ADDENBROOKE UPDATES

SYDNEY FRINGE LOCATION OFFERS MORE SOUL FOR CAMPERDOWN REAL ESTATE SALE

+

SYDNEY FRINGE LOCATION OFFERS MORE SOUL FOR CAMPERDOWN REAL ESTATE SALE

Written by Sam Murden

A fully-renovated office building in Sydney’s inner west has arrived to market, attracting both owner occupiers and commercial property investors.

Located at 28-32 Mallett Street in Camperdown, the 1,039 sqm building is being brought to market by Ray White Commercial agents Peter Vines and Michael Khouri, in conjunction with Karbon Property agents Tom Williams and Charles Bowmer, on behalf of real estate developer Addenbrooke.

According to Mr Vines, the circa $10m commercial property was purchased a while ago by owner-occupiers who moved to leasing and selling the building in the last year.

A fully-renovated office building in Sydney’s inner west has arrived to market, attracting both owner occupiers and commercial property investors.

Located at 28-32 Mallett Street in Camperdown, the 1,039 sqm building is being brought to market by Ray White Commercial agents Peter Vines and Michael Khouri, in conjunction with Karbon Property agents Tom Williams and Charles Bowmer, on behalf of real estate developer Addenbrooke.

“The property is situated in the Sydney fringe’s most up and coming enviable locations,” Mr Vines said.

“Camperdown is Sydney’s premier educational and medical precinct with Sydney University and the Royal Prince Alfred Hospital located only moments away from the property. It is also home to some of Sydney’s leading creative names and tech entrepreneurs.”

“The commercial hub has expanded quickly due to its character-filled warehouse conversions into office buildings and its proximity to local employee talent living nearby who are sick of working in soulless skyscrapers in the CBD and looking for a more authentic location.”

Mr Williams said 28-32 Mallett Street had recently undergone a stylish and contemporary whole building refurbishment by a company fast being known for their tasteful works- Addenbrooke.

“The architecturally designed refurbishment combines warehouse character and state of the art finishes delivering a stylish HQ that will appeal to investors and occupiers alike,” he said.

“Features include polished concrete floors, exposed timber ceilings, large windows allowing for an abundance of natural light, brand new kitchenettes and bathroom amenities, off-street parking for four cars and a balcony on level one.”

Auction Thursday 28 July 2022

NO MORE “SOULLESS SKYSCRAPERS”: CAMPERDOWN’S ALTERNATIVE OFFICE SPACE

+

NO MORE “SOULLESS SKYSCRAPERS”: CAMPERDOWN’S ALTERNATIVE OFFICE SPACE

Written by Callum Hofler

Camperdown, NSW, is a suburb of considerable affluence. According to the most recently published Census, the suburb has a median weekly income just over 34 per cent higher than the national median. Heavily populated and with immediate access to some of Sydney’s best medical and educational amenities, including the Royal Prince Alfred Hospital and the University of Sydney, Camperdown is a destination suburb for both those seeking residential property, as well as businesses looking to setup shop.  

Now, Ray White, in conjunction with Karbon Property, are offering a freehold that they contend has real value as “a stylistic HQ”, right in the heart of this precinct. 28-32 Mallett Street is a recently renovated city fringe space with quality finishes and an abundance of natural light, that is sure to please the eye.

“The architecturally designed refurbishment combines warehouse character and state of the art finishes delivering a stylish HQ that will appeal to investors and occupiers alike,” commented Karbon Property’s Tom Williams.

In the competitive world of inner-city office space, vendors need to make their property stand out, and not just in terms of location and surrounding services. Both buyers and tenants are looking for property that will invite workers in, and have them excited to occupy the office in-person.  

Beautiful spaces that also contain sufficient square metreage so as to accommodate a business’s day-to-day operations are difficult to come by in a suburb like Camperdown, which gives 28-32 Mallett Street its point of difference. With 1,039 sqm over two levels, occupying businesses will have an abundance of space to work with, without sacrificing visual and tactile quality.  

“We styled the renovations to be sleek and inviting, whilst allowing the next owner or occupiers to put their spin on it,” stated Toby O’Neil, the Director of property development company Addenbrooke.  

“We were initially drawn to the building due to its location opposite the park and the fact it occupies a prominent corner block.” 

With polished concrete floors, exposed timber ceilings, large windows, brand new kitchenettes and bathroom facilities, as well as a gorgeous balcony situated on level one, this office captures the open and inviting aesthetic that employees find attractive in a business.  

