The under-construction Sydney office tower that Afterpay will call home is on the block, with a $140-million price guide and an impressive roster of tenants.
Investment fund manager IP Generation is listing its nearly completed office project, The Brewery, at 5 Central Park Avenue, Chippendale, in the Harbour City’s inner south.
The buy-now, pay-later financial tech company will be the anchor tenant of the former Carlton and United Brewery Yard adaptive-reuse development, which is expected to be completed this year.
Tzannes designed the project to create a mix of modern, heritage-inspired office and retail spaces.
The 5791sq m net leasable area has a 5.2 year weighted average lease expiry with Afterpay taking 66 per cent of the building alongside MIQ Digital.
Two hospitality and dining concepts across the ground floor and licensed courtyard area are to be leased by a leading Sydney hospitality group.
The Brewery is within the $2-billion masterplan precinct developed by Frasers Property and Sekisui House.
The commercial real estate landscape in the region is undergoing a notable transformation, driven not just by an increase in investor demand for office but the evolving nature of the neighbourhood, according to listing agents at Cushman & Wakefield and JLL.
Cushman & Wakefield’s Leigh Melbourne said that as the area geared up to become the largest technology precinct in Australia, The Brewery stood to benefit.
“With commitments from the private and public sectors, including Atlassian and Dexus/Frasers Property’s Central Place, the stage is set for exponential growth,” Melbourne said.
“The NSW Government’s ambitious plans to facilitate 250,000sq m of office space and create 25,000 new jobs by 2036 only adds to the allure.”
JLL’s Luke Billiau said a younger, highly educated workforce along with a broad profile of tenants were seeking fringe alternatives for office space.
“The fringe markets including Chippendale have been winning the war for talent as they capitalise on highly educated occupiers and the supply constraints will drive steady rental growth,” Billiau said.
“Chippendale’s transformation into a global technology and innovation hub seems inevitable, further bolstering the attractiveness of The Brewery as an investment destination, which has been resilient through even challenging cycles.”
Positioned opposite UTS, the full-base build refurbishment was completed late last year, fusing modern technology, character and a targeted 5-Star Green Star and 5-Star NABERS ratings.
It has won multiple awards including the UNESCO award for New Design in Heritage Contexts Cultural Heritage Conservation.
The 100 per cent freehold stratum title interest in The Brewery Yard is being offered for sale via an expressions-of-interest campaign.
Meanwhile, well north of the CBD, a 2357sq m block approved for 55 apartments and an ALDI supermarket partnership has also hit the market.
Colliers is handling the sale of 810-818 Pacific Highway, Gordon, 14km north-west of the CBD on the Lower North Shore, with a deal that will allow the incoming purchaser to partner with ALDI by way of a capital efficient joint venture.
It is also being sold by an expressions-of-interest campaign.
The plans included seven residential levels, an at-grade supermarket, lower ground loading dock and three basement parking levels.
This would create a total saleable area of 4589sq m for 55 residential apartments in the shopping precinct and next to the neighbouring Gordon Centre.
