L E VE L 23/9 CASTL E R E AG H
JAN UARY 2 0 1 8
SYDNEY OFFICE UPDATE H OW B U S INES S ES C AN COM P ETE O N EXPER IENC E, A N D WI N O N DES I G N IN TER MAI N: WHY FITTING OUT YOU R O FFIC E IS NOTHING LIKE RE N OVATING YO U R HO ME W H Y INVES TA IS G O ING LO N G O N W ELLNES S
LOCAL FIT SPOT
BARRE PROJECT
OUR PEOPLE We began Ray White Commercial (Office Leasing) Sydney in 2001 to help owners and tenants find the right property for their business. We’ve built a team of professional real estate agents who put your interests at the centre of everything we do. As part of the Ray White Group, the largest real estate group in Australasia, we have the strength and scope of an international business, with the local knowledge needed to deliver premium results. Being owner-led, we have a personal commitment to your success. Our Sydney Office Leasing team has eight leasing agents working solely on the Sydney CBD office market. We specialise in: •
easing and sales of office L space in Sydney CBD
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Lease assignment and subleasing of surplus premises for tenants
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Sourcing office space for tenants
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roperty Management of P strata offices
ANTHO NY HARR I S
JE RE M Y PIGGIN
Director in Charge 0409 319 060 aharris@raywhite.com
Director 0413 336 161 jpiggin@raywhite.com
AND RE W TE LE P I S
CHRI S TI AN M I NARD S
Director 0415 972 696 atelepis@raywhite.com
Director 0447 777 037 cminards@raywhite.com
NAO M I VI LAR
E LI ZABE TH BRAI THWAIT E
Property Executive 0431 209 888 nvilar@raywhite.com
Property Executive 0434 305 588 ebraithwaite @raywhite.com
AND RE W E DWARD S
NI CHO LAS Y EO H
Property Executive 0411 346 232 aedwards@raywhite.com
Property Analyst 0415 566 541 nyeoh@raywhite.com
NI AM H D ’ARCY
D E BO RAH O UYANG
Executive Assistant (02) 9249 3768 ncarcy@raywhite.com
Team Assistant (02) 9249 3768 douyang@raywhite.com
(0 2 ) 9 2 4 9 3709
CONTENTS
GEORGE STREET RE-OPENS
After a two year period of road works and office demolitions in the CBD, January and the new 01 Fitness Spot: The Barre Project year brings some much needed reprieve from the 03 Investa: Going Long on Wellness challenging sights and sounds. 05 Intermain: Grand Designs? 07 Case Study: Bluesource 08 Krost: Key work 09 Gensler: The Experience Index
Some sections of the light rail works on George Street are now complete and it’s exciting to see the revelation of a new feeling of openness and connectivity on George Street with shoppers, office workers and tourists all benefiting from the new functionality. Almost European in feel, I’m enjoying the feeling of a new ‘heart’ to the city, with street furniture, new trees and a buzzy new energy. The retailers, office workers and owners who have been adversely affected by the George Street works are now benefiting from a new lease on life for George Street and how it will be used. Over time, this benefit will surely increase.
11 JHK Legal: Unfair Contract Terms 12 December Transactions
We will no doubt see some pull effect of retailers away from Pitt Street mall and back to George Street to make this precinct a desirable place to work, shop and walk again.
13 Focus Listings 15 Tenant Reb Brief Table 17 Recent Transactions 18 Find Your Perfect Space
ANTHONY HARRIS M: 0409 319 060
Our outlook on the office market for 2018 is positive - there’s limited new supply of office space for lease which is maintaining high rental levels, tenant demand is less frenetic than last year and office deals are taking longer because of this.
As Sydney now unfurls its fresh tracks and a new facade, it maintains its position as the best city to position your business to flourish and work in. Let’s get to it! All the best.
1 | SYDNEY OFFICE UPDATE
FITNESS SPOT
BARRE 40 King Street, Sydney Open weekdays 7am - 4pm skittlelane.com.au
SYDNEY OFFICE UPDATE | 2
Michelle Kluz is the founder of The Barre Project, a new barre-based workout option in the CBD with classes running throughout the day. We chatted with Michelle, the former global CEO of Diva and the former CEO of Pure Barre, North America’s largest barre studio chain, about what makes The Barre Project different in this space. W H AT ’ S T H E S C I E N C E B E H I N D BARRE AND WHY DOES IT WORK WELL FOR WOMEN?
W H AT ’ S T H E D I F F E R E N C E B E T W E E N THE BARRE PROJECT AND OTHER BARRE CLASSES OUT THERE?
A good barre program is possibly the most effective way to get results fast. We fuse bodyweight exercises with principles from Pilates, yoga, strength training, and High Intensity Interval Training (HIIT). Barre derives its name from the barre used in some exercises, but the workout is not dance - the barre is just another tool in our arsenal. Our technique builds long, lean, sculpted muscles while burning fat at the same time. The best part is that it’s low impact on your body, but seriously high impact in results!
Our technique is exclusive to our studio and we don’t waste a minute. Our program is designed for maximum efficacy. Every class is different, and when you add in our trademark LED lighting (designed to help you get into the zone), fresh beats (every part of class is musically driven), small class sizes and highly trained instructors, you get a workout and experience like no other.
HOW LONG UNTIL WOMEN SEE R E S U LT S A N D H O W M A N Y C L A S S E S S H O U L D I AT T E N D E AC H W E E K TO S E E R E S U LT S ?
It depends on other factors in your life (like diet and activity patterns), but most people start feeling stronger and seeing results in as few as 4-6 workouts when taken within a two week period. If barre is your main physical activity, you can achieve incredible results with 2-4 classes each week. If barre is a complement to another activity, a couple times a week may be enough. The great thing about barre is that it’s low impact on the joints, so you can come every day and not overdo it - but it’s also the kind of exercise that you can always challenge yourself to dig deeper. It’s impossible to plateau.
W H AT ’ S YO U R H I S TO RY W I T H P U R E BA R R E I N T H E S TAT E S ?
I’m the former CEO of Pure Barre, helping to grow that into a successful 450+ studio chain, but left that role and am so excited to be back in Australia. At The Barre Project, we’ve innovated on the technique and experience, and I’m proud that we have our own unique identity and a workout that is truly best-in-class. I am a strong personal believer in its effectiveness - it’s my main cross-training activity (I’m a competitive distance runner) and it’s helped me avoid injury and shave seven minutes off my half marathon time due to the leg and core strength I’ve gotten from barre. H O W D O I G E T I N V O LV E D ?
We have an amazing offer of a complimentary class, simply email info@thebarreproject.com or use the promo code “TRIALCLASS” on our website. The Offer is valid through January 2018 at both our 122 Castlereagh and 55 York Street studios. its a terrific introduction to all of our offerings.
HE AD O N OVE R TO O UR WE BS I TE : WWW.T HEBA R R EPROJ ECT.CO M. AU TO S I G N UP.
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WHY INVESTA IS GOING LONG ON WELLNESS
Investa is spreading the wellness offering for tenants far beyond its WELL Certified properties, to A and B grade buildings, with the launch of a major tenant health and wellbeing program.
The initiative targets office workers in eight properties in Sydney, Melbourne and Perth, with a further 18 properties set to be involved next year. The program has been designed in partnership with healthcare provider Bupa, and will be facilitated by Investa’s INSITE tenant portal. Tenants will be offered a mix of services, information and on-line tools to improve staff wellbeing, engagement and productivity. Included will be heart health assessments, meditation classes, nutrition consultations, healthy cooking demonstrations and ergonomic screenings. There will also be information on managing stress, exercise, parenting and family health.
Group Executive, Michael Cook said: “The big learning curve for the organisation currently is building a good understanding of what aspects of holistic health and wellness will most appeal to different kinds of tenants and how as a manager of workplace communities we can facilitate it.”
WELLNESS IS NEW COMPETITIVE PRESSURE AND OWNERS NEED TO GET SMART Mr Cook said that with all the biggest owners including Mirvac, GPT and Dexus all moving into the wellness space, it will lead to competitive pressure in terms of attracting and retaining tenants.
MICHAEL COOK Group Executive Investa Property Group Where owners need to be smart is getting around tenant reluctance to pay for added wellness features, just as was the case with sustainability. At the upper end of the market, tenants expect that if the they lease from one of the top six asset owners the NABERS rating will be great. “That’s what’s going to happen with wellness. “Tenants will want to know they are in a building where that has been considered and dealt with.” Some of the aspects of the program are around engaging with tenants – providing health-related services that they can access quickly and easily in their building, or running exercise or yoga classes at low or no cost, where they can meet their fellow tenants or have some R & R with their colleagues.” “It is incumbent on us as responsible building owners to advise them of all the things they can and can’t do,” said Mr Cook.
