Wednesday, 25th September 2019
Fringe Office Market Update (JLL)
· JLL have published research on CBD fringe office markets around the country.
· Australia’s top performing office markets outside the CBDs include Sydney’s Surry Hills and Melbourne’s Cremorne and South Yarra.
· Surry Hills prime rents have risen by 95% between 2012 and 2019, with tenants experiencing an average of $760/m².
· In Melbourne's Cremorne, prime rents rose 65% over the same period, from $305/m² to $481/m².
New South Wales
Greenacre Industrial Unit Leased (AFR)
· Solar power distributor Powerark Solar have signed up on a three-year lease for a 1252m² industrial unit in an industrial park at 61-65 Roberts Road, Greenacre NSW 2190.
· The new tenant will ay a net annual rent of $135/m² ($169,020).
Liverpool Development News (AFR)
· Contractor Built has singed up to a joint venture with Liverpool Council for a $400 million+ mixed-use development within the future third CBD of Sydney’s Metropolis of Three Cities Plan.
· The four-building, two-stage project is on a council-owned land parcel of 9300m²
· The first stage, funded by the city and costing $195 million, will be Built constructing and development-managing a circular 5000m² city library and a separate 17,000m² building that will house the new council offices, council chamber and childcare facilities.
· The second stage will comprise a 20,000m², 24-level commercial tower that can accommodate office, educational and retail space, and a nine-level building slated for use as a hotel or student accommodation.
· Development approval for the master plan is pending but Built hopes to begin construction of stage one mid-next year, with completion expected by mid-2022.
Murarrie Warehouse and Coldroom Lease (AFR)
· Organic foods producer Kehoe’s Kitchen have secured a lease on a 2212m² warehouse with chiller and cold room at a gross annual rent of $203/m² ($449,036).
· The business has committed to a five-year lease with options for the property at 12 Goodman Place, Murarrie QLD 4172
Alcaston House Office Suite Sold (AFR)
· A 91m² office suite in the 1930s built Alcaston House at 2 Collins Street, Melbourne VIC 3000 has been sold at auction to a private buyer for $1.46 million ($16,043.96/m²).
· There were 106 buyer inquiries and 80 people attended the onsite auction, resulting in a sale 46% over the $1 million reserve price after 21 bids.
Northcote Office Warehouse Lease (AFR)
· Not for profit organisation Able Australia Services have leased a 720m² office/warehouse at 88 Herbert Street, Northcote VIC 3070.
The lease comes on a five-year term with a net annual rent of $100,000