More than 20,000sqm of office and retail tenancies in the Sydney CBD will be vacated this year while building owners carry out improvements, according to Ray White Commercial.
Ray White Commercial Office Leasing Director John Skufris said buildings on Market, York and Elizabeth Streets have been acquired back by owners for upgrade, redevelopment or conversion.
Mr Skufris said recently the tenants at 45 Market Street, the Gowings building, were required to vacate as the site is due to be converted to a 4 1/2 star boutique hotel by owners AHL.
"It is always a positive reflection on short to intermediate market sentiment to see owners looking to add value," Mr Skufris said.
"The good news is there are still various leasing opportunities for tenants seeking alternative space near their current premises.”
Ray White Commercial's Anthony Harris said: "We found the Dymocks building at 428 George Street popular for 45 Market Street’s tenants.”
“It offers close proximity, flexible lease terms, extended trading hours including weekends, heritage features, on-site building management and security."
"Other neighbouring owners are also benefitting. We have recently assisted media, creative and accounting groups as well as retailers to secure new premises no more than 150 metres from their previous locations."
Current tenants at the Dymocks building include Lend Lease, Abbey Bridal, wedding stationers Huetopia and Coin Club Australia - an Official Distributor for The Perth Mint Australia and Royal Australian Mint.
ENDS
Further inquiries:
John Skufris
Ray White Commercial Director (Office Leasing)
Mb: 0414 969 221
Email: jskufris@raywhite.com
Anthony Harris
Ray White Commercial Director (Office Leasing)
Mb: 0409 319 060
Email: aharris@raywhite.com