Clarence Street Precinct Update
JULY 23, 2015
What’s happening on Clarence Street, Sydney now?
Clarence Street, in the Sydney CBD is strongly influenced by its proximity to the city landmarks of The Queen Victoria Building and Town Hall, which has the convenience of the ultra-busy Town Hall train station where some 70,000 commuters arrive each day for work.
The block is just 150m in length with 17 buildings. Two large commercial car parks near Market Street make it easy to park short or long term.
In that one block we are seeing huge change driven by the age of buildings and the Sydney City Council’s desire to activate quieter parts of the city.
Let’s take a look a closer what’s going on….
▪ New Retail: Giant Sydney Bike shop, multiple cafés, boutique gallery and arcade project, Gaffa and Alliance Francaise are present
▪ Recent Sales: SGE Credit Union, Australian Medical Publishers Company (AMP Co)
▪ Office Relocations: Anchor Systems, SGE Credit Union, Paramount Picture International (PPI)
▪ Alternative office options: Cox Richardson Architects
Knight Frank’s Activity
As a Director of Knight Frank and the client relationship contact to Viacom, owners of Paramount Pictures and Paramount Home Entertainment, I was honoured to coordinate the relocation of the Paramount businesses from Clarence Street and Chatswood with Linda Zhu and John Preece of Knight Frank as well as the Public Auction of 208 Clarence Street with Knight Frank’s John Bowie Wilson and Jonathan Vaughan.
Separately, I have worked with property owners, DEXUS and
Perron and Linda Zhu to attract SGE Credit Union to 201 Elizabeth Street Sydney. We have acted for Cox Architects in their relocation to new premises and Greenpath P/L, the owners
of Cox’s existing premises, 204 Clarence Street have appointed
Thomas Fredriksen of Knight Frank and I to release 1,500 sqm 208 Clarence Street of space once Cox vacate this year. We already have interest to lease as well as interest to buy.
On the face of it, the area looks quiet but there’s a lot happening below the surface and in property, opportunity is in abundance!
We are seeing what were smaller businesses grow and find their premises no longer support their needs and we seeing others look at those underrated opportunities and see blue sky. I believe that Town Hall will always attract a diversity of people because it is an important civic centre and that the surrounding real estate will capitalise on this interest, whether it be hotel, retail, tourism or offices for business.
I hope you have found this Clarence Street precinct update 204 Clarence Street informative; stay tuned for the next installment, but in the interim, please do not hesitate to contact me for any of your office agency needs.