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“A lot of it is about understanding how the businesses in our buildings are supporting the health of their people, so that in addition to operating our buildings efficiently and sustainably, we can contribute to better workplace health across all of our buildings, potentially having a much larger, long term impact.”
He said many parts of the system align with Green Star, an overlap recognized by GBCA and IWBI’s crosswalk, that aligns the certification process for building projects and fit outs, pursuing both Green Star and WELL Certification. Other areas of focus at 151 Clarence Street are air quality, water quality and mental health.
Hugh Irving, Development Manager of Investa Office Fund’s, Barrack Place at 151 Clarence Street Sydney, was selected as a representative for existing office buildings at the International WELL Building Institute’s (IWBI) Global Advisory Roundtable in New York, in June this year.
To manage microbes and mould risks in HVAC, for example, the development will be installing a UV-light germicidal irradiation device in mechanical plant, a technology that can also be retrofitted to existing plant and buildings.
Investa has been working alongside the IWBI since it launched its current WELL tool in Australia, to refine the tool for application to a portfolio of existing assets. The aim of the Roundtable was to progress discussion on a new certification pathway within the WELL Building Standard, that takes advantage of the unique efficiencies available in a portfolio of existing buildings. Properties will be rewarded for applying enhanced operational and maintenance strategies, as well as wellness policies and programs Mr Irving said the challenge for IWBI and its working group is to develop a tool that has integrity, but is also achievable. It can’t be too easy, nor too challenging. He said the company’s interest in WELL arose 18 months ago as it recognised it had addressed the bigger problems around building sustainability in design and construction, and it was now time to think about the people in the buildings. The company now seeks to incorporate the principles of wellness into all new developments in order to facilitate base building and tenant certifications in the future.
A N I M P O R TA N T D R I V E R FOR DELIVERING WELLNESS I S T H E H U G E W AV E O F MILLENNIALS COMING INTO THE WORKFORCE.
Mr Cook said that some of the things that have been learned from pursuing WELL Certification have also changed the way things are done from a management perspective.
CHANGING THE BUILDING FROM A “SPACE” TO A COMMUNITY Mr Cook said the program has emotional and social benefits. Programs such as meditation classes, healthy cooking displays and events build camaraderie in a building, Mr Cook said. “It helps tenants get to know each other and helps transform the environment from an office building to an activated community.
This demographic is more “demanding” in terms of what it expects from workplaces.
Sally Franklin, Group Executive, Real Estate Services & Business Operations, said the new program gives Investa the potential to help “thousands of people be at their best inside and outside of work.
According to Michael Cook, one of the key aspects of working to improve tenant wellness is about adding value to the tenant experience.
“If this also contributes to boosting the performance of our tenant’s businesses, then this is a great outcome,” Ms Franklin said.
“Rent is a material cost for any business, so we have to be able to explain why the building makes sense for more than just commercial reasons,” he said. The company is also continuing to learn more about the relationship between indoor environment quality and wellbeing through its ongoing partnership with University of Sydney’s IEQ lab. It has placed SAMBA units (Sentient Ambient Monitoring of Buildings in Australia) in many of its buildings, including its own offices, to measure and provide instant data on features of a workspace such as light, air, sound and temperature, which all impact indoor environment quality which can influence health, wellness and productivity.
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GRAND DESIGNS? W H Y F I T T I N G O U T YO U R O F F I C E I S N O T H I N G L I K E R E N O VAT I N G YO U R H O M E .
BY ANDREW JOHNSON MANAGING DIRECTOR INTERMAIN IN A SS O C IAT IO N WI TH R AY W H I T E CO M M E R C I A L
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Australian TV viewers can’t get enough of home renovation shows. But has our national obsession skewed our perception of what to expect from a building project? Programs like Grand Designs draw their viewers’ interest by creating drama and suspense throughout the program. Budget blow-outs, time delays, builder’s disputes and arguments with neighbours and council all make for good TV.
And indeed, many residential developments do come with high risk. But they are plagued with many factors that we simply don’t encounter on commercial projects. For example, emotions can run high when you’re building or renovating your own home which can create tensions between family members or between clients and contractors. ‘Changing of minds’ is common to home building that threatens program and immediately adds expense. But on commercial projects, design uncertainty is something we rarely encounter at Intermain.
A good delivery partner will invest time with their client at the beginning of a project to fully understand their needs and priorities. This process can involve extensive consultation with employees and leadership teams to tailor a smart solution that supports the company’s working culture and business ambitions. We test the solution to ensure it strikes the right balance and that all stakeholders are confident in the design before work commences. Respecting and protecting our client’s budget is a top priority at Intermain and has been key to our success over the last 20 years in business. A good delivery partner will innovate to identify cost efficiencies or solve challenges that would otherwise threaten budget. Critical to this is having the expertise and experience to cost engineer a solution that delivers the desired style and finishes within budget parameters. Home renovation shows love it when the ‘unexpected’ occurs mid-project. A poorly positioned pipe discovered behind a wall that is being removed. Rotted timbers uncovered threatening the stability of the building. But in a commercial fit-out project, extensive pre-design work is carried out to fully identify and locate all services and cabling to ensure there are no surprises when we start construction. We also don’t have the same challenges and delays associated with inclement weather. Rain doesn’t impact a fit-out program, but it can spell disaster to a home renovation.
One of the ways a good delivery partner will add value to a commercial fit-out project is to manage any landlord and council approvals that may be required. Like residential developments, these can be extensive, particularly if your office is located in a heritage building. But unlike we often see on TV, this process will be seamless and straight-forward when managed methodically. WORKING WITH AN EXPERIENCED DELIVERY PARTNER W H O U N D E R S TA N D S THE SENSITIVITIES OF THIS PROCESS IS CRITICAL TO PROJECT SUCCESS. Professional project management skills are another aspect that sets commercial fit-out teams apart from many home renovators. Good operators will dedicate a quality, experienced team to the task, ensuring your office refurbishment program is correctly staged, efficient and appropriately resourced to achieve deadlines. Put bluntly, no one will ever make a prime-time TV show about office renovations. On time, on budget delivery and a stress-free client experience does not make for compelling viewing. But at Intermain, we are more than happy with that.
Andrew Johnson is Managing Director of Intermain, an established multi-skilled commercial fitout company focussed on excellent customer service and high quality building standards across building refurbishment, design and construct for corporate offices, ‘make-goods’, retail and hospitality. Intermain work nationally from offices in Sydney, Melbourne and Brisbane and have one of the largest, state-of-the art joinery workshops in Australia. Visit intermain.com.au for more details.
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CASE STUDY LEVEL 2/63 Y O R K S T, S Y D N E Y
WHAT DOES BLUESOURCE DO? Bluesource is a technology company with over 10 years experience globally operating as a Managed Services Provider and has a specialised focus around Information Management, Collaboration and Communications technologies. We help businesses such as banks, charities, insurance firms, Law Firms and construction companies use technology to connect their people, manage their information and automate processes. The result is a more productive business, unlocking hidden potential along the way. Our offering includes managed services, Data Migration, information management and Cloud related services. Bluesource was established in the UK in 2000, and in 2014 expanded into Australia. As a global business we have offices in London (UK), Dallas (US) and Sydney (Australia) Clients include Herbert Smith Freehills, Allens, Pacific Life, Civil Aviation Safety Authority, Panasonic, Savills Asia, Sofitel Hotel on Collins Place and Avant Insurance Limited
WHY DID YOU NEED A NEW OFFICE SPACE? We needed to move from our previous office on 142 Clarence Street because the Australian operations were growing. We started looking for a place that would support the growth of the business. We were set on this office because it didn’t conform to the typical office space. Instead, with its white walls and large windows that create a luminous environment, it offered a unique space where we could welcome
our clients and enjoy being in everyday.
