,” a spokesman told The Australian Financial Review.

“Right now Deloitte has a lease at Grosvenor Place until 2023. We are currently exploring options in the Sydney marketplace. No decisions have been made at this time,” he said.

Deloitte’s own team is running through the accommodation options. A key factor in any move elsewhere would be the potential to obtain signage and naming rights at its new home.

Holding its own in the battle for brand against its well-signed big four peers will be a critical factor for Deloitte.

Another element in the mix is the fact that Deloitte’s current co-tenant at Grosvenor Place, Norton Rose Fulbright, which is newly merged with local entity Henry Davis York, is moving to new headquarters at 60 Martin Place.

That vacant space at Grosvenor Place could come in handy if the landlords are looking to refurbish space in order to woo their anchor tenant anew.

Deloitte inhabits multiple floors at 225 George Street. Not all are contiguous and Deloitte uses different lift shafts to access its offices.

A separate brief for about 6000 sq m of space in Parramatta is thought to be on hold as Deloitte sorts out its CBD accommodation.

Deloitte staff in other capitals will also be enjoying upgraded digs. Perth and Brisbane offices have been revamped while in Melbourne Deloitte will take up the anchor tenancy in a Mirvac development on Collins Street.

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