OFFICE UPDATE HEALTHY OFFICE
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SYDNEY
OFFICE UPDATE
S E P T E M B E R 2 017
HEALTHY THE MATRIX AGILE
OFFICE OF RENTAL WORKSPACES
A U S T R A L I A’ S F I R S T W E L L PRICING DESIGING AN
CORE & SHELL GOLD AGILE OFFICE FOR
C O M PA R I N G T R U E
P R E C E R T I F I C AT I O N SUCCESS
VA L U E W H E N L E A S I N G
AN OFFICE
O B A R S E E Y O U AT T H E T O P
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 ANTHONY JEREMY
real estate agents who put HARRIS PIGGIN
your interests at the centre of Director in Charge Director
everything we do. 0409 319 060 0413 336 161
aharris@raywhite.com jpiggin@raywhite.com
As part of the Ray White Group,
the largest real estate group in Aus-
tralasia, we have the strength and
scope of an international business, JONATHAN ANDREW
with the local knowledge needed LAVERTY TELEPIS
to deliver premium results. Being Consultant Director
owner-led, we have a 0413 583 338 0415 972 696
personal commitment to your suc- jlaverty@raywhite.com atelepis@raywhite.com
cess.
Our Sydney Office Leasing team has
eight leasing agents working solely CHRISTIAN ELIZABETH
on the Sydney CBD office market. MINARDS BRAITHWAITE
We specialise in: Director Property Executive
0447 777 037 0434 305 588
easing and sales of office space
L cminards@raywhite.com ebraithwaite
in Sydney CBD @raywhite.com
ease assignment and
L
subleasing of surplus premises for NAOMI ANDREW
tenants VILAR EDWARDS
Sourcing office space for tenants Property Executive Property Executive
0431 209 888 0411 346 232
roperty Management of strata
P nvilar@raywhite.com aedwards@raywhite.com
offices
NICHOLAS JESSIE
YEOH BATES
Property Analyst Team Assistant
0415 566 541 (02) 9249 3768
nyeoh@raywhite.com jbates@raywhite.com
(02) 9249 3709
CONTENTS
WHAT’S INSIDE 03 O B A R A N D D I N I N G
06 TH E M A T R I X O F R E N T A L
PRICING
08 DESIGNING AN AGILE OFFICE
10 H E A L T H Y O F F I C E S
14 E N D O F T R I P
20 I N D U S T R Y S P E A K
24 F O C U S L I S T I N G S
26 A U G U S T T R A N S A C T I O N S
KEY ECONOMIC DATA:
VACANCY RATES FOR SYDNEY CBD: 5.9% CASH RATE: UNCHANGED AT 1.5%
RAY WHITE COMMERCIAL GROUP NATIONALLY AUSTRALIAN UNEMPLOYMENT RATE: 5.6%
AUGUST 2017: $239M 42% INCREASE ON AUGUST 2017
VACANCY RATES CONTINUE TO FALL
It’s hard to believe it’s September - Rising white-collar employment,
we’re busy shaking of Winter and residential conversions and limited
looking forward to getting out amongst new developments on the immediate
the outdoor lifestyle that the Sydney horizon will see further reductions in
CBD offers in spades by way of lunch supply. Agents are now predicting face
At Ray White, we’re very low on stock
spots, parks, rooftop bars and glorious rents will lift by about 3.5 per cent each
levels and urgently require space
harbourside restaurant strips like year up until 2020.
for lease to satisfy the demand from
Barangaroo.
However when you look at the current tenants. If you have surplus space for
The Property Council of Australia’s cycle it’s important to note that much lease we’d love to hear from you. If
most recent office market report shows of the recent rental growth in the you’re a tenant on the hunt for your
the Sydney CBD vacancy rate fell from Sydney CBD market was demand- dream office, let us know what you
6.2 per cent to 5.9 per cent, continuing fuelled by extraordinary and isoled need and we’ll find the right space for
its run as the Australian CBD with events such as the compulsory you.
the lowest vacancy rate. The fall was acquisition of commercial buildings
All the best,
due to two key factors - withdrawals for the new Metro rail development.
of office space from the market and That demand is now largely satisfied Anthony Harris
positive tenant demand. and we’re slowly returning to a more
M: 0409 319 060
balanced and less frantic market.
Disclaimer: Precaution has been taken to establish accuracy of listing details herein but
does not constitute any representation by the owner or agent
4 | SYDNEY OFFICE UPDATE
O
BAR AND
DINING
WITH A REVOLVING VIEW THAT’S But this is no tourist haunt, as you might think a revolving
PRETT Y DARN HARD TO BEAT, O restaurant might be. It’s the place for a quality lunch
BAR AND DINING TAKES PRIDE OF meeting, or a cracking spot to enjoy a post-work drink
PLACE AT THE TOP OF AUSTRALIA or degustation, with a side of sunset. There’s no better
SQUARE AT 264 GEORGE STREET, place to take in the view and an espresso martini. Chef
ON THE 47TH FLOOR. Michael Moore’s menu brings together his classical
cookery training and international experience with a
love of contemporary healthy food and expertly sourced
produce.
Think fresh fish, beef, venison, duckling and even buffalo,
or hand yourself over to the chef for the eight-course
degustation menu. Leave room for dessert, the hot
passionfruit soufflé with hidden milk chocolate and dipped
passionfruit cream is superb.
S E E Y O U AT T H E T O P.
OBARDINING.COM.AU | 264 GEORGE STREET, SYDNEY 2000 | T: 02 9247 9777
SYDNEY OFFICE UPDATE | 5 SPACE FOR AD
6 | SYDNEY OFFICE UPDATE
THOUGHT LEADERSHIP
BY ANTHONY HARRIS
T H E M AT R I X O F
R E N TA L P R I C I N G
LEASE INCENTIVES AND MAKE GOODS CAN
M A K E I T T R I C K Y C O M PA R I N G T R U E VA L U E
WHEN LEASING AN OFFICE.
AT RAY WHITE COMMERCIAL OUR OFFICE LEASING
AGENTS WILL T YPICALLY SHOW A PROSPECTIVE TENANT
10 TO 15 PROPERTIES BEFORE THEY SETTLE ON A
SHORTLIST OF TWO OR THREE THEY REALLY LIKE.
The stock they see will be a combination of Often it’s apples and oranges.
Ray White listings, open stock and other agent’s
CONSIDERING THE TWO
offices we have conjunction arrangements with.
EXAMPLES BELOW.
These properties will vary in factors such as
quality, rental rates, fit out styles and the lease Scenario A: A 200m2 office with rental of
incentives offered. Often higher incentives are $750 psm gross, a three year lease with 5%
offered on space that’s hard to lease - maybe annual rent increases. The office has no fit out
it’s a dark space in poor condition, perhaps it’s and there is a full make good at end of lease. The
subject to a demolition clause, or it’s a secondary lessor offers a six month rent free period
suite from a larger subdivision at the start of the lease as a lease incentive.
and a high lease incentive is offered to move Scenario B: A 200m2 office with rental of $1,000
it quickly. psm gross, a three year lease with
It’s these lease incentives that stay front of mind 5% annual rent increases. The office has a good
with tenants in commercial negotiations. It’s quality existing fit out with furniture already in
critically important to remember though, you can’t place, and the make good only requires painting
necessarily apply the highest lease incentives you and replacing carpets damaged by the tenant.
hear in the market against the favourite places The lessor offers one month rent free at the start
you shortlist. of the lease.