“[Camperdown’s] commercial hub has expanded quickly due to its character-filled warehouse conversions into office buildings, and its proximity to local employee talent living nearby who are sick of working in soulless skyscrapers in the CBD and looking for a more authentic location,” said Ray White Commercial agent Peter Vines.   

As businesses clamour to contend with the allure of hybrid work, enjoyable communal office space like 28-32 Mallett Street can mean the difference between leading a successful business and a disjointed one.

28-32 Mallett Street is being brought to market by Ray White Commercial’s Peter Vines and Michael Khouri, in conjunction with Karbon Property’s Tom Williams and Charles Bowmer, and will be auctioned on Thursday 28th of July.

ADDENBROOKE, SUPER OCEAN LIST 333 KENT STREET

+

ADDENBROOKE, SUPER OCEAN LIST 333 KENT STREET

Written by Ralph Nicholson

Merchant House, which began life 135 years ago as home to a printer and bookbinder, a soap and candle maker, and a spirit and wine merchant, is up for sale again.

This time, the storied façade at 333 Kent Street, Sydney, is part of a $400-million office tower redevelopment.

JLL and Knight Frank have been appointed to sell the development that, when completed in the third quarter of 2024, will have 14,173sq m of office space across 16 floors.

JLL’s Luke Billiau said the project was being offered on a fund-through basis.

“The developers will be delivering the asset and we are seeking capital partners to fund the project,” Billiau said.

“Put simply, the developers assume all construction, leasing and delivery risks of this project and that’s ordinarily the most attractive feature of these types of development deals, as well as getting early access to quality assets.”

The site lies within one of Sydney’s busiest commercial precincts, bordered by Barangaroo, Darling Harbour and Martin Place, and is being developed by Sydney-based Addenbrooke in partnership with Super Ocean Group and Phoenix Property Investors.

Architects WMK and Woods Bagot have reused the existing eight-storey building, including its lift core and fire stairs.

The Sydney City Council has also approved a dedicated wellness floor, including treatment rooms, steam room, yoga facility and about 450sq m of external space.

JLL and Knight Frank said a key point for the development would be its environmentally sustainable design, which includes solar panel systems, electric vehicle charging points, hydraulic efficiency, and smart and touchless technology. The building is aiming for a five-star NABERS energy rating and five-star Green Star as-built rating when finished.

“The building has been designed to meet the future tenant demands of the post-pandemic workplace,” Billiau said.

“By utilising the existing building structure in the rebuild, there will be an estimated 60 per cent reduction in embodied carbon during construction and a 50 per cent carbon reduction in building operation when complete,” he said.

A dedicated wellness floor includes 450sq m of outside space.
 
Knight Frank’s Paul Roberts said there was a real undersupply of prime stock in the western corridor precinct with only 6 per cent of the future supply being delivered within this segment of the market.

“Three thirty-three Kent Street will go part way to satisfying the demand in this market and will be keenly sought,” Roberts said.

There is almost as much history in the ownership of the property as there is the four-storey warehouse that sat upon it.

Hong Kong-based developer Maville Bay Pty Ltd sold the property to the iProsperity-managed Bridge iProsperity 333 Kent Fund for almost $89 million in 2016.

The following year iProsperity gained approval for a mixed-use hotel development on the site but never moved ahead with plans. In July of 2020, they went into administration.

International expressions-of-interest for the project close on July 21.

One of Australia’s most ESG advanced office redevelopments comes to market

+

One of Australia’s most ESG advanced office redevelopments comes to market

Written by JLL and Knight Frank

Merchant House is a $400 million Sydney CBD office redevelopment being offered for sale, with construction already underway for the redevelopment of this boutique commercial building.

JLL’s Luke Billiau, Paul Noonan and Simon Storry together with Knight Frank’s Paul Roberts, Jonathan Vaughan and Nell Brookes have been exclusively appointed to sell Merchant House at 333 Kent Street, Sydney, via an international Expressions-Of-Interest campaign.

Designed by renowned architectural firms WMK and Woods Bagot, Merchant House incorporates the building’s iconic heritage façade and adaptively reuses all of the existing structure, delivering 14,173 sqm (NLA) of high-quality A-Grade office space across 16 floors. Practical completion is slated for Q3 2024.

This exciting project is being delivered by Sydney based developer Addenbrooke in partnership with Super Ocean Group and Phoenix Property Investors. This team boasts a very successful delivery track record not only in Australia but also through the Asia Pacific region.