WHAT MAKES THE BUILDING AT 63 YORK STREET SO SPECIAL? Bluesource Australia is on Level 2, 63 York Street, Sydney. The building was a former warehouse building, designed by George Allen Mansfield and built in 1866 for John Frazer, a prominent Sydney trade merchant and philanthropist who came from Ireland in 1840. When it was built, Frazer & Co was designed with the most advanced fire fighting technologies, including water pipes to each floor and sliding fire doors to separate the two different compartments that once constituted the building at the numbers 63 and 62 York Street. A steam powered lift facilitated the transportation of good to the upper levels - it was one of the earliest examples of these features in Sydney. 63 York Street is an excellent representation of a Victorian warehouse modelled on the Italian Palazzo style with a combination of Romanesque and Egyptian details, including the triplet arched windows, the heavy bracketed cornice and ‘barley sugar’ twisted columns. Around the 1930’s two additional storeys were added to 63 York Street. The building has seven storeys, including a basement which is 180 sqm. The ground floor is 170 sqm, and Levels 1-5 are each 208 sqm.
WHAT SPECIAL FEATURES DOES LEVEL 2 OFFER? Level 2, where the Bluesource office is has 20 large arched windows overlooking York Street, Barracks Street and York Lane. The building is very close to Wynyard Station, which makes commuting easy.
The Bluesource floor is renovated, and has a spacious area with white walls adding to the lightness and openness of the space.
WE KNOW WHAT’S AROUND A TENANCY IS JUST AS APPEALING AS THE TENANCY ITSELF. WHERE ARE YOUR FAVOURITE LOCAL HAUNTS? We love Stitch Bar in the basement of 61 York Street for a wine after work, for lunch we go to Cortos over the road at 10 Barrack Street. They do an authentic chicken parmigiana and a great minestrone soup. We are looking forward to trying the steaks at Steel Bar and Grill at 60 Carrington Street. Barangaroo is nice and close too just a short walk down the road. Now that George Street works are opening up the City is a great place to be.
HOW DID YOU FIND WORKING WITH THE RAY WHITE TEAM? We looked for a long time to get the right space, in fact we missed out on level three at 63 York Street, so when level two came up we jumped on it straight away. At the end of the search I think we looked at more than 20 offices before we settled on 63 York. N AO M I V I L A R WA S A B U N D L E O F E N E R G Y A N D W A S A LW AY S Q U I C K T O K E E P U S U P D AT E D O N N E W S TO C K A S I T C A M E TO T H E M A R K E T. S H E W A S V E R Y P R O F E S S I O N A L A N D TO O K M Y FEEDBACK ON BOARD WHEN SEARCHING FOR ADDITIONAL PROPERTIES SHE SHOWED ME. W E W I L L D E F I N I T E LY U S E H E R AGAIN IF WE EVER MOVE.
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KEYWORK C RE ATIN G
L I V E LY
With aesthetically pleasing office spaces becoming more and more important to impress clients and attract employees, you cannot simply just have a desk and chair for each employee anymore. Krost’s Keywork range of workstations, desking and tables can transform any office space with charm and conviction. Its crisp design, defined by black or white oblique steel legs, offers a beautiful alternative to more traditional commercial furniture. The cleverly created line includes a full cable management system, concealing any unsightly cables from the office landscape and can also host a range of power outlets bringing technology to your fingertips. A sense of free flowing space is created through a central power blade, cutting the needs for additional centre legs in large settings, opening the under desk area and creating freedom of movement.
S PACES
Crafted with style and functionality in mind, Keywork easily accomodates for limited storage and the need for privacy and acoustic solutions in the open office with the simple addition of Krost’s Trak rail and accessories including acoustic, fabric or Perspex screens, storage boxes, or planter boxes.
To complete the look, Keywork’s effortless style and bold visual can be carried through the entire corporate space from the open office, with a wide range of workstation configurations available, to the boardroom or the executive office.
Find out more about Krost’s full office solutions at www.krost.com.au or visit their Mascot headquarters for a one-on- one consultation with their furniture specialist.
9 | SYDNEY OFFICE UPDATE
BY ANDY COHEN GENSLER
TH IS ARTIC L E OR IG INA L LY A PPE A R E D I N G ENS L ERO N.CO M
Image courtesy of Getty Images.
HOW BUSINESSES CAN COMPETE ON EXPERIENCE, AND WIN ON DESIGN Today, the goal of every project we design at Gensler is to make a positive impact to peoples’ experiences. Clients in every sector are struggling to keep up with the dramatic evolution of how people work, live and shop today— and those who aren’t are sacrificing business performance. To better understand—and quantify—the link between design and delivering a great experience, we launched the Gensler Experience Index, a first-of-its-kind mixed-methods research study focused on creating a holistic framework for understanding experience, and quantifying the impact of design on experience.
Five roundtables, 60+ hours of one-onone ethnographic observations, and a survey of more than 4,000 consumers later, the Gensler Experience Index confirms and brings greater depth to what many of us in the design industry already knew—that great design is an important component of great experiences. Now, we can prove it.
GREAT DESIGN IS GREAT FOR BUSINESS. WE CAN PROVE IT. The Gensler Experience Index is the result of a multi-year study to identify the design factors most important to creating exceptionally great spaces and places. Image © Christopher Payne.
And not just in retail or consumerfocused spaces—we also studied the workplace, public space, retail and hospitality spaces. In every one of these space types, design is a crucial differentiator for companies looking to stay ahead of the curve. This knowledge comes at a crucial time.
SYDNEY OFFICE UPDATE | 10 Image © Katherine Lu.
People today are smarter, savvier and their expectations are higher than ever. A good experience is no longer enough—fail to delight, and you’re in danger of losing that customer or employee to someone else who will. Today’s businesses are also savvier in their decision-making. Solutions based on intuition aren’t enough in today’s economy—you have to bring insight and evidence that is based on real data. Those dual forces are why studies like this are so important. So how should businesses focus on experience, and how can design help? The first step is understanding human intentions. A key finding of our research is that the reason a person visits a space frames what they’re looking for out of that experience. Are they there to pick something up and leave? Are they there to browse and be inspired, or will they grab dinner with a friend? Whether it’s for a customer, an employee or a guest, design can be the differentiator between a good, bad or great experience. We organise these intentions into five “modes” of experience: task, social, discovery, entertainment and aspiration. These modes serve as a lens through which to better understand human behaviour and expectations. This knowledge allows us to design for better experiences.
SIX DESIGN FACTORS HAVE THE MOST SIGNIFICANT IMPACT ON DESIGN. The connection between a great experience and business performance is well documented—multiple studies have connected the overall quality of customer or employee experience to a company’s longterm stock performance and growth. The measurable impact of design and physical space is, however, frequently left out of the equation, and the majority of companies have no systematic approach to creating a differentiated strategy for creating customer, visitor or employee experiences. To get to the bottom of this, we explored the impact of specific design factors in relation to a great experience. From among the 75+ design factors we studied in our survey, six factors emerged as having the most significant impact on experience: beauty, novelty, authenticity, clarity, inspiration and a sense of welcome. Importantly, these go beyond just functional factors of space— they are more experiential and speak to the overall impression a space has on a visitor. The potential impact is huge. One key example: places with unique design features are dramatically more likely to be shared on social media and recommended to friends and family.
Stores with unique features are shared 10x more often; 6x more often for workplaces and 3x more often for public spaces. That speaks to the power of differentiation—give people something interesting and new, and they’re more engaged, and they’ll tell their friends. The report also illuminated the direct, positive impact of designing to support people’s unstructured time or “discovery”— nearly ¾ of shoppers who visit retail stores without the intention of making a purchase end up buying something, and employees who take time for breaks and to reflect are more engaged and have better workplace experiences. B U S I N E S S E S T H AT D O N ’ T INVEST IN DESIGN A R E OV E R LO O K I N G A N O P P O RT U N I T Y TO I M P R OV E SALES, BUILD CONSUMER L O YA LT Y A N D E N G A G E E M P LOY E E S .
THE FUTURE IS EXPERIENCE The human experience must be the driving force behind every element of a space—from the design of physical space to the qualities of interaction, expectation and intention that together make up our Experience Framework. Businesses that put human experience first will continue to succeed despite the continued and dramatic shifts influencing spaces, from stores to workplaces. And at Gensler, we’ll continue to leverage design as a crucial component to those experiences— delighting, surprising and engaging people to keep them coming back.
DOWNLOAD THE EXPERIENCE INDEX
Andy Cohen, FAIA, is one of two Gensler Co-CEOS. Andy oversees Gensler’s dynamic global platform and its day-to-day operations to ensure we are serving our clients locally, wherever they may be. As a creative visionary, Andy pioneers project types and design innovation strategies for the next century across Gensler’s 29 diverse practice areas. He is champion of enriching the human experience through design, resiliency and sustainability. Contact him at andy_cohen@gensler.com.
