The $200 million development is called 8 Central Avenue and comprises 38,000
square metres of net lettable area, with the development undertaken by Rebel
Property Group and Seven Network Ltd.
The development comprises an 11 storey media and office
complex, with 12,000 square metres of space on the top four floors of the
building now being pre-leased through CB Richard
Ellis and Chesterton International Asking rents on completion in early 2010 will
be $400 a square metre.
Construction is now underway through Watpac Constructions
(NSW) Pty Ltd. The anchor tenants, who will occupy approx. 25,000 square metres
over the first seven levels of the building, will be the production studios and
offices of Seven Network, Global Television and Pacific Magazines
Principal of Rebel, Allen Linz,
said “We are receiving great interest from a range of media and non-media
companies keen to secure large floor plates only 10 minutes from the city and
airport by car or public transport.
“We are close to all major transport routes connecting all
parts of Sydney and building a state of the art
office and studio complex that is close to the highest green building standards
in Australia”,
he added.
Research by CBRE has shown that there is a great deal of
commercial and residential activity in the
area, with an influx of creative services groups and a range of major
community facilities being developed or re-furbished by the NSW Government and
Sydney City Council.
These works include the planned upgrade of Redfern Railway Station, the
180,000 square metre North Eveleigh
redevelopment, the $20 million upgrade of Redfern Oval on Elizabeth St and the redevelopment of Souths
Leagues Club.
CBRE’s data shows rents are expected to
increase 20 per cent over the next year, while prices would show similar
growth, as the area continues to be good value compared with other business
parks around Sydney.
Mr Oliver Freer of CBRE, said “The low vacancy rate and
rising rents in the CBD have been positive for the suburban and fringe office
markets. Many tenants now want to move out of the CBD or move their back office
operations to areas like Redfern. This way they can occupy new or specifically
designed premises, while saving on rent.”
Across the Sydney
metropolitan suburban office market, CBRE has identified just over 789,000
square metres of new supply forecast to enter the market from 115 projects. The
bulk of new supply is concentrated in the city fringe region, which represents
30.7 per cent of total supply.
Mr James Wish of Chesterton
International said “For many years Redfern’s commercial property sector
had lagged behind the strong price and leasing growth of other city fringe
areas, but there was now a great deal of activity in the area leading to a
return to growth.
“Superb
access to public transport and road transport routes, as well as the airport,
Redfern represents a hidden commercial gem in Sydney and the suburb for strong growth in
commercial prices over the next five years”, he added. Redfern commercial
property prices have increased 12 per cent over the past year.
Australian Technology
Park covers approx. 14 hectares and currently
has over 1000 people working in the park ranging from government departments to
small computer graphics operators.
The park continues to attract blue-chip
tenants, including the Defence Department, the University of Sydney,
Hewlett Packard and Johnson & Johnson.
“Seven, Global and Pacific Magazines will
attract many more creative services and business groups to Australian Technology
Park, with their state of
the art high definition television production centre, including four studios”,
said Mr Linz.
Seven will be moving from its current
facilities at Epping, allowing for the redevelopment of the precinct, while Global
will be moving from North Ryde and Pacific
Magazines from Milsons Point.
Each of the remaining four floors for lease, designed by PTW
Architects, features high ceilings, large open floor plates covering 3,000
square metres, under floor displacement air conditioning system, underground
car parking with 158 spaces, full high speed broadband access.
The building is being built to 4.5 star ABGRS and 4 star
AGBC Greenhouse ratings, with excellent natural light and sun shading and water
efficient fixtures throughout.
Mr Linz said that “The combination of state of the art
premises, as well as the dynamic tenants within this campus style environment
will make this a great place to work”
Source: Media Release
For Further Information Call: CBRE / Chesterton
International / City PR