SYDNEY OFFICE UPDATE | 7
WHICH IS THE BETTER DEAL FOR THE TENANT?
SCENARIO A OR B?
SCENARIO A: SCENARIO B:
Area (m2) 200 Area (m2) 200
Rental psm $750 Rental psm $1,000
Annual $150,000 Annual $200,000
Year Area Rental Increases Annual Rental Year Area Rental Increases Annual Rental
1 200 $750 0% $150,000.00 1 200 $750 0% $200,000.00
2 200 $750 5% $157,500.00 2 200 $750 5% $210,000.00
3 200 $750 5% $165,375.00 3 200 $750 5% $220,500.00
Rent due for term TOTAL $472,875.00 Rent due for term TOTAL $630,500.00
Less incentive of 6 month’s rent $75,000.00 Less incentive of 1 month’s rent $100,000.00
Total $397,875.00 Total $530,500.00
Existing fit out already in
Typical office fit out cost $750 psm $150,000
place $0 psm $0
Typical full make good
Paint and minor make good
cost $200 psm $40,000
cost $100 psm $20,000
Total $190,000
Total $20,000
Total rental paid during
term $397,875.00 Total rental paid during term $530,500.00
Total fit out and make good costs $190,000 Total fit out and make good costs $20,000
Grand total $587,875.00 Grand total $550,500
At a glance Scenario A with the lower rental of $750 psm It’s Scenario B that works out to be cheaper by $37,375 over
gross and the six months rent free must be a better deal? three years - primarily because of the value of the existing fit
But it’s only when you look at the cost of fit outs and make out and the less onerous make good requirements. Fit out
goods that you get a like for like comparison. costs and make good costs can make a huge impact on the
total cost of a leasing transaction.
WHEN YOU’RE SEARCHING FOR OFFICE SPACE, IT’S WORTH ASKING
YOUR AGENT TO RUN A COST ANALYSIS FOR EACH DEAL AND MAKE
TRUE COMPARISONS TO ASSESS THE BEST OPTION FOR YOU.
WE’RE ONLY TOO HAPPY TO HELP YOU RUN THE NUMBERS.
BY ANTHONY HARRIS
8 | SYDNEY OFFICE UPDATE
SO YOU WANT
TO BE MORE
AGILE…
DESIGNING AN BY ANDREW
AGILE OFFICE JOHNSON
MANAGING
FOR SUCCESS DIRECTOR
INTERMAIN
I T ’ S A W O R K P L A C E B U Z Z- Agile workplaces have been credited
W O R D T H AT Y O U H AV E with boosting organisations’
NO DOUBT COME ‘employer brand’, helping them to
A C R O S S , B U T ‘A G I L E ’ attract and retain great talent. Their
W O R K S PA C E S A R E M O R E ability to enhance morale translates
T H A N J U S T A PA S S I N G directly to increased productivity
FA D, A N D W I T H G O O D and reduced absenteeism and
REASON. the flexibility they afford to staff
also keeps great people in the
A well designed agile structure, fine-
workplace who would otherwise
tuned to support your working style
need to leave to better manage family
and business aspirations can mark
commitments. An agile workplace
a turning point in your company’s
‘breaks down the barriers’ between
culture, productivity and ability to
senior management and more junior
attract and retain good staff.
staff, fostering better collaboration,
In an agile workplace, an organisation learning and development, and
empowers its people to work where, confidence to innovate.
when and how they choose. It takes
They also make sense from a
the emphasis away from ‘where they
financial point of view, requiring up to
work’ and focusses on ‘what they
30% less real estate and a reduction
do’, providing flexible spaces that
in the investment required for your
accommodate different activities. This
physical office fit-out. This is because
means that rather than assigning staff
studies show that on average 70%
a set workstation, they can move
of your workforce will be physically
around the office to work in spaces
present in the office at any given
that are suited to the activity they are
time.
performing at the time.
Agile structures also allow for the
It also means putting great
ebb and flow of headcount without
technology in place to allow staff to
needing to change your office layout.
work outside the office at times.
At Intermain, the advice we give our
clients is that there is no ‘one-size-
SYDNEY OFFICE UPDATE | 9
fits-all’ solution for a successful agile But it was the ideal solution for FDG Equally, we designated areas as
workplace. We place huge importance who wanted to boost their team telephone spaces, where booth style
on working with our clients to fully collaboration and reduce the physical furniture was designed to provide
understand their working culture, how and cultural barriers between the physical and acoustic privacy.
they collaborate, what talent they younger staff and the senior partners to
We also incorporated a large
want to attract and retain and their foster innovation, sharing of ideas and
communal meeting table which
overall business aspirations. We then learning and development. We achieved
has provided a far less daunting
tailor a smart solution that specifically this for FGD by removing physical walls
environment than a traditional
supports these objectives. and partitions and moving to an open-
boardroom for internal meetings.
plan activity based scheme, allowing
A great example is a workplace we FDG have reported that the ideas
staff to ‘huddle together’ in project-
recently designed and constructed exchanged in these meetings have
based groups.
for Farrar Gesini Dunn (FGD) Lawyers been boosted exponentially because
in Canberra. The agile concept is a Our smart solution for FDG staff feel less intimidated to share their
complete contrast to the traditional, acknowledged their need for quiet views and innovations with senior
hierarchical office commonly associated spaces to review and draft complex management in this more ‘equal’ and
with the legal profession. documents, so we created ‘focus’ areas casual environment.
where staff could work undisturbed.
The result has been an enormously
positive evolution for the FDG team,
supporting their productivity and
elevating the company’s employer
brand.
Andrew Johnson 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.
On a recent job for Thyssen Krupp
elevators, we placed ‘standing tables’
around the office. These high tables
encouraged staff to stop for informal
meetings as they passed each other
in the corridors. These sort of ‘ad-
A DESIGNER’S PERSPECTIVE…. hoc’ meetings are incredibly affective
KATYANA MOLONY for making decisions on the go and
keeping workflow moving. We also
Even if an office redesign is not on the
had some fun with creating themed
short-term horizon for you, there are
meeting areas like the ‘heritage lift
some simple changes you can make
meeting room’ (pictured) that provided
to inject ‘agile’ principals into your
a great informal meeting space.
workplace.
V I S I T W W W.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 .
