Canva spends $120m on unrenovated Sydney office
Canva is speculated to be paying just over $120 million for an unrenovated vacant office up the road from its headquarters – in Sydney’s technology precinct.
The graphic design platform is expected to refurbish then occupy 8-24 Kippax Street, Surry Hills, one holding from Elizabeth, near Central station.
It is unknown if the group will retain its existing base, 110 Kippax St, which is owned by Stasia or overflow space within Real IS’ 10-14 Waterloo.
Knight Frank’s Ben Schubert and Jonathan Vaughan marketed #8-24 Kippax St. The agents aren’t commenting on any sale but said when it was listed, it is in one of Australia’s strongest performing office regions.
Blackmores, News Corp and Sony are amongst the suburb’s highest profile occupiers.
8-24 Kippax Street
Canva is understood to have outbid investors and developers for 8-24 Kippax St, which occupies a 1037 square metre site with three street frontages.
Previously known as the KMS building, it contains 8568 sqm over 10 storeys.
The ground floor is configured with retail (story continues below).
There are also 52 undercover car parks.
Elsewhere in the suburb, Stasia, directed by George Karageorge and a significant local land holder, last year paid $11.5m for the small City Crown Hotel.
In Haymarket, Dexus and Frasers are developing two offices as part of a $2.5 billion office-based mixed use development.
Next to that, Dexus is separately constructing a 40 level, 75,088 sqm commercial building following a pre-commitment to Atlassian, which will also hold an interest.
Vietnam’s Arthur Winston Investments also recently bought into that pocket, outlaying $25m for George St properties with the potential to make way for 17 floor structures.
Recently valued at $40.5b, Canva was established 10 years ago in Perth by Cameron Adams, Cliff Obrecht and Melanie Perkins.
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