Centuria secures tech group to South Eveleigh

Seven West Media is one of the occupiers at Centuria’s South Eveleigh office, which is renowned for its large floor-plates.

Centuria has secured SpeeDx to 3000 square metres at South Eveleigh’s Eight Central Avenue.

The lease deal is one of suburban Sydney’s biggest this year, according to the agents.

The technology group will move its administrative functions from nearby 5 Cornwallis Street, which will refit as a laboratory and retained.

It has been based in the pocket, about three kilometres south of Sydney, for over a decade.

According to a recently released Colliers office market report, more than two thirds of suburban space rented to March, 2021, were to occupiers relocating within non-CBD areas.

Keeping it in the neighbourhood

SpeeDx signed a 3.5 year lease at 8 Central Avenue.

Though the rent hasn’t been disclosed, space in the building asks nearly $800 per sqm, net, ex-GST.

Outgoings are about $97 per sqm.

“Eight Central was the right play for them, containing a good quality fit-out they could inherit,” Knight Frank leasing agent Nick Lau said.

“In addition, this was a huge upgrade by way of property grade and the new amenity for its staff which surrounds the building,” he added (story continues below).

“In the post COVID-world, tenants are even more focused on leasing space that is attractive to employees, as an incentive to work in the office rather than from home.

“The well-established South Eveleigh innovation precinct has amenity including food outlets and retail, as well as public transport with a Metro and train station 600 metres away, a bus stop 50 metres away and the airport five kilometres away, and it also connected to the city by bike paths.

“The precinct also has a Village Square for meetings and gatherings, and green open spaces in a remarkable park setting with amenities including basketball, tennis and futsal courts, barbecues and exercise equipment.

Of the suburban leasing sector, the agent said confidence is growing, with an increase in the number of leasing briefs in the market.

“Many employees are preferring to work in decentralised locations outside the CBD, providing easier commutes from home, less traffic congestion and shorter travel times”.

The tenant’s global marketing manager, Madeline O’Donoghue, said “SpeeDx experienced rapid employment growth throughout 2019-2020, requiring access to less than ideal and fragmented space at the time, to cover our office needs”.

Eight Central Avenue is also home to Seven West Media.

Rising 11 levels, it contains 36,000 sqm of A-grade area; the average floor plate is 3000 sqm.

The new tenant is taking floor nine.

Mid last year, Mirvac completed a “groundscraper” across the road, home to Commonwealth Bank of Australia.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.