207 Clarence Street, Sydney, NSW

Background & Property Description

207 Clarence  Street is a terrace – style building located between Market and King Streets close to Queen Victoria Building, Grace Hotel and close walking distance to Town Hall & Pitt Street Mall.

Known as CBD House, the property traditionally comprised of ground floor retail, 3 levels of office space & lower ground parking accessible via Kent Street.

SWOT Analysis

The retail component and office space at 207 Clarence Street was fully leased. However, none of these tenants required parking spaces located on the lower ground level.

There became the opportunity to explore non – traditional users potentially lease the vacant parking area. These users included small bar operators, personal training & gym studios.

Marketing Campaign Outline

We sought feedback from a prominent local expert of small bar/cafe operations who was very positive about the location, concept and potential of the subject property.

Whilst we maintained online marketing, this expert referred a team of 3 operators with relevant industry experience looking for their first site.

Result

Papa Gede’s commenced trading in November 2013 having received Development Application approval for the change of use from car park to small bar. The access via Kent Street offered a heritage – style cobblestone path to the bar’s main entrance (which was previously the car park entry).

The opening was highly anticipated. The leasing transaction had headlined Sydney’s Mx newspaper and Papa Gede’s since featured in Cleo Magazine.

It was a genuine value add proposition for the property owner.  Further, the rental expectation of the lower ground level had nearly doubled.

We have since worked with a nearby property owner considering repositioning under utilised areas in their building including lower ground & rooftop.

Testimonial

On 6 November 2013, Papa Gede’s tweeted:

“Finally graduating from tweeting about a bar to actually being one. Also expanding horizons to include website: http://www.papagedes.com/”

“@SydneyOffices (John Skufris) thank you very much, kind sir”.

Sales Analysis*

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