This article is from the Australian Property Journal archive
The recently-completed Aero247 commercial building at Mascot, Sydney has set a benchmark in the Sydney Airport precinct, breaking through the $5,000 per sqm barrier.
The $44-million building at 247 Coward Street has 10,000 sqm of strata office space over seven floors, and five ground floor areas.
Aero247 has 293 car spaces on four levels with entry and exit onto Coward Street.
The building also has a large childcare facility – ‘Aero Kids Early Learning Centre’ – which is licensed for up to 90 children.
Almost 50% of the space in Aero247 has been secured by The Australian, International Pilots Association, Cotton Australia, Cyan Training Resources, financial advisors Unlimited Advantage, computer consultants Glendon Pty Ltd, IT company Knowledge Cube, town planners ISD Investments and Baillie Tank Equipment.
Aero247 is adjacent to Qantas’ global headquarters and near such corporate heavyweights as TNT, DHL, Porsche, Fuji Xerox, Colliers International and Motorola.
The U-shaped building has been developed by The Malcolm Group and built by Buildcorp. Aero247 has been designed by architect Nick Turner, principal of Turner + Associates.
The Malcolm Group is headed by Warren Malcolm, who sold his pre-mix concrete supply business Concrite Pty Ltd to Boral in 2001 to concentrate on property investment and development.
Aero247 has been fully funded by The Malcolm Group, which has sites awaiting development at Condell Park and Alexandria.
“There is a good cross-section of owner-occupiers here, ranging from industry bodies to businesses providing recruitment, training, IT and financial services, which is creating a great dynamic within the building,” The Malcolm Group’s Howard Thuge said.
“Purchasers have come from within the local area, Surry Hills and other CBD fringe suburbs, and Bondi and Vaucluse in the east.
“But the major reason is that ‘Aero247’ is the only commercial strata space of this magnitude and premium quality within the airport precinct.
“Most of the larger sites are held by major listed property trusts, so the vast majority of any new office stock will only be available for lease. ‘Aero247’ is a rare opportunity for businesses and investors to own a commercial strata suite within this strategic locality,” he added.
Joint selling agent Colliers International’s Michael Crombie said Aero247 has been well received by both owner occupiers and investors, with prices achieved so far between $4,200 and $5,700 per sqm, and net returns for investors between 7% and 7.5%.
Mark Furneaux of Durrant Furneaux said Aero247 is filling an overdue need for quality commercial strata office space in the airport precinct.
“‘Aero247’ is a building of CBD standard, and is extremely well located – just three minutes walk from Mascot Railway Station, close to Sydney Airport and Port Botany, and within easy access of the Eastern Distributor and the M5,” he added.
By Adam Parsons
