SYDNEY
OFFICE UPDATE OCTOBER 2017
END OF TRIP
INCREASING DEMAND FOR HIGH QUALIT Y END OF T R I P FA C I L I T I E S
VIRTUAL REALITY IS NO LONGER S C I-F I
IS THE REDUCTION IN CHINESE INVESTMENT A TURNING POINT FOR SYDNEY OFFICE MARKET?
LOCAL HOTSPOT
BALCON B Y TA PAV I N O
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: L easing and sales of office space in Sydney CBD L ease assignment and subleasing of surplus premises for tenants Sourcing office space for tenants roperty Management of strata P offices
(02) 9249 3709
ANTHONY HARRIS
JEREMY PIGGIN
Director in Charge 0409 319 060 aharris@raywhite.com
Director 0413 336 161 jpiggin@raywhite.com
J O N AT H A N LAVERT Y
ANDREW TELEPIS
Consultant 0413 583 338 jlaverty@raywhite.com
Director 0415 972 696 atelepis@raywhite.com
CHRISTIAN MINARDS
ELIZABETH BRAITHWAITE
Director 0447 777 037 cminards@raywhite.com
Property Executive 0434 305 588 ebraithwaite @raywhite.com
NAOMI VILAR
ANDREW EDWARDS
Property Executive 0431 209 888 nvilar@raywhite.com
Property Executive 0411 346 232 aedwards@raywhite.com
NICHOLAS YEOH
JESSIE B AT E S
Property Analyst 0415 566 541 nyeoh@raywhite.com
Executive Assistant/ Managing Editor (02) 9249 3768 jbates@raywhite.com
CONTENTS WHAT’S INSIDE
01 B A L C O N B Y 03 R E D U C T I O N
TAPAVINO
IN CHINESE INVESTMENT A TURNING POINT FOR SYDNEY OFFICE MARKET
05 C HANGE
HOLIDAY
AS GOOD AS A
09 M A R K E T A N A L Y S I S B Y I N V E S T A 11 I N D U S T R Y S P E A K : S U B L E A S E 13 T H E N E W T O O L S O F T H E T R A D E 15 E N D O F T R I P
KEY ECONOMIC DATA: VACANCY RATES FOR SYDNEY CBD: 5.9%
AUSTRALIAN UNEMPLOYMENT RATE: 5.6%
RAY WHITE GROUP NATIONALLY SEPT 2017: OVER $190 MIL
CASH RATE: 1.5%
VACANCY RATES CONTINUE TO FALL As the infamous Ferris Bueller once said, “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” And that’s where we’re are at the moment, the “stop and look around” moment as the pace of businesses looking for space becomes less frantic. This is because office demand coming from tenants who were displaced from demolition buildings, and the Sydney Metro acquisition sites is more or less exhausted. However even though some of the demand energy has softened, the continued reduction in supply is keeping rental levels steady for the moment.
Our leasing team at Ray White have had some wins of late. We’re pleased to report we’ve just completed projects on three B Grade assets, and achieved record rents in the process. At 28 O’Connell Street, we concluded 12 deals for over 4,000 square metres in conjunction with Cushman & Wakefield at rents around $1,000 psm gross. And the full house sign has gone up at 66 Clarence Street with levels 7,8,9,10 and 11 now leased at rents from $795 psm to $850 psm gross for around 4,000m2. Rockworth Capital are pleased to now have a fully leased asset at 50 Margaret Street with rents being achieved on some floors of $995 psm gross.
The challenges for us now lie in finding more stock to satisfy our current demand so if you have space for lease we’d love to talk with you. If you’re a tenant looking to move, share your list of ‘must haves’ with us and we can start your search today. All the best,
Anthony Harris M: 0409 319 060
1 | SYDNEY OFFICE UPDATE
LOCAL HOTSPOT
BALCON BY TAPAVINO
A SHORT STROLL AWAY FROM IT’S OLDER SIBLING TAPAVINO IN CIRCUL AR QUAY, IS SPANISH TAPAS BAR, BALCON. BALCON’S FOCUS IS ON SIMPLY PREPARED DISHES MADE WITH HIGH QUALITY PRODUCE.
TODD GARRATT EXECUTIVE CHEF
With Todd Garratt (of Buzo and Wine Library fame) at the helm as Executive Chef, Balcon’s tapas inspired menu has lots to offer, whether you’re visiting for lunch, a quick drink, or dinner.
Choose between the sea (think poached Galician style octopus) or the land (Basque-style Jack’s Creek Black Angus flank steak), but don’t skip the jamón (dry-cured ham), which has a whole section of the menu dedicated to it. When it’s dessert time, choose a sweet fortified wine from the extensive drinks list as the perfect accompaniment.
BALCON BY TAPAVINO WWW.BALCONRESTAURANT.COM.AU | 17 BLIGH STREET | (02) 9223 6176
SYDNEY OFFICE UPDATE | 2
FOCUS LISTINGS 161 CASTLEREAGH STREET
Providing a virtually brand new high quality fitted out office accommodation solution, comprising share reception, open plan area with workstations and 8 offices with the potential for a 9th from the secure storeroom. Agent: Christian Minards 0447 777 037
LEVEL 3, 441 KENT STREET
The Carla Zampatti Building is a truly unique warehouse office building located in the western Corridor of Sydney. There is basement parking, bike racks and showers. Tenancies feature polished timber floors and sandstone walls. Agent: Andrew Telepis 0415 972 696
PART LEVEL 14, 9 HUNTER ST
North facing premises in this quality B grade building located at 9 Hunter Street. Sub Lease to April 2018 or potential new direct, North facing suite with 3 sides of light with legal fit out in place. Ideal tenancy for legal or accounting business with 12 offices, and 13 workstations on site. Agent: Anthony Harris 0409 319 060
28/88 PHILLIP STREET
Aurora Place is a landmark 42 storey office building constructed in 2000. Premium high rise whole floor opportunity. Sublease or assignment lease until 31 March 2021, effective rent review and 5 year option. Amazing views over Sydney Harbour. Existing new fit out and furniture in place. Agent: Anthony Harris 0409 319 060 Elizabeth Braithwaite 0434 305 588
3 | SYDNEY OFFICE UPDATE
THOUGHT LEADERSHIP
IS THE REDUCTION IN CHINESE INVESTMENT A TURNING POINT FOR THE SYDNEY OFFICE MARKET? BY ANTHONY HARRIS
AS WE’VE SHARED PREVIOUSLY, THERE ARE KEY FACTORS DRIVING UP RENTS AND CAPITAL VALUES IN THE OFFICE MARKET, SUCH AS THE CONVERSION OF OFFICE BUILDINGS TO RESIDENTIAL, THE ACQUISITION OF OFFICE BUILDINGS FOR THE SYDNEY METRO RAIL, A STRONG DEMAND FROM TECH COMPANIES TAKING SPACE IN SYDNEY, AND MASSIVE INVESTMENT FROM CHINA INTO AUSTRALIAN REAL ESTATE.