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UNFAIR CONTRACT TERMS BY JHK LEGAL I N AS SOCIATION W ITH R AY WHITE CO MME RC IA L
From 12 November 2016, new legislation was implemented whereby unfair contract term protections were extended to cover small business contracts rather than just contracts between individual consumers. This has had significant implications for business to business transactions including leases with small businesses. The Australian Competition & Consumer Commission (“ACCC”) is currently taking steps to enforce the protections afforded by the extended unfair contract terms in seeking to have contract terms deemed void. One recent example is action taken by the ACCC against JJ Richards & Sons Pty Ltd (“JJ Richards”) in the Federal Court of Australia seeking declarations that certain terms in the standard form contract used by JJ Richards from 12 November 2016 were void and unenforceable.
BACKGROUND
To provide a background to the changes in the unfair contract term legislation we advise as follows: Contracts covered by extension of the protections
A
The new legislation will apply to small business contracts including leases, in standard form entered into or renewed on or after 12 November 2016. The following contracts will be affected: (i) Where the contract is for the supply of goods or services or the sale of an interest in land;
(ii) At least one party is a small business, being a business that employs less than 20 people; (iii) The upfront price payable under the contract is no more than $300,000.00 or $1,000,000.00 if the contract is for a term of more than 12 months.
B
What is a standard form contract
A standard from contract is one that has been prepared by one party to the contract and the other party has little or no opportunity to negotiate the terms – that is, it is offered on a “take it or leave it” basis.
C
What is an unfair contract term Under the Australian Consumer Law, an unfair contract term is a term that: (i) Causes significant imbalance in the parties’ rights and obligations; (ii) Is not reasonably necessary to protect the interests of the party who would be advantaged by the term; and (iii) Causes detriment (financial or otherwise) to a party if it were to be relied upon. In order for a term to be unfair, it must satisfy all criteria. The Court will look at the contract as a whole to determine whether the term is unfair.
JJ RICHARDSON CASE
As one of the first court actions brought by the ACCC, declarations were sought seeking the following contract terms as void an unenforceable in the standard form contract used by JJ Richards:
(i) Binding customers to subsequent contracts unless they cancel the contract within 30 days before the end of the term or otherwise known as roll over terms; (ii) Allowing JJ Richards to unilaterally increase its price without reference to the other party; (iii) Removing any liability for JJ Richards its performance is “prevented or hindered in any way”; (iv) Allowing JJ Richards to charge customers for services not rendered even when caused by reasons beyond the customer’s control; (v) Granting JJ Richards exclusive rights to remove waste from a customer’s premises; (vi) Allowing JJ Richards to suspend its services but continue to charge the customer if payment is not made after seven days; (vii) Creating an unlimited indemnity in favour of JJ Richards; (viii) Preventing customers from terminating their contracts if they have payments outstanding and entitling JJ Richards to continue charging customers equipment rental after the termination of the contract. The Court held that when read together as whole in the contract, all the above terms exacerbated each other and increased the overall imbalance between the parties and held them to be void. The significance of this decision highlights the need for parties to ensure that there are no unfair contract terms contained in a lease. If a term in a lease is deemed void, the remainder of the contract continues to bind the parties to the extent that it can operate without the unfair term.
Contact us at JHK Legal. 02 8239 9600 or visit JHKlegal.com.au
SYDNEY OFFICE UPDATE | 12
DECEMBER TRANSACTIONS LEVEL 9, 61 YORK STREET Alter Domus have relocated from 115 Pitt Street to a whole floor at 61 York Street. Alter Domus is a Fund and Corporate services provider, dedicated to international private equity & infrastructure houses, real estate firms, private debt managers, multinationals, capital markets issuers and private clients Agent Jeremy Piggin Area 208m2 Rental $800 - $850psm pa gross
PART LEVEL 7, 189 KENT STREET Collaborate Corporation which operates “Drive my Car” relocated from the Loftus & Young development site to level 7 of 189 Kent Street. The key reason for the relocation was value and the amenity provided by Barangaroo. Drive my Car was founded in 2010, and is is Australia’s first and largest peer-to-peer car rental service Agent Elizabeth Braithwaite Area 278m2 Rental $620psm pa gross
MEZZANINE GALLERY 27 MACQUARIE PLACE PAC Partners have moved across the road from 56 Pitt Street over to Kyle House at 27 Macquarie Place. PAC Partners is a leading, independent equities provider in Australia. Agent Anthony Harris Area 179m2 Rental $775psm pa gross
LEVEL 18, 25 BLIGH STREET Lewis King Blumberg lawyers have vacated a sublease at 135 King Street and taken a direct lease from Kingsmede on level 18 of 25 Bligh Street. The premises had an existing legal style fit out which was the key deal driver. LKB specialise in corporate and commercial law with a focus on mergers and acquisitions. Agent Naomi Vilar Area 175m2 Rental $1,050 psm pa gross
13 | SYDNEY OFFICE UPDATE
FOCUS LISTINGS L E VE L 6 / 2 3 O’CON NELL STREET
• Whole floor with existing fitout & furniture in place. • Reception/waiting area, meeting rooms, • 13 workstations, offices • Flexible lease terms considered • Available now for a new direct lease Area: 368 m2. Price: $900 psm pa gross Agent: Andrew Telepis
S UI T E 9 0 3 /46 MARKET STREET
• Assign or sub lease to Sept 2021 Partitioned suite with East aspect over George Street • Reception, boardroom, meeting room, workstations. Power and data cabling in place • Available on 30 days notice Area: 103.3 m2. Price: $825 psm pa gross Agent: Anthony Harris
PART L E VE L 8/66 HUNTER STREET
• Quality strata office with existing fit out • 8 workstations, boardroom, office, kitchen and reception area • Existing power and data cabling in place • Vacant now for a direct lease Area: 98 m2. Price: $850 psm pa gross Agent: Elizabeth Braithwaite
L E VE L 4 / 4 0 KIN G STREET
• Sub lease or assign to 31 Jan 2020, or new direct • Partitioned with reception, boardroom, 22 workstations • Polished timber floors throughout • Own bathroom facilities. Common showers Area: 203.3 m2. Price: $995 psm pa gross Agent: Andrew Edwards
SYDNEY OFFICE UPDATE | 14
S UI T E 7 .0 1 /261 GEORGE STREET
• Fully refurbished sub-lease • Views to the east with great outlook over George Street • Abundance of natural light with direct lift access • Available now Area: 89 m2. Price: $895 psm pa gross Agent: Elizabeth Braithwaite
WHOLE LE VEL 2/62 PITT STREET
• Existing fitout in place, glass offices, boardroom • Full kitchen, existing power and data • Brand new end of trip in basement • Available April 2018 Area: 221 m2. Price: $945 psm pa gross Agent: Anthony Harris
PART L E VE L 9/46 MARKET STREET
• Flooded with sunlight, amazing views over QVB • Stunning outlook of city skyline • High quality existing fit out in place • Minimum term 4 years Area: 214 m2. Price: $875 psm pa gross Agent: Anthony Harris
L E VE L 2 / 1 BARRACK STREET
• Warehouse style space just 5 mins walk from Martin Place. • Level 2 via stairs, whole floor self contained tenancy • Own kitchen, shower and bathrooms • Reception, meeting room, 16 workstations for 16 staff Area: 200 m2. Price: $640 psm pa gross Agent: Anthony Harris
15 | SYDNEY OFFICE UPDATE
TENANT REP BRIEF TABLE Te na nt Na m e
Are a ( Sq m)
Ti mi n g
Lo c at i o n
Co mment s
Tactix Human System Group
200 - 250
Q1 2018
CBD
Fitted, High End data/IT Connectivity
Liquid Capital Australia
350 - 450
Nov 2018
CBD
5 year lease + option
Chambers Russell Lawyers
500 - 800
July 2018
CBD
5 year term
Johnstone Haines & Fergusson
250 - 350
Aug 2018
CBD
5 year lease + option
Wrays Pty Ltd
400 - 500
April 2018
CBD/ North
5+5 term, room for expansion, 1 car space
Etihad Airways
350 - 450
May 2018
CBD/The Rocks
Grass Valley
500 - 700
immediate
Sydney GPO
Sanger
200 - 350
Feb 2018
CBD/North Sydney
Project Analysis
350
May 2018
Chatswood
5 years, Creative/Heritage Space 5 year term, 15 car spaces, 24/7 access Ideally 2 years, will consider 3 year term, 5 years + 5 years
SRK Consulting
260
Sept 2018
CBD
5 year term + 5 year option
CT Connections
200
Aug 2018
North Sydney
5 year term
Design Studio
400
March 2018
Sydney CBD or Fringe
2 year term,
Property NSW
420 - 420
Q1 2018