Mr Billiau said, “The building has been designed to meet the future tenant demands of the post-pandemic workplace. Importantly, by utilising the existing building structure in the rebuild, there will be an estimated 60% reduction in embodied carbon during construction and a 50% carbon reduction in building operation when complete.”

Environmentally sustainable design (ESD) is at the core of the redevelopment, including solar panel systems, electric vehicle charging points, hydraulic efficiency, solar panels, smart systems and touchless technology. Merchant House is targeting a 5-star NABERS energy rating and 5-star Green Star As-Built rating upon completion.

Mr Billiau said, “This sale campaign coincides with a surge in demand for high quality assets in the Sydney CBD and a lack of foreseeable deal pipeline for the balance of the year.”

The Western precinct has become a new focal point of the CBD and benefits from a diverse mix of occupiers across industries and strong demand from small to medium sized tenants. The asset provides an attractive price point for occupiers when benchmarked to the core precinct of the Sydney CBD.

Mr Roberts said, “The ability to acquire a market leading office asset in this type of structure will be advantageous to all groups in boosting overall investment returns. The ESG credentials, and flexible floor plate design will have high appeal to investors and occupiers alike – this property is like nothing delivered before in the Western Corridor.

“Knight Frank sees a real undersupply of prime stock in the Western Corridor precinct with only 6% of the future supply being delivered in this segment of the market. 333 Kent Street will go partway to satisfying the demand in this market and will be keenly sought,” said Mr Roberts.

The hotel-quality experience offers a state-of-the-art wellness centre, unique external breakout spaces, treatment rooms and luxury end of trip facilities, which will see Merchant House become the epicentre and pulse of Kent Street. The commercial space enjoys abundant natural light with floor to ceiling glass panels and expansive views from the upper floors that overlook Darling Harbour to the west and Sydney CBD to the east.

International Expressions-Of-Interest for 333 Kent Street, Sydney close on 21st July 2022 at 4pm (AEST).

LAND SWAP DEAL WITH ADDENBROOKE TO NET NEW $135M OFFICE FOR A2B

+

LAND SWAP DEAL WITH ADDENBROOKE TO NET NEW $135M OFFICE FOR A2B

Written by Martin Kelly

Sydney developer Addenbrooke has agreed to build a nine-storey office building with an end value of $135 million in a land swap deal with ASX-listed mobility and payment company A2B Australia.

In broad terms, Addenbrooke will build the office on approximately 2500 square metres of land it now owns at 20-24 Bourke Road, Alexandria, which adjoins the much larger A2B holding at 9-13 O’Riordan Street near Green Square.

When complete, Addenbrooke will hand over the building and the land to A2B. In return, it will own A2B’s current holding of almost 8000 square metres, which it is viewing as a long-term hold with commercial development potential.

“Obviously we’re really excited about this project and are excited to see it progress,” said Ned O’Neil from Addenbrooke.

“Stage one is to develop the HQ for A2B and then off the back of that we’ll ultimately develop the current A2B site. “We’ll develop that land into commercial in the future, so it’s a long-term deal for us.”

Mr O’Neil said Addenbrooke owns other property in the area and, in general terms, is focused on commercial development.“We’re pretty bullish on Green Square as a precinct, the city fringe and the amenity of the area we think is second to none,” he said.

“Our outlook is mainly on commercial, delivering office buildings which respond to the new way of people working while responding to COVID as well.”

Andrew Skelton, chief executive at A2B, said the company has signed a memorandum of understanding for the land swap and that transaction documents will be finalised next May.

He said A2B staff will occupy two to three levels of building, which will have a net lettable area of 9634 square metres, and lease the remaining space out, potentially generating $3 million income a year.

Transport, mobility and technology are at the heart of the business, which owns numerous brands including 13cabs, Cabcharge and Silver Service.

Mr Skelton said the new building will be a state-of-the-art hub incorporating electric vehicle charging stations and other transport industry service facilities to cater for its client base.

“We don’t operate a taxi business onsite, but we do a bunch of technology installations, we do vehicle sanitisation, and we provide support, admin, training services to professional drivers in the taxi and hire car industry,” he said.

“It’s a support hub for people who are providing transport in the community.”

Assuming all goes well, the building is due to complete in 2025.

ADDENBROOKE JOINS PHOENIX FOR OFFICE TOWER

+

ADDENBROOKE JOINS PHOENIX FOR OFFICE TOWER

Written by Ben Wilmot

Sydney-based property developer Addenbrooke has teamed with Phoenix Property Investors to drive a major office building development in the heart of the city on a property that was once part of Michael Gu’s collapsed iProsperity Group.