While it may feel sometimes like these activities might continue for some time to come, every property cycle has a few turning points that can signal to the entire industry what, in retrospect, we all saw coming. THREE KEY TURNING POINTS ARE: 1. The Chinese State Government’s announcement of reduced capital outflow from China into commercial and residential property. The strong activity of Chinese capital investment in the Sydney office market in many cases wasn’t based on fundamentals, current rental rates or potential development outcomes.
SYDNEY OFFICE UPDATE | 4
2.
O’Connell Street, 50 Margaret Street and 66 Clarence Street. We acted on a sublease deal at 4 Martin Place, where the sublease rate was about 25% above the rental paid under the direct lease.
The massive withdrawal of stock from office to residential conversion, as well as the Metro train line, has come to an end. So too has the frenetic activity of displaced tenants leasing office space. 3.
The pace of tech companies taking up space has slowed. Many of the tech companies I speak with are running on venture capital funding, in the hope that the products and software they’re developing will break into new markets and turn a profit. But it’s important to be realistic - not every tech company can be the next Freelancer or Atlassian. While I don’t believe we’ll see huge impacts on the office market in 2018 like we did post GFC, these key turning points are set to take the heat out of the market and stabilise rents. I’m already seeing many Chinese property companies reducing staff and disposing of leases as their enterprises in the Sydney property market pull back.
•
Tech companies changing their rental profile, going from paying a conservative $450 psm in the city fringe to now paying over $1,000 psm for B-grade space in the city centre.
•
Some displaced tenants from the Metro acquisition sites spending compensation monies on fit outs to higher levels than is normal. One example that comes to mind is a legal user spending over $3,000 psm on a fit out with compensation monies, when this should have otherwise been closer to $1,000 psm.
All of these factors seemed irrational to me at the time,
Some of my more prudent Lessors are doing thorough due diligence when dealing with rapidly growing tech companies. Looking at the P&Ls for these potential tenants, in some cases these companies are running at losses, surviving only on capital injection from investors until they turn a profit. IN THE L AST TWO YEARS I HAVE SEEN SOME UNUSUAL PROPERTY TRANSACTIONS, SUCH AS: •
•
Overseas Chinese investors buying strata offices, site unseen, purely to get money into the country as opposed to the features and benefits of the actual property. I have dealt with a number of Chinese buyers who purchased office properties at auctions by looking at marketing slides, rather than actually seeing the property. We saw these types of strata sales at 107 Pitt Street, 23 Hunter Street and 23 O’Connell Street. Office tenants trying to trump each other on leasing deals, with displaced tenants rushing to secure office spaces in buildings now being demolished. We saw this with incoming tenant demand at 28
but were based on market pressures that have now gone away. Of course, it will be an interesting end to the year to see what happens to capital values, office rents and lease incentives. In my opinion, the lack of new office supply will save us from rent reductions, but I believe we’re now at the peak of the rental and sales cycle. CO N TAC T M E TO DAY I F YO U’D L I KE TO DISCUSS YOUR TENANCY REQUIREMENTS, OR IF YOU HAVE A SPACE YOU’RE INTERESTED IN LISTING.
5 | SYDNEY OFFICE UPDATE
CHANGE AS GOOD AS A
Holiday W H Y M O R E C O M PA N I E S A R E R E N O VAT I N G O V E R T H E H O L I D AY S E A S O N
BY ANDREW JOHNSON, MD, INTERMAIN
SYDNEY OFFICE UPDATE | 6
HERE WE ARE IN OCTOBER AND ANOTHER YEAR IS FLYING BY. IN JUST A FEW WEEKS WE’LL BE WATCHING THE RACE THAT STOPS THE NATION AND KICKING OFF THE TRADITIONAL ‘SILLY SEASON’ COUNTDOWN TO YEAR-END. It’s understandable that some companies could be tempted to get through these end of year festivities before thinking about their office renovation. But are they missing a trick? At Intermain we are seeing a lot of our clients plan early to incorporate an office update into their holiday season schedule to reap a wide range of benefits. Their standout motivation is that New Year is the perfect timing to unveil a refreshed workplace. We expect staff to come back from holidays with renewed energy and enthusiasm. When they return to a better workspace which has been revived and fine-tuned to support their new year objectives, the lift in morale and enthusiasm is tremendous. It gets everyone starting on the right foot for a great year ahead.
Equally, many of our landlord clients see the holiday season as the ideal time to refresh their buildings, ready to promote in the new year when the market comes back online. Renovating lobbies is one of the most common requests because this is by far the best time of year to carry out works of this scale without disrupting tenants. T Y P I C A L LY A N O F F I C E BUILDING WILL BE OPERATING AT 50% CAPACIT Y OVER T H E H O L I D AY S E A S O N WHICH FREES UP LIFTS AND S I G N I F I C A N T LY R E D U C E S T H E IMPACT OF WORKS.
Amenities such as bathrooms and End-of-Trip facilities can be taken out of service with minimal impact and floors can be easily consolidated to allow renovation works to continue around the clock. And less traffic in the city equates to easier parking and simpler deliveries – all of which can translate to cost and time efficiencies for the client. But what are our top tips for a successful holiday season office renovation?
With the average office renovation project taking around 2-3 weeks to complete, this timing is well aligned with the average holiday duration or office shutdown period, often completely negating any impact on your operations.
The most critical factor is early planning. Engaging early with your fit-out company to fine tune a design that will support your new year business ambitions is critical. At Intermain we recommend that our clients engage with us by early October to give us time to plan a
smart solution for their workplace or asset by early November, in time for the Christmas deadline for ordering materials and furniture. To ensure a great outcome, companies should engage with a fit-out provider who is geared up to operate at this time of year. At Intermain we are fortunate to have the scale and flexibility of workforce to offer efficient turnaround times during the Christmas and New Year break. We have a diverse staff base of over 100 people across three locations nationally, some of whom like to take holidays at this time of year, but others who relish the opportunity to work on a great project over the festive season, preferring instead to travel outside school holiday periods. It gives us great satisfaction at Intermain to be able to offer that flexibility to our people. But whether your motivation is to take advantage of the ‘quiet time’ or you value the opportunity to ‘launch’ your new office in the new year for maximum effect, October is a great month to set the wheels in motion for your holiday season renovation. 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. V I S I T I N T E R M A I N .C O M . A U F O R M O R E D E TA I L S .
7 | SYDNEY OFFICE UPDATE
CASE STUDY
Anthony Harris
Nicola Cosgrove
63 YORK STREET, SYDNEY ASSURED LEGAL SOLUTIONS I S A N E W B O U T I Q U E L AW FIRM IN SYDNEY’S CBD WITH A F O C U S O N I N N O VAT I O N . When Nicola Cosgrove reached out to Ray White’s Anthony Harris to help find the right location for their offices, she made it clear that the premises had to reflect the values of the firm. Anthony recognised the heritage 63 York Street building ticked all the boxes, enabling them to have modern day open plan offices with a strong appreciation for the past. We asked the team at Assured Legal Solutions about their new space. W H AT D O E S A S S U R E D L E G A L SOLUTIONS DO? We’re a boutique commercial and financial services law firm advising small-to-medium enterprises and their lenders on how to manage their legal and commercial risks. W H AT W E R E Y O U S P E C I F I C A L LY L O O K I N G F O R IN YOUR TENANCY? We wanted a funky space with lots of potential to make it our own, with sufficient space for up to 20 people in an open plan layout. A userfriendly staff kitchen and dining area and a couple of meeting rooms for holding client and staff meetings was important.