Fringe - Surry Hills,
5 years + 5 year option
COTA
100-170
immediate
Sydney CBD or Fringe
2-3 year term, 8-10 workstations, large boardroom, kitchen area
Thermoxix
200 - 300
Nov 2017
CBD/Fringe
3 year term, open space for 50 people, break out area, signage
Cellmid
150 - 200
April 2018
CBD/Fringe
Short term with options
SYDNEY OFFICE UPDATE | 16
MARINE MARINE
17 | SYDNEY OFFICE UPDATE
RECENT TRANSACTIONS
Ad d re s s
a re a (Sq m)
Leas e St art Date
Term ( Years)
Gro s s Re nt (Ps m)
Le sse e
Level 5 27 Maquarie Place
228
September
5
$895
Stewart Partners
801 - 66 Clarence Street
527.2
November
3
$850
Xero
Mezz Gallery - 27 Macquarie Place
179
October
5
$775
Pac Partners
Suite 7.04/66 King Street
76
November
0.5
$500
Currie & Brown
Level 7/104 Bathurst
214
October
3
$467.29
The Hunger Project
901, 66 Clarence Street
402.6
April
6
$850
OBrien Palmer
GF 100 Harris Street Pyrmont
1625
June
2
$600
IPMG
4/28 O’Connell Street
481.9
August
5
$995
Auto Pilot
6.02/45 Clarence Street
291
August
4
$781.25
Global Data Australia
904/189 Kent Street
250.7
December
5
$650
Hitech Group Australia
Level 10, 61 York Street
208.1
October
4
$998
SKMC Australia Pty Ltd
S601, 111 Elizabeth Street
367.6
October
10
$1229
Clarence Professional
12.01, 2 Chifley Square
92.3
July
2
$1230
Boston Operations
10/28 O’Connell Street
483.3
August
4
$970
Aquasia
Part level 3, 63 York Street
208
August
3
$721
Assured Legal Solutions
3.17/428 George Street
100
June
3
$607
Jenny Craig
1203/50 Margaret Street
122.7
April
2
$750
CodeHouse
SYDNEY OFFICE UPDATE | 18
YORK ST 1 1 /6 1
FIND YOUR PERFECT SPACE 9/0 2 , 420 G EO RG E ST
CENTRAL LOCATIONS, CITY VIEWS L E VE L 1 4 /7 7 KING ST
19 | SYDNEY OFFICE UPDATE
SYDNEY OFFICE UPDATE | 20
21 | SYDNEY OFFICE UPDATE
Sub lease space with existing fit out Level 16, 1 Margaret Street , Sydney 1 Margaret Street is a prominent A-grade building located in the Western Core of the Sydney CBD, overlooking Darling Harbour. The building completed refurbishment works in 2002, including the facade, foyer, floors and lifts. - Great sublease opportunity to August 2019 - Potential for a longer direct lease - Part floor with existing fit out and furniture - Significant fit out savings - 6 car spaces available
Area m2:
932.4 approx 2
Rent $/m : Rental PA:
$913 Gross $851,468
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 22
Sub lease / assignment opportunity Whole Level 5, 9 Castlereagh Street , Sydney 9 Castlereagh Street is a landmark Harry Seidler building featuring raised access flooring, a column free design with soaring atriums, full height glass and an impressive fully refurbished lobby. The building has excellent on site facilities. - Premium whole floor sub Lease to April 2020 - Boardroom, Large kitchen & breakout area - Reception, 8 meeting rooms/ offices - 44 Fully cabled workstations, natural light from 3 sides
Area m2: $/m2:
Rent Rental PA:
674 approx $810 Gross $545,940
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Andrew Telepis 0415972696 atelepis@raywhite.com
23 | SYDNEY OFFICE UPDATE
Brand new fit out with Barangaroo views Part level 20, 321 Kent Street , Sydney 321 Kent Street is a prominent A-Grade office tower in the heart of Sydney’s evolving Western core precinct. The impressive lobby entrance, flooded with natural light offers three onsite cafÊs, a conference facility and childcare centre to ensure that all your staff needs are met. - Sub lease or assignment opportunity - Brand new high quality fit out and furniture in place - Great light and views over Barangaroo - Vacant now and ready for immediate occupation
Area m2:
671 approx
Rent $/m2:
$950 Gross $637,450
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 24
Sub lease or assign in the Apple Building Level 14, 77 King Street , Sydney 77 King Street underwent a full refurbishment in 2008 completed by renowned architect Burley Katon Halliday which repositioned this building to an A grade classification. The upgrade included a new new facade, complete services upgrade including lifts and a 3 level glass retail podium at ground level housing Apple's flagship Australian store. - Assign or sub lease to November 2021 - Whole floor tenancy fully fitted & cabled - Large boardroom, reception, offices, 2 kitchenettes & breakout
Area m2: $/m2:
Rent Rental PA:
666 approx $880 Gross $586,080
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Andrew Telepis 0415972696 atelepis@raywhite.com
25 | SYDNEY OFFICE UPDATE
Existing legal / accounting fit out Part level 14, 9 Hunter Street , Sydney 9 Hunter Street is well located on the southern side of Hunter Street between George and Pitt Streets above Wynyard Station and close to major services and amenities. This building offers tenants corporate cafe facilities, showers and onsite building personnel. - Sub Lease to April 2018 or potential new direct - North facing suite, 3 sides of light with legal fit out - Reception, meeting room, large boardroom, 12 offices - 13 workstations and storage, compactus
Area m2:
416 approx 2
Rent $/m : Rental PA:
$995 Gross $413,920
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 26
Gallery style space, short term leases Level 1, 66 King Street , Sydney Beautiful art deco building located on the corner of King and York Streets, 66 King Street is a short walk to both Wynyard Station and Pitt Street Mall. - Initial lease term of 6 months then monthly, vacant now - Whole floor with existing fit out in place - Great outlook and light over King & York Street - Own kitchen, shower & bathroom on floor
Area m2: $/m2:
Rent Rental PA:
413 approx $500 Gross $206,500
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
27 | SYDNEY OFFICE UPDATE
Existing recruitment fit out in place Suite 12.02, 25 Bligh Street , Sydney 25 Bligh Street is situated on the western side of Bligh Street between Hunter and Bent Streets in the heart of the financial precinct. On-site amenities available to tenants include a gymnasium, showers, storage facilities and forecourt coffee cart - Terrific light and views from this level 12 office - Existing quality fit out in place that can be adapted - Reception, boardroom, a number of meeting rooms, large work area - End of trip facilities available, available March 2018
Area m2: $/m2:
Rent Rental PA:
387 approx $985 Gross $381,195
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 28
23 O'Connell Street Whole Floor 6, 23 O'Connell Street , Sydney Permanent Trustee House is a 13-storey strata titled building situated at the epicentre of Sydney's buzzing financial Precinct. The building is situated on the western side of O'Connell Street between Bent and Hunter Streets. - Whole floor with existing fitout & furniture in place - Reception/waiting area, meeting rooms, 13 workstations, offices - Flexible lease terms considered - Available now for a new direct lease
Area m2:
368 approx 2
Rent $/m : Rental PA:
$900 Gross $331,200
Andrew Telepis 0415972696 atelepis@raywhite.com
29 | SYDNEY OFFICE UPDATE
Carrington House Suite 1.02, 50 Carrington Street , Sydney Carrington House enjoys a prominent location overlooking Wynyard Park with 13 levels of office accommodation above a mezzanine, ground floor lobby, cafĂŠ and basement parking. The building is to undergo an extensive refurbishment, offering a unique combination of modern A grade commercial office space. - Existing fit out in place which can be adapted or made good - Reception, boardroom, large open plan work area, kitchen - Leafy tree outlook over Wynyard Park - Available January 2018
Area m2: $/m2:
Rent Rental PA:
365 approx $991 Gross $361,715
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 30
Premium sub lease opportunity Part Lvl 39, 161 Castlereagh Street , Sydney Liberty Place is a new Premium Grade office complex in the heart of the Sydney CBD. The ANZ Tower features harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets. - Virtually brand new high quality fitted out office - Share reception, open plan area with workstations - 8 offices with the potential for a 9th from the secure storeroom - Term remaining until April 2021
Area m2: $/m2:
Rent Rental PA:
316 approx $1,000 Gross $316,000
Christian Minards 0447 777 037 cminards@raywhite.com Nicholas Yeoh 0415 566 541 nyeoh@raywhite.com
31 | SYDNEY OFFICE UPDATE
Scope to design your own fit out Level 7, 9 Barrack Street , Sydney 9 Barrack Street is a heritage office building prominently positioned on the corner of York Street. The building is in close proximity to Martin place, Wynyard Station and the Queen Victoria Building. The lifts and foyer have been recently upgraded. - Images shown are taken from other floors and are indicative - Lessor to fully refurbish tenancy throughout - Terrific light on 3 sides, opening windows with sunny aspect - Available from approx May 2018
Area m2: $/m2:
Rent Rental PA:
310 approx $895 Gross $277,450
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 32