H E A LT H Y
OFFICES:
I N V E S TA L E A D S I N T E N A N T
W E L L N E S S , W I T H A U S T R A L I A’ S
FIRST WELL CORE & SHELL
G O L D P R E C E R T I F I C AT I O N
B Y I N V E S TA
AS A LEADER IN THE COMMITMENT IN With the addition of the WELL rating,
ENVIRONMENTALLY SUSTAINABLE DESIGN tenants at Barrack Place will also enjoy
(ESD) IN OFFICE BUILDINGS FOR MORE enhanced health and wellness benefits,
THAN A DECADE, INVESTA HAS TAKEN THE delivered via sophisticated planning
and construction methods that
NEXT STEP FROM THE MACRO SCALE OF A
incorporate the principles of air, water,
SUSTAINABLE PL ANET TO EXTENDING THEIR
nourishment, light, fitness, comfort and
FOCUS ON THE INDIVIDUALS THAT INHABIT
mind.
ITS WORKING PLACES.
B A R R A C K P L A C E ’ S P R E-
With a continued emphasis on Barrack Place to leverage the building’s C O M M I T T E D T E N A N T, A R U P
people, Investa explored new ways to design and services when planning TA L K I N G A B O U T W E L L
improve health and wellness through their own work places. To achieve this,
the fundamentals of building design. Investa engaged with the International Dr Marianne Foley, Australasian
During their research, it was evident the WELL Building Institute™ (IWBI™) Consulting Sector Leader at ARUP,
WELL Building Standard™ (WELL™) over a year ago to explore how a pre-committed tenant at Barrack
was the ideal rating tool as it uses WELL could be adapted to Australian Place, has praised Investa’s initiative in
a performance-based system for offices. During construction, Investa approaching IWBI and achieving this
measuring, certifying, and monitoring will oversee the implementation of the WELL Precertification.
features of the built environment to WELL performance requirements until “We are pursuing a WELL rating for our
provide quantifiable results. completion in late 2018. tenancy also and Investa’s commitment
While individual tenancies within ABOUT BARRACK PL ACE to the WELL Core and Shell Gold
buildings have achieved WELL Precertification has significantly
Located on the Southern end of Martin helped us in achieving this goal and
Certification in Australia, Investa
Place, the building is within walking further demonstrates the quality of the
Office Fund’s (IOF) Barrack Place
distance to Wynyard and Martin Place building,” she said.
development at 151 Clarence Street,
train stations. Comprising 22,000
is leading the way with Australia’s first
ever building to be awarded a WELL
square metres of A-Grade office “As a company we have a strong
space and retail over 18 levels, the
Core & Shell Gold level Precertification.
building will create a vibrant retail and
focus on overall employee
The Precertification allows tenants at entertainment precinct. health and wellbeing. In IOFSYDNEY OFFICE UPDATE | 11
A B O U T I N V E S TA
Investa is a leading Australian real delivering consistent outperformance
estate company managing more to its investors and exceeding the
than A$10 billion of quality office expectations of its tenants and staff,
real estate. As a specialist office while remaining an industry leader
manager of commercial office in sustainable building management
buildings Investa manages more and responsible property investment.
than 40 assets in the key Australian
Emily Lee-Waldao, General
and Investa we have like-minded CBD markets on behalf of ICPF,
Manager, Marketing &
ASX-listed Investa Office Fund (IOF)
partners and in Barrack Place Communications
and private mandates. Its end-to-
the ideal corporate headquarters T +61 2 8226 9378
end real estate platform incorporates
M +61 416 022 711
for our needs.” funds, asset, property and facilities
E ELee-Waldao@investa.com.au
management, development,
T E N A N T AWA R E N E S S A N D
sustainability, capital transactions
BENEFITS
and research. Investa strives to be
Awareness of the benefits of WELL the first choice in Australian office, by
is becoming more widespread among
tenants as businesses increase
importance of how office space and
the built environment contributes to the
health and wellbeing of their staff.
W H AT I S W E L L ?
T H E W E L L B U I L D I N G S T A N D A R D ™ ( W E L L™ )
Being the first Australian office IS THE FIRST BUILDING STANDARD TO
development to achieve Precertification FOCUS ON ENHANCING PEOPLE’S HEALTH
reflects IOF’s commitment to designing AND WELLNESS THROUGH THE BUILT
and building for the long-term benefit ENVIRONMENT.
of tenants.
Administered by International WELL is grounded in a body of
F O R M O R E I N F O R M AT I O N WELL Building Institute™ (IWBI™), medical research that explores the
ABOUT BARRACK PL ACE VISIT WELL is a performance-based connection between the buildings
W W W.B A R R A C K P L A C E .C O M . system for measuring, certifying, where we spend more than 90
and monitoring features of the built percent of our time, and the health
environment that impact human and wellness impacts on us as
health and wellness through air, occupants.
water, nourishment, light, fitness,
comfort, and mind.12 | SYDNEY OFFICE UPDATE
SPACE
FOR ADSYDNEY OFFICE UPDATE | 13
CASE STUDY
T E N A N T: M O N E X
M O N E X S E C U R I T I E S .C O M . A U | P R E M I S E S : 2, 36 Hickson Road | A R E A ( A P P R O X ): 133.6sqm
R E N TA L : Withheld, however rents in the precinct range from $900 psm to over $1,000 psm gross
Monex Securities approached Ray W H E N Y O U F O U N D 2 /3 6 We are just a few minutes stroll to all
White as a company new to Australia H I C K S O N R O A D, W H Y WA S the restaurants and bars on offer at
and keen to find a character-filled T H I S PA R T I C U L A R S PA C E Barangaroo - the rooftop bar of Untied
building that would tie in with the APPEALING? is a current favourite.
culture they are cultivating. Alex
It has CHARACTER! So many of the The Lord Nelson Brewery and
Douglas, the Managing Director of
other office spaces I looked at were Hotel Palisade are both nearby,
Monex Securities shared the inside
in rather drab, uninspiring buildings as is the cafe at Pier 8. Despite
story of why 36 Hickson Road was the
that lacked any real character. This five being on the edge of the CBD, I
tenancy for his growing team.
storey sandstone building was built can be at Australia Square in less than
W H AT D O E S M O N E X for the Australian Gas Light Company 10 minutes.
SECURITIES DO? back in 1845. The bare sandstone
HOW DID YOU FIND
walls, exposed wooden beams and
We are an online broker providing W O R K I N G W I T H T H E R AY
concrete floors give it a sense of history
low-cost access to international WHITE TEAM?
and solidity. At the same time, it has a
equities markets. From one platform,
bit of a start-up feel about it, which is a I must have looked at 20 or 30
our clients can trade listed securities
nice match properties. Andrew Edwards was
in Australia, USA, Japan, Hong Kong,
for the culture we are aiming for here at always happy and professional and
China, Korea, Singapore, Thailand,
Monex. took my feedback on board when
Taiwan, Indonesia, Malaysia and the
searching for additional properties
Philippines. W H AT I S Y O U R FAV O U R I T E
to show me.
F E AT U R E O F T H E S PA C E ?
