Wednesday, 25th September 2019

National

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.

Queensland

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

Victoria

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