- Located at 249-255 Crown Street, Darlinghurst
- Designed by SJB Architects
- Sydney office occupancy is 42%
A uniquely designed office situated along 249-255 Crown Street in Sydney’s Darlinghurst has hit the market.
Designed by SJB Architects, the ‘Oculus’ features striking and eclectic collection of geometric forms.
An overall simple shape seems to meld in with the surrounding rectilinear building forms, while the facade is punctuated with several semicircles, arches, and an oculus, which is softened by greenery.
The office itself includes 2,150 square metres of net lettable area, and includes a rooftop terrace.
Colliers expects the property to sell for some $50 million to $60 million, with the property not trading on good looks alone:
“Oculus is a perfect opportunity for investors to acquire one of the most architecturally renowned commercial buildings within the Sydney City Fringe market. In essence, not only is it optically appealing but it provides a secure covenanted income stream,” said Colliers’ Matthew Meynell.
A strong black is not only on the facade, the net rental income is some $2.5 million per annum when fully leased, according to Colliers. Colliers also noted the building has significant depreciation benefits while offering secure and quality covenants underpinning a long 6.52 year WALE.
The site also benefits from nearby train, bus, and light rail services, all while situated within one of the most well-known retail and restaurant precincts.
The sale comes as the Property Council of Australia’s latest office occupancy data was released two days ago.
Office occupancy as a percentage of pre-COVID levels for Sydney in April was 42%. That’s one percentage point up from March, and significantly above January and February this year, where office occupancy was at 7% and 18% respectively.