Sub lease opportunity Part floor 23, 9 Castlereagh Street , Sydney 9 Castlereagh Street is a landmark Harry Seidler building featuring raised access flooring, a column free design with soaring atriums, full height glass and an impressive fully refurbished lobby. The building has excellent on site facilities. - Premium half floor sub Lease - Boardroom, Large kitchen & breakout area - Reception, 6 meeting rooms/ offices - 18 Fully cabled workstations & room for more - Natural light & amazing views from 3 sides
Area m2:
290 approx 2
Rent $/m : Rental PA:
$950 Gross $275,500
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
33 | SYDNEY OFFICE UPDATE
MLC Centre Suite 40.02, 19 Martin Place , Sydney The MLC Centre is Sydney's tallest office tower and its iconic status dominates the city skyline. The building occupies a prominent position in the Central Business District of Sydney, bounded by Martin Place, Castlereagh and King Streets, within the city's prime core precinct. - Amazing high floor suite with existing fit out. - Reception, large boardroom, 3 offices & 14 workstations - Amazing views of the Harbour - Sub-lease to June 2018
Area m2: $/m2:
Rent Rental PA:
265 approx $1,246 Gross $330,190
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 34
35 | SYDNEY OFFICE UPDATE
Existing legal fit out Level 7, 27 Macquarie Place , Sydney Kyle House is a character building with art deco features and a magnificent heritage faรงade. The building enjoys direct access to the leafy Macquarie Place Park and is just a short stroll from Circular Quay. - High floor tenancy with great light all 3 sides - Whole floor with secure access - Existing fit out in place that can be adapted - Potential for furniture to remain
Area m2:
228 approx 2
Rent $/m : Rental PA:
$825 Gross $188,100
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 36
Sub lease space - fully furnished Part level 14, 1 Market Street , Sydney BT Tower is an A-grade landmark tower rising 32 floors above the corner of Market and Kent Streets, dominating the skyline. BT Tower incorporates a modern central service core design giving any prospective tenant the advantage of column free office space. - High quality fitted out premises with furniture - Sub lease to 30 June 2023 - Great natural light with Darling harbour views - Shared use of boardroom
Area m2: $/m2:
Rent Rental PA:
225 approx $940 Gross $220,500
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
37 | SYDNEY OFFICE UPDATE
Whole floor with existing fit out Whole Level 2, 62 Pitt Street , Sydney 62 Pitt Street is located in the heart of the financial core on the corner of Spring and Pitt Streets adjacent to Australia Square. The building features a bright modern foyer, two high quality lifts, brand new showers and changing facilities. - Existing fitout in place, glass offices, boardroom - Full kitchen, existing power and data - Brand new end of trip in basement - Available April 2018
Area m2: $/m2:
Rent Rental PA:
221 approx $945 Gross $208,845
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 38
Scope to design your own fit out Part level 3, 66 Clarence Street , Sydney 66 Clarence Street is a 13 level office tower on the corner of Erskine Street and Clarence Street. The building features end of trip facilities and parking in the basement - Direct lift exposure with favoured western outlook - Space to be refurbished to open plan with new carpet and paint. - Premises due to be vacant from April 2018 - New direct lease, minimum term 3 years
Area m2:
220 approx
Rent $/m2: Rental PA:
$850 Gross $187,000
Christian Minards 0447 777 037 cminards@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
39 | SYDNEY OFFICE UPDATE
Sensational views and light Part 9, 46 Market Street , Sydney 46 Market Street is located on the corners of York, Market and George Streets. The building underwent a major refurbishment including, new foyer, new tea rooms, new bathrooms and refurbished floors. Bike racks, lockers, showers in the basement. - Flooded with sunlight, amazing views over QVB - Stunning outlook of city skyline - High quality existing fit out in place - Minimum term 4 years
Area m2:
214 approx
Rent $/m2: Rental PA:
$875 Gross $187,250
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 40
Existing fit out in place Level 11, 61 York Street , Sydney 61 York Street was completed in early 2008, and designed by Candalepas & Associates, the building comprises 16 levels of office space with Palomino Espresso at ground level and Stitch Bar at basement level. - Fitted whole floor with a large private balcony - Partitioned with reception, meeting room, 2 offices - 12 workstations with power and data - High quality & secured lobby with intercom access
Area m2:
208.3 approx
Rent $/m2: Rental PA:
$830 Gross $172,889
Anthony Harris 0409 319 060 aharris@raywhite.com
41 | SYDNEY OFFICE UPDATE
Whole floor with enclosed balcony Level 13, 61 York Street , Sydney 61 York Street was completed in early 2008, and designed by Candalepas & Associates, the building comprises 16 levels of office space with Palomino Espresso at ground level and Stitch Bar at basement level. - Refurbished whole floor with new paint and carpet - Large enclosed balcony with operable sliding doors - High quality & secured lobby with intercom access - Independent air conditioning & shower facilities are available
Area m2: $/m2:
Rent Rental PA:
208.3 approx $830 Gross $172,889
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
SYDNEY OFFICE UPDATE | 42
Existing fit out in place Level 5, 61 York Street , Sydney 61 York Street was completed in early 2008, and designed by Candalepas & Associates, the building comprises 16 levels of office space with Palomino Espresso at ground level and Stitch Bar at basement level. - Whole floor with enclosed balcony - Existing fit out in place with workstations and offices - Lease to 30 June 2020 or new direct - Vacant on 30 - 60 days notice
Area m2: $/m2:
Rent Rental PA:
206.7 approx $815 Gross $123,880
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
43 | SYDNEY OFFICE UPDATE
Creative warehouse space Level 4, 40 King Street , Sydney 40 King has been extensively upgraded with new services, lifts and lobby.Each level is fully air conditioned and enjoys excellent natural light by virtue of the building's frontage to both King & Kent Streets. Major refurbishment completed October 2014. - Sub lease or assign to 31 Jan 2020, or new direct - Partitioned with reception, boardroom, 22 workstations - Polished timber floors throughout - Own bathroom facilities. Common showers
Area m2: $/m2:
Rent Rental PA:
203.3 approx $995 Gross $202,284
Anthony Harris 0409 319 060 aharris@raywhite.com Andrew Edwards 0411 364 232 aedwards@raywhite.com
SYDNEY OFFICE UPDATE | 44
Creative space featuring timber floors Level 2, 1 Barrack Street , Sydney 1 Barrack Street is situated just a few minutes walk from Martin Place. Terrace style building with direct street access from Barrack Street. This is an ideal space for creative users wanting character features. - Warehouse style space just 5 mins walk from Martin Place - Level 2 via stairs, whole floor self contained tenancy - Own kitchen, shower and bathrooms - Reception, meeting room, 16 workstations for 16 staff
Area m2: $/m2:
Rent Rental PA:
200 approx $640 Gross $128,000
Anthony Harris 0409 319 060 aharris@raywhite.com
45 | SYDNEY OFFICE UPDATE
Creative space with balcony Part level 2, 131 Clarence Street , Sydney The property is situated on the western side of Clarence Street between Erskine and King Streets this is a central location within close proximity to public transport & Barangaroo. - Quality suite with existing fit out on a half floor - Reception, Boardroom, 2 kitchenettes - Timber floor in entry and concrete floor in open plan area - Huge floor to ceiling windows with small balcony with infill gardens
Area m2: $/m2:
Rent Rental PA:
200 approx $600 Gross $120,000
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 46
Hybrid independent serviced offices Part Level 3, 65 York Street , Sydney Heritage listed Art Deco building formerly known as James Hardie House, now named ICON House. A major refurbishment of building services and tenant facilities was completed in July 2003. The building features three lifts, onsite parking and common showers. - Lease terms from 12 months or longer - Hybrid independent serviced office space - Reception, boardroom, 2 meeting rooms or manager’s suites, 13 workstations with capacity for up to 5 more
Area m2:
200 approx 2
Rent $/m : Rental PA:
$588 Gross $117,600
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
47 | SYDNEY OFFICE UPDATE
27 Macquarie Place Lower ground, 27 Macquarie Place , Sydney Kyle House is a character building with art deco features and a magnificent heritage faรงade. The building enjoys direct access to the leafy Macquarie Place Park and is just a short stroll from Circular Quay. - Currently yoga studio but suitable for other uses including office - Lower ground whole floor tenancy, signage available - Direct lift access and ability to secure floor - Timber floors and existing fit out in place - Potential for medical or health, gym or retail
