THE recent completion of leasing deals on Kent Street in Sydney CBD’s Western Corridor has highlighted a preference for fitted out office space.
Ray White Commercial South Sydney’s John Skufris said tenants were wide-ranging from medical and property through to consultancy firms.
“Each tenancy was situated in and around Town Hall Square near the intersection of Bathurst Street within walking distance to public transport and included on-floor amenities as well as intercom access,” Mr Skufris said.
Ray White’s Head of Research Vanessa Rader said recent Property Council statistics highlighted the increase in demand for stock in the Western Corridor.
“The results in July 2018 showed a 1.6 percentage point decline in vacancy over the last six months to just 3.0 per cent, well below the total Sydney CBD average of 4.6 per cent,” Ms Rader said.
“This region has welcomed a high level of new supply including the world – class International Towers (Barangaroo) which has brought new vibrancy and energy to the area.
“The continued upgrades to the public transport system in this region have been welcomed with future plans set to further invigorate the area over the longer term.”
Level 11, 503 Kent Street – fitted and furnished whole floor with exclusive use balcony circa. 116sq m leased to ABC Dental at $775 psm pa (approx.) for three years.
Level 1, 507 Kent Street – glass partitioned legal – style fit-out circa. 152sq m assigned to Time Matrix Consulting at $482 psm p.a. for two years.
Level 4, 515 Kent Street – fitted strata titled office 117sq m leased to MH Affordable Homes at $555 psm p.a. for three years.
Level 4, 536 Kent Street – also known as 86 Liverpool Street with fit out to be built circa. 153sq m leased to Genesis Strata Management at $625 psm p.a. for two years.