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PJ Gallaghers sells for $14.5 million as investors look north to Queensland

05/02/2019 | 杭州桑拿 | Permalink

PJ Gallaghers pub in Leichhardt has sold for $14.5 million. Photo: Airphoto AustraliaA publican has poured $14.5 million into buying the PJ Gallaghers pub in Leichhardt from Gallagher Hotel Management as tight market conditions push hoteliers north across the border into Queensland.
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The Norton Street hotel, located on a prominent corner site, sold as a freehold going concern on a 9.8 per cent yield just a day after a Sydney syndicate led by Roosters chairman Nick Politis snapped up the Treetops Tavern in Burleigh Waters, Queensland for $20 million.

PJ Gallaghers was purchased by a private publican who will run it as a stand-alone asset, JLL Hotels & Hospitality Group national director John Musca said.

The pub had recently undergone a $2 million facelift and sold with 28 gaming machines and sought-after 5am trading licence.

The vendor, Gallagher Hotel Management who own and operate 14 hotels across Sydney, last month sold the leaseholds to the Liverpool Hotel and Corner Pub for a combined $12.5 million in order to focus on other freehold opportunities.

Yield compression in Sydney and Melbourne for limited numbers of hotel assets was pushing investors to look further north, he said.

The Treetops Tavern was offloaded by Sydney-based Thomas Hotels to the Politis syndicate that also included well-known Sydney hotelier Peter Ashelford.

The same syndicate swooped on The Boathouse Tavern in April, purchasing it for $13.9 million from Leda Holdings owner Bob El.

Another Gold Coast hotel, the Melbas Tavern, also recently sold to interstate investors for $12.5 million, while an imminent sale of the Mermaid Beach Tavern has been mooted.

“These sales reflect the cyclical trend of interstate hoteliers looking beyond their tightly held markets to invest in south-east Queensland,” Mr Musca said.

“Interest in Brisbane hotels [is] understandably escalating as a result of the casino announcement and the enormous weight of capital driving the city and fringe apartment boom”, he said.

A different development cycle was driving sectors of Sydney’s market where developers were pouncing on larger metropolitan hotel sites to take advantage of council planning regulations that foster alternate development uses.

Development-led sales have fuelled an estimated $100 million of  transactions including the sale of the Bull & Bush Hotel, Penshurst Hotel and Kings Head Hotel, JLL estimates.

“The frenetic transaction activity of late last year has spilt into 2016 with the aggressive expansion of the Public House Group and a number of other acquisitive newly formed private equity syndications moving to accumulate portfolio scale,” Mr Musca said.

Gateway will redefine food at Circular Quay

05/02/2019 | 杭州桑拿 | Permalink

DEXUS Property has major retail leasing plans for its Gateway property. Photo: SuppliedThe area is set for a $2 billion-plus upgrade, bookended by 50 Bridge Street in the east and the Wanda Group’s planned hotel and apartments project in the west on the site of the former Gold Fields House.
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The NSW Government has also earmarked an upgrade of the ferry terminals in an effort to restore the area to its glory days.

In the middle of the precinct is the aptly named Gateway Building, which owner DEXUS Property is upgrading for office tenants and visitors.

The new shops and restaurants will be the meeting place for the area. The fast food giant McDonald’s is also renovating and expanding its Circular Quay site.

DEXUS Property intends to offer its office tenants a wide range of amenities, including new food and retail tenants. It has secured pre-commitments with Neil Perry’s The Burger Project and Chat Thai.

The project will set the tone for the Circular Quay precinct, establishing Gateway as a food emporium catering to varied tastes and budgets during the day and into the evening.

The $80 million redevelopment is being undertaken by DEXUS on behalf of the property’s owner, DEXUS Wholesale Property Fund. The three-storey retail podium will be converted into multiple dining precincts, doubling the retail space from 2140 square metres to 4385 sq m.

DEXUS leasing manager city retail, Pamela Medich, said with the Sydney CBD population set to reach 35,000 by early 2016, there was demand to extend trading hours and introduce more quality, affordable dining options.

