Leading commercial leasing company, Sheffield Property, officially confirmed today that it successfully secured one of Perth’s largest commercial property deals for 2015 with telecommunications giant Vocus Communications – subleasing two floors for over nine years at Workzone (202 Pier Street), a prestigious Perth business location.
Sheffield Property Director, Mark Clapham said the contract was negotiated through 2015 and signed in January 2016, clinched in a lean market, but one where top quality longterm subleased office space and fit-outs are in demand.
“The lease term of nine and a half years was secured for levels 5 and 6 of Workzone, covering an area of 3,700sqm. This also included an existing high quality fit-out and furnishings designed by Hassell Design, which had a Qantas Club style lounge staff break-out area that Vocus has ingeniously readapted as a collaborative and flexible workspace, a key feature of the tenancy,” said Mr Clapham.
“Workzone is relatively new at only three years old and offers top quality fitted-out office sublease space in Building A, which is appealing to companies looking for ready to move in business premises. In addition to the Vocus space there are other floors available which are not only supreme but of great value, as there is a market incentive rent free period offered,” he said.
“Ultimately the Vocus deal represents outstanding value in what is a challenged market. We are finding many tenants are actively seeking sublease opportunities which can offer such value, assuming the tenant can line up the holy trinity of subleasing being a competitive rent, a relatively long term lease and high quality fit-out and furnishings. Workzone meets all of the criteria and is one of the best sublease opportunities currently available in Perth.”
Alan Ariti, Vocus Chief Risk Officer said “one of our big company goals is to be one of the top 10 places to work. Having great office spaces where our people are all together is a big step towards achieving that goal.”
“The premises have large open spaces and lots of natural light which provides a great healthy workspace for staff. Plus there is great parking, access to transport and café facilities.”
According to Sheffield Property’s Roly Egerton-Warburton, the opportunities available for top quality, fitted and furnished sublease space in the CBD and CBD Fringe markets are quite limited, even in a market that has high vacancy rates like the Perth CBD.
““Properties like Workzone are being secured by active tenants seeking major upgrades in their office accommodation. Tenants seeking high quality, fitted out, ‘turn-key solutions’ should move swiftly, as these will be in much shorter supply by the end of 2016,” he said.
“With sustainability being at the forefront of modern business, the Green Star v5 As Built rating and 5.5 star NABERS Energy rating at Workzone is a significant draw card to tenants wishing to apply this to their triple bottom line.” concluded Mr Egerton Warburton.