North Sydney prepares for retailers with an appetite for success
Peter Clemesha 13 Aug 2014
The ground floor at 177 Pacific Highway – North Sydney’s new office tower developed by Leighton Properties and owned by Suntec Real Estate Investment Trust (Suntec REIT) – will be abuzz with Garden Plaza café, restaurant and laneway-style food and beverage options for local workers and residents.
A national retail leasing campaign to launch in August will have retailers excited about the new wave of change to take place in North Sydney. Leighton Properties and Suntec REIT have appointed CBRE to accept expressions of interest for the retail tenancies. The ground floor plane will have three retail tenancies ranging from 30sqm to 150sqm with an additional licenced seating area from 40sqm to 250sqm.
With strong interest in the tenancies already, workers and residents of North Sydney are expected to enjoy an impressive food and beverage offering within the new office tower amid a light-filled setting behind an impressive 13-metre high glass entrance façade.
According to a tenant sentiment survey conducted by URBIS in February 2013, a large proportion of recommendations made regarding the North Sydney CBD related to the improvement of retail provisioning and better quality cafés and restaurants. Retailers at 177 Pacific Highway will meet this need by providing quality amenity for workers and residents in the area, and a unique destination for entertaining clients.
177 Pacific Highway will be North Sydney’s first new commercial building in six years and is set to become one of Sydney’s most significant projects. Conveniently located at the northern gateway to North Sydney’s CBD and in close proximity to public transport and major freeways, retailers can take advantage of the projected local population of 39,000 workers and 10,000 residents by 2016 (MacroPlan Dimasi, March 2014).
CBRE Director of Retail Services Leif Olson said: “177 Pacific Highway will be a catalyst for future development in North Sydney."
“The retail component of the development will service the occupants of the tower and the surrounding community. There are several new residential developments nearby, namely Montrose, Eon, Skye and The London, which will bring in more people and demand for high-quality amenity in North Sydney.”
The revitalisation of Sydney’s second CBD can’t come soon enough, with companies fast realising that North Sydney needs more than just office space to thrive.
Leighton Properties National Head of Commercial Andrew Borger said companies had become increasingly more conscious about ways to attract and retain staff.
Mr Borger said: “Not only do tenants want the next generation workspace for staff, they also want a workplace that offers a high level of convenience and amenity. We are excited to breathe new life to the area with quality food and beverage retailers. The unique, naturally ventilated Garden Plaza will be teeming with workers and visitors, providing an alternative workspace for casual meetings over coffee or lunch.”
The development has strong support from local council, which was pleased to hear of the growing leasing interest at 177 Pacific Highway.
North Sydney Mayor Jilly Gibson said: “Dynamic new developments such as 177 Pacific Highway will bring a vibrant new energy to the North Sydney CBD as the area increasingly becomes the meeting point of business and lifestyle.”
Designed by award-winning architectural firm Bates Smart, 177 Pacific Highway will be a striking addition to the North Sydney skyline and will have a vibrant town square atmosphere, comprising a spectacular 13-metre high glass façade entry, public Garden Plaza and ground floor retail. The development will incorporate 40,000sqm of A-Grade commercial space across 30 levels, 75% of which has been pre-leased to Leighton Group Property Services. With efficient and flexible design, the landmark development will target a 5 Star Green Star v3 (Office Design and Office As Built rating) and 5 Star NABERS Energy rating.
The building is scheduled for completion and occupancy in early 2016.
For more information
Senior Development Manager
Phone+61 2 9925 6884
Email Peter Clemesha