Savills News

South Sydney Urban Renewal attracts Markham

Sydney-based real estate investor, Markham, has secured a new investment, acquiring a prime commercial property in Alexandria. 

The company recently agreed terms to purchase 22 O’Riordan Street Alexandria, off market, on a short-term sale and leaseback with the vendor.

The large 7,436sq m site, a strategic parcel of land on the corner of O’Riordan Street and the extension of the new Geddes Avenue, is located 220 metres from Green Square Station and on the doorstep of the Green Square Town Centre.

With ever-increasing CBD rents and tight vacancy rates, together with improved transport infrastructure to South Sydney, the Green Square precinct is quickly emerging as a location of choice for major tenants and their workforce. This is consistent with major corporates choosing other South Sydney areas like South Everleigh and Waterloo and more recently Caltex choosing Alexandria for their new Sydney head office.

Markham’s longer term plans for the unique site include a new 20,000sq m, A Grade campus-style office building, with large, open floor plates surrounding an internal, light-filled atrium stretching from the ground level to the top floor.

With an emphasis on wellness and lifestyle amenity, one side of the building will have a functional outside working terrace, a place where employees can work, play and relax.

“The entire Green Square Town Centre is well underway and will be great place to live, work and play – major corporates are quickly discovering this fantastic area,” says CEO James Markham.

“The City of Sydney has committed $540m over the next 10 years to create world-class community facilities, including an innovative new library and plaza (completed), an aquatic centre (under construction) - the largest built in NSW since the 2000 Olympics - large green spaces, including parks and playgrounds, a childcare centre and a creative hub.

“Green Square Station is only 13 minutes from Sydney CBD by train, three stops from St James Station and five stops from Wynyard, providing easy transport access to the city. Buses, cycle paths and onsite car parking provide alternate transport choices. Green Square is also only 4km to Sydney Airport, with Green Square station sitting on the airport line.

“All this is right on the doorstep, giving tenants an unequalled opportunity for A Grade campus style space in the middle of a vibrant, sustainable and connected community,” Mr Markham said.

The $13bn, 278ha Green Square urban renewal project is the first new “village” created within three kilometres of Sydney’s CBD. It is expected to house 61,000 residents in 30,500 new dwellings by 2030.

The proposed Markham A Grade office building will provide major corporates with an aspirational and conveniently located working environment, and an attractive alternative to CBD rentals.

The design is impressive but also provides prospective tenants the opportunity to participate in the design process to create a working environment that reflects the culture and vision of their company.
Markham lodged a Stage 1 DA in June, with initial approval anticipated early 2020.

Tom Mott of Savills Australia and Matthew Ellison of Cook Wish Ellison are the leasing agents for the project.

According to Tom Mott, State Director - NSW Office Leasing, it was an honour to be involved in such a ground-breaking development in the area.

“This next generation A Grade office building will be a true asset for the precinct and is in line with the Green Square urban renewal project which is the first new CBD fringe ‘village’ with world class community facilities.”

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