This article is from the Australian Property Journal archive
CONSTRUCTION is now underway on private property group Kamirice’s boutique $90 million office development in Sydney’s Macquarie Park, with the city’s suburban office market heating up as COVID-19 health measures lift.
The 10,000sqm Architectus-designed Array, located on Eden Drive, will include circa 1,600sqm floor plates over its seven levels, with the construction phase being delivered by BESIX Watpac.
CBRE and Colliers have been appointed by Kamirice to manage the project’s leasing campaign.
“The credentials of Architectus and builder BESIX Watpac will be drawcards for prospective Array tenants, assuring the high quality of design and finishes of the building on completion,” said Mark Martin, director of office leasing at CBRE, Australia.
Array will be built with an emphasis on wellness, a focus that has emerged all the stronger as Australia’s workforce returns to the office.
This will be achieved through both design and technology, with two expansive outdoor terraces and views of the surrounding precinct on the upper levels.
The building is also targeting high Green Star Design, NABERS and WELL ratings, reflecting Kamirice’s commitment to sustainability and wellness, having elevate 500 Collins Street in Melbourne to the country’s first existing building to achieve a 5-Star Green Star Design rating and WELL Platinum Certification.
“There has been increasing tenant demand in Macquarie Park from flight to quality tenants wanting new or A-grade buildings, which are typically available at less than half the price of the CBD and North Sydney,” said Martin.
Martin highlighted Macquarie park’s resilience throughout Sydney’s lengthy lockdown, citing the to the Property Council of Australia’s mid-year Office Market Report which reported the suburb’s stable 9.7% vacancy rate.
“Other new office buildings in Macquarie Park will have construction taking place around them for years after completion, which is always disruptive for the occupants. Array is a stand-alone development, so tenants will enjoy the benefit of their stable new surroundings from day one,” added Kellie Hatch, director of North Sydney office leasing at Colliers.
While Macquarie Park recorded 5,000sqm of net absorption over the September quarter, Sydney’s CBD office recorded its strongest quarterly result since the fourth quarter of 2018, with 24,700 sqm of net absorption and vacancies falling by to 13.0%,
“With Kamirice’s track record of owning high-quality assets, investing for the long-term and building strong tenant relationships, they have earned a reputation as a trusted property partner. Array presents a great opportunity for tenants looking to build a lasting relationship with a landlord who can be responsive to their needs,” concluded Hatch.
Kamirice’s Array at Macquarie park is due for a mid-2022 completion.
