In the past month, ESR Australia has secured three new customers to 73 Miller Street, North Sydney, with the electronics division of Sony Australia, financial service providers Axi and utilities provider Altogether Group, each choosing to locate their new headquarters to ESR’s newly redeveloped office building.
Sony Australia has taken the opportunity to consolidate its staff onto a single floorplate of approximately 1,700sqm for the corporate headquarters of its electronics division, within upgraded premises.
Sony Australia Facilities & EHS Manager, Tim Hastings, said “As a sales and marketing business it is integral that each of the functions within Sony Australia can collaborate cohesively, so the opportunity to move from being set over three floors to the single floor space at 73 Miller Street was extremely attractive.
“North Sydney is still the right fit for Sony Australia, and our lease happened to come up at a time when the options for
commercial space have improved dramatically; in this competitive market, 73 Miller presented best and aligns with our
strategy for the business over the next seven years,” Mr Hastings said.
Sony Australia plans to mobilise staff into their new headquarters by January 2022, with plans to fit out the space to
accommodate 135 work stations, a large training room and product demonstration space.
The building was initially built in the 1990s, but following a c.$A60 million capital expenditure program inclusive of the
installation of two new office floors plus the infill of existing floors creating larger floorplates, ESR Australia has transformed 73 Miller Street into a quality A-grade commercial property.
ESR Australia CEO, Phil Pearce, said the elevation of 73 Miller Street to a modern A-grade building underpinned its ability to secure significant deals in a challenging leasing environment.
“With rising vaccination rates and confidence growing that workers will soon return to the office, we are witnessing a flight to quality, with businesses looking to get ahead of the market as demonstrated by the leasing success we have achieved at 73 Miller Street.
“Axi has committed to the top floor citing the boutique floor plate, paired with an unbeatable location opposite the North Sydney train station and outstanding city and harbour views, as key determinants of their move to 73 Miller,” Mr Pearce said.
Head of North Shore and Metropolitan Office Leasing for Cushman and Wakefield, Giuseppe Ruberto, reiterated that
movement in the Sydney office market was being driven by a flight to quality, along with occupiers seeking efficiencies of space.
“As confidence gains momentum, tenants are recentralising, and there is vast opportunity in the core CBD market for tenants to recalibrate their space requirements.
“Companies are looking for a fresh start in new premises when their staff return to office-based work, and we anticipate many will trade space for quality as they head to a new location,” Mr Ruberto said.