$90 Million Collins on Bourke Project Takes Off in Sydney

$90 Million Collins on Bourke Project Takes Off in Sydney

Commercial News » Asia Pacific Commercial News Edition | By Scott Kauffman | May 1, 2012 8:00 AM ET

(Alexandria, Australia) -- Collins on Bourke, the largest mixed-commercial high-tech development to launch in Alexandria in the past five years, is finished with construction and the first tenants are moving in to this growing south Sydney location.

Comprising a mix of high clearance showrooms, warehouses spaces with loft suites and hi-tech creative offices, the $90 million, three-level development is already at 45 percent leased.

Moving in Collins on Bourke represents the next phase in Alexandria's transformation from an industrial suburb to one of the city's most vibrant and eclectic new business communities.

Collins on Bourke's completion coincides with news that Green Square Town Centre is moving ahead. The $1.7 billion mixed-used community will include approximately 1,600 residential units, 12,000 square meters of retail space and up to 48,000 square meters of A-Grade commercial space.

Developed by HSF Property Developments and Grant Samuel Capital, the state-of-the-art Collins on Bourke has been designed to cater to a mix of retail, light industrial and high-tech creative operations. It's already drawing interest from businesses typically more at home on the Sydney CBD fringe.

"Collins on Bourke is now the most desirable hybrid development in the greater South Sydney market and beyond," Colliers International's Michael Crombie said. "It offers tenants a contemporary business space with an ideal work like balance.

"Bourke Street is really buzzing, and it's the clearest sign that this suburb is truly coming of age. Collins on Bourke is right at the heart of that evolution, and will lead further change as tenants look for more creative, better quality and better value accommodation."

Some of the early tenant commitments is premium alcohol company Suntory, a family owned wine business, child-care centers and a restaurant and wine bar by Prospero Group, known for their popular Manta Restaurant and Bar on Woolloomooloo Wharf. Almost half the space is alfresco, set under a stand of towering figs and melaleuca trees.

Rates for the different space varies, but all represent competitive terms reflective on the style of property and the market demand, said owner representative George Mitsis.

"The tenancy mix we've attracted is outstanding and we're expecting enquiry to only strengthen now the project is complete and the site starts to come to life," Mitsis added. "It's a clever diversity of accommodation and tenants have seen the value in what this combination of businesses can bring to them as occupiers of the space, but also the broader South Sydney community. "It's the kind of place that recognizes the shift in how people are choosing to live and work."

Meanwhile, the mammoth Green Square Town Centre project has been in the pipeline since the announcement of the railway link between Sydney CBD and the airport in 1991, but a project agreement between Leighton Properties, Mirvac and Landcom announced at the end of March has now reignited the development.

The Green Square precinct is expected to create around 7,000 jobs, provide new homes for around 5,500 people and generate approximately $3.2 billion to the wider economy both during and after construction.

"It's exciting times for the area, and Collins on Bourke is well-positioned to provide tenants and owners with an excellent place to work and a fabulous investment," Mitsis said. "Demand for space of this caliber will only grow."

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