The entrepreneur fled Australia last year after his hospitality and development operation went into administration owing about $325m.

Now the local pair have swooped on 333 Kent St and will start building a new office tower on the site next year, with the venture hoping to capitalise on big companies looking for space as they seek to lure workers back to the city.

The property’s majority owner Glory Star Properties has struck up a partnership with Addenbrooke, which is working with Phoenix, with those groups buying a stake in the development.

The deal was brokered by Scott Timbrell, Jessen O’Sullivan and Andrew Harford of Knight Frank for Glory Star.

The project, designed by renowned architectural firm WMK, will see an A-grade 14-storey building, comprising 14,242sq m of space, developed. The existing 1980s B-grade office building will be transformed into the new tower.

Glory Star had planned to develop the property in a fund managed by Gu’s iProsperity after it purchased the property in 2016 and it had gained concept approval for a mixed-use hotel development on the site. But iProsperity was removed as the fund manager after it went into administration in July 2020, with Glory Star, the majority owner of the Kent St site, then moving ahead with delivering the planned 14-storey commercial tower.

The project will now be delivered by the new partnership, with building set to begin in the second quarter of 2022, and a completion date of late 2023 or early 2024. A formal builder tender process will be conducted early next year and a leasing campaign will commence shortly.

To address post-Covid demand for office space, the design for the Kent St block has emphasised accommodating smart systems and touchless technology, unique external breakout spaces and safe end-of-trip facilities.

Moni Xinye An, on behalf of Glory Star, which is majority owned by Australian Chinese developer Super Ocean Group founded by Li Pei Ye, said Addenbrooke “will bring good synergy to the existing team with their development track record”.

“We have always been strong believers in this precinct and believe the timing of this development is perfect given our position in the current market cycle and the return to the CBD for office users,” Addenbrooke’s Toby O’Neil said. PPI Australia head Trent Winduss said the well-located boutique office project “will remain an attractive proposition for both tenants and property investors and we look forward to delivering a world-class project which will be a prominent addition to the Sydney CBD’s western corridor precinct”.

Mr O’Sullivan said the pending development was a real vote of confidence in Sydney CBD, “which has seen a resurgence in activity since Covid-19 restrictions have recently eased in NSW, with many people coming back into offices”.

“Rather than seeing a move away from the CBD from tenants, we are actually seeing the opposite at the moment, but there is flight to quality, with office workers wanting Covid-safe A-grade buildings,” he said.

 

FASHION DESIGNER COLLETTE DINNIGAN FINDS BUYER FOR SURRY HILLS WAREHOUSE

+

FASHION DESIGNER COLLETTE DINNIGAN FINDS BUYER FOR SURRY HILLS WAREHOUSE

Written by Jonathan Chancellor

Collette Dinnigan

Fashion designer Collette Dinnigan has sold in Surry Hills. Picture: David Swift.

International fashion designer Collette Dinniganhas quietly offloaded her Surry Hills HQ.

She had owned the Hutchinson St warehouse for more than 20 years, having paid $1,225,000 in 1998.

She recently secured a $6 million off-market sale, with the buyer now emerging as a company directed by Jake O’Neil, son of property developer Denis O’Neil.

Collette Dinnigan Sells Former HQ In Surry Hills

Inside the former headquarters of Ms Dinnigan.

The warehouse-style, three-level offices are currently leased to marketing consultants Goodtrip and green energy supplier Eco Renewable Energy. The O’Neil family-owned Addenbrooke development firm has proposed the 610sqm space be converted into 11 apartments.

Collette Dinnigan Sells Former HQ In Surry Hills

It looks like it will be turned into apartments.

Dinnigan’s focus has moved from fashion design to Bespoke Homes, a luxury rental platform she is developing with her husband, hotel and tourism entrepreneur Bradley Cocks.

FORMER FRATELLI FRESH AND DANKS STREET MARKETS SITE SOLD FOR MORE THAN $25 MILLION

+

FORMER FRATELLI FRESH AND DANKS STREET MARKETS SITE SOLD FOR MORE THAN $25 MILLION

Written by Alison Cheung

The former headquarters of Fratelli Fresh and Danks Street Produce Merchants in Sydney’s Waterloo has been sold for more than $25 million.

The vendor, Sydney-based property developer Addenbrooke, offloaded the 2125-square-metre site at 3-7 Danks Street to a local investor and developer, who wants to convert the warehouse space into boutique office space.

