Not for release or  distribution in the US

AMP Capital has received Stage 2 Development Application (DA) approval for its  landmark Quay Quarter Sydney precinct in Circular Quay.

The development approval includes the new 49-floor premium commercial office Quay  Quarter Tower at 50 Bridge Street in addition to three new mixed use buildings:  9-17 Young Street, 2-10 Loftus Street and 16-20 Loftus Street.

Spanning  a site area of 11,000 square metres, the proposed development includes a  diverse mix of commercial, retail and residential uses including specialty  shopping, cafes, restaurants and bars, with a focus on niche retailers and  one-off experiences.

AMP Capital Managing Director Office & Industrial Louise Mason said: "We are  delighted to have achieved Stage 2 DA approval for Quay Quarter Sydney.  This is an exciting milestone for the project  as we continue to work towards the next steps, with construction earmarked to  commence in 2018."

In  a commitment to design excellence, a group of Australia's most significant and  emerging architects were selected to design the buildings on the Young and Loftus Street site including SJB, MAKE Architecture, Silvester Fuller and Carterwilliamson.

Together  with 3XN, Masterplan architects for the precinct and architects for Quay  Quarter Tower, this will create an important injection of architectural character  into the city, making Quay Quarter Sydney one of the city's most architecturally diverse precincts.

Five laneways will also be  created including the reinstatement of Goldsbrough Lane, an east-west link between Phillip and Young Streets, providing a new public walkway with views towards the surrounding heritage buildings including the Police and Justice Museum, Customs House and Hinchcliff House.

Ms  Mason said: "Quay Quarter Tower will result in a stunning new building on the  Sydney skyline that sets new benchmarks in premium office tower design globally  and provides a compelling investment opportunity for our clients.

"The  precinct will cater to all times of the day, from workers buying a coffee on  their way to the office through to family day-trippers, evening diners and late  night supper seekers.  The development  will bring about a major revitalisation of Circular Quay, elevating the area to  its rightful status as the gateway to Sydney."

50  Bridge Street is jointly owned by investors in the AMP Capital Diversified  Property Fund and the AMP Capital Wholesale Office Fund.

Construction is expected to take approximately three years to complete.

For  more information, please visit the Quay Quarter Sydney website www.quayquartersydney.com.au

About AMP Capital

AMP Capital is a specialist investment manager with more than A$156 billion in funds under management as at 30 June 2015 and more than 250  investment professionals worldwide. AMP Capital has a heritage and  strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. AMP Capital is a subsidiary of AMP Limited. Established in 1849, AMP has more than 160 years of experience providing financial services, and is one of Australia's largest  retail and corporate pension providers