Tuesday , August 20 2019
Home / Business / North Sydney office market in the spotlight with $120m sale

North Sydney office market in the spotlight with $120m sale

Loading

Some of recent leasing deals have seen the precinct return to its former days of as a tech and media hub.

Nine Entertainment has increased its office space, securing a 25,000 square metre lease for 12-years in Winten Property Group’s $1.2 billion 1 Denison commercial office building. It will join Microsoft and SAP in the property, which is being managed by CBRE.

Citrix’s Sydney team have also relocated to a new headquarters in Sydney’s new technology hub at 100 Mount Street, North Sydney.

“With the completion of the North West Metro, there is a strong outlook for the North Shore, the increased demand has stimulated growth and created further opportunities for the industry, with a steady supply of office space in the pipeline for 2020 and 2021,” Property Council NSW executive director Jane Fitzgerald said.

The agents to the sale, Bevan Kenny and Chris Veitch of CI Australia, and Josh Cullen and Mark Hansen of Cushman & Wakefield, said the office was expected to generate significant interest because few smaller assets were available.

With the completion of the North West Metro, there is a strong outlook for the North Shore

Jane Fitzgerald

Mr Kenny said North Sydney’s transformation was now tangible.

“The development cycle is pushing up market rents across the board and we expect this trajectory to continue as each development milestone is reached, culminating in the opening of the Sydney Metro in 2024,” Mr Kenney said.

Cushman & Wakefield’s Josh Cullen added investor demand for office assets across Sydney metro locations was exceptionally strong and North Sydney remains at the forefront.

“This is highlighted by recent asset sales in North Sydney involving domestic and global investors seeking to capitalise on strong leasing conditions, an increasing level of pre-commitments for major development projects and ongoing local infrastructure spend,” Mr Cullen said.

About admin

Check Also

‘Dark art PR’: Amazon uses Twitter army of workers to fight criticism

Another ambassador, going by the name Rafael, responded to an accusation of being a robot. …