Commercial Tenants

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New regulations published in NSW will give immediate effect to the NSW Government’s COVID-19 rental relief measures, reflecting the National Cabinet’s Code of Conduct agreed to by all states.
Minister for Finance and Small Business Damien Tudehope and Treasurer Dominic Perrottet said the changes will support and guide tenants and landlords in negotiating agreements.
They are part of the NSW Government’s package of support for tenants and landlords which includes up to $440 million in land tax relief announced on April 13, to be split approximately 50-50 between the commercial and residential sectors.
“This is about adopting a national framework in NSW so agreements can be reached between parties and more businesses stay in business and people stay in jobs,” Mr Tudehope said.
“These new regulations require landlords to negotiate rent relief agreements with tenants in financial distress due to COVID-19 by applying the leasing principles in the National Code of Conduct.”
Mr Tudehope said the regulations - which also apply to commercial leases - would provide a clear way forward for tenants and landlords to reach agreements.
To facilitate these changes, and deliver increased mediation and advisory services to commercial parties, the NSW Small Business Commission will be bolstered with extra staff and an injection of $10 million from the $1 billion Working for NSW Fund.
Regulations relating to commercial leases were expedited under amendments passed by the NSW Parliament in March, which allow the Government to make laws that are reasonable to protect the health, safety and welfare of lessees or tenants during COVID-19.
New regulations to assist landlords and tenants in the residential sector were also published last week by the Minister for Better Regulation and Innovation.
Mr Perrottet said land tax relief would be available within weeks, with landlords also able to access a further land tax deferral for any outstanding amounts for a three-month period if they’ve claimed the land tax concession.
“Eligible landlords will be able to apply for a land tax concession of up to 25 per cent of their 2020 land tax liability on relevant properties so long as they pass on the full savings in the form of a rent reduction to their tenants,” Mr Perrottet said.
The commercial lease policy will apply to business tenants with a turnover of less than $50 million that experience a 30 per cent (or more) reduction in revenue as a result of the COVID-19 pandemic. 
For residential tenancies, households must show they have suffered a loss of income equal to or greater than 25 per cent due to COVID-19 and are struggling to make rental payments.
It is expected eligible landlords will be able to apply for land tax rebates from Service NSW from Monday, 4 May 2020.
More information is available via <a href="http://www.service.nsw.gov.au" target="_blank">Service NSW</a>.
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NSW Government acts to support commercial tenants and landlords

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An abandoned Townsville heritage building, long known as Stanton House is available for lease as its renovation nears completion.
The premises at <a href="https://www.raywhite.com/qld/townsville-city/754925/?lang=en" target="_blank">197 Flinders Street</a>, Townsville City, was built in the 1880s.
It will shortly have multiple tenancies for office, retail and hospitality use. 
The three-storey colonial-style building overlooks the Ross Creek.
The historic building was built for Townsville’s first butcheries in 1884.
It was then occupied by an insurance company before being sold in 1932 and extended into the headquarters of the Anglican Church.
Stanton House in honour of George Stanton, who was the first Anglican bishop of North Queensland.
Ray White Commercial agent Troy Townsend is marketing the property.
There will be two ground floor retail tenancies and four professional office suites on levels one and two, he said.
The premises have views across the Ross Creek and Townsville Yacht Club Marina.
Lease rates for office space will start $220 per square metre.
The retail tenancies will start at $400 per square metre. 
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Stanton House, Townsville on the hunt for commercial tenants

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A top floor commercial tenancy at Murarrie has been leased to a wholly owned subsidiary of Japanese Giant Mitsubishi Corporation.
The business has secured 838 sqm of commercial office space at <a href="https://www.realcommercial.com.au/property-offices-qld-murarrie-502377526" target="_blank">Building 2, Gateway Office Park, 747 Lytton Road</a>.
Shaw Harrison at Savills struck a deal with the incoming tenant at an attractive rate over a 5 x 5 year term on behalf of GARDA Diversified Property Fund.
“Executives of parent company Mitsubishi were scouting the market for suitable premises, and we took them around a number of properties including Building 2 which was occupied at the time," he said.
“GARDA were pleased of our introduction as their existing tenant was due to vacate in a few months."
The newly formed company will be working intimately with businesses in the SME market to help them reduce the overall cost of vehicle ownership while improving driver safety and OH&amp;S compliance in this area.
The location of the building is key for the company given the ease of access to the CBD, airport and coast-to-coast motorway.
The building, which forms part of Gateway Office Park, is situated on the corner of Lytton Road and Creek Road, with excellent proximity to the CBD, surrounding commercial precincts and the Gateway Motorway interchange. 
“There is limited vacancy now within the building and, in addition to the quick take up of this floor, we have had significant interest from other tenants looking to occupy within the area.
 