We needed a few break out spaces for our team members to collaborate (and of course to relax and have a few drinks) and an open and welcoming waiting room for visitors. Of course high speed internet connection was on the list, as well as a CBD location, close to our clients and the Courts. W H E N Y O U F O U N D 3 /63 Y O R K S T R E E T, W H Y WA S T H I S PA R T I C U L A R S PA C E APPEALING? So many things! Firstly, the light, the building has rows of windows almost on every wall. Secondly, the historical heritage and architectural features of the building, with its warehouse-style space, including original timber floors and exposed ceilings. And thirdly, the location within the CBD. As a commercially-focused and valuesdriven law firm, the space provided the best place for our people to work and live out our firm’s values which are centred on truly knowing and understanding our clients’ legal and commercial objectives. W H AT I S Y O U R FAV O U R I T E F E AT U R E O F T H E S PA C E ? We love the mix of a heritage building with our state of the art IT systems and modern décor. It just fits perfectly with our culture - we’re a modern law firm working in what is generally considered an old-fashioned industry that’s fixed in its ways.
We’re committed to embracing technology to streamline and optimise the ways that legal services have traditionally been delivered. This will help us to create efficiencies that will ultimately benefit our clients. W E K N O W W H AT ’ S A R O U N D A TENANCY IS JUST AS APPEALING AS THE TENANCY I T S E L F. W H E R E A R E Y O U R FAV O U R I T E L O C A L H A U N T S ? Kafeine and Palomino for coffee, and Uncle Ming’s, all three on York, is great for team lunches if you like dumplings (and alcohol!) as much as we do! Nicola, our co-founder and resident chocoholic, is excited to be so close to Haighs. Belinda, our ‘jack-of-all-trades’ loves Lucky Star for epic Japanese takeaway and Club on York for a cheeky drink after work. And Araceli, our spectacular marketing adviser, has a serious addiction to the pad thai from York Street Eatery. HOW DID YOU FIND W O R K I N G W I T H T H E R AY WHITE TEAM? We worked directly with Anthony Harris, with whom we had a good rapport from the beginning. Always approachable, he took our calls day and night. It was refreshing to work with an agent who truly listened to what we were looking for and came back with properties that fit the description. He was also immensely helpful in accessing the building while we were renovating.
SYDNEY OFFICE UPDATE | 8
RECENT TRANSACTIONS Ad d re s s
Le a se Sta r t Date
Ter m ( Year s)
Gro ss R ent ( Psm )
Level 10, 61 York Street
October 2017
4
$805
SKMC Australia
Part 26, International Towers, 100 Barangaroo
October 2017
5
$1302.87
Coverforce
Suite 601 & Level 13, St James Centre, 111 Elizabeth Street
October 2017
10
$840
Clarence Professional Group
2/63 York Street
July 2017
3
$793
Bluesource
10.02/70 Phillip Street
May 2017
3
$790
Franks & Associates
305/25 Lime Street
August 2017
5
$820
Amundi
902/66 Clarence Street
August 2017
5
$825
JHK Legal
Level 11, 66 Clarence Street
September 2017
6
$795
UOS
Level 18, 9 Castlereagh Street
August 2017
2
$740
Geyer Pty Ltd
804/37 Bligh Street
August 2017
3
$850
Barton Deakin
10/28 O’Connell Street
August 2017
4
$970
Aquasia
Part Level 3, 63 York Street
August 2017
3
$721
Assured Legal Solutions
Suite 3.17, 428 George Street
June 2017
3
$607
Jenny Craig
1203/50 Margaret Street
April 2017
2
$750
CodeHouse
Part 3, 99 York Street
February 2017
4
$675
Vision Property
502, 28 O’Connell Street
May 2017
5
$1,095
Klein & Co
Lessee
B Y I N V E S TA
B Y I N V E S TA
INVESTA INSIDE
FROM STRENGTH TO STRENGTH
TIGHT MARKET CONDITIONS TO CONTINUE The solid run in Sydney CBD office market conditions in recent years is likely to continue into 2018, and for another decade to come. SOLID OFFICE-BASED EMPLOYMENT The outperformance of the NSW economy, with the lowest unemployment rate of all states and territories, has been driven in part by the strength of Sydney’s office-based business sector. Strong business conditions have supported expansion in property and business services and government employment, which are likely to continue in 2018.
Subdued new office development combined with the withdrawal of lower-grade office space for either redevelopment, conversion for other use or to make way for Metro Rail construction will drive the sharpest contraction in Sydney CBD office supply since 1996-97. FIGURE 1: BUSINESS CONDITIONS SUPPORT A POSITIVE SYDNEY OFFICE MARKET OUTLOOK
SYDNEY RENT PREMIUM Sydney’s CBD office market has always leased at a rent premium to the surrounding Sydney fringe and suburban markets. However strong underlying demand for the Sydney CBD market, particularly from multinational businesses, has driven the Sydney CBD rent premium to neighbouring markets higher over the past decade. SYDNEY CBD-NORTH SYDNEY CORRELATION
LIMITED OFFICE SUPPLY In addition to solid underlying demand for office space, market conditions are expected to tighten further on limited supply of office space.
of 3.25% by mid-2020. Tight supply and robust demand will also drive solid rental growth and downward pressure on leasing incentives.
Sources: NAB, Property Council and Investa Research
TIGHTEST MARKET CONDITIONS IN ALMOST 30 YEARS Consequently, leasing market conditions will strengthen to a generational low vacancy rate
The main exception has been North Sydney, where prime office rent growth has been marginally stronger than Sydney CBD over the past decade (at 61% and 59% respectively).
SYDNEY OFFICE UPDATE | 10
FURTHER INFORMATION David Cannington Head of Research & Strategy T +61 3 8600 9209 DCannington@investa.com.au ABOUT INVESTA
Looking ahead, rent growth in the Sydney CBD is likely to outpace North Sydney in 2017-18, while leasing incentives are expected to remain higher in North Sydney. FIGURE 2: SYDNEY CBD VS SYDNEY FRINGE/SUBURBAN PRIME OFFICE RENT
NEW OFFICE DEVELOPMENT While withdrawals will limit the supply of Sydney CBD office space in the coming years, the development cycle is activating construction of new office options that will add to the prime space offering in the not-too-distant future. In particular, construction of Barrack Place at 151 Clarence Street, Sydney and 60 Martin Place, Sydney will lead a ‘turning in the tide’ of office supply in the positive, adding around 22,000 and 40,000 of prime space to the Sydney CBD office market in 2018 and 2019 respectively. FIGURE 3: SYDNEY CBD MARKET BALANCE
Sources: JLL Research and Investa Research
Nonetheless, constrained supply of secondary market office space in Sydney’s CBD combined with the dislocation of tenants from withdrawn office buildings will provide positive spill over to tenant demand for the North Sydney market.
