Redfern Set to Become a Major Business and Media Hub

The $200 million development is called 8 Central Avenue and comprises 38,000 square metres of net lettable area, with the development undertaken by Rebel Property Group and Seven Network Ltd.

The development comprises an 11 storey media and office complex, with 12,000 square metres of space on the top four floors of the building now being pre-leased through CB Richard Ellis and Chesterton International   Asking rents on completion in early 2010 will be $400 a square metre.

Construction is now underway through Watpac Constructions (NSW) Pty Ltd. The anchor tenants, who will occupy approx. 25,000 square metres over the first seven levels of the building, will be the production studios and offices of Seven Network, Global Television and Pacific Magazines 

Principal of Rebel, Allen Linz, said “We are receiving great interest from a range of media and non-media companies keen to secure large floor plates only 10 minutes from the city and airport by car or public transport.

“We are close to all major transport routes connecting all parts of Sydney and building a state of the art office and studio complex that is close to the highest green building standards in Australia”, he added.

Research by CBRE has shown that there is a great deal of commercial and residential activity in the  area, with an influx of creative services groups and a range of major community facilities being developed or re-furbished by the NSW Government and Sydney City Council.

These works include the planned upgrade of Redfern Railway Station, the 180,000 square metre North Eveleigh redevelopment, the $20 million upgrade of Redfern Oval on Elizabeth St and the redevelopment of Souths Leagues Club. 

CBRE’s data shows rents are expected to increase 20 per cent over the next year, while prices would show similar growth, as the area continues to be good value compared with other business parks around Sydney.

Mr Oliver Freer of CBRE, said “The low vacancy rate and rising rents in the CBD have been positive for the suburban and fringe office markets. Many tenants now want to move out of the CBD or move their back office operations to areas like Redfern. This way they can occupy new or specifically designed premises, while saving on rent.”

 Across the Sydney metropolitan suburban office market, CBRE has identified just over 789,000 square metres of new supply forecast to enter the market from 115 projects. The bulk of new supply is concentrated in the city fringe region, which represents 30.7 per cent of total supply.

Mr James Wish of Chesterton International said “For many years Redfern's commercial property sector had lagged behind the strong price and leasing growth of other city fringe areas, but there was now a great deal of activity in the area leading to a return to growth.

“Superb access to public transport and road transport routes, as well as the airport, Redfern represents a hidden commercial gem in Sydney and the suburb for strong growth in commercial prices over the next five years”, he added. Redfern commercial property prices have increased 12 per cent over the past year.  

Australian Technology Park covers approx. 14 hectares and currently has over 1000 people working in the park ranging from government departments to small computer graphics operators.

The park continues to attract blue-chip tenants, including the Defence Department, the University of Sydney, Hewlett Packard and Johnson & Johnson.

“Seven, Global and Pacific Magazines will attract many more creative services and business groups to Australian Technology Park, with their state of the art high definition television production centre, including four studios”, said Mr Linz.

Seven will be moving from its current facilities at Epping, allowing for the redevelopment of the precinct, while Global will be moving from North Ryde and Pacific Magazines from Milsons Point.

Each of the remaining four floors for lease, designed by PTW Architects, features high ceilings, large open floor plates covering 3,000 square metres, under floor displacement air conditioning system, underground car parking with 158 spaces, full high speed broadband access.

The building is being built to 4.5 star ABGRS and 4 star AGBC Greenhouse ratings, with excellent natural light and sun shading and water efficient fixtures throughout.

Mr Linz said that “The combination of state of the art premises, as well as the dynamic tenants within this campus style environment will make this a great place to work”  

Source: Media Release

For Further Information Call: CBRE / Chesterton International / City PR