Four office suites at Jones Bay Wharf in Pyrmont hit the market after being owned by one family for 17-years
Four prestigious office suites positioned along the Sydney CBD fringe have come to market
SYDNEY, 02 November 2020 – JLL’s Director of Sales and Investments- (NSW), Peter Seeto and Executive, Willem Watson have been appointed to sell suites 17, 19, 21 and 24 at Jones Bay Wharf, 26-32 Pirrama Road, Pyrmont on behalf of the Gowings family - one of Australia’s largest retail operators that has been trading for more than 150-years.
Mr Seeto said, “The suites were purchased by the Gowings family 17-years ago and have been used by their back of house teams to run their shopping centres and investments /financial services side of the business. The group will now relocate all of their back of house operations to their head office, based in Coffs Harbour.”
“The high levels of investment activity into the Sydney fringe suburbs has resulted in Pyrmont being one of the most tightly held fringe markets in Australia. This sizeable and flexible opportunity is a scarce offering, with the ability to be purchased in one-line or as individual lots,” Mr Seeto said.
Watson said, “Ideally, the suites are suited to owner occupiers wanting to own a fitted, versatile, multi-room suite in the highly sought-after Jones Bay Wharf precinct. The four suites present multi-purpose office space and boardroom facilities with an abundance of elevated natural light, from east and west, and 24/7 security access.
Suites 17, 19, 21 and 24 at Jones Bay Wharf, 26-32 Pirrama Road range between 98 sqm and 196 sqm with suite 17 offering a two-car parking space and suites 19, 21 and 24 offering one space.
The Pirrama Road precinct has established itself as a media and tech hub and includes a high number of national and international tenants including Google, WeWork, TEN Network, Veolia Water Utilities, Hapag-Lloyd, WOTSO WorkSpace, John Holland, The Star Entertainment Group, Enero Group Limited, Publicis Groupe, L’Oreal, and Thomson Reuters.
Average western fringe secondary net effective rents in suburbs including Pyrmont and Ultimo, have increased by 17.3 percent on a rolling annual basis since 1Q 2015, which is the strongest rental growth of the 19 Australian office markets monitored by JLL Research. This growth was a combination of strong secondary net face rental growth and a sharp reduction in incentives, which reached as low as 9.8% in 2Q 2019.
Limited space options and strong demand for quality space have exerted upward pressure on rents in recent times. However, the current COVID-19 pandemic has resulted in dampened rental growth as incentives have risen.
“The precinct is linked to the Sydney CBD by the Pyrmont Bridge, light rail, buses, ferries and the City/Western Distributor road network. Nearby attractions include The Star City Casino & Hotel, The International Convention Centre, Sydney Fish Markets, Barangaroo and Darling Harbour’s extensive range of restaurants and retail, with further commercial and infrastructure development set to benefit the area throughout the coming years,” Mr Watson concluded.
Gowings has a long history in Sydney. On the 31st of July 2018 the Gowings family celebrated its 150th year of operations. Gowings has had just four managing directors since its establishment in 1868.
1863, John Gowing opened a drapery business on Crown Street in the Eastern suburbs of Sydney He entered into partnership on the 4th of November 1868 with his brother Preston Robert Gowing. Together, they set up the Mercery and Glove Depot at 318 George Street. This store was redeveloped in 1929 by John's son, Preston Lanchester Gowing and became one of the most prominent and famous department stores in Sydney.
Expressions-of-Interest for suites 17, 19, 21 and 23, Jones Bay Wharf, 26-32 Pirrama Road, Pyrmont close on Monday 16th of November at 12pm
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.