Demand for project space on the rise in Sydney

A NUMBER of recent deals have highlighted that project tenants have been active in securing office accommodation in Sydney.

Hutchinson Builders was one of the latest tenants to lease project space, having secured an office of 171.5sq m* in ‘as is’ condition at Level Six, 104 Bathurst Street.

The building near Hyde Park was known as International House.

The initial lease term was 18 months and typical gross effective rents for similar unrenovated suites were circa. $500psqm p.a. to $600psqm p.a.

The tenant was to provide an internal fit-out including offices and plumbed kitchenette to accommodate an administrative team for a nearby project.

The deal was negotiated by Ray White Commercial South Sydney’s John Skufris – on behalf of a private owner.

“Stowe Electrical and Fredon Air both also leased offices at 75 King Street, just north of Town Hall to use as project space, and we’ve been contacted directly by two other project tenants with immediate short-term leasing requirements,” Mr Skufris said.

*Approximately.