 
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Mitsubishi Corporation’s subsidiary secures top floor at Murarrie

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Frasers Property Australia, Sekisui House Australia and Impact Investment Group have secured the University of Technology Sydney (UTS) as a new commercial tenant at Central Park, Sydney.
UTS will occupy the commercial space in One Hundred Broadway, on the corner of Abercrombie Street and Broadway in the $2 billion Central Park master planned community in Chippendale.
UTS’s Graduate School of Health (GSH) intends to relocate to One Hundred Broadway, from where it will provide postgraduate courses in the disciplines of pharmacy, clinical psychology, orthoptics and physiotherapy, along with new programs such as genetic counselling, Indigenous health and speech pathology, as they are developed.
The School also plans to operate a multidisciplinary primary health care clinic at Central Park that supports its teaching and research in these disciplines but which will also be of benefit to the community.
UTS will lease the entire commercial space of approximately 5,500 square metres over a 15-year term with two ten-year options. The commercial space, known as One Hundred Broadway, spans six levels.
Central Park’s Project Director, Mick Caddey, said the UTS Graduate School of Health was an excellent tenant for the commercial space at One Hundred Broadway.
The Graduate School of Health has about 500 senior, postgraduate students.
Up to 300 students will attend the Central Park premises during semester in addition to 80 full-time researchers and clinical staff, along with patients and clinical research participants.
UTS Deputy Vice-Chancellor (Resources), Patrick Woods, said a number of compelling factors including it being ideally located in relation to its growing city campus.
Postgraduate students, researchers and staff in turn will benefit from proximity to the amenities at Central Park, including the five-level Central Park Mall, which features over 50 specialty retailers, a Palace Cinema (opened late 2017) and Woolworths, two childcare centres, the Kensington Street dining and lifestyle precinct, and the precinct’s public park, Chippendale Green.
Currently under construction, the DUO development, which includes One Hundred Broadway, is due for completion in late 2018. The Graduate School of Health expects to begin operating there in mid- 2019.
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UTS sign Central Park, Chippendale tenancy 

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Frasers Property Australia (formerly Australand) has secured two new tenants – Phoenix Transport and Survitec – at its 6 Star Green Star Horsley Drive Business Park.
Phoenix Transport has entered into a 10 year lease for an 8,478 square metre facility comprising 7,878 square metre warehouse space and 600 square metres of office for its contract warehousing and logistics business.
Survitec has signed a 12 year lease for a 5,855 square metre facility comprising 5,255 square metres of warehouse space and 600 square metres of office. Survitec specialise in the supply of marine, fire, life support and gas control equipment as well as providing project management services to government departments and major corporations.
Both facilities have been designed to achieve a 6 Star Green Star Design and As-Built rating from the Green Building Council of Australia. 
Horsley Drive Business Park is a 20.4 hectare site owned by the Western Sydney Parkland Trust (WSPT) and is located on the corner of Cowpasture Road and The Horsley Drive.
Frasers Property has entered into a development agreement with WSPT to deliver a high quality industrial estate with a mix of facility types.
Some of the 6 Star Green Star features in the building include electronic vehicle charging points, geothermal air conditioning, LED lighting to all warehouse and office areas, Solar PV system to generate renewable energy for use on site, air source heat pump hot water system and 10% translucent roof sheeting to provide high levels of daylight.
Frasers Property has developed over 1,300,000 square metre of office and industrial buildings that are certified or registered under the Green Building Council of Australia’s Green Star rating system.
The company has achieved Australia’s first Green Star Performance (Operational) rating for its portfolio and is committed to delivering a minimum 5 Star Green Star rating on all new industrial developments that are to be retained by the group.
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Phoenix Transport and Survitec move into 6 Star Green Star Horsley Drive Business Park

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Unlisted property fund manager Quintessential Equity, has secured ACT Health as a new majority tenant at its office building in Canberra.
The recently refurbished building at 2-6 Bowes Street in Woden Town Centre will become the new home of ACT Health and 750 of its workforce.
The ACT Government agency has signed a long term, 15-year deal to occupy nearly 90 percent of the building and lease around 11,000 sqm of office space.
The formerly vacant building is now fully leased with existing tenants, the Commonwealth Government and Employment Plus, making up the rest of the office.
Quintessential Equity COO, Russell Bullen, said the arrival of ACT Health to Woden Town Centre is a huge vote of confidence in the area and firmly establishes its credibility as the epicentre of health administration in the nation’s capital. 
“We are delighted to welcome ACT Health to our Bowes Street property and we are excited at what it will mean for the area as a whole."
"The addition of 750 employees to Woden will be a much needed boost for the local community and we hope this Government agency relocation will pique the interest of other State and Federal Government departments and health related organisations to consider a move to the Woden Town Centre."
Purchased for $14 million in June 2012, the property underwent a nine month regeneration in 2014 designed to achieve a 5-star NABERS Base Building Energy Rating.
“The substantial upgrade of the property in 2014 - which included the installation of new lifts, services and refurbished amenities - completely transformed the building and the offering for potential tenants," Bullen said.
"It’s now fully equipped to provide high quality office accommodation for our tenants.” 
 
