Mirvac achieves 85% sales at St Leonards Square strata office launch
The launch of 32 strata commercial suites at Mirvac’s St Leonards Square mixed-use development on the weekend saw some 85% sold within hours of their release.
Strata suites ranged from 57 square metres to 210 square metres with an average $9,500 per square metre achieved on the day.
The highest price paid among the 27 sales was in excess of $1.8 million.
Medical practitioners were most prominent amongst buyers with many citing a lack of strata office space available to purchase.
Oral and maxillo facial surgeon Dr Adit Bahl had been trying to find suitable commercial premises for some time before he finally purchased at St Leonards Square.
The commercial strata sales result follows the success of residential sales at St Leonards Square, where the two residential towers achieved more than 70% pre-sales at their 2016 launch and are currently 99% sold, ahead of completion in late 2019.
Several purchasers at the weekend acquired multiple lots.
Some intend to consolidate the space to form larger floorplates.
A decade long strata office scarcity reportedly fuelled demand for St Leonards Square, along with its proximity to the future Crows Nest Metro station and the Royal North Shore Hospital medical precinct.
Virgin Active earlier this year secured 1,150 square metres at St Leonards Square, taking the entire first floor in one of the two towers, plus a ground floor space to serve as a concierge and entry directly off the Pacific Highway, helping to integrate commercial and retail uses.
Mark Levy of marketing design and production marketing company What To Do canvassed his staff before he purchased.
“There needs to be amenity; you can’t have your business in the middle of nowhere when most of your staff are under 35,” he said.
Financial planner Jason Abrahams of Critique Private Clients ended his five-year search for new office space, acquiring a 192 square metres suite.
“There is plenty of space for lease but we haven’t been able to find anything decent for sale in St Leonards,” said Abrahams, who will relocate from his current office next door.
“We like the St Leonards location; it’seasier for clients to get to us on the north side than into the city.”
“We have the train already and the Metro going in across the road. I’ve been here 10 years and I would not want to go anywhere else. It is an area that is only going to get more exciting. With the public transport and retailgoing into St Leonards Square, that adds to the work experience for our staff.”
One couple, George and Robyn Nori, will not only be moving their business, How Strategy Group, to St Leonards Square on completion next year but will also be living there.
With their three bedroom apartment which they purchased last year on Level 15 and their workplace on Level 3, they will enjoy a completely commute-free lifestyle.
St Leonards Square commercial is being sold by Mirvac in conjunction with Knight Frank North Sydney.
