Sydney, 26 September 2013 - Momentum in the North Sydney office market is continuing to build with the launch of 1 Denison - destined to be the largest commercial tower ever built in the North Sydney CBD.
The launch has been announced on the heels of Leighton revealing plans to build and occupy a 40,000sq m, 30-level skyscraper at 177 Pacific Highway.
The nearby 1 Denison will go one better, providing an unprecedented 45,270sqm of A-grade commercial office space over 30 levels. To be developed by Eastmark Holdings, the Rice Daubney designed 1 Denison will feature an innovative “rippling” façade, housing modern vertical villages and campus-style workspaces.
CBRE is the joint marketing agent for 1 Denison with Derek Zillman of capital.z.
CBRE National Projects Director Ari Petrovs said the Eastmark and Leighton projects would rekindle the North Shore’s position as a serious competitor to the Sydney CBD, providing the first new office buildings in North Sydney since Coca-Cola Place in 2010.
1 Denison will also deliver a major urban renewal project for the heart of North Sydney, carving out an expansive landmark public plaza activated by new pedestrian streets, 2,150sqm of retail space and public art installations.
“It really is the dark horse in North Sydney, providing office users with the largest and most efficient floor plates as well as the best amenity through its podium retail space, all of which will really redefine what office life is like in North Sydney,” Mr Petrovs said.
Mr Zillman agreed, describing 1 Denison as a game changer for the market.
“This isn’t just another commercial block. In its scale, the quality of its tenant floors and iconic ground level plaza, 1 Denison will revitalise North Sydney’s commercial core,” Mr Zillman said.
Beset by ageing stock, North Sydney’s shortage of premium office space has forced many tenants to settle for B and C Grade stock, despite strong demand for quality space.
“Currently the office market in North Sydney has little to offer in the way of quality space to any major tenant wishing to relocate in North Sydney,” Mr Zillman said. “1 Denison will meet this need, and it has the ability to attract tenants from outside North Sydney, including from the CBD as in the case of Coca Cola relocating from Circular Quay to Coca Cola Place.”
Price point will be one of the drawcards. Said Mr Petrovs; “Eastmark is ready to meet the market with the best value for money solution in North Sydney offering rentals which are comparable to existing A-grade buildings.”
The building’s green credentials will be another focus, with 1 Denison targeting a 5 Star Green Star version 3 and 5 Star NABERS rating. Depending on leasing pre-commitments, completion is anticipated in late 2016/early 2017.
Rice Daubney Principal Paul Reidy said the completed tower would be significant in both the context of its workspaces and in its impact on the broader urban environment.
“As well as its innovative tenant floors, typically1,850sqm, we’ve designed the building’s lobby and outdoor plaza as an integrated space that functions as both a commercial entry and a civic gathering space that will become the heart of the CBD,” Mr Reidy said.
The development will reconfigure local traffic and three of North Sydney’s central laneways to create what will be an expansive, sunlit public realm – “Denison Place”. Together with the newly named Brett Whitley Place, Tower Square and Berry Square Plaza it will form a vibrant entertainment hub and a destination point for North Sydney’s residents and workforce.
It is seen as a central plank in North Sydney Mayor Jilly Gibson’s push to reposition the CBD from a purely commercial precinct to a commercial and entertainment centre that can host significant cultural festivals.