 
 
 
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Quintessential Equity secures ACT Health as new majority tenant at Canberra Property

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The KFC restaurant at Annandale, off Townsville's Bruce highway, is up for sale through Savills Retail Investments in a formal tender campaign starting late July.
The drive-through KFC restaurant adjoining the Annandale Central Shopping Centre and is directly opposite the Lavarack Army Barracks.
It has a new 10 year net lease.
Savills national director of retail investments, Peter Tyson, said it is an ideal investment opportunity for private investors and Self-Managed Superannuation Funds.
“KFC Annandale benefits greatly from close proximity to a variety of major employers and traffic generators including numerous primary and secondary schools, the James Cook University, Townsville Hospital, Annandale Shopping Centre as well as the expanding Lavarack Army Barracks, Australia’s largest military base which is located directly opposite the property,” he said.
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Townsville KFC outlet up for sale 

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The sheer weight of capital being poured into Australian commercial property was impacting on pricing and yields, Christine Phillips, the head of asset management at AustralianSuper says.
It meant buyers had to make questionable assumptions about rent and core tenancy demand to justify their acquisitions, she advised as reported by the Australian Financial Review during a Property Council lunch in Melbourne on Tuesday.
"I see a potential unwinding of those assumptions, particularly in the office market," she said.
In an office market like Sydney, more supply has been mooted for a market that arguably does not need any more, she added.
Ms Phillips said growth opportunities were better in offshore markets.
"We have mandates to invest in UK office and retail property, US office, retail and multi-family accommodation and to invest in Europe," she said.
"Access to these types of assets is just not there in Australia."
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AustralianSuper says better commercial property opportunities offshore

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Southport has been attracting more commercial tenants and investors in the recent times resulting in decreasing office vacancy and rising capital values, according to Colliers International.
Southport is the largest commercial precinct on the Gold Coast with over 150,000sqm of office space.
Cameron Wilson, director in charge at Colliers International on the Gold Coast, said Southport’s office vacancy rate is expected to further tighten over the coming three years with the upcoming Commonwealth Games and Queensland Government’s Priority Development Area designation and provisions being the key drivers.
“Current office vacancy in Southport is assessed at 13.8%; five years ago this figure was close to 22%. As a result rental rates are firming and with that, capital values are rising and investment yields are compressing," he said.
“Two years ago, there was over 5,000sqm of small strata offices for sale in Southport Central that were achieving prices of around $2,200 to $2,700 per square metre. In the last 6 months we have seen this on market rate decline to around 1,500sqm and a rise in capital values of about 20 per cent, which equates $2,500 to $3,200 per square metre.
“Colliers International is aware of several tenants relocating into Southport to take advantage of Queensland Government provisions and ease of planning, with the top two industries moving into the area being educational/training providers and health/medical groups.
“Over the past 12 months, sales of major commercial holdings in Southport indicate a strong appetite from investors looking to secure a foothold into the area for both passive investment and future mixed use developments." 
According to James Crawford, director of investment services at Colliers International, Gold Coast City Council’s infrastructure developments in the area are supporting its growth.
“Recent Smith Street Motorway upgrades have improved commuter access during peak times. In addition to this the Broadwater Parklands Stage 3 upgrade is well underway and continues to improve the overall amenity."
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 Southport commercial office market heating up‏

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Snap Fitness is opening up a new gym in Sherwood after signing a 5 year lease with a 5 year option at $190,000 per annum.
Snap Fitness was looking to expand their services into the area and found the high exposure location at 689 Sherwood Road ideal.
The 490qm retail tenancy was previously occupied by Joval Group who had to find another location before vacating the tenancy.
Conor Whiting, executive of office leasing at Colliers International who negotiated the leases for both businesses said leasing documents had to be signed simultaneously for the deals to go ahead.
“Joval Group had a year and a half left on their lease and were looking at other options as they weren’t utilising 300sqm of the space at the Sherwood Road tenancy. We assisted them in finding a new location so they could be released from the current tenancy."
“Joval Group's requirement was to downsize and still remain within the fringe location. As a result we found a suitable new 138sqm new tenancy with adequate parking at 47 Park Road in Milton for which they signed a 3 year lease with a 3 year option at $63,900 per annum”, says Mr. Whiting.
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