W H AT W E R E Y O U
The experience with Dexus was simple
S P E C I F I C A L LY L O O K I N G F O R Definitely the bare sandstone walls and
and easy, from the lease execution
IN YOUR TENANCY? exposed wooden beams.
process through to our induction into
• Sufficient space for 8 to 12 staff W E K N O W W H AT ’ S A R O U N D the property.
and workstations A TENANCY IS JUST AS
APPEALING AS THE TENANCY
• A suitable space for holding small
I T S E L F. W H E R E A R E Y O U R
meetings and conducting group
FAV O U R I T E L O C A L H A U N T S ?
conference calls
Cava on Kent Street for good coffee,
• Space for our server rack
Suriya Thai at the Sussex Hotel and
• High speed internet connection Fish at The Rocks at 29 Kent Street is
perfect for a nice lunch.
• CBD location14 | SYDNEY OFFICE UPDATE
END OF
TRIP
259 GEORGE STREETSYDNEY OFFICE UPDATE | 15
BUILDING 259 GEORGE STREET, SYDNEY, For convenience & ease of use, the
NSW. THE BUILDING IS A 42 LEVEL, A GRADE majority of the racks are floor racks
OFFICE TOWER OF APPROX 39,000 SQUARE allowing you to simply wheel your bike
METRES WITH AN INTER-CONNECTED FOOD in. There are currently two bike self-
service points which include all tools
COURT OF APPROX. 5,400 SQUARE METRES.
and a built in pump that allow users to
OWNER: It can also be used as a casual place to work on their bikes within the facility.
Memocorp Australia conduct social or corporate meetings
SHOWERS, LOCKERS AND
outside the office environment.
D AT E C O M P L E T E D : O T H E R FA C I L I T I E S
Building commenced toward the end The luxurious individual shower suites
The new site is fully air-conditioned
of the first quarter in 2016 and took found inside the change rooms are of
and features over 290 vented lockers,
approximately 9 months to complete the highest standard. They are fully
ironing boards, hair dryers, and daily
stage 1 which opened for operation contained featuring a gold accented
fresh towel service. There are currently
in December 2016. Stage 2 is almost dual function shower, vanity and toilet,
9 new male showers suites and 6
complete and will launched at the all in a generously sized private cubicle.
female showers suites, however this
beginning of October 2017. Zephyr offers a complete, indulgent
will increase at the completion of stage
experience with complimentary
O V E R V I E W: 2 to 16 male shower suites and 10
towel service and Aseop body wash,
The design of the facilities was inspired female
shampoo, and hand soap. A full-time
by the finest first-class business shower suites.
cleaner is employed to ensure that the
lounges and luxury hotels in the world.
facility remains in the best condition L E S S O R S C O N TA C T S
Every detail has been meticulously
at all times, allowing every user to Mark Museth
handpicked to ensure that the user
experience the best, every time. Memocorp Australia
feels they are completely transported
Property Manager
away from their work life. Since it’s opening the facility has been
well received by both tenants and
Upon exiting the lift, you are fully
visitors to the building alike, generating
immersed in the serenity as you are
positive hype within the industry.
greeted by the calming tones of
scented air and soft, gentle music. L O C AT I O N :
The centre piece of the project is Basement Level 2
the Zephyr Lounge, accessible by
E S T I M AT E D C O S T:
all 259 George tenants. It is a quiet
$4 million
place where people can enjoy a
complimentary T2 tea or Nespresso B I K E FA C I L I T I E S :
coffee while reading the newspapers Zephyr presents a total of 140 bike
provided and relaxing in the lounge racks, soon to increase to 190 as the
area or connect to the complimentary completion of stage 2 rolls out.
wi-fi to work in their own space.16 | SYDNEY OFFICE UPDATE
WORKPLACES
DESIGNED FOR
BALANCE
AND ALIGNED WITH PURPOSE
BY GENSLER | P H O T O G R A P H Y B Y K AT H E R I N E L USYDNEY OFFICE UPDATE | 17
A WORKPLACE MUST do double duty as both. It’s always Every company, and every workplace,
BALANCE MANY rewarding for us as designers to create has a different purpose
DIFFERENT NEEDS, a workplace that does successfully to fulfill and story to tell.
SOME OF WHICH serve as a brand beacon, that is an
SUCCESSFULLY
authentic expression of a client’s ethos
CAN OFTEN SEEM BALANCING YOUR
and culture, while simultaneously
TO COME INTO WORKPLACE NEEDS
supporting the day-to-day needs
CONFLICT WITH ONE BEGINS WITH FIRST
of every worker.
ANOTHER. UNDERSTANDING
It’s this delicate balancing act—
A classic challenge inherent in YOUR PURPOSE
between efficiency and effectiveness,
designing any workplace is figuring out front-of-house and back-of-house, From startups to well-established
how to strike the right balance between inside and outside, fixed and flexible, global organisations, clients of
the needs of the individual and those today and tomorrow—that makes all shapes and sizes and from all
of the larger community, resolving how it so important for companies to be industries turn to Gensler as a
to accommodate both concentration purposeful about the design of their strategic partner in the design of their
and collaboration within the same workplace. For clients, it can be a workplaces.They know their most
environment. There are many other bit nerve-racking trying to predict valuable asset is their people and
needs that must be balanced as well. the best way to balance so many recognise the fundamental value and
For example, what makes an office an considerations, especially in the competitive advantage of a thoughtfully
impressive showcase and recruiting midst of relocating to a new space designed work environment.
tool often isn’t the same as what or updating an existing one, but an
makes it a functional workplace and Even for clients who have a very
important point to make is that no
effective retention tool. clear vision in mind from the start,
two companies balance these
the balancing act is always part of
And yet, in most cases, it must still needs in exactly the same way.18 | SYDNEY OFFICE UPDATE
SYDNEY OFFICE UPDATE | 19
the process, which makes having a “Workplace as Home” vision was that of their team. A large multipurpose area
mutual understanding of the client’s a house is not a home; what makes a features an open employee lounge and
core purpose all the more important. house a home is the people living in it. a well-stocked bar with built-in tiered
Our team loves getting to know our seating.
Dropbox is a technology company
clients and exploring their purpose
that makes digital collaboration as This flows seamlessly into the open
and needs. There are always goals,
easy as possible, so it was only natural kitchen with communal benches and
assumptions, and expectations to
for their workplace to be designed café seating and onward into a lush
validate, possibilities to research and
to make everyone’s workday as easy indoor courtyard in the corner of the
investigate, insights and lessons learnt
and enjoyable as possible. To make space that boasts spectacular views
to share. We listen intently and observe
them feel at home and to allow their and brings the outdoors in. This
with a discerning eye, always in an
culture to really shine, we began by multipurpose zone is the veritable
effort to better understand our client’s
translating Dropbox’s guiding principles heart of the Dropbox home, a popular
business, brand, culture, ways of
into guiding principles for the design destination where everyone regularly
working today and aspirations for the
of the space. These principles placed enjoys coming together for coffee,
future.
a strong emphasis on human needs, meals and after-hours drinks.
