The world's largest supplier of building technologies, UTC Building & Industrial Systems, will move its Sydney headquarters to Macquarie Park after selling its existing office building in the city's inner west to a developer for about $31 million. Taking advantage of the strong demand for site that have capacity for residential development, the group sold the building at 149-163 Milton Street in Ashbury to savvy private developer Tepcorp Developments led by Michael Teplitsky sources said. "UTC Building & Industrial Systems is the world's largest provider of building technologies and the new premises will embody that distinction. Our new office will be equipped with advanced solutions from our key brand of Chubb Fire & Security, Otis, Kidde and Interlogix," Mark Brisson, president of UTC's Australasian business, said. "We are pleased with the expansion into one major site as this will help us intergrate our back-office operations across our brands. This will build a solid foundation to support the continued growth of UTC Building & Industrial Systems in Australia and New Zealand." Developers such as Meriton and other offshore groups are taking advantage of demand - particularly in the inner-south and buying up sites and obtaining residential rezoning to cater for it. It means many industrial and commercial businesses are relocating to new hubs.
Source: NAB R-EIT News - Friday 17th April 2015