Canada’s Oxford Properties and its local partner Investa will start building a $1 billion-plus office tower above the new metro station in Sydney’s Pitt Street without waiting for leasing pre-commitments, confident the city’s revival will bring tenants to their door in time.

Adding momentum to the bold move to go ahead with a so-called “speculative” development, Oxford and Investa have won backing from Japanese giant Mitsubishi Estate, which will take a 25 per cent stake in a joint venture partnership. Oxford, the property arm of giant Canadian pension fund OMERS, will retain a 75 per cent interest.