Caltex considering moving its HQ outside of the Sydney CBD

ASX-listed Caltex is considering relocating its Australian headquarters to an office outside of the Sydney CBD.

The petroleum giant is reportedly in negotiations to lease 9500 square metres at 29 Bourke Street, Alexandria, about four kilometres south of its current base.

The as-yet-unbuilt office is part of Green Square, a 292-hectare urban renewal zone covering Beaconsfield, Roseberry, Waterloo and Zetland, as well as Alexandria.

Green Square is set to employ 22,000 people and accommodate more than 60,000 residents.

Caltex is reportedly in negotiations to pre-commit to this Alexandria office, in Sydney’s south.

According to the Australian Financial Review, which first reported the lease negotiations in this item, Caltex would also rent 70 car spaces at Alexandria.

Upon completion, 29 Bourke Street could have an end value of $130 million or more, it is speculated.

The commercial building, which abuts Perry Park, is being developed by Loftex Property.

Colliers International’s Michael Crombie and Karbon Property’s Joshua Watts and James McCourt are the building’s leasing agent. Cushman & Wakefield’s Chris Hanley is reported to be negotiating for Caltex.

The proposed Alexandria office abuts Perry Park.

Office rents for space around Green Square – at between $650 and $700 per square metre before incentives – are about half the price of the Sydney CBD, it is reported.

Caltex’s is currently headquartered within 9000 sqm of 2 Market Street in the Sydney CBD – a space which is soon to be tenanted by Amazon.

A Google Street view image of 29 Bourke Road, Alexandria, in mid-2017.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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