Sleeping Giant Of The Cbd Stirs
Sydney Morning Herald
Saturday May 27, 2000
The CBD's southern precinct is seen by CB Richard Ellis as a sleeping giant. There is an increasing demand for commercial space which is in short supply in the area. Some of the factors influencing the precinct include the sale of the remainder of the World Square site, bordering on George, Goulburn, Pitt and Liverpool Streets. While there is increasing demand from large commercial tenants, the Federal and State government departments are the largest occupiers of space in this precinct. Both governments have taken the decision to concentrate their occupation in this location.
With the next construction cycle predicted to come online no earlier than 2004, developers are already looking for opportunities.The southern precinct accounts for 43 per cent of all sales to owner-occupiers in the Sydney CBD, including the YMCA, the Shopfitters Union, and Goulburn International, which purchased the Chinatown Twin Cinema.
Another factor influencing the availability of commercial space is that developers/operators continue to look for opportunities to capitalise on the increase in backpackers visiting Sydney. The precinct is ideal for backpacker accommodation as it has a proliferation of C and D grade buildings suited to refurbishment and ready access to transport, supermarkets, eateries and entertainment.
Interest in the southern precinct is also due to the limited opportunities in other sectors of the CBD, plans for the light rail from Central to Circular Quay and the rail link from Central to Sydney Airport. It looks like Sydney's southern precinct is about to awaken.
© 2000 Sydney Morning Herald