Area m2: $/m2:
Rent Rental PA:
197 approx $650 Gross $128,050
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 48
81 York Street Level 1, 81 York Street , Sydney Located near the corner of York and King Streets next to the Grace Hotel. 81 York Street is a character filled warehouse building comprising 5 whole floor tenancies. The building features brick and stone facade, a single lift with ability to lock off floors. - Whole floor tenancy with kitchenette, Meeting rooms - Fully independent air conditioning - Polished timber floors with direct lift access - Great natural light & outlook over York Street
Area m2:
195 approx
Rent $/m2:
$625 Gross $121,875
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
49 | SYDNEY OFFICE UPDATE
22 Market Street Part Level 3, 22 Market Street , Sydney 22 Market Street, a 14-storey office building. Situated on the North-Eastern corner of Kent and Market Streets, this location provides a convenient access to Town Hall station, QVB and the entertainment precinct of Cockle Bay/ King Street Wharf. - Excellent natural light - Prime fitted-out suite - 5 Offices and approx. 11 Workstations - Flexible lease term
Area m2:
192.56 approx
Rent $/m2:
$800 Gross $154,048
Rental PA:
Christian Minards 0447 777 037 cminards@raywhite.com Nicholas Yeoh 0415 566 541 nyeoh@raywhite.com
SYDNEY OFFICE UPDATE | 50
1 Farrer Place - GPT Suite 28.02, 1 Farrer Place - GPT , Sydney Governor Phillip Tower is located just two blocks from Circular Quay, encompassing an entire CBD block bounded by Bridge, Phillip, Bent and Young Streets . Without doubt Sydney’s most prestigious commercial office towers offering superior finishes, services and facilities. - Sub lease or assign term to 30 April 2021 - Brand new spec fitout in place with 15 workstations - Meeting room, boardroom & kitchen area - Great natural light and city views
Area m2:
169 approx
Rent $/m2:
$1,425 Gross $240,825
Rental PA:
Andrew Telepis 0415972696 atelepis@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
51 | SYDNEY OFFICE UPDATE
86 Liverpool Street Level 4, 86 Liverpool Street , Sydney 86 Liverpool Street is located at the corner of Kent Street, close walking distance to Town Hall, World Square and Chinatown. It is 4 - storey building with ground floor retail and 3 levels of office space. - Whole floor featuring polished concrete floors - High ceilings, large full height glass windows - Self contained with shower, 2 toilets and own kitchen - Vacant from 1/3/18
Area m2:
153 approx
Rent $/m2:
$650 Gross $99,450
Rental PA:
Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 52
Premium suite with full fit out Suite 9.02, 420 George Street , Sydney 420 George Street is an A-grade, 34 storey commercial office tower built over a 4 level retail podium known as Mid City Centre and 6 levels of basement parking. The building features a 7 metre architectural roof feature, 2 sandstone facades and a 9 storey atrium. - Sublease to 31 October 2021 - Fit out comprises meeting room, boardroom, full kitchen - Approx 12 workstations with power and data - Food, fashion and fitness facilities at your front door
Area m2:
147 approx
Rent $/m2:
$975 Gross $143,325
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
53 | SYDNEY OFFICE UPDATE
Creative whole floor Retail opportunity Level 1, 387 George Street , Sydney 387 George Street is close walking distance to both Town Hall and Wynyard right near the new Apple flagship store and Sydney's popular shopping strips. Manhattan style opportunity in an award winning heritage building. - Superb whole floor warehouse style Retail space - Toilets, shower & kitchenette on floor - Pressed metal ceilings and opening windows - Direct lift access and alarm system - Ideal for hairdresser, fashion, beauty & medical
Area m2:
145 approx
Rent $/m2:
$895 Gross $129,775
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 54
Corner suite with legal style fit out Suite 8.03, 46 Market Street , Sydney 46 Market Street is located on the corners of York, Market and George Streets. The building underwent a major refurbishment including, new foyer, new tea rooms, new bathrooms and refurbished floors. Bike racks, lockers, showers in the basement. - East facing suite looking over George Street - Existing fit out, small reception, large boardroom, 4 offices - Large open plan area with 10 desks - Existing power and data in place
Area m2:
147.6 approx
Rent $/m2: Rental PA:
$800 Gross $118,080
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
55 | SYDNEY OFFICE UPDATE
Existing fit out in place Suite 9.01, 25 Bligh Street , Sydney 25 Bligh Street is situated on the western side of Bligh Street between Hunter and Bent Streets in the heart of the financial precinct. On-site amenities available to tenants include a gymnasium, showers, storage facilities and forecourt coffee cart - Fitted suite with 2 executive offices & boardroom - Abundance of natural light - End of trip facilities, gym and squash court - Available April 2018
Area m2:
145 approx
Rent $/m2:
$1,050 Gross $152,250
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 56
Whole floor with light on all 3 sides Level 10, 387 George Street , Sydney 387 George Street is close walking distance to both Town Hall and Wynyard right near the new Apple flagship store and Sydney's popular shopping strips. Manhattan style opportunity in an award winning heritage building. - Superb high floor warehouse style space - New direct lease on offer - Whole floor tenancy fronting George Street - Toilets, shower & kitchenette on floor
Area m2:
145 approx
Rent $/m2:
$995 Gross $144,275
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
57 | SYDNEY OFFICE UPDATE
Existing fit out and furniture in place Suite 302, 99 York Street , Sydney 99 York Street is a modern commercial building with four lifts, excellent services and basement car parking. The building is located in the heart of Sydney's CBD and is situated between the intersections of King & Market Streets. - West facing suite looking over Clarence Street - Existing fit out in place with reception, boardroom, offices - Minimum 3 year lease
Area m2:
134 approx
Rent $/m2:
$675 Gross $90,450
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Andrew Edwards 0411 364 232 aedwards@raywhite.com
SYDNEY OFFICE UPDATE | 58
Loft style office space Level 4, 213 Clarence Street , Sydney 213 Clarence Street is right in the heart of Sydney, a dynamic region nestled between the Financial District and Darling Harbour with excellent access into and out of the city, positioned on one of Sydney's busiest transport hub's - Town Hall and QVB. - Superb top floor tenancy, self contained - Exposed tubular air conditioning - Own bathrooms and kitchen on your floor - Boardroom in place, room for 12 workstations
Area m2:
133 approx
Rent $/m2: Rental PA:
$675 Gross $89,775
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
59 | SYDNEY OFFICE UPDATE
High floor suite with great light Suite 9.01, 350 Kent Street , Sydney The property is situated along the Western Corridor, on the eastern side of Kent Street, between Market and King Streets and only two minutes walk from the QVB and Town Hall Station. - Office located on level 9 with direct lift exposure - Large ceiling to floor windows with natural light throughout - Good natural light on 3 sides - Available now
Area m2:
130 approx
Rent $/m2: Rental PA:
$700 Gross $91,000
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 60
New suites in currency house 403, 23 Hunter Street , Sydney Currency House is located in the heart of the financial district of the Sydney CBD, on the corner of Pitt and Hunter Street and provides an opportunity for small to medium sized businesses to secure a quality commercial office suite in this prime location. - Whole floor being subdivided into suites - North aspect with good light and outlook - Freshly painted and carpeted - Common kitchen on floor
Area m2:
108 approx
Rent $/m2:
$950 Gross $102,600
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
61 | SYDNEY OFFICE UPDATE
MLC Centre Suite 61.06, 19 Martin Place , Sydney The MLC Centre is Sydney's tallest office tower and its iconic status dominates the city skyline. The building occupies a prominent position in the Central Business District of Sydney, bounded by Martin Place, Castlereagh and King Streets, within the city's prime core precinct. - Top floor suite with existing fit out in place - Reception area, large boardroom & 2 offices - Amazing views of the Harbour - Common boardroom, meeting rooms & large breakout/ kitchen
Area m2:
105 approx
Rent $/m2:
$1,200 Gross $126,000
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 62