“We have identified a gap within the Circular Quay precinct and interest for the project is strong. We are creating a versatile and contemporary harbourside eating landmark to serve all customer bases, including our office customers, residents and visitors,” Ms Medich said.

“Gateway’s position in the Circular Quay precinct is part of our expansion plans to secure new stores in prominent CBD locations.”

Liann Lim, development manager at DEXUS Property Group, said a number of transformational projects were planned for the Circular Quay area including the light rail that will transport an expected 6000 passengers each hour to Circular Quay by 2019.

“We are very focused on creating a sense of place for our customers by creating an environment that enhances the entire precinct,” Ms Lim said.

AMP Capital is also planning an array of food tenants for its 50 Bridge Street site, which will include a laneway precinct that will flow down Macquarie Street into the Alfred Street pedestrian zone.

Tenants are forcing an office evolution

05/02/2019 | 杭州桑拿 | Permalink

St George’s new offices and concierge services at Barangaroo, Sydney. Photo: Nic WalkerOnce just moving into an office with a phone and desk was enough.
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But now tenants are demanding they have agile workplaces, high quality end of trip facilities and sustainable green-star credentials.

There is alsoa new wave of offering hotel concierge services in an office tower.

One of the latest to offer a range of these “must haves” is the Far East Organisation’s 227 Elizabeth Street, a 24-level commercial tower in Sydney’s CBD which has tenants flocking to the asset in a bid to secure newly fitted-out space in a tightening market.

According to the agents at Colliers International, 11 leases have been signed since the start of 2016 with another eight leases signed in the last half of 2015, with record rents achieved for the B grade asset. These have been through Jock Gilchrist and Tom Buxton of Colliers International.

The agents said 227 Elizabeth Street that with office areas ranging from about 85sq m to 900sq m, rental figures range from $725 to $890 with 2016 tenants including: Harmony, Jindu, Ekornes, Boardroom.Media, Prime Development, Royale Wealth & Partners, Ullink, Evergrand, Better Homes, Liferay and Menulog; all on long lease terms.

But with the office market continuously evolving to accommodate the demands of a 21st-century workforce, there are a few trends affecting investors and office occupiers alike.

According to Cameron Williams, national director of office leasing for Colliers International, asset optimisation is the new sustainability when tenants look to lease.

Mr Williams said environmental impact was simply one cog in a very large wheel of holistic building management that experienced commercial property managers brought to the table.

“In addition to looking at the presentation and performance of their property, smart landlords are looking to their property managers for a holistic approach to asset optimisation,” he said.

“Risk mitigation, operating efficiencies, innovative tenant retention, real-time financial management, additional income opportunities, ‘wellness’ offerings, benchmarking analysis, procurement and customer service are just some of the strategies being incorporated to not only make assets perform at their best but deliver the services and facilities their tenants desire.”

According to Simon Crouch, national head of tenant advisory for Colliers International, an increase in demand for office space from corporate occupiers in Sydney and Melbourne indicates that more challenging times may be ahead for corporate tenants in these markets.

“It’s important for occupiers to be informed and have a well thought out workplace and property strategy to secure the best accommodation solution,” Mr Crouch said.

“This requires a deep understanding of market conditions and trends to identify and mitigate risk, and to uncover and take advantage of opportunities.”

Colliers International’s research also shows that average workplace densities have declined from 27sq m per person in 1992 to 15sq m per person in 2015. This trend is being driven by the demand from organisations to derive more and more efficiencies from their office accommodation.

“Financial institutions are typically heading well below 10sq m per person on typical floor, while law firms are targeting between 12 and 18sq m per person,” Mr Williams said.

“Before a plan is devised to move to a new way of working, it’s important to have clearly defined goals, an understanding of work and occupancy patterns and an evidence-based workplace strategy that aligns people, technology and workplace to drive change.”

Offering five-star hotel services has also arrived within offices, according to Peter Black, national director, workplace strategy and design for Colliers International.