We always encourage clients to allow on enhancing productivity by removing
While it might seem counterproductive
time at the outset of a project for stress from work, on fostering a
to have so much space dedicated
us to co-create and together agree community where everyone is ‘in it’
to amenities, the fact is that this area
can also easily support any work
activity at any point in time. Whether
it’s quiet focus work, spontaneous
conversation, planned or un-planned
collaboration, learning events, all-hands
meetings, video game breaks, or client
gatherings, the space is purposefully
designed to be as flexible as possible
and to be suitable for solitude or for
socialising.
The rest of the workplace is comprised
of collaboration booths, workstations
upon a strategic vision for their ideal together, on building with purpose (all sit/stand adjustable), phone
future workplace before deciding on a and avoiding the unnecessary, and on rooms, bookable meeting rooms of
specific design direction. having fun. varying sizes, and breakout seating, all
designed to give employees practical
A STORY OF Focussing on these key principles
alternatives to work from and enable
BALANCING “HOME” from the start of the process led to a
them to perform at their best.
AND “OFFICE” professional yet unmistakably relaxed,
residential aesthetic and inclusive IT’S A BAL ANCED
When Dropbox engaged Gensler for experience that is well aligned to WORKPL ACE AS EASY TO USE
the design of their new Sydney office, Dropbox’s values and culture. It’s a AS DROPBOX’S PRODUCTS.
it was an opportunity to work together welcoming place very intentionally
from the beginning to establish a strong designed to look like, function like, and
vision which led to a very purposeful feel like a home from the moment one
design and outcome. Their goal was to walks through the door.
create not just an office for their staff to
work in every day, not just a technology- PURPOSEFUL AND
rich ‘house’ reserved for tech-savvy MULTIPURPOSE
people, but a place for shared
Dropbox’s workplace is also designed
experiences, for storytelling, for making
to easily transition, as needed, with the
memories with guests – a true home for
rhythm of the day and to evolve over
the Dropbox family. The essence of the
time to meet the ever-changing needs20 | SYDNEY OFFICE UPDATE
INDUSTRY SPEAK
NET RENT LEASE VS GROSS LEASE
WHAT TO CONSIDER WHEN ENTERING INTO A COMMERCIAL LEASE
IF YOU ARE CONSIDERING • If outgoing expenses increase, these It’s important to remember that the
ENTERING INTO A costs fall on the Lessee. best option for you depends on the
COMMERCIAL LEASE, OR ARE nature of your particular circumstances.
• The Lessee is liable for all expenses,
C U R R E N T LY I N T H E P R O C E S S There is no right or wrong option, but
regardless of how successful or
O F D O I N G S O, O N E I T E M Y O U rather what type of Lease can best
unsuccessful their business is during
cater to your short-term and long-term
W I L L H AV E T O U N D E R S TA N D the lease term.
needs. Being aware of the differences
IS THE DIFFERENCE BETWEEN
W H AT I S A G R O S S L E A S E ? between the two options will guarantee
NET AND GROSS RENTS.
that you make an informed decision
In a Gross Lease, the Lessee pays
There are advantages and and prevent substantial losses. We
a fixed rental rate (base rent) and is
disadvantages for both, understanding recommend seeking legal advice
not responsible for paying outgoing
these differences is imperative in saving before entering into a Commercial
expenses associated with the property.
costs and headache further down the Lease to ensure that a detailed analysis
With this type of lease, the Lessee only
track. has been performed on the terms
pays for business-orientated expenses
and conditions of the Lease. At JHK,
W H AT I S A N E T R E N T L E A S E ? and utilities, such as water, gas and
we are able to assist you with the
electricity. The Lessor determines a
In a Net Lease, the Lessee pays for necessary enquiries and negotiations
suitable base rent figure by taking into
their own space, but may also be that will enable you to make the right
account all of the costs associated with
responsible for contributing towards choice that best suits your needs.
the property.
outgoing expenses. Outgoing
expenses are expenses associated Advantages
with operating and maintaining the
• If outgoing expenses increase, these
property, including council rates, water
costs fall on the Lessor.
rates and insurance. There are three
different categories of a net lease: • The Lessee is only responsible for
Single, Double and Triple. Under a utility costs.
Single Net Lease, the Lessee pays
• There is more certainty for the
rent and property taxes. A Double Net
Lessee as to how much they will
Lease requires a Lessee to pay rent,
need to spend on rent, regardless of
taxes and insurance, while a Triple Net
usage.
Lease requires a Lessee to pay rent, I F Y O U H AV E A N Y Q U E S T I O N S
taxes, insurance and maintenance. Disadvantages ABOUT A NEW LEASE, PLEASE
Advantages • Rent is likely to be higher in order D O N O T H E S I TAT E T O C A L L
to compensate for the Lessor’s U S O N 02 82 3 9 9600 O R V I S I T
• There is greater accuracy in J H K L E G A L .C O M . A U
outgoing expenses.
the calculation of outgoings in
comparison to a Gross Lease. • There is a risk that the Lessor may
overestimate outgoing expenses.
• The base rent is usually lower as the
outgoings are paid for separately.
Disadvantages THE BEST OPTION FOR YOU?SYDNEY OFFICE UPDATE | 21
At SOI, we provide a range of flexible office solutions with benefits
designed to inspire your team and impress your clients.
Don’t spend another minute in an unproductive working environment.
Prestigious Sydney CBD address with premium facilities Conveniently close to public transport & on-site
Dedicated receptionist & front office concierge parking facilities
Fully furnished & tech-connected office suites Hassle free communication technology & support
Flexible lease terms for a range of suite sizes & Additional meeting rooms & training facilities available
solutions based on your needs Access to fitness equipment & classes
Private & secure offices to fit 1-30 people Professional secretarial, PA support & security services
As featured by:
SEE HOW AFFORDABLE OUR SERVICED OFFICE
PACKAGES REALLY ARE. ENQUIRE NOW.
1300 318 680 . SALES@SERVICED.COM.AU . WWW.SERVICED.COM.AU22 | SYDNEY OFFICE UPDATE
CAN YOUR
CASH FLOW
BE IMPROVED?
D E P R E C I AT I O N A S S I S T S In addition, there may be costs deductions for the wear and tear
COMMERCIAL PROPERT Y involved in installing assets to fit-out a of the building structure and any fixed
OWNERS AND TENANTS space to open the doors for business. assets while plant and equipment
For businesses which have been depreciation can be claimed on any
operating for some time, there may mechanical or removable fixtures and
also be a need to renovate the space fittings.
to ensure the property remains modern
In commercial buildings, both owners
and inviting for its clientele or to install
and their tenants are able to claim
assets that bring the building up to
deductions simultaneously. This can
date with the latest technology.
make it quite complicated to work out
What commercial property owners and what both parties can claim. Therefore
tenants are often unaware of is that it is important they each consult with
they are entitled to claim deductions in a depreciation expert and request
the form of depreciation. Depreciation a comprehensive tax depreciation
can play a significant role in helping schedule outlining the deductions
both parties to reduce these costs and available.
BRADLEY BEER – CHIEF EXECUTIVE to improve their cash flow.