The buyer, who owns multiple properties in the area, had to fend off 14 other bidders in the race for the former food markets. The other contenders were a mix of owner-occupiers, investors and both residential and commercial developers.

Peter and Annette Quattroville ran the Danks Street Produce Merchants with sons Dominic (left), Sal and John (right). Photo: SuppliedPeter and Annette Quattroville ran the Danks Street Produce Merchants with sons Dominic (left), Sal and John (right). Photo: Supplied

The property was sold by CBRE’s Harry George and Scott Gray-Spencer, in conjunction with Gunning Real Estate’s Tom Speakman.

“(After the conversion), the buyers will lease it and take advantage of the office market now: the low vacancy, high demand and increasing office rents,” Mr George said.

While the new owners knew about the property’s history, it was the property’s underdeveloped nature and size that drew them to the investment.

“They loved that it had a large vacancy which they could use as a blank canvas and target the next generation of tenants,” Mr Gray-Spencer said.

3-7 Danks Street, Waterloo
3-7 Danks Street, Waterloo
Offices

The south Sydney location also played a role in the buyer’s purchasing decision.

“They saw it, they liked it, they just wanted to have something in that area. There’s a lot of tenants that like it down there because of the amenity and retail elements,” he said.

The conversion will be completed in two stages, with the second phase on the eastern side to begin after the existing tenant vacates at the end of June 2019.

Mr George added that while the new owners have no redevelopment plans, this could change depending on the next property cycle.

Any potential redevelopment faces a height limit of 15 metres and an allowable gross floor area of 4250 square metres.

The warehouse sits on a 2125-square-metre site. Photo: SuppliedThe warehouse sits on a 2125-square-metre site. Photo: Supplied

The Danks Street Produce Merchants was operated by the Quattroville family, led by Peter and Annette Quattroville, in the Waterloo warehouse since October 2016. They closed the European-style markets at the end of 2017, citing changes in the industry caused by food delivery services such as Uber Eats and Deliveroo, Good Food reported.

The Danks Street building was also home to the first Fratelli Fresh outlet, operating as a restaurant as well as a food hall selling groceries and produce for 10 years, before hospitality giant Urban Purveyor Group acquired the brand in 2016.

Denis O’Neil’s Addenbrooke is back with a Pyrmont residential project

+

Denis O’Neil’s Addenbrooke is back with a Pyrmont residential project

WRITTEN BY PROPERTY OBSERVER

 

The construction of a new eight storey mixed use Pyrmont development, comprising a residential flat building and ground floor commercial premises has been proposed by property developer Denis O’Neil.

The cost of works were calculated in accordance at $7,260,000.00 including GST. The proposed development will provide 13 residential apartments if accepted by Sydney City Council.

The site is located at 67-69 Murray Street, on the corner of Bunn Street and Murray Street.

The site is rectangular, with an area of 291 sqm. The site, which holds a convenience story, last traded at $3.4 million in 2002. There is no paperwork showing  any recent transfer to Addenbrooke.

Surrounding land uses are a combination of residential and commercial, including multistorey residential development, and significant tourist accommodation.

The site is separate to, but contiguous, with a group of warehouse buildings, with the two buildings furthest to the north being heritage listed (47-49 and 51-53 Murray Street).

SJB Architects say their proposal responds “sympathetically to the surrounding urban grain and form.”

The developer’s website says “Murray Street” is a super high end boutique development of only 13 apartments set in the heart of Pyrmont. The building is set on a corner boasting 270 degree views with a glass façade wrapping the building. Construction is set to take place in November 2018.”

Addenbrooke, which has become an O’Neil family business, previously developed apartments at the Goldsbrough Mort woolstore at Pyrmont in the late 1990s.

Addenbrooke has developed some of Sydney’s most prestigious properties spanning over 3,500 apartments, retail precincts and commercial buildings..

The O’Neil family know Pyrmont well since founding nearby Hymix Concrete, the largest private quarrying, transport and concrete business in Australia in 1956 which was sold to Pioneer, now Hanson. in 1998.

Following of Hymix Concrete, Denis focused his attention on property development, establishing Addenbrooke Pty Ltd.

Addenbrooke’s baton has been taken up by Denis’s three son’s Ned, Jake and Toby.

ADDENBROOKE LAUNCHES WEBSITE

+

ADDENBROOKE LAUNCHES WEBSITE

Addenbrooke is proud to launch its official website.