“The edges have blurred between where we work, live and play, so much so that we no longer have just one place for each part of our life,” he said. “We live, work and play at home and at work.

“Blurring the edges also means workspaces now need to support workers with hospitality-style services such as concierge, front-of-house help-desk, quality end of trip facilities and ‘wellness’ options that support their health, wellbeing and busy lives, increasing employee happiness and productivity.

“Premium corporate occupiers are realising that as agile work practices surge in popularity, so too does the need to provide flexible, high-performing office environments that create and support communities – spaces that allow people to connect and collaborate.”

North Sydney moves back into the spotlight

05/02/2019 | 杭州桑拿 | Permalink

North Sydney is fast returning to its golden days as the serious contender for office tenants to the Sydney city.
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The vacancy rate is heading south and rents are rising, agents say. The average vacancy level is below 8 per cent and rents are nearing city prices of up to $800 per square metre per annum for premium sites.

There are cranes back on the skyline and tenants are lining up for new space, such as CBRE, which is moving to the new 177 Pacific Highway tower.

One development is by DEXUS​ Property Group at 100 Mount Street in North Sydney. The group has appointed JLL national head of leasing, Tim O’Connor and JLL head of office leasing North Sydney, Paul Lynch, to partner with DEXUS’s leasing team, headed by Chris Hynes,​ on the project’s leasing.

DEXUS executive general manager, office and industrial, Kevin George said the group had received some strong inquiries to lease the office space since it was announced they had agreed to acquire 100 Mount Street.

“Now that we have settled on the acquisition, we can progress leasing discussions,” Mr George said.

“This development strongly supports the revitalisation of North Sydney which is set to benefit from improved amenity including the proposed Sydney Metro line, as well as continued tenant demand for quality product in a market that has limited prime grade options.”

Mr George said the project is expected to be completed at an opportune time in relation to Sydney office market supply fundamentals.

The tower at 100 Mount Street is a 34-level premium office development spanning 41,163 square metres, providing office floor plates ranging from 1200 to 1300 square metres and a 2.85-metre floor to ceiling height.

The building will feature highly transparent glazing with integrated automated blinds, high levels of customer amenity, including end-of-trip facilities and concierge, and services designed to accommodate higher density tenancy operations. The development will target 5-star Green Star and 5-star Nabers energy ratings.

CBRE has also highlighted the area for growth and plans to move its North Sydney office to 177 Pacific Highway, continuing a global roll-out of new workplaces designed around wellness, flexibility and activity-based working.

To initiate the move, CBRE has leased level 29 at North Sydney’s newest office tower, due for completion in August. The deal delivers CBRE 1498sq m of space on a seven-year lease term.

It is the latest commitment for the 40,000sq m building, which is being developed by CIMIC Group through Leighton Properties on behalf of Suntec Real Estate Investment Trust.

CBRE joins a high-profile roster of tenants readying to move into the building, alongside Jacobs and Vodafone.

CBRE’s North Sydney managing director Ryan Johnson said the move would cater for the significant growth that had occurred in the company’s North Shore business, which comprises 145 commercial and residential staff.

“Our aim is to create a world class environment for our clients and staff that is energised and highly collaborative and where our clients could generate maximum advantage,” Mr Johnson said.

CBRE has engaged international design firm Gensler to create the concept plans – drawing on its experience in designing a range of CBRE offices globally under a model known as Workplace 360l.

The City fringe is a gateway to new office space

05/02/2019 | 杭州桑拿 | Permalink

151 Property Group’s A-grade Gateway 241 building in Mascot has been upgraded as businesses seek office space outside of the CBD. Photo: Phillip HaysonNot all the office leasing action is in the capital cities, with companies still preferring the fringe districts with proximity to the city but with less expenses.
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These areas range from a  20-minute walk or a short drive to the central business district.

This was evidenced by the recent sale of the Terminus Hotel in Pyrmont, which had many inquiries, to a new development at Mascot.

