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Investa Office Fund (ASX:IOF) will proceed with the redevelopment of a prime building site in the Sydney CBD. Ivesta has secured a pre-commitment from engineering firm Arup who will take 27 per cent of the new building on a ten year lease. Arup will also be providing engineering services for the development. The site is located in the heart of Sydney at 151 Clarence Street and was previously occupied by Westpac and Telstra . A 17 storey A grade building will be designed to achieve 5 star green and energy ratings and is forecast to deliver yield of up to 8 per cent and a 15 to 20 per cent profit on cost. Investa Office Fund delivered a profit result of $56 million for the half year ended 31st December 2013.
