Australian property market wrap 10 November 2023
Images: Supplied.
  • Leasing deals struck across industrial and office.
  • DA lodged for a Bondi residential development.
  • DA-approved commercial development site in Surry Hills listed.

Today’s wrap is a feast for the eyes, with several projects either set for change or undergoing change; across offices, residential, and more, designs range from adaptive reuse of heritage buildings to modern masterpieces.

LEASED

West Footscray site leased

Colliers‘ Stephen Ryan and Charlie Woodley have, in conjunction with CBRE, successfully leased a transport site with low coverage in West Footscray on behalf of Greystar Australia, achieving a strong annual rental in excess of $1,500,000.

Greystar, well known for its build-to-rent development and management expertise, expanded its local and international platform in the last two years by adding a dedicated strategy focusing on industrial and logistics investments. The acquisition of the West Footscray property was its fifth investment on Australia’s eastern seaboard and a project complementing its other acquisitions in Sydney and Brisbane.

The deal comprised a 2.1-hectare corner site on 36-38 Roberts Street, West Footscray, including a 7,821 sqm building, which accounts for 38% of the total site area, has been secured by Paddock to Port on a five-year lease with options until 2033.

Two floors leased at 30 Pirie Street

Global engineering firm, KBR, has committed to a seven-year leasing agreement in the office building at 30 Pirie Street. The deal covers over 2,000 sqm across floors 20 and 21.

KBR will move from its Parkside location to the heart of the Adelaide CBD and is the latest major tenant to relocate to 30 Pirie Street this year, with Boeing and TSA accounting for almost 5,000 sqm of space. KBR brings the total space leased in the last 12 months to more than 7,000 sqm.

“The Quintessential Assets team is thrilled to deliver a full turn-key fit-out solution for KBR, providing an exceptional workspace they can be proud of whilst supporting the community and businesses by appointing local consultants and contractors,” said head of Quintessential Assets, Noah Warren.

O’Herns Industrial Estate reaches 100% occupancy

Colliers’ Mitch Purcell and Corey Vraca have, together with National’s Jake Messina and Domenic Vardaro, secured full occupancy at O’Herns Business Park in Melbourne’s Epping just after practical completion.

Developed by Melbourne Industrial Builders, the business park comprises seven tenancies across 6,821 sqm of building area, with agents achieving a strong average building rate of $172 per sqm.

SOLD

SIG Group’s Amory hits 80%

SIG Group has reached the milestone following the first release of its residential development adjacent to the Ripley Town Centre.

Amidst the positive sales following the launch of the project, development approval was also formally received for the project.

The expected value of the development once complete is estimated to be over $400 million.

Amory will offer over 600 homesites with a range of lot sizes ideal for all buyers.

ANNOUNCED

DA lodged for Bondi Road development

Local developer Allambi Property, run by former Lendlease executive Shaun Bond, has lodged a development application on behalf of the owners for the site on the corner of Wellington Street and Bondi Rd with Waverley Council.

The design by Woods Bagot retains seven 1933 shopfronts and a small 1936 residential block while delivering 16 apartments and mixed-use retail on the vibrant strip.

Bond says the project is backed by a group of investors, including some born and bred Bondi locals who have lived in the area for up to 80 years and are passionate about an outcome that is right for the area.

That meant adapting and re-using the original buildings wherever possible and integrating a mature fig tree.

“Keeping so much of the original buildings is such a great starting point – to retain rather than demolish and rebuild puts you miles in front from a sustainability perspective,” said Bond.

“The tree was also very important to us. We saw it as a great feature for amenity which takes decades to create and it’s already there on site – how do we work with it?”

Woods Bagot also saw the fig tree as an opportunity. Principal Jason Fraser says a primary design goal was retaining the tree and making it the fulcrum of a courtyard while utilising its generous canopy for shading and resident amenity.

“The key focus for us was to achieve heightened sustainability on a project that is relatively small in scale, which in the residential sector can be difficult, and create a sense of community benefit,” Fraser explained.

Fraser says sustainability often just gets dumbed down to ceiling fans and photovoltaic panels – “the standard stuff that we as architects are required to do. I think it’s a bit of a stretch to call yourself sustainable when you’re just checking a box.

“So with this project, we focused on health and wellness aspects such as integrated landscaping, naturally ventilated spaces, cross-ventilation, solar aspects, acoustics, and for as many residents as possible to be looking into the canopy of the big tree because that to me from personal experience is a beautiful way to inhabit apartments.”

Image: Supplied.

FOR SALE

Surry Hills commercial opportunity listed

A DA-approved commercial development site in the heart of Sydney’s Surry Hills has come to market.

The property at 9-13 Brisbane Street has approved plans through architecture firm Grimshaw Architects to be transformed into a seven-storey commercial building offering 2,484 sqm of gross floor area.

The Colliers team of Paul Ephron & Matt Pontey have the exclusive listing.

“Owned by the same local family for generations, the ability to activate the existing DA Approval will appeal significantly to developers, investors and owner occupiers looking to make their mark in Sydney’s premier city fringe location, Surry Hills,” said Ephron.

“This precinct has seen significant interest over the last few years due in part to it offering excellent proximity to Sydney’s CBD & transport as well as its ease of access to Sydney’s Eastern Suburbs and the future Tech Central Hub, it really it the preeminent Surry Hills location,” added Pontey.

9-13 Brisbane Street, Surry Hills is for sale via an expressions of interest campaign, closing on 7 December 2023.



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