46 Market Street Suite 903, 46 Market Street , Sydney 46 Market Street is located on the corners of York, Market and George Streets. The building underwent a refurbishment including lift upgrades, new foyer, new tea rooms, new bathrooms and refurbished floors. The building is connected to high speed optic fibre. - Assign or sub lease to Sept 2021 - Partitioned suite with East aspect over George Street - Reception, boardroom, meeting room, workstations - Power and data cabling in place
Area m2:
103.3 approx
Rent $/m2:
$825 Gross $85,223
Rental PA:
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
63 | SYDNEY OFFICE UPDATE
66 Hunter Street Part Level 8, 66 Hunter Street , Sydney Located on the corner of Hunter and Bligh Streets, City Mutual Building is an art deco icon in the heart of Sydney’s CBD. Constructed in 1936, this 12 storey building was Sydney’s tallest skyscraper. Showers and bike parking in basement. - Quality strata office with existing fit out - 8 workstations, boardroom, office, kitchen and reception area - Existing power and data cabling in place - Vacant now for a direct lease
Area m2:
98 approx
Rent $/m2:
$850 Gross $83,300
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 64
Newly Renovated Open Plan Part Level 7, 84 Pitt Street , Sydney 84 Pitt Street is located between Martin Place and Hunter Street, close to major bus & rail interchanges at Wynyard, Sydney's Hunter Connection & Australia Square. - Recently renovated to open plan with plenty of natural light. - Brand new individually controlled A/C unit - New paint and carpets - Reception, open area for workstations - Glass fronted office, boardroom and meeting room
Area m2:
94 approx
Rent $/m2:
$695 Gross $65,330
Rental PA:
Christian Minards 0447 777 037 cminards@raywhite.com Nicholas Yeoh 0415 566 541 nyeoh@raywhite.com
65 | SYDNEY OFFICE UPDATE
Terrace style office Level 1, 3 Barrack Street , Sydney 3 Barrack Street is situated on the corner of Barrack and Clarence Streets just a few minutes walk from Martin Place. The terrace style building has direct street access and consists of 3 whole floor individual tenancies. - Small character terrace style building - Whole floor tenancy situated on level 1 via stairs (no lift) - Suite features existing fit out, own toilets and kitchen - Minimum 3 year lease from 1 May 18
Area m2:
92 approx
Rent $/m2:
$625 Gross $57,500
Rental PA:
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 66
3 Barrack Street Level 2, 3 Barrack Street , Sydney 3 Barrack Street is situated on the corner of Barrack and Clarence Streets just a few minutes walk from Martin Place. The terrace style building has direct street access and consists of 3 whole floor individual tenancies. - Small character terrace style building - Whole floor tenancy situated on level 2 via stairs (no lift) - Suite features existing fit out, own bathroom and kitchen - Minimum 3 year lease from 1 May 18
Area m2:
92 approx
Rent $/m2:
$595 Gross $54,740
Rental PA:
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
67 | SYDNEY OFFICE UPDATE
Natural light from two sides Suite 7.01, 261 George Street , Sydney 261 George Street is located near Wynyard Station, opposite Australia square. The building has a bright modern foyer, high quality lifts and excellent natural light to all tenancies - Fully refurbished sub-lease - Views to the east with great outlook over George Street - Abundance of natural light with direct lift access - Available now
Area m2:
89 approx
Rent $/m2: Rental PA:
$895 Gross $79,655
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 68
Self contained boutique suite Suite 1.09, 55 Miller Street , Pyrmont 55 Miller Street Pyrmont is a contemporary strata office building in an easily accessed gateway location. Boasting an impressive entrance lobby with foyer cafĂŠ, two levels of basement parking and an outdoor plaza overlooking the Fish Market Light Rail Station. With plenty of restaurants and cafes in the precinct, 55 Miller Street is the ideal location for any business. - Flooded with natural light & floor to Ceiling windows - Private bathroom,kitchenette with fridge & dishwasher - 1 secure, undercover car space available at additional cost
Area m2:
79 approx 2
Rent $/m : Rental PA:
$585 Gross $46,215
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
69 | SYDNEY OFFICE UPDATE
Self contained boutique suite Suite 1.08, 55 Miller Street , Pyrmont 55 Miller Street Pyrmont is a contemporary strata office building in an easily accessed gateway location. Boasting an impressive entrance lobby with foyer cafĂŠ, two levels of basement parking and an outdoor plaza overlooking the Fish Market Light Rail Station. With plenty of restaurants and cafes in the precinct, 55 Miller Street is the ideal location for any business. - Floor to ceiling windows - Private bathroom, shower, kitchenette with fridge & dishwasher - Open plan layout
Area m2:
78 approx
Rent $/m2:
$585 Gross $45,630
Rental PA:
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 70
Fitted Suite in Prime CBD Location Part Level 6, 109 Pitt Street , Sydney Rare opportunity for suites within the heart of the financial precinct of the Sydney CBD. The location is set to enjoy substantial benefits from the surrounding private enterprise investment in new hotel & office tower redevelopment along with the NSW Government's light rail and Sydney Metro infrastructure project currently under construction. - Fitted with reception, two large offices and board/meeting room - Great lift exposure - Direct 3 year lease on offer
Area m2:
65 approx
Rent $/m2:
$900 Gross $58,500
Rental PA:
Andrew Edwards 0411 364 232 aedwards@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
71 | SYDNEY OFFICE UPDATE
Art deco office space Suite 1005, 4 Bridge Street , Sydney 4 Bridge Street is a residential office building conveniently located near the corner of Bridge and George Streets with an impressive foyer, two lifts and a well maintained rooftop pool and entertainment area. - Beautiful Edwardian office on level 10 with great light on 2 sides - Existing fit out with 2 offices in place and large work area - Internal kitchen and bathroom with shower - Own air conditioning control
Area m2:
59 approx
Rent $/m2:
$695 Gross $41,005
Rental PA:
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 72
66 Hunter Street Part level 9, 66 Hunter Street , Sydney Located on the corner of Hunter and Bligh Streets, City Mutual Building is an art deco icon situated in the heart of Sydney’s CBD. The building has been recently refurbished ensuring it is equipped with the latest technology and state of the art inclusions. Neil Perry's award winning Spice Temple and Rockpool Bar and Grill are located in the building. - First suite from the lift, great light and views over Bligh Street - Partitioned with 1 boardroom and 4 workstations, room for 4 more - Existing power and data cabling and furniture
Area m2:
58 approx 2
Rent $/m : Rental PA:
$925 Gross $53,650
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
73 | SYDNEY OFFICE UPDATE
Small Suite for Lease Suite 2.04, 70 Castlereagh Street , Sydney 70 Castlereagh Street is located at the ever popular intersection of King and Castlereagh Streets, bounded by Chanel, Bulgari and the MLC Centre, close to Martin Place and Sydney's Westfield. - Ideal suite for Jeweler and Medical tenant - New paint, carpet, lighting and ceilings installed - Existing safes on site - Available from 1 Feb 2018, minimum 3 yr lease
Area m2:
50 approx
Rent $/m2:
$900 Gross $45,000
Rental PA:
Naomi Vilar 0431 209 888 nvilar@raywhite.com
OUROFFICES 48
O F F ICES AC R OS S AU ST R AL I A, N EW Z EA L AN D, C H I N A AN D HON G KO N G
F R O M H U M B LE B EGINNINGS IN 1902 IN T H E S M A LL Q U E E NS L A ND CO U NT R Y TOWN O F C R OW S NE S T, R AY WH IT E H A S NOW B ECO M E A H O U S E H O LD NA M E CO NNEC T E D TO T H E P R O P E R T Y A ND R E A L E S TAT E IND U S T R Y, H O M E LOA NS A ND INS U R A NC E, WIT H A N A NNUA L T U R NOV E R IN E XC E S S O F $40 B ILLIO N.
NT O FF IC E
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Q LD O FF IC E S
WA OFFICE
SA O F F IC E
I N T E RNAT I O NAL O F F ICES I N: N E W ZEAL AND H ONG KONG CH INA
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NS W O FF IC E S
Ray White was awarded the Family Business Award at the 2015 EY Entrepreneur Of The Year Awards. Recognising three generations of business, the EY Awards are considered the most prestigious business awards globally. In 2016, Ray White won the Major Network of the Year Award at the Real Estate Business Award at the Real Estate Business Awards, the real estate industry’s premier awards, open to every professional and real estate group in the industry.
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V IC O FF IC E S
O FFI C E
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O F F IC E
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SYDNEY OFFICE UPDATE | 75