Barangaroo Proves Popular with Sydney Tenants
Barangaroo has emerged as one of Sydney CBD’s premier commercial and lifestyle precinct. The development has been recognised as a successful example of urban planning and revitalisation. Making up the precinct are the commercial International Towers, the Headland Park, and the dining, shopping, and cultural districts. TRS is active within Barangaroo, relocating a number of clients to the towers, advising on both space negotiation and the fit-out process.
Who’s made the move?
The International Towers are now home to some of Australia’s largest finance, professional services and legal firms, including; PWC, Lend Lease, Westpac, KPMG, and Gilbert + Tobin. Barangaroo has also proved popular among TRS clients, with Australian Payments Network, Investment Trends, and Nikko Asset Management relocating to Barangaroo this year. Hannover Re is also expected to relocate to Tower 1 early next year.
“Nikko AM embarked on a 12 month project with TRS to identify new office premises, negotiate our lease and manage our new fit-out. We were happy with the overall service and the importance of TRS’ independence, that added value to both the lease negotiations and fit-out process, to ensure that we achieved value for money”.
Chief Operating Officer, Nikko Asset Management
Competitive Commercial Opportunities
Commenting on the commercial popularity of the area, TRS’ Director of Transaction Management Mark Lockwood states that ‘despite the higher rents, attractive incentives and strong opportunities for negotiation are drawing high quality commercial tenants’. While pre-commitment to the towers was strong, Mr Lockwood assures there remains significant opportunities for both larger and smaller tenants to consider Barangaroo. Whilst initially targeted at larger clients, whole floor plates being subdivided into smaller suites offer flexibility to smaller tenants. Although the International Towers are more attractive to some tenants than anticipated, the location and amenities do not suit all tenants, and can’t be considered a foolproof option for those looking to relocate.
The public transport links are also key drawcards to Barangaroo. STA buses and the recently opened Barangaroo Ferry stop offer further connections across Sydney. Supplementing these is the future Barangaroo stop as part of the Sydney Metro project.
The Wynyard Walk linking the precinct to Wynyard Station provides quick access across the city.
“TRS assisted AusPayNet in its search for new offices, enabling us to secure fantastic new premises at a market competitive rate. They also provided us with fit-out advisory services, arranging a beauty parade of potential partners, and managing the design and construct phase through to a really successful outcome, while saving us time and money.”
Chief Operating Officer, Australian Payments Clearing Association
Another feature LendLease are keen to promote is Barangaroo’s sustainability. The precinct is on track to deliver zero net waste to landfill, and be water positive by 2020. Tower 2 is Australia’s most sustainable high rise office building, awarded a full Green Star rating of 6 stars.
Lend Lease has curated the retail and dining mix carefully, offering varied options to tenants and drawing street traffic to the area. A boutique David Jones creates a unique experience for shoppers, and waterfront dining options have been well-received among diners and the industry.
“TRS was of great assistance in our office relocation process. We hit a hurdle in our office move when the landlord we had signed a heads of agreement with pulled out of that deal. TRS immediately re-ran the whole search process for us, and found us an even better solution at a comparable cost, in a very tight time-frame and market.”
Founder and Executive Chairman, Investment Trends