Investa is a leading Australian real estate company managing more than A$11 billion of institutionalgrade office real estate. The Investa Research team focuses on understanding the drivers and analysing trends within the Australian office sector, publishing regular updates on the performance of the major office markets across Australia. The information contained in this Report is intended to provide general information only. While every effort is made to provide accurate and complete information, Investa does not warrant or represent that the information in this Report is free from errors or omissions. You should be aware that any forecasts or other forward looking statements contained in this Report may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There may be differences between forecast, projected and actual results because events or actual circumstances frequently do not occur as forecast or projected and that these differences may be material. No person, including Investa or any related entity or any of its employees, accepts any responsibility for any loss or damage however so occurring resulting from the use or reliance on the information contained in this Report.
Sources: Property Council and Investa Research (forecasts)
This Report has been prepared by Investa without taking into account of your objectives, financial situation or needs. You should consider the appropriateness of its contents having regard to your own objectives, financial situation and needs before making any investment decision. Past performance is not a reliable indicator of future performance and no guarantee of future returns is implied or given. You should rely on your own judgment before making any investment decision.
11 | SYDNEY OFFICE UPDATE
INDUSTRY SPEAK
WHAT ARE THE MAIN ISSUES TO CONSIDER?
SUBLEASE
1. TENANT’S OBLIGATIONS
W H AT A R E M Y R I G H T S A S A T E N A N T ?
The tenant remains liable under the lease with the landlord, and continues to pay rent to the landlord and to otherwise deal directly with the landlord. The sub-tenant pays rent to the tenant and normally has no direct dealings with the landlord. 2. GUARANTEES
IF YOU ARE A TENANT OF A COMMERCIAL OR RETAIL PREMISES AND WISH TO SUBLEASE YOUR PREMISES, THERE ARE A NUMBER OF FACTORS THAT MUST BE CONSIDERED. WHAT IS A SUBLEASE? A sublease is where the tenant enters into a formal agreement with somebody else (a sub-tenant) to rent part of the premises or the whole premises to the proposed sub-tenant. AM I ABLE TO SUBLEASE? In order to sublease the premises, the tenant will usually require the written consent of the landlord. Leases often provide that the landlord cannot unreasonably withhold its consent to the assignment, but there are circumstances in which a landlord can withhold consent, such as: - if the maximum number of occupants permitted under the tenancy agreement would be exceeded; - if the total number of occupants would exceed any council rules and regulations; - if the person being proposed is listed on a tenancy database; or
- if the landlord reasonably believes it would result in the premises being overcrowded. The landlord can request information about the prospective sub-tenant such as their name and details of their past rental history. WHAT HAPPENS IF THE LANDLORD WITHHOLDS CONSENT? If the landlord withholds consent, the tenant can apply to the NSW Civil and Administrative Tribunal (NCAT) for an order allowing the sublease. The Tribunal will decide if the withholding of the consent was reasonable. If you wish to sublease the whole premises, approval is at the landlord’s discretion and if the landlord says no, you cannot apply to NCAT. If you want to sublease only part of the premises, the landlord cannot unreasonably withhold consent. The tenant must apply to the Tribunal within 3 months of becoming aware that the landlord has withheld consent.
Existing personal guarantees and bank guarantees provided by the tenant to the landlord will remain in place following a sublease. However, the tenant can require that the subtenant provides a guarantee to secure their obligations under the sublease. 3. ASSIGNMENT OF LEASE
If the new tenant is to occupy the whole of the premise, an assignment is usually the preferred option. Where the new tenant is to take over only part of the premises, this must be done by a sublease rather than an assignment. 4. RETAIL LEASES ACT 1994 (NSW)
If your lease is of retail premises covered by the Retail Leases Act 1994 (NSW), you will have to consider the provisions of that Act in relation to any sublease. At JHK, we recommend seeking legal advice before sub-leasing your premises and we are able to assist you with the necessary enquiries and negotiations to best protect your interests.
I F Y O U H AV E A N Y Q U E S T I O N S A B O U T A N E W L E A S E , P L E A S E D O N O T H E S I TAT E T O C A L L U S O N 02 82 3 9 9600 O R V I S I T J H K L E G A L .C O M . A U
SYDNEY OFFICE UPDATE | 12
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13 | SYDNEY OFFICE UPDATE
THE NEW TOOLS OF THE TRADE VIRTUAL REALITY IS NO LONGER SCI-FI BY GENSLER | PHOTOGRAPHY BY FIONA SUSANTO VIRTUAL REALITY (VR) AND AUGMENTED REALITY (AR) HAVE BECOME A COMMON AND INTEGRAL PART OF OUR DESIGN PROCESS AT GENSLER. VR AND AR ALLOW SOMEONE TO ESSENTIALLY “EXPERIENCE” AND, IN SOME CASES, INTERACT WITH A THREEDIMENSIONAL SPACE BEFORE IT IS BUILT. THIS HAS OBVIOUS BENEFITS WHEN IT COMES TO COMMUNICATING PROPOSED DESIGN SOLUTIONS TO CLIENTS. Even the best photorealistic renderings when printed or viewed on a screen leave something to the imagination that VR and AR, even if less than photorealistic, can make up for. They make it easier than ever before for clients to get a truer sense of the scale of a space, the relationship between different spaces, and the natural and artificial light quality, and they enable more rapid exploration of options for construction materials, environmental graphics, and furniture and finishes.
Virtual reality as part of the design process has both time- and costsaving benefits, as it allows design decisions to progress faster and more confidently, with clients being able to provide approvals based on a more literal representation of a potential outcome and provide feedback to the design team that might otherwise be lost in the process.
IT’S ABOUT MAKING THE CREATIVE PROCESS MORE IMMERSIVE, AND IT’S F U N D A M E N TA L LY C H A N G I N G T H E WAY W E E X P E R I E N C E DESIGN, FROM IDEATION TO D E L I V E R Y.
Likewise, an early adopter of BIM (Building Information Modelling) software, Gensler has also been
using Autodesk Revit for several years as our core design and documentation platform across all offices. Revit is not only a powerful 3D visual modelling tool, it is also a collaboration tool that allows multiple internal design team members and external consultants to better coordinate the entire design and delivery process, and it can even be used by clients later in their ongoing building management programs. Revit also allows for more accurate estimating of quantities and costs, and it is extremely helpful in understanding the performance data of a building or space from an energy-use and sustainability perspective. But let’s back up a bit. No two clients and no two projects are ever the same, and the communication tools that we use in the design process largely depend on the specific needs of the client and the project at hand. So how do we know when and how to use the right tools for the job?
SYDNEY OFFICE UPDATE | 14
necessarily translate to a design being “complete.” There are always inevitable changes as the design is further developed, documented and constructed. The benefit of tools like Revit and VR, however, is that those changes can be greatly minimised. REGARDLESS OF THE MEDIUM DESIGN IS A CONVERSATION . . . We have a saying in our studio in Sydney: “Design is a conversation.” It’s a reference to the way we’ve designed our own space, but also to the way we view the design process. VR ENGAGES CLIENTS AND END USERS AS MORE ACTIVE PARTICIPANTS IN THE DESIGN PROCESS.