W H AT C A N C O M M E R C I A L
OFFICER, BMT TAX DEPRECIATION
W H AT I S D E P R E C I AT I O N ? BUILDING OWNERS AND
TENANTS CL AIM?
Saving money is an important As a building gets older, items wear
priority for any commercial out, they depreciate. The Australian A commercial building owner can claim
building owner or tenant. Taxation Office (ATO) allows property deductions for the structure of the
Understandably so as there are owners to claim this depreciation as building and any fixed assets they own
a number of costs involved in a tax deduction. Depreciation can be under the capital works allowance.
holding a building or operating claimed for any income producing These deductions can be claimed at
any business. property. a rate of 2.5 or 4 per cent per year
depending on the building use and its
Some of these expenses might The ATO clearly defines two types
construction commencement date.
include purchasing stock or of depreciation allowances:
merchandise, insurance for Some examples of structural items
• Division 43 capital works allowance
the building and/or contents, which can be claimed under the
budgeting for staff overheads and •D
ivision 40 plant and equipment capital works allowance include walls,
(if you don’t own the building) depreciation windows, doors, roofs, toilets, taps and
allocating funds to sinks.
pay rent. When depreciation is being applied
The capital works allowance relates toSYDNEY OFFICE UPDATE | 23
to plant and equipment items within a It may also be available during a The ATO recognise Quantity Surveyors
property it becomes more complicated. renovation. It is important to note that under Tax Ruling 97/25
This is because both the owners and once an item has been removed and as one of only a few professionals
the tenants of the property can claim scrapped, it must be discarded and with the skill necessary to perform
deductions for the depreciation of thrown out. It cannot be sold or used this function.
these items depending on who owns for the same or another business
For commercial buildings, Quantity
them. elsewhere.
Surveyors can provide two separate
The owner of the commercial building When vacating a building or performing depreciation schedules for both the
is entitled to claim depreciation on any a renovation, it is important to speak owner and the tenant that outline the
existing plant and equipment assets with a Quantity Surveyor to discover deductions available for each party.
they own, whilst commercial tenants whether there is any remaining
The deductions outlined in a schedule
can claim deductions for any fit-out depreciable value that can be claimed
are useful for both parties as they help
they add to the property once their for the assets being removed. In some
them to reduce their tax liability and pay
lease starts. cases, a scrapping report may be
less tax. The additional funds provided
required in order to take advantage of
Examples of common business assets from depreciation can help to reduce
these deductions.
installed during a fit-out include carpets, the annual costs of renting or holding
air-conditioning units, firefighting Commercial property owners should be the property.
equipment, desks, blinds, shelving and aware that if tenants vacate and they
Commercial building owners and
security systems. aren’t required to remove any fit out
tenants can contact one of the expert
installed, any assets left behind may
Each plant and equipment item should staff at BMT Tax Depreciation for a free
entitle the owner to continue claiming
be depreciated based on its individual estimate of the depreciation deductions
the remaining depreciation deductions.
effective life as set by the ATO. they can claim on
W H Y I S I T I M P O R TA N T T O 1300 728 726.
W H AT H A P P E N S W H E N
SPEAK WITH A QUANTIT Y
T E N A N T S VA C AT E ?
SURVEYOR?
ARTICLE PROVIDED BY
This is dependent on the conditions
To ensure that depreciation deductions B M T TA X D E P R E C I AT I O N .
are maximised, it is recommended
Bradley Beer (B. Con. Mgt,
that both commercial building owners
AAIQS, MRICS, AVAA) is the Chief
and their tenants contact a specialist
Executive Officer of BMT Tax
Quantity Surveyor to arrange a tax
Depreciation.
depreciation schedule.
Bradley joined BMT in 1998 and as
Quantity Surveyors are qualified
such he has substantial knowledge
professionals who specialise in building
about property investment
measurement and estimating the
supported by expertise in property
value of construction costs. Some
depreciation and the construction
Quantity Surveyors use their skills after
industry.
of the lease, as some contracts will a building has been constructed to
stipulate that the tenant must return the estimate and calculate construction Bradley is a regular keynote
property to its original condition when costs for the purposes of determining a speaker and presenter covering
they vacate. In this scenario, tenants building’s depreciation. depreciation services on television,
may be entitled to use a process radio, at conferences and
known as scrapping. exhibitions Australia-wide. Please
contact
Scrapping allows an assets owner to
claim any remaining depreciable value 13 00 72 8 72 6 O R V I S I T
for assets removed and thrown away in W W W.B M T Q S .C O M . A U
the year of the items removal.24 | SYDNEY OFFICE UPDATE
FOCUS LISTINGS
Level 4 offers a creative fitout with a
23 HUNTER STREET large open reception, quality full sized
kitchen and excellent light looking over
Hunter Street and Pitt Street. This is
a whole floor tenancy with an existing
fit out in place that can be adapted to
your needs. The floor is 332m2 and is
$800 psm pa gross plus GST
Agent: Naomi Vilar 0431 209 888
Anthony Harris 0409 319 060
This corner site strata title building is
22 MARKET STREET only 10 mins walk to Barangaroo and 5
mins to Darling Harbour. This suite on
level 7 has an existing fit out in place
with its own kitchen and good light.
Suites in this building lease quickly, the
office is 91m2 and $875 psm gross
Agent: Elizabeth Braithwaite 0434 305
588
Rare chance to secure a 165m2 suite
25 LIME STREET at King Street wharf which don’t come
up very often. This suite has light on
3 sides, existing fit out, large balcony,
own kitchen and bathroom.Soak up
the sun this summer. This suite is
165m2 at $820 psm gross
Agent: Andrew Edwards 0411 364 232
Prime position on level 12 with great
50 MARGARET STREET views over Wynyard Park. Terrific lift
exposure and light. 50 Margaret Street
has a new lobby cafe and new end of
trip nearing completion.This suite is
120m2 at $995 gross.
Agent: Jeremy Piggin 0413 336 161SYDNEY OFFICE UPDATE | 25
RECENT
TRANSACTIONS
Le a se Te r m G ross R e nt
Ad d re s s A re a (S q m ) Le sse e
St a r t Da t e ( Ye a r s) ( Psm)
2/63 York Street 208 July 2017 3 $793 Bluesource
10.02/70 Phillip Street 126.4 May 2017 3 $790 Franks &
Associates
305/25 Lime Street 221 August 2017 5 $820 Amundi
902/66 Clarence Street 392.9 August 2017 5 $825 JHK Legal
Level 11, 66 Clarence Street 843.9 September 6 $795 UOS
2017
Level 18, 9 Castlereagh Street 739.5 August 2017 2 $740 Geyer Pty Ltd
804/37 Bligh Street 127 August 2017 3 $850 Barton Deakin
10/28 O’Connell Street 483.3 August 2017 4 $970 Aquasia
Part Level 3, 63 York Street 208 August 2017 3 $721 Assured Legal
Solutions
Suite 3.17, 428 George Street 100 June 2017 3 $607 Jenny Craig
1203/50 Margaret Street 122.7 April 2017 2 $750 CodeHouse
Part 3, 99 York Street 144 February 2017 4 $675 Vision Property
Level 2, 104-106 300 May 2017 3 $495 Clifford Wallace
Commonwealth Street
2b, Level 31, George Street 147.7 June 2017 5 $1,649.43 Odyssey
502, 28 O’Connell Street 164 May 2017 5 $1,095 Klein & Co
Level 10, 111 Elizabeth Street 753 January 2017 7 $845 16 Wardell
Chambers26 | SYDNEY OFFICE UPDATE
AUGUST
TRANSACTIONS
2/63 YORK STREET
Bluesource are a growing IT services company that have
leased approx 208m2 at 63 York Street. Their search for
space focussed on the western corridor and the office they
finally secured was in a heritage sandstone building with
refurbished interiors. Rents at 63 York Street range from
$750 - $850 gross. The deal was transacted by Naomi
Vilar
902/66 CLARENCE STREET
JHK Lawyers have move a few doors down from 56
Clarence Street to 66 Clarence Street. JHK legal specialise
in commercial litigation, dispute resolution, insolvency,
property, industrial relations and banking and finance.
