Shoji Group take Chatswood CBD office lease
Global real estate investor and manager Cromwell Property Group (Cromwell) has secured two new leases at its Victoria Avenue, Chatswood CBD complex.
The two-tower complex, comprised of 13 storeys of A-grade office space, is positioned in the heart of the Chatswood precinct.
Cromwell has signed over 1,100 square metres across both new tenants, Sydney North Primary Health Network and Shiji Group.
Sydney North Primary Health Network has leased level five of tower two for six years to 2024, and Shiji Group has leased a spec fitout on level 10 of tower one for five years to 2023.
Bobby Binning, Cromwell head of property, said the recent deals indicated quality, well-managed office space in Chatswood was "hot".
“Chatswood is humming with activity as businesses explore office space beyond Sydney CBD. As market dynamics shift, a major drawcard to the precinct has been the amenity offering and transport options, with theChatswood to Sydenham Metro Rail planned for 2024,” Binning said.
“The position and quality of our Victoria Avenue asset has resulted in continuously high occupancy rates. We are pleased to welcome our two new tenants onsite.”
Cromwell purchased the Victoria Avenue asset in 2006. Under Cromwell’s management, the common areas and all office floors have undergone refurbishment and modernisation.
Earlier this year, Cromwell submitted a Development Application (DA) for an additional low-rise 3,500 square metre premium-grade office building and a 156-room, full-service hotel on the site.
The DA also envisages significant plaza and amenity improvements benefitting all tenants, including new end-of-trip facilities, outdoor, conferencing and dining facilities.
The DA is subject to council approval, with an outcome pending in the coming months.
Commenting on the DA, Binning said following the successful rejuvenation of Northpoint Tower, it is looking to replicate a similar offering for its Chatswood tenants.