But even though VR (or a photorealistic rendering or physical 3D-printed model) can sometimes “speak for itself,” it’s still important for a designer to be able to not only explain a design verbally, but articulate a solid reason for design decisions that reflects an understanding of the client’s needs. Designers need to be able to communicate their unique point of view and their rationale for a particular design concept and do so honestly, passionately, succinctly and convincingly. As stated, an immersive VR experience takes things a step further than a rendering, but even VR can leave design intent open to interpretation. The design process, whatever communication tools are used, is still about listening and learning, suggesting and responding, testing and refining. The tools and technologies and mixed media we use in the design process, no matter how advanced, are still just one part of a continual conversation with the client. And it’s also important for clients to know that a photorealistic rendering or immersive VR experience doesn’t
With all the technological advances we’ve seen, what about two-dimensional drawings and drawing by hand? While it’s an often-debated topic in the design world, it would seem incredibly unlikely that hand-sketching will disappear anytime soon as an essential part of the design process. Once we have a brief from the client and a good understanding of their functional and programmatic needs, all projects still commence with hand-sketching to some extent, whether it’s two-dimensional zoning diagrams to begin thinking through space allocations, adjacencies and circulation or to begin exploring three-dimensional concepts for key areas.
The proliferation of digital design tools does not negate the fact that designers still have to know the basics. Hand sketching is an incredibly valuable skill for a designer, and not only as a space planning or ideation tool used by the design team internally, but also as a very effective means of exploring ideas in the moment with clients, consultants or contractors. A good hand sketch, even the most basic, can communicate an
idea remarkably quickly, whether it’s a large volume of space, a piece of joinery or an intricate detail. Whether handsketching or using software, designers are still thinking three-dimensionally, and whether it’s sorting out the big ideas or the most complicated details, it’s about knowing your audience and utilising the best means possible to communicate the idea to the client. Again, design, in whatever medium, is a conversation. WHAT’S NEXT? As a firm, we are committed to leveraging the latest technology to engage our clients in a design process that leads to meaningful results for their organisations. 3D design software and hardware tools have already radically changed the architecture and design industry, and new technologies continue to emerge that will lead to even more profound changes, allowing more realistic virtual realisation of ideas prior to their physical realisation. What excites us is just how quickly these digital visualisation and collaboration tools are evolving and the possibilities that lie ahead, not just for the design industry, but across all industries. VR and AR are only the beginning. The promise of computational design and the ability to harness new innovations in computing power, digital fabrication and prefabrication have us looking ahead toward an exciting future in the design and construction of our built environment. We’re going from science fiction to real-world, mainstream technologies at an incredible pace, with the only limitation being our imaginations.
15 | SYDNEY OFFICE UPDATE
END OF TRIP 6 O’CONNELL STREET
SYDNEY OFFICE UPDATE | 16
THERE’S AN INCREASING DEMAND FOR HIGH QUALITY END OF TRIP FACILITIES IN AUSTRALIA’S CBD OFFICE MARKETS. THESE FACILITIES TYPICALLY INCLUDE BIKE STORAGE, LOCKERS AND SHOWERS BUT SAVVY ASSET MANAGERS ARE SEIZING THE OPPORTUNITY TO RETROFIT A RANGE OF NEW AND SUSTAINABLE AMENITIES IN EXISTING OFFICE SPACES, WITH SOME OUTSTANDING RESULTS COMING TO THE MARKET. This month we focus on the new end of trip facilities at 6 O’Connell Street. BUILDING: 6 O’Connell Street, Sydney. The building is a 26 level, B-Grade office tower of approximately 15,994 square metres. LESSOR: Investa Office Fund DATE COMPLETED: The new end of trip facilities were launched in September 2016 in conjunction with a lobby refurbishment and new retail amenity including Hubert Restaurant, Balcon by Tapavino, and Tap Café.
OVERVIEW: The facilities provide a more accessible, clean and green working environment for tenants who can also enjoy a string of new luxurious features. They were designed to foster work-life balance and provide a smooth and comfortable transition between exercise and the workplace.
It’s now easier for tenants to encourage their employees to live a healthy lifestyle and get to and from work in an environmentally friendly way, as well as improving the green credentials of their business. Located on the Ground Floor, the facilities are for all 6 O’Connell tenants and occupiers to use. The facilities are fully air-conditioned and include a secure bicycle storage room, bike pump and basic maintenance equipment, with full access control and storage racks to greatly increase storage capacity. In addition to the bicycle storage room, there are locker and shower amenities on the Ground Floor. These facilities offer separate male and female bathrooms, each with self-contained shower and change cubicles, as well as temporary secure PIN-activated lockers. The bathrooms are fitted with ventilated drying cabinets for temporary storage of wet gym gear. There’s also a fresh towel service and hair dryers available.
BIKE FACILITIES: 34 bicycle racks in a secure cage area, with three different types of racks to accommodate cyclist preferences hanging racks, stack racks and pushin lock racks.
SHOWERS, LOCKERS AND OTHER FACILITIES: The new site is fully airconditioned and features 48 lockers, ironing boards, hair dryers, drying cupboards for storage of exercise clothes and a daily fresh towel service. There are three new male showers, three female showers and one disabled toilet and shower. LESSORS CONTACT Andrew Flockhart, Investa Property Manager
17 | SYDNEY OFFICE UPDATE
OCTOBER TRANSACTIONS PART LEVEL 26, 100 BARANGAROO Coverforce Insurance Brokers have relocated from a whole floor at 9 Castlereagh Street taking a whole floor at level 26, International Towers Barangaroo from Lend lease. Coverforce will now enjoy the sensational array of food, fashion and fitness venues at Barangaroo. The tenancy leased was approx 1,019m2. Rents in this precinct range from $1,000 psm gross and above. The deal was transacted by Andrew Telepis S601 & L13, ST JAMES CENTRE, 111 ELIZABETH STREET Clarence Street Professional Offices (CPO) are expanding from 65 York Street and have taken approximately 1,100 m2 over one and a half floors at 111 Elizabeth Street. CPO offer specialised work space services for the legal and professional services community. The lease term for this deal was 10 years for approx 1,100m2, rents at 111 Elizabeth Street range from $840 - $900 psm gross. Transacted by Christian Minards LEVEL 10, 61 YORK STREET Seidler Equity Partners is a Los Angeles, California-based private equity investment firm that have taken their first lease in Sydney at 61 York Street. The key drivers for securing 61 York Street was the benefit of securing a whole private floor, with own amenities and the enclosed balcony. The lease tenancy is208m2, the term was 4 years, rents here are in the range of $800 - $900 psm gross.The deal was transacted by Jeremy Piggin and Anthony Harris 10, 66 HUNTER STREET Trustwave have taken an assignment of lease from Rockpool for office space on level 10 of 66 Hunter Street. Trustwave is one of the fastest-growing managed security services provider worldwide based on 2015 market share revenue. The assignment was for approx 232m2 at a rental rate of $760 psm gross until May 2021. The deal was transacted by Elizabeth Braithwaite.