The key driver for the relocation was an opportunity to
customise a new fit out in a refurbished building. JHK
leased approx 393m2 on level 9. Rents range in this asset
from $795 to $875 gross. Transacted by Christian Minards
18/9 CASTLEREAGH STREET
Award winning interior design firm Geyer has relocated
their Sydney office to a whole floor 740sqm at 9
Castlereagh Street. The firm took a lease assignment from
Consulting firm Ash St. Geyer’s requirement was for short
term fully fitted space - a turn key solution. The term left
on the lease was 2 years and the passing rent approx
$740sqm gross. The deal was transacted by Jeremy
Piggin
LEVEL 1 / 42-44 PITT STREET
Group Asset Management have sub leased 261m2 at 44
Pitt Street for approx 2 years at a discounted sub lease
rate. 44 Pitt Street is a unique character boutique office
building a short walk from Circular Quay. The deal was
transacted by Elizabeth BraithwaiteSYDNEY OFFICE UPDATE | 27
TENANT REP
BRIEF TABLE
Area
Tenant Name T iming Location Comments
(Sqm)
Murex Aus Pty Ltd 320-380 1 May 2018 Sydney CBD 3-5 year option
Core
Spencer Stuart 600-800 September Sydney CBD 5 year option, EOT
2018
Connect Wise 450-550 Q1 2018 Sydney CBD 5 years plus options
Football Federation Australia 1200-1700 N/A Sydney Fringe Flex lease up to 5 years, fit
out preferred
Andrew & Holm Lawyers 100 1 Sept 2018 Sydney CBD/ 3 or 5 year term
Fringe
JAMF 400-500 Q1 2018 Sydney CBD, 5-10 year lease
Rocks
Recognition PR 450-500 1 July 2018 Sydney CBD/ 5 years + 5 year option
North Sydney
Playground XYZ 150-200 March 2018 Sydney CBD, 2-3 year term, EOT
Wynard End
Groupm 6000 Q2/2019 Sydney CBD, 5 years + options
Fringe
Charter Keck Cramer 300-400 April 2018 Sydney CBD 3-5 years
Employsure 1300-1600 March 2018 Sydney CBD,
Fringe
UDKU 200-250 May 2018 Sydney CBD & 3-5 year term
City Fringe
Proofpoint 500-650 Q4 17 / Q1 Sydney CBD 5 year lease
18
Thomas Miller 400-500 1 Dec 2017 Sydney CBD 3-5 years
Xenith IP Group 1400-1700 1 July 2018 Sydney CBD 6 years with options
The Carlyle Group 400-450 Q1 2018 Sydney CBD 5 years + optionsSYDNEY OFFICE UPDATE | 28
71 YORK STREET
FIND YOUR
PERFECT
SPACE
15 LIME STREET
9/61 YORK STREET
CENTRAL
LOCATION
CITY VIEWS29 | SYDNEY OFFICE UPDATE
1 Margaret Street , Sydney
Level 16, 1 Margaret Street , Sydney Area m2: 932.4 approx
Rent $/m2: $913 Gross
1 Margaret Street is a prominent A-grade building located in the Western Core of
Rental PA: $851,468
the Sydney CBD, overlooking Darling Harbour. The building completed
refurbishment works in 2002, including the facade, foyer, floors and lifts.
Andrew Telepis 0415972696
atelepis@raywhite.com
- Great sublease opportunity to August 2019
- Potential for a longer direct lease
Anthony Harris 0409 319 060
- Part floor with existing fit out and furniture
aharris@raywhite.com
- Significant fit out savings
- 6 car spaces availableSYDNEY OFFICE UPDATE | 30
441 Kent Street Sydney , Sydney
Level 3, 441 Kent Street , Sydney Area m2: 545 approx
Rent $/m2: $825 Gross
The Carla Zampatti Building is located in the western Corridor of Sydney situated
Rental PA: $449,625
on Kent Street between Market & Druitt Streets. Short walk to Darling Harbour,
Town Hall and Martin Place.
Andrew Telepis 0415972696
atelepis@raywhite.com
- One of Sydney’s best warehouse buildings
- Part floor of approx 545m2
- Features high ceilings, timber floors throughout
- Existing fit out and furniture in place
- On site parking and showers, bike racks31 | SYDNEY OFFICE UPDATE
630 George Street , Sydney
Mezzanine Level , 630 George Street , Sydney Area m2: 430 approx
Rent $/m2: $995 Gross
630 George Street comprises ground and first floor retail areas, plus six upper
Rental PA: $427,850
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.
Elizabeth Braithwaite 0434 305 588
ebraithwaite@raywhite.com
- Direct street access, private amenities & elevator access
- Ideal retail space for fashion, cosmetic, Internet cafe, pool bar, medical centre,
Anthony Harris 0409 319 060
drug store & cafe
aharris@raywhite.com
- Abundance of natural light with internal offices
- Minimum term 5 yearsSYDNEY OFFICE UPDATE | 32
16A Hickson Road , Dawes Point
Level 1, 16A Hickson Road , Dawes Point Area m2: 355 approx
Rent $/m2: $800 Gross
16A Hickson Road is a heritage building with constant foot traffic, within close
Rental PA: $284,000
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
Naomi Vilar 0431 209 888
worth occupiers looking for quality food and amenity nearby. With the new
nvilar@raywhite.com
Barangaroo precinct being built there is a lot more traction with the Walsh Bay
waterfront.
- Suite 1 & 2 leased together
- Fitted with 2 rooms, 1 kitchen, bathroom with shower33 | SYDNEY OFFICE UPDATE
23 Hunter Street , Sydney
Whole Level 4, 23 Hunter Street , Sydney Area m2: 332 approx
Rent $/m2: $800 Gross
Currency House is located in the heart of the financial district of the Sydney CBD,
Rental PA: $265,600
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
Anthony Harris 0409 319 060
location.
aharris@raywhite.com
- Whole floor in Currency House
Naomi Vilar 0431 209 888
- 3 sides of light with an attractive outlook
nvilar@raywhite.com
- High quality fitout with open plan & meeting roomsSYDNEY OFFICE UPDATE | 34
9 Barrack Street , Sydney
Level 7 , 9 Barrack Street , Sydney Area m2: 310 approx
Rent $/m2: $870 Gross
9 Barrack Street is a heritage office building prominently positioned on the corner
Rental PA: $269,700
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.
