Recent leasing deals throughout Sydney have highlighted demand for fitted office space suitable for educational use.
Ray White Commercial South Sydney agent John Skufris said since the latter part of last year, international colleges have been the most active type of commercial tenant throughout Sydney.
Three recent leasing transactions were completed by Mr Skufris including Level 2, 95 – 97 Grafton Street, Bondi Junction; Level 3, 4 Railway Parade, Burwood; and Level 4, 84 – 86 Mary Street, Surry Hills(pictured above).
“These premises were either already approved for educational use, or had the potential to be, as other college operators were located at the same buildings,” Mr Skufris said.
“Most of the incoming tenants already had campuses in other states and cities and secured leased premises with existing fit outs, some furnishings and natural light on multiple sides.
“The leasing transactions coincide with the increase in post – pandemic net migration to major Australian cities.”
The Grafton Street property is 319.60sqm and was leased by the Britts College group, with the intention to use the property as classrooms and offices.
The Railway Parade property was circa 288sqm plus parking, and the Mary Street property was 738.20sqm.
“The premises were leased for five years each and were located within close walking distance to public transport in addition to on-site parking spaces,” Mr Skufris said.
“Rents averaged between $450- $750/sqm per annum.”