Diversified developer Time & Place, construction specialist and developer Hickory, and alternative real estate investment manager, Oualitas have received permit approval on a $230m office project at 23 – 27 Bourke Road and 41 – 43 Bowden Street.
The 8,089sqm site was acquired in March 2021 for $52.5m, with amended plans for the site submitted to the City of Sydney Council in August of the same year. These plans, now approved, encompass a campus style, contemporary office precinct with approximately 16,000sqm of office space anchored by approximately 1,500sqm of ground floor retail.
Designed by John Wardle Architects, whose scheme was selected via a design competition run by City of Sydney, the site will cater to an increasingly fluid working environment, with provision for a wellness centre, premium grade end-of-trip facilities, co-working spaces and bookable shared meeting rooms.
The expansive floorplates will be built around a generously proportioned central courtyard which will be about the size of two basketball courts, and that will be accessible to the public via a site through link. A bookable meeting space dubbed ‘The Treehouse’ will be accessible at each level, while an approximately 500sqm rooftop terrace sits atop building with capacity to operate as a presentation, private meeting or social space.
The site was acquired with an approved stage 1 DA, a condition of which was that a portion of the land would be returned to Council at the conclusion of construction. Heeding this, the project team committed to widening the footpath around the complete perimeter of the site. These efforts will create a laneway at the rear of the property to allow for future retail activation, an end of trip facility and wellness amenity set to offer tenants a steam room, sauna, ice plunge bath and juice bar.
Time & Place has been making significant moves in Sydney’s property market over the last 18-months, with the developer part of the project team delivering the first Ace Hotel to Surry Hills as well as completing the exclusive Harrington Collection at The Rocks.
Time & Place NSW Director Evan Papadopoulos says “We are passionate about the evolution of the South Sydney office precinct; we think Alexandria is the most exciting part of this market. Expanding into Alexandria has long been on our radar, and this site presented exactly the opportunity we were looking for; room for expansive floorplates that encouraged an open-plan and co-working environment, all anchored by a sophisticated, thriving commercial precinct.
“The way people work fundamentally changed during the pandemic, and we’re seeing incredible demand for commercial space in the city fringe. The fantastic location of the site, combined with a design we’re really proud of, has given us the confidence to begin work without tenants in place.”
Time & Place director Tim Price further adds “Our relationship with Hickory continues to grow and we’re aligned in our commitment to creating projects that respond to the demands of our customers. Layering this with Oualitas’ depth of experience in quality development projects is a natural evolution of our partnership, and we look forward to seeing where else it takes us.”
George Abraham, Managing Director of Hickory said “We are pleased to be developing this innovative precinct in partnership with Time & Place and Oualitas, as Hickory expands its portfolio of building and development projects in NSW.
“The Alexandria site will be a truly unique, next-generation office and community destination that will serve as the benchmark for the future of work and serve the local area for decades to come.”
Mark Fischer, Global Head of Real Estate and Co-Founder of Oualitas said “The pandemic has fundamentally changed how real estate is used by occupiers across all segments, including office space. At Qualitas, we see these changes as an opportunity, and we aim to deliver real estate that responds to the new demands of occupiers. In the office sector, we have conviction that occupiers want the kind of modern, flexible office spaces that only exist in a limited way in current office stock. To help meet this demand, our long-established opportunity funds have partnered with Time & Place and Hickory for a project that truly capitalises on this theme.”
The project is set to launch to market in 02 of 2022, with Colliers appointed to run the leasing campaign.