The rejuvenation of Sydney CBD retail precincts such as the Pitt Street Mall, Mid City and the King Street Wharf is encouraging IT groups to consider moving to nearby office premises, according to Ray White Commercial.
Ray White Commercial Office Leasing Director John Skufris said IT services and web based businesses were now seeking office environments that traditionally were leased to destination retailers.
"We frequently see retailers with similar office tenancy requirements as e-tailers,” Mr Skufris said.
“They are individually two very different industry types. However, their office needs are much more comparable."
He said leading family history website ancestry.com.au is relocating to Level 3, 387 George Street in a transaction completed by Mr Skufris for private investment group Lionmar Holdings.
“Located opposite Mid City, the building has long been home to destination camera and electronics retailer Georges Cameras as well as for Weight Watchers,” Mr Skufris said.
Ancestry.com.au has secured a five year lease with initial gross rental of approximately $475 per sqm.
Another mover is Key Options Technology, an Apple Authorised Training Centre, which has relocated to a 264 sqm tenancy at 8 Cuthbert Street at Sydney's King Street Wharf. The lease term is three years and Key Options Technology is paying a gross rental of approximately $385 per sqm.
Ray White Commercial's Anthony Harris said: "8 Cuthbert Street is just moments from King Street Wharf's bars and restaurants, comprising ground floor offices, internal stairs, mezzanine floor with own balcony, parking and rare signage usually associated with retail opportunities.
"We have also assisted other prominent web based businesses including Freelancer.com, the world's largest outsourcing marketplace, and global forex broker FX Pro relocate to King Street Wharf."
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