SYDNEY OFFICE UPDATE | 18
TENANT REP BRIEF TABLE Tenant Name
Area (S qm)
Timing
Location
Comments
The CIE
300-400
February 2018
CBD, North Fringe
5+5 year term
Norske Skog
400-500
Sept 2018
CBD
Medium term with options
Auto Task
450-550
Q1 2018
CBD
3-5 years
Allworths
150
March 2018
CBD
3+3 year term
Yingli Green Energy Aus
90-130
Q1 2018
CBD
3+3 year term
IPC Information Sysytems
300-350
Q1 2018
CBD
3-5 year term
Zapatito
180-200
Q4 2017
CBD, Inner West
3 year term, 2 car spaces
Watts McCray
400-500
Q2 2018
CBD, South of Market St
Good natural light
Smarte Carte Australia
70-120
Nov 17/Dec 17
The Rocks/Circ Quay
3-5 year, cold shell, small reception
Next Story Group
300
Immediate
CBD, North Sydney
3-5 year term
WPP
10,00012,000
Q2 2019
CBD, City Fringe
5 years + options
AWE Limited
300-350
February 2018
CBD, North Sydney
3-5 years
Holmes Fire
300
July 2018
CBD, Western Corridor
Medium term with options
Lewis & Land Group
350-500
March 2018
CBD
3-5 term + 3-5 option
CREATE
300-350
April 2018
Various
Fitted, 3-5 year term
ELMO
1200-1600
July 2018
Midotown, Southern CBD
3-5 year term
19 | SYDNEY OFFICE UPDATE
28/88 PHILLIP STREET
FIND YOUR PERFECT SPACE 3 /441 K E N T S T R E E T
CENTRAL LOCATION CITY VIEWS 14/ 1 M A R K E T S T R E E T
SYDNEY OFFICE UPDATE | 20
Premium office with harbour views Level 28, 88 Phillip Street , Sydney Aurora Place is a landmark 42 storey office building constructed in 2000. The building boasts state of the art services winter garden design. Aurora Place is situated on the northeastern corner of Phillip and Bent Streets adjacent to Botanical Gardens and just a short walk to Martin Place and Circular Quay. - Premium high rise whole floor opportunity - Amazing views over Sydney Harbour - Existing new fit out and furniture in place - Sublease or assignment to 31 March 2021 plus 5 year option
Area m2:
1375 approx 2
Rent $/m : Rental PA:
$1,217 Gross $1,673,375
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
21 | SYDNEY OFFICE UPDATE
Creative warehouse space Level 3, 441 Kent Street , Sydney The Carla Zampatti Building is a truly unique warehouse office building located in the western Corridor of Sydney. There is basement parking, bike racks and showers. Tenancies feature polished timber floors and sandstone walls. - Whole level 3 with dual lift entry to floor - Warehouse office with timber floors, sandstone walls - Existing fit out and furniture in place - All inclusions are negotiable based on price.
Area m2: $/m2:
Rent Rental PA:
1048 approx $925 Gross $969,400
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 22
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: $/m2:
Rent Rental PA:
932.4 approx $913 Gross $851,468
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
23 | SYDNEY OFFICE UPDATE
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:
674 approx 2
Rent $/m : Rental PA:
$810 Gross $545,940
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Andrew Telepis 0415972696 atelepis@raywhite.com
SYDNEY OFFICE UPDATE | 24
Mezzanine retail opportunity Mezzanine Level , 630 George Street , Sydney 630 George Street comprises ground and first floor retail areas, plus six upper office levels in one rise. 630 George Street is located in close proximity to Event Cinema's with strong traffic flow both day and night. - Direct street access, private amenities & elevator access - Ideal retail space for fashion, cosmetic, Internet cafe, pool bar, medical centre, drug store & cafe - Minimum term 5 years sub lease
Area m2:
430 approx 2
Rent $/m : Rental PA:
$995 Gross $427,850
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@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
Warehouse space with fitness potential Level 1, 16A Hickson Road , Sydney 16A Hickson Road is a heritage building with constant foot traffic, within close proximity to bus stops and a car park located on Hickson Road. The premises is situated opposite boutique residential and commercial development with high net worth occupiers looking for quality food and amenity nearby. - Suite 1 & 2 leased together - Fitted with 2 rooms, 1 kitchen, bathroom with shower - Access through the ground floor and up 2 flights of stairs
Area m2:
355 approx 2
Rent $/m : Rental PA:
$800 Gross $284,000
Naomi Vilar 0431 209 888 nvilar@raywhite.com
27 | SYDNEY OFFICE UPDATE
Existing recruitment fit out in place Suite 12.02, 25 Bligh Street , Sydney
Area m2:
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
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
- 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
387 approx
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 28
Warehouse space with fitness potential Level 1, 16A Hickson Road , Sydney 16A Hickson Road is a heritage building with constant foot traffic, within close proximity to bus stops and a car park located on Hickson Road. The premises is situated opposite boutique residential and commercial development with high net worth occupiers looking for quality food and amenity nearby. - Suite 1 & 2 leased together - Fitted with 2 rooms, 1 kitchen, bathroom with shower - Access through the ground floor and up 2 flights of stairs
Area m2:
355 approx 2
Rent $/m : Rental PA:
$800 Gross $284,000
Naomi Vilar 0431 209 888 nvilar@raywhite.com
29 | SYDNEY OFFICE UPDATE
Whole floor with creative fit out Whole Level 4, 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. - Offered as a whole floor of 332m2 - High quality reception area and full open plan kitchen - Existing meeting rooms and offices - Flexible lease terms, very motivated to do a deal !!