According to the fringe office leasing agents, the uptake of office space across the southern CBD by mid-tier Technology Groups, is making significant impact on the Sydney CBD fringe market.

These businesses are squeezing out the low-cost tenants to landlords who are repositioning the assets to attract new emerging groups.

Education is another growth industry, with tier 1 and 2 education providers looking to expand their footprint in a tightening market.

The leasing project at 338 Pitt Street, Sydney, was a major success and proves the above commentary around the tech industry.

Daniel Price, an associate at Karbon​ Property, says the firm has leased more than 6000 square metres to expanding technology groups that vacated Surry Hills assets.

Mr Price said the majority of buildings it vacated were leased before seeing any vacancy, and in these assets witnessed a strong uplift in face rentals.

“We are starting to see the fruits of a tightening market with rents increasing, in some cases up to 10-15 per cent. We see this capping out unless capital expenditure by landlords is forthcoming,” Mr Price said.

“A great example is one of Karbon Property’s listings: 64 Kippax Street, Surry Hills. This asset had a previous average face rent of $275 per sq m per annum gross. The new owner, through a limited capital expenditure program, was able to see an uplift across all floors of 100 per cent, now achieving rents of $525-$550 per sq m per annum gross.”

Mr Price said another example of how tight the Surry Hills market is getting can be also shown through a deal he completed with Eight Steps West, a growing creative digital agency that was working from a terrace in Woolloomooloo.

“The tenant required 300-350 sq m and had missed out on two properties previously due to the strong tenant demand in this sector of the market. I had a tenancy become available in 19 Foster Street, Surry Hills, which was a newly refurbished asset with loads of character,” Mr Price said.

“It was inspected twice and agreed terms within two days of being made aware of the property, and executed the lease before the current tenant had vacated the premises. Zero down time in rent for the landlord and only a 7 per cent incentive; four-year lease for 350 sq m at a rent of $650 per sq m gross.”

Achilles Peshos​, the principal and licensee in charge at The Edge Property, agreed saying in 2016, the City Fringe has seen a dramatic increase in enquiry from tech-based industries seeking creative office space.

“To meet the demand, it is essential that owners cater their buildings to these tenants needs by providing high speed internet and modern telecommunication systems,” Mr Peshos said.

“With limited stock and high demand, create space in the fringe is seeing incentives drop below 8 per cent and demand has increased for C-grade space with character.  Tenants are sacrificing the luxuries to work in a creative environment for affordable rates.”

Further out, but still seen as a fringe, South Sydney continues to be in high demand for tenants seeking quality office accommodation.

The area is facing similar tailwinds to the city with older offices being snapped up for residential redevelopments. But with its proximity to Port Botany and Sydney Airport, there is still demand for office space.

Mascot alone, has seen 12,000 sq m of net absorption in the past nine months, with a further 20,000 sq m of tenants currently looking for space within the precinct and surrounding areas.

According to Robert Gishen​, Colliers International’s national director office leasing, the Mascot precinct has seen strong demand for good quality office space in the past 12 months.

“Key reasons for this include Infrastructure improvements, proximity to the airport, good quality buildings with excellent parking ratios and surrounding amenity. A number of landlords in the precinct have recognised these trends and are undergoing significant refurbishments,” Mr Gishen said.

The 151 Property Group’s A-grade Gateway 241 building located at 241 O’Riordan Street, Mascot, has been upgraded with all the requirements of a modern-day office including a new lobby, cafe, end-of-trip Facilities, gym, bicycle racks and base building services.

“To date, 12,500 sq m has been leased to blue chip corporates such as AbbVie, Newslink and Landis + Gyr, all of which are global brands on long-term leases. Key drivers for decision makers were great base building quality, large efficient floor plates, good natural light, proximity to the airport, surrounding amenity and on-site facilities” Mr Gishen said.

He added that Gateway 241 is a “contemporary” commercial asset comprising 19,500 sq m commercial building that occupies a prominent “gateway” position at the major entry point to Sydney’s Domestic Airport.