299 Sussex Street, Sydney, NSW

Background & Property Description

299 Sussex Street, Sydney is located between Bathurst and Liverpool Streets close to Town Hall Square, Cockle Bay and Chinatown with basement parking, 3 ground floor tenancies & 8 levels of office space.

Level 1, 299 Sussex Street was 347m² of open plan office space with multiple sides of light & high ceilings and was leased to Lend Lease for a project requirement located nearby.

SWOT Analysis

Lend Lease was due to vacate in February 2014. There had been a temporary fit out installed and so it was difficult for prospects to inspect as a refurbished whole floor prior.

Separately, Level 4, 299 Sussex Street was also approx. 347m².

This level was already subdivided, leased as 4 suites from approx. 70m² – 92m² respectively and was near new in presentation.

So, the Lessor was prepared to lease Level 1, 299 Sussex Street in one line or subdivide according to the requirements of interested parties.

Marketing Campaign Outline

We marketed online the whole floor of 347m² or suites of approximately 70m², 90m² & 160m² prior to Lend Lease vacating. We quoted rentals of $435psm pa gross for the whole floor and $450psm pa for subdivided suites.

Floor plans for each proposed subdivision were available upon request.  Further, we prepared a media release noting recent leasing activity in the Southern CBD.

Result

CtechBA, an innovation strategy firm, outgrew their premises in a heritage style office building at Albion Place, adjacent to Event Cinemas. Their lease was expiring.

CtechBA leased 90m² at Suite 1.01, 299 Sussex Street (prior to the subdivision being built).

Nationwide Mortgage sold their office on Kent Street with vacant possession. They needed to secure new offices within close proximity prior to settlement.

Nationwide Mortgage subsequently leased 70m² Suite 1.02, 299 Sussex Street.

The Lessor already had interest from an internal tenant within the building requiring more space and one other party known to them.

The letting up of Suite 1.01, 299 Sussex Street and Suite 1.02, 299 Sussex Street helped facilitate 2 other leasing deals and within 1 month of Lend Lease vacating Level 1, 299 Sussex Street was under offer.

We have now assisted in the letting up of nearly 1,000m² at 299 Sussex Street. Tenants include Ecological Australia and Elders Real Estate.

Testimonial

On 9 April 2014, JJ Yu of Nationwide Mortgage wrote: “I’ve signed the lease today and got the access cards too, it’s all done. Thank you very much for everything you and Kitty (the propety manager) did for me in the past few weeks!

It’s been a great pleasure dealing with you, and Kitty too!!!

Thank you mate!!”

Sales Analysis*

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