Area m2:
332 approx 2
Rent $/m : Rental PA:
$800 Gross $265,600
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 $1,400 Gross $442,400
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 Jan 2018
Area m2: $/m2:
Rent Rental PA:
310 approx $870 Gross $269,700
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 32
Located above Bondi Junction train line 2 Grosvenor Street , Bondi Junction The 'Exchange' building at 2 Grosvenor Street is a brand new boutique commercial development in a premium Bondi Junction location, the main commercial and retail hub of Sydney's Eastern suburbs. - Suites ranging in size from 78.1 sqm – 295.1 sqm - Premium A grade building services including three lifts - Basement parking and bike racks - Male and female showers and change rooms
Area m2: $/m2:
Rent Rental PA:
295.1 approx $750 Gross $221,325
Anthony Harris 0409 319 060 aharris@raywhite.com
33 | SYDNEY OFFICE UPDATE
Corner suite with existing fit out Suite 502, 66 Clarence Street , Sydney 66 Clarence Street is a 13 storey office tower, comprising basement level secure parking, ground floor retail and 11 floors of office accommodation. 3 star NABERS. - Prime north side of the floor with great light - Good quality existing fit out in place - Light on all 3 sides of tenancy - New direct lease on offer
Area m2: $/m2:
Rent Rental PA:
286 approx $775 Gross $221,650
Anthony Harris 0409 319 060 aharris@raywhite.com Christian Minards 0447 777 037 cminards@raywhite.com
SYDNEY OFFICE UPDATE | 34
16A Hickson Road Suite 2, 16A Hickson Road , Sydney 16A Hickson Road is a heritage building situated opposite boutique residential and commercial developments. The new Barangaroo precinct is bringing renewed focus on the Walsh Bay waterfront. - Large open plan space with minimal natural light - Character columns in suite - Great for yoga, pilates studio or something similar - Shared external disabled bathroom - Available now
Area m2: $/m2:
Rent Rental PA:
285 approx $400 Gross $114,000
Naomi Vilar 0431 209 888 nvilar@raywhite.com
35 | SYDNEY OFFICE UPDATE
Whole floor with existing fit out Level 1, 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. - North aspect with views over Hunter Street - High quality fit out with reception, boardroom, meeting rooms - Approx 19 workstations, chairs, own kitchen and bathroom
Area m2:
277 approx 2
Rent $/m : Rental PA:
$795 Gross $220,215
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 36
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: $/m2:
Rent Rental PA:
228 approx $825 Gross $188,100
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
37 | SYDNEY OFFICE UPDATE
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 $1,000 Gross $225,000
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 38
Whole floor with existing fit out Whole Floor 4, 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. - Excellent natural light throughout - Brand new end of trip facilities - Access to gym and squash courts at neighbouring property - Available 1 December 2017
Area m2: $/m2:
Rent Rental PA:
221 approx $950 Gross $209,950
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
39 | SYDNEY OFFICE UPDATE
Whole floor with existing fit out Whole Floor 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. - Excellent natural light throughout - Existing fitout in place, glass offices, boardroom - Full kitchen, existing power and data - Brand new end of trip in basement - Available 1 April 2018
Area m2: $/m2:
Rent Rental PA:
221 approx $950 Gross $209,950
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 40
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: $/m2:
Rent Rental PA:
214 approx $875 Gross $187,250
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
41 | SYDNEY OFFICE UPDATE
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: $/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
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. - Fitted whole floor with a large private balcony - High quality & secured lobby with intercom access - Independent air conditioning & shower facilities are available
Area m2:
208.3 approx 2
Rent $/m : Rental PA:
$830 Gross $172,889
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
43 | SYDNEY OFFICE UPDATE
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. - Partitioned and furnished. Reception, 2 large corner offices. - Workstations for 16 staff, full kitchen - Own shower, male and female toilets - Stair access only up 2 levels
Area m2: $/m2:
Rent Rental PA:
200 approx $725 Gross $145,000
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 44
Refurbished floor with new kitchen Level 7, 48 Hunter Street , Sydney 48 Hunter Street is located close to the intersection of O’Connell and Pitt Streets. Building features include floor by floor security, individual packaged air conditioning, common shower and locker facilities, terrific natural light and a pleasant outlook over Hunter Street. - Brand new refurbishment to open plan - High quality new kitchen installed - Superb natural light, after hours intercom access - Vacant now and ready to move into
Area m2: $/m2:
Rent Rental PA:
200 approx $875 Gross $175,000
Anthony Harris 0409 319 060 aharris@raywhite.com Andrew Edwards 0411 364 232 aedwards@raywhite.com
45 | SYDNEY OFFICE UPDATE
Existing restaurant fit out in place Shop 2, 16A Hickson Road , Sydney 16A Hickson Road is a heritage building situated opposite boutique residential and commercial development with high net worth occupiers looking for quality food and amenity nearby. - Existing kitchen with grease trap and exhaust fan - Reverse cycle air conditioning - Disabled bathroom and ample storage - Potential for outdoor seating subject to DA
Area m2: $/m2:
Rent Rental PA:
180 approx $950 Gross $171,000
Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 46
Existing legal style fit out in place Suite 18.01, 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 - West facing suite with amazing city views - Fitted suite with 4 offices, boardroom, meeting room & waiting area - End of trip facilities, gym and squash court - Available 1 October 2017
Area m2: $/m2:
Rent Rental PA:
175 approx $1,050 Gross $183,750
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
47 | SYDNEY OFFICE UPDATE
Corner retail opportunity Ground floor, 63 York Street , Sydney 63 York Street is a classic heritage building with a central location. The building is located on the corner of York and Barrack Streets within minutes walk of Wynyard station and Martin Place. - Prime corner position just off Martin Place - Exposure to York and Barrack Street - Timber floors throughout - Only suitable to dry usage, no food allowed.
Area m2: $/m2:
Rent Rental PA:
170 approx $1,600 Gross $272,000
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 48
King Street Wharf - waterfront offices Part Level 3, 25 Lime Street , Sydney The King Street wharf development provides direct waterfront office accommodation positioned only 10 minutes walk from Martin place. Dynamic precinct is home to some of Sydney best bars and restaurants. - Sensational waterfront suite with views of Darling Harbour - Reception, boardroom, offices and open plan area - Two bathrooms, one guest toilet and one with toilet & shower - 3 sides of natural light, fully air conditioned. Optional car space
Area m2: $/m2:
Rent Rental PA:
165 approx $820 Gross $135,300
Andrew Edwards 0411 364 232 aedwards@raywhite.com
49 | SYDNEY OFFICE UPDATE
Whole floor with existing fit out Level 2, 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 tenancy with existing fit out - Fitted with small storage room and large boardroom - Abundance of natural light on 2 sides - Available 1 January 2018
Area m2: $/m2:
Rent Rental PA:
151 approx $630 Gross $95,130
Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 50
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 2
Rent $/m : Rental PA:
$850 Gross $125,460
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
51 | SYDNEY OFFICE UPDATE
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: $/m2:
Rent Rental PA:
147 approx $1,079 Gross $158,613
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
SYDNEY OFFICE UPDATE | 52
Existing fit out in place Suite 9.01, 25 Bligh Street , Sydney
Area m2:
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
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
- Fitted suite with 2 executive offices & boardroom - Abundance of natural light - End of trip facilities, gym and squash court - Available April 2018
145 approx
53 | SYDNEY OFFICE UPDATE
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: $/m2:
Rent Rental PA:
145 approx $875 Gross $126,875
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 54
Creative whole floor 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 space - Toilets, shower & kitchenette on floor - Pressed metal ceilings and opening windows - Direct lift access and alarm system
Area m2: $/m2:
Rent Rental PA:
145 approx $825 Gross $119,625
