Barrack Place development to transform Sydney CBD: Savills

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Savills Australia and Investa bring the new Barrack Place, 151 Clarence Street to near-capacity

Forming part of the traditionally historic York and Clarence Street precinct, Barrack Place by Investa is set to transform Sydney’s CBD when it reaches completion in Q4 2018.

Investa Office Fund (IOF) is the force driving the redevelopment at Barrack Place, 151 Clarence Street, a next-generation A Grade office tower designed in line with the historic warehouse precinct in the heart of Sydney CBD.

Barrack Place was previously three B Grade buildings interlinked by a substantial core and 24 columns, which Architectus has designed into a boutique 18-storey office tower, with a side core and two internal columns within the glazed high-rise that emerges from the heritage brick façade of the podium levels.

It incorporates large open floorplates, a highly efficient structure and a northern void that runs the full height of the building to allow extra light penetration. With a five-star NABERS Energy rating target and a six-star Green Star rating, the development was awarded Australia’s first ever WELL Core and Shell Precertification at the Gold level by the International WELL Building Institute™ (IWBI™).

From a corporate perspective, Barrack Place by Investa is perfectly positioned, with the Barrack Arcade link providing access from the Martin Place business spine to Darling Harbour and Barangaroo.

As Barrack Place nears its completion date, Savills Australia is working closely with Investa to bring the building to capacity and fill the two remaining office floors.

Pfizer Australia, Arup and Mills Oakley are among the pre-committed tenants, accounting for 84 percent of the lettable space available.

“The building is now 84 percent pre-leased and, not unsurprisingly, we are receiving good interest in the remaining two floors,” Savills Australia’s NSW State Director for Office Leasing, Rob Dickins, said.

Mr Dickins said Barrack Place continued to receive strong interest from national and international companies looking to either reposition their business or expand/consolidate operations into the new-age development.

“This is Sydney’s only new office building to be completed this year,” he said.

“There is limited supply of quality, new-generation A Grade office space within the market at present, with vacancy in the western corridor sitting at 1.35 percent.”

Barrack Place has been designed to provide the ultimate flexibility for occupiers, with options for large, contiguous floor space or smaller, subdivided space.

Mr Dickins said that aside from the flexible side-core floorplates and versatile work areas, the health and wellbeing features of the building had been a key drawcard for prospective tenants. The latest end-of-trip facilities, smart sensor lighting, filtrated on-floor air-conditioning, and integrated digital twin technologies are among some of the notable key features.

“When Barrack Place comes to completion in October, it will be one of the most advanced buildings in its class in Sydney and embedded with the latest technology,” he said.

Three levels of retail space accessible via Clarence and Kent streets have been billed as Sydney’s most vibrant and contemporary laneway retail precinct, and will include hip eateries, cafes and a restaurant/wine bar.

Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Rob Dickins is Savills NSW State Director for Office Leasing. To learn more about Savills, visit savills.com.au.