Anthony Harris 0409 319 060
Concept images shown in marketing.
aharris@raywhite.com
- NOTE: 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
- Capacity for 24 + workstations35 | SYDNEY OFFICE UPDATE
2 Grosvenor Street - The Exchange , Bondi Junction
2 Grosvenor Street , Bondi Junction Area m2: 295.1 approx
Rent $/m2: $750 Gross
The 'Exchange' building at 2 Grosvenor Street is a boutique retail and
Rental PA: $221,325
commercial building in the most prominent location in Bondi Junction, the main
retail and commercial hub of Sydney's Eastern suburbs. The building is on the
Anthony Harris 0409 319 060
corner of Oxford Street Mall and Grosvenor Street, next to the bus and train
aharris@raywhite.com
interchange, and directly opposite Westfield shopping centre.
- Suites ranging in size from 78.1 sqm – 295.1 sqm
- Premium A grade building services including three lifts
- Basement parking and bike racksSYDNEY OFFICE UPDATE | 36
23 Hunter Street , Sydney
Level 1, 23 Hunter Street , Sydney Area m2: 277 approx
Rent $/m2: $795 Gross
Currency House is located in the heart of the financial district of the Sydney CBD,
Rental PA: $220,215
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
Anthony Harris 0409 319 060
location.
aharris@raywhite.com
- Whole floor in Currency House
- North aspect with views over Hunter Street
- High quality fit out with reception, boardroom, meeting rooms
- Approx 19 workstations, chairs, own kitchen and bathroom37 | SYDNEY OFFICE UPDATE
BT Tower - 1 Market Street , Sydney
Part level 14, 1 Market Street , Sydney Area m2: 225 approx
Rent $/m2: $1,000 Gross
BT Tower is an A-grade landmark tower rising 32 floors above the corner of
Rental PA: $225,000
Market and Kent Streets, dominating the skyline. BT Tower incorporates a
modern central service core design giving any prospective tenant the advantage
Andrew Telepis 0415972696
of column free office space.
atelepis@raywhite.com
- High quality fitted out premises with furniture
Anthony Harris 0409 319 060
- Sub lease to 30 June 2023
aharris@raywhite.com
- Great natural light with Darling harbour views
- Shared use of boardroomSYDNEY OFFICE UPDATE | 38
27 Macquarie Place , Sydney
Level 7, 27 Macquarie Place , Sydney Area m2: 228 approx
Rent $/m2: $825 Gross
Kyle House is a character building with art deco features and a magnificent
Rental PA: $188,100
heritage façade. The building enjoys direct access to the leafy Macquarie Place
Park and is just a short stroll from Circular Quay.
Anthony Harris 0409 319 060
aharris@raywhite.com
- High floor tenancy with great light all 3 sides
- Whole floor with secure access
Elizabeth Braithwaite 0434 305 588
- Existing fit out in place that can be adapted
ebraithwaite@raywhite.com
- Lovely leafy outlook over Macquarie Place
- Potential for furniture to remain39 | SYDNEY OFFICE UPDATE
62 Pitt Street , Sydney
Whole Floor 4, 62 Pitt Street , Sydney Area m2: 221 approx
Rent $/m2: $950 Gross
62 Pitt Street is located in the heart of the financial core on the corner of Spring
Rental PA: $209,950
and Pitt Streets adjacent to Australia Square. The building features a bright
modern foyer, two high quality lifts, brand new showers and changing facilities.
Anthony Harris 0409 319 060
aharris@raywhite.com
- Excellent natural light throughout
- Great opportunity in the northern pocket of CBD
Elizabeth Braithwaite 0434 305 588
- Brand new end of trip facilities
ebraithwaite@raywhite.com
- Access to gym and squash courts at neighbouring property
- Available 1 December 2017SYDNEY OFFICE UPDATE | 40
62 Pitt Street , Sydney
Whole Floor 2, 62 Pitt Street , Sydney Area m2: 221 approx
Rent $/m2: $950 Gross
62 Pitt Street is located in the heart of the financial core on the corner of Spring
Rental PA: $209,950
and Pitt Streets adjacent to Australia Square. The building features a bright
modern foyer, two high quality lifts, brand new showers and changing facilities.
Anthony Harris 0409 319 060
aharris@raywhite.com
- Excellent natural light throughout
- Existing fitout in place, glass offices, boardroom
Elizabeth Braithwaite 0434 305 588
- Full kitchen, existing power and data
ebraithwaite@raywhite.com
- Brand new end of trip in basement
- Access to gym and squash courts at neighbouring property41 | SYDNEY OFFICE UPDATE
88 Phillip Street , Sydney
Part level 33, 88 Phillip Street , Sydney Area m2: 220 approx
Rent $/m : 2
$990 Gross
Aurora Place is a landmark 42 storey office building constructed in 2000. The
Rental PA: $217,800
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
Anthony Harris 0409 319 060
Botanical Gardens and just a short walk to Martin Place and Circular Quay.
aharris@raywhite.com
-Ideal space for tech start ups !
-Prime sub lease opportunity at a bargain rental
-Grandstand views North over Sydney Harbour
-Prime North facing suite with wintergarden, views over HarbourSYDNEY OFFICE UPDATE | 42
46 Market Street , Sydney
Part 9, 46 Market Street , Sydney Area m2: 214 approx
Rent $/m2: $875 Gross
46 Market Street is located on the corners of York, Market and George Streets
Rental PA: $187,250
with the Commonwealth Bank on the ground floor. The building underwent a
major refurbishment including, new foyer, new tea rooms, new bathrooms and
Elizabeth Braithwaite 0434 305 588
refurbished floors. There are bike racks and lockers and male and female
ebraithwaite@raywhite.com
showers in the basement.
Anthony Harris 0409 319 060
- Crisp, clean, bright and vibrant offices
aharris@raywhite.com
- Flooded with sunlight, amazing views over QVB
- Stunning outlook of city skyline43 | SYDNEY OFFICE UPDATE
104 Bathurst Street , Sydney
Whole Floor 7, 104 Bathurst Street , Sydney Area m2: 214 approx
Rent $/m2: $550 Gross
104 Bathurst Street "International House" is located at the prominent corner of
Rental PA: $117,700
Pitt Street just moments to Town Hall, Galleries Victoria, World Square and Hyde
Park.
Elizabeth Braithwaite 0434 305 588
ebraithwaite@raywhite.com
- Penthouse style tenancy on top floor
- Two huge outdoor terraces
Naomi Vilar 0431 209 888
- Own kitchen and bathrooms
nvilar@raywhite.com
- Recently paint, great natural light
- Air conditioned suiteYou can also read