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
55 | SYDNEY OFFICE UPDATE
East facing suite with fit out in place Suite 13.01, 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 January 2018
Area m2: $/m2:
Rent Rental PA:
144 approx $1,050 Gross $183,750
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 56
Ground floor retail plus mezzanine Shop 5, 16A Hickson Road , Sydney 16A Hickson Road is situated opposite boutique residential and commercial developments with high net worth occupiers looking for quality food and amenity nearby. - 2 levels consisting of ground floor and mezzanine level - Shared external disabled bathroom - Potential for outdoor seating subject to DA
Area m2: $/m2:
Rent Rental PA:
135 approx $950 Gross $128,250
Naomi Vilar 0431 209 888 nvilar@raywhite.com
57 | SYDNEY OFFICE UPDATE
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 - Existing fit out with boardroom in place, room for 12 workstations
Area m2: $/m2:
Rent Rental PA:
133 approx $750 Gross $99,750
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 58
Co shared space Level 13, 48 Hunter Street , Sydney 48 Hunter Street is located close to the intersection of O’Connell and Pitt Streets. Building features include floor by floor security, common shower and locker facilities. - Co shared tenancy with a property company - Shared reception and boardroom on level 12 - Existing glass fronted offices - Sub lease until 01/11/18
Area m2: $/m2:
Rent Rental PA:
130 approx $875 Gross $113,750
Anthony Harris 0409 319 060 aharris@raywhite.com Andrew Edwards 0411 364 232 aedwards@raywhite.com
59 | SYDNEY OFFICE UPDATE
Sub lease shared tenancy Part level 6, 10 Bridge Street , Sydney 10 Bridge Street is located on the northern side of Bridge Street adjacent to the ASX. Circular Quay and Wynyard bus and rail are only moments away. The building has been refurbished to an A grade standard including improvements to the ground floor entrance, lifts, new cafe and bathrooms and lift lobbies to provide its occupants a vibrant new workspace. - Sub lease to 30 September 2019, vacant now - The exclusive sub lease area is approx 125m2 - Shared reception, boardroom and kitchen
Area m2:
125 approx 2
Rent $/m : Rental PA:
$865 Gross $108,125
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 60
Existing fit out and furniture in place Part level 3, 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, 3 offices - Minimum 3 year lease
Area m2: $/m2:
Rent Rental PA:
121 approx $675 Gross $81,675
Anthony Harris 0409 319 060 aharris@raywhite.com Andrew Edwards 0411 364 232 aedwards@raywhite.com
61 | SYDNEY OFFICE UPDATE
Park views over Wynyard Suite 1201, 50 Margaret Street , Sydney 50 Margaret Street overlooks Wynyard Park positioned on top of Wynyard train station and close proximity to Barangaroo via the recently opened Wynyard Walk. The building enjoys excellent natural light and expansive views. Extensive building upgrades to ground floor lobby. - Partitioned suite looking over Wynyard Park - Can be offered as is or refurbished - Existing fit out in place with large boardroom - Light on 2 sides
Area m2: $/m2:
Rent Rental PA:
120.5 approx $995 Gross $119,898
Anthony Harris 0409 319 060 aharris@raywhite.com Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
SYDNEY OFFICE UPDATE | 62
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 as a sub-lease or new direct lease
Area m2: $/m2:
Rent Rental PA:
110 approx $795 Gross $87,450
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
63 | SYDNEY OFFICE UPDATE
25 Bligh Street Suite 5.03, 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 - Modern fitted suite with 4 offices, meeting room - Outlook onto Bligh and Castlereagh Street - End of trip facilities available - Available now
Area m2: $/m2:
Rent Rental PA:
102 approx $890 Gross $90,780
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 64
Private office suites with shared reception 401, 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. - Co working environment with self contained lockable rooms - Rooms range from 6, 8, 12, and 16 desks - Rental rate of $800 per desk per month - Leases from 6 months or longer, 3 months bond
Area m2: $/m2:
Rent Rental PA:
100 approx $850 Gross $85,000
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
65 | SYDNEY OFFICE UPDATE
King Street Wharf Part Level 4, 15 Lime Street , Sydney The King Street wharf development provides direct waterfront office accommodation positioned just west of the city centre only 10 minutes walk from Martin place. This fast moving dynamic precinct is home to some of Sydney best bars and restaurants and is the new hub for elite businesses such as Macquarie Bank, KPMG and Westpac Bank. - Water front office with balcony - Own kitchen and bathroom with shower - Terrific light throughout
Area m2: $/m2:
Rent Rental PA:
96 approx $850 Gross $81,600
Andrew Edwards 0411 364 232 aedwards@raywhite.com
SYDNEY OFFICE UPDATE | 66
Existing fit out in place 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. - Partitioned tenancy on level 7 - Reception, open area for workstations - Glass fronted offices - Boardroom and meeting room
Area m2: $/m2:
Rent Rental PA:
94 approx $695 Gross $65,330
Christian Minards 0447 777 037 cminards@raywhite.com Nicholas Yeoh 0415 566 541 nyeoh@raywhite.com
67 | SYDNEY OFFICE UPDATE
Existing fit out in place Suite 7.02, 22 Market Street , Sydney 22 Market Street is 14 story well-known strata title office building built in 1977. Ideal location & extremely convenient to Town Hall & QVB- within minutes to Darling park & cockle Bay. - Excellent natural light looking across Market & Kent Street - Existing fit out with Kitchenette - Existing power and data supply - Available now
Area m2:
91 approx 2
Rent $/m : Rental PA:
$800 Gross $72,800
Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 68
25 Bligh Street Suite 8.01, 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 - East facing suite with great light - Fitted with reception and 4 internal offices - End of trip facilities available - Available April 2018
Area m2:
89 approx 2
Rent $/m : Rental PA:
$950 Gross $84,550
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
69 | SYDNEY OFFICE UPDATE
East facing suite with Harbour views Suite 7.01, 139 Macquarie Street , Sydney Domain House is a boutique office building situated directly opposite the Botanic Gardens between Bridge and Bent Streets. Refurbished lifts, amenities and common areas. Parking available in the building basement. - Sub lease until 30/9/18, suite to be leased 'As Is' - Easterly outlook at front of the building with Harbour views - Abundance of natural light - Shared reception area, boardroom & open plan area - Direct lift exposure
Area m2: $/m2:
Rent Rental PA:
70 approx $995 Gross $69,650
Anthony Harris 0409 319 060 aharris@raywhite.com Elizabeth Braithwaite 0434 305 588 ebraithwaite@raywhite.com
SYDNEY OFFICE UPDATE | 70
Serviced offices Part level 11, 66 Clarence Street , Sydney 66 Clarence Street is a 13 level office tower won the corner of Erskine Street. An extensive refurbishment works program was completed August 2017 with fully refurbished floors of superior quality office space, providing efficient floor plates and high levels of natural light. 3 star NABERS. - Brand new co working / serviced office space - Brand new fit out in place - Shared kitchen, boardroom and break out areas - Unique outdoor entertaining balcony
Area m2: $/m2:
Rent Rental PA:
60 approx $930 Gross $55,800
Naomi Vilar 0431 209 888 nvilar@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: $/m2:
Rent Rental PA:
59 approx $695 Gross $41,005
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 72
OUROFFICES 48
O F FI C E S AC R O S S AU S T R AL I A, N EW ZE AL AN D, C H I N A AN D H ON G KO N G
F R O M H U M B LE B EGINNINGS IN 1902 IN T H E S M A L L 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 N A ME 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 TATE 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 F F IC E
23
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.
14
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.
Q LD O F F IC E S
WA OFFICE
SA O F F IC E
INT ERNAT I ON AL OFFI CES I N: NEW ZEAL AN D HONG KONG CHINA
NS W O F F IC E S
4
V IC O FF IC E S
OFFIC E
CON TAC T
O F F IC E
CO NTAC T
Ray White Advisory
(02) 9262 3700
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(02) 92493725
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(1800) 858 696
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(07) 5555 8600
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(08) 6253 5222
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23761088
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(07) 3231 2241
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(03) 9568 2000
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23761088
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(02) 9249 3709
73 | SYDNEY OFFICE UPDATE
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