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Vacancy rates tighten in Wollongong office market - St Trinity

Property Markets / Transactions

Australia / Sydney

Feb 25 2018

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Crown Wollongong, one of the largest mixed-use developments in the Illawarra in recent times by the district’s leading specialist property group St Trinity, has attracted two large commercial tenants to its ground floor office space, with ASX-listed infrastructure and environmental services company Cardno and Morgan’s Financial taking up 1,100 and 235sqm, respectively. 

According to Nicholas El-Khoury of St Trinity, the leases show that the Wollongong commercial office market is going from strength to strength, a sentiment reinforced by the number of new companies vying to take up space in the area. 

The results come after a recent 2018 Office Market Snapshot by the Property Council of Australia showed that in the last 12 months, demand saw the vacancy rate in Wollongong continue to drop despite the addition of newly constructed office space. 

Mr El-Khoury said that the most notable sign of the commercial market’s strength and relative lack of supply, is that the space now leased to Cardno and Morgans had originally been earmarked as retail space, however was snapped up and modified by the new leaseholders. 

“On the back of this demand from top tier companies including multi-nationals such as Cardno, we envisage a very real market in Wollongong for potentially another commercial or mixed-use tower to answer this demand,” Mr El-Khoury added. 

He predicts that confidence in the Wollongong office sector is likely to remain strong in the 
year ahead and St Trinity is excited to be a part of this growth going forward. 

“Of the newly announced commercial space within Crown’s lower levels, some forty per cent is still available for lease, however we are fielding enquiries for this almost daily since the leasing campaign kicked off in late 2017.” 

Tony Donovan of Cardno said the company was attracted to Crown Wollongong because it had amenity and office space size availability that other commercial offerings had been unable to match. 

“We chose Crown for our new Wollongong headquarters as it is very central to our client base and easy to reach for those that are not located in the CBD,” Mr Donovan said. 

“In addition, Crown offered us additional secure car parking that our employees are able to access which provides a level of convenience and security.”

 

 

St Trinity also secured a long-term lease with Morgans Financial, one of Australia's largest full-service Stockbroking and wealth management networks. 

Steve Cartwright, Branch Manager of Morgans Wollongong said the new office space would enable the business to offer a refreshed and innovative experience to its clients and employees. "Crown offered our business a convenient location on one of the main road arteries leading in and out of the city, " Mr Cartwright added.

Mr El-Khoury said the popularity of St Trinity’s developments – predominantly mixed-use residential buildings with ground floor retail or commercial office space – showed that the group continues to reflect the needs of the Illawarra, where there is a growing shortage of quality integrated developments offering a high level of convenience and amenities. 

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