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- Property developer JQZ has revealed plans to complete a landmark office tower on Sydney’s lower north shore as a key component of its $1.6 billion 88 By JQZ project
- The 16,738-square-metre office tower is due for completion in late 2022, with the entire 88 By JQZ project due to be finished the following year
- JQZ founder and managing director Jianqiu Zhang said the A-grade office tower was central to the group’s plans to develop a new, “live work and play” precinct on Sydney’s north shore while tapping into growing demand for high quality, suburban workspaces
- In their Metro Office research and forecast report for the first half of 2021, Colliers said the St Leonards area was currently witnessing a vacancy rate of 12.8 per cent
- CBRE said net office rentals for the tower will have an average a price of between $850 to $900 per square metre
Property developer JQZ has revealed plans to complete a landmark office tower on Sydney’s lower north shore as a key component of its $1.6 billion 88 By JQZ project.
CBRE and Colliers International will steer the leasing for 558 Pacific Highway, St Leonards tower, which will be at the centre of a new mixed-use precinct incorporating 637 apartments, a new retail and dining project, supermarket, civic plaza and public library.
“558 Pacific Highway has placemaking at the forefront, with destination retail, train connectivity and a strong focus on wellness and convenience,” CBRE North Sydney managing director Rachel Vincent said.
“Given the lack of available contiguous office space on Sydney’s north shore, the project will fill a major gap and appeal to a broad range of occupiers seeking new corporate headquarters,” she added.
The 16,738-square-metre office tower is due for completion in late 2022, with the entire 88 By JQZ project due to be finished the following year.
JQZ founder and managing director Jianqiu Zhang said the A-grade office tower was central to the group’s plans to develop a new, “live work and play” precinct on Sydney’s north shore while tapping into growing demand for high quality, suburban workspaces.
“We identified a clear gap in the St Leonards market, which is dominated by aging office stock and where a growing number of buildings have been converted to residential use — leaving limited quality options for office occupiers,” Zhang said.
“A key differentiator for this building will be the associated amenity, including an immersive, four level retail and dining precinct, featuring a laneway eat street, bars, alfresco cafe’s and lifestyle offerings, allowing people to remain engaged pre and post their business day.”
Designed by PTW Architects, the 558 Pacific Highway tower will incorporate a sculptural glass façade, marble lobby and offer views to the city and over the new civic plaza and St Leonards Town Centre.
Vincent said the building’s generous floor plates spanning 1000 to 1470 square metres, outdoor terraces on levels two and eight, surrounding amenity and direct connectivity to St Leonards station via an underground, through-site link would be key tenant drawcards.
In their Metro Office research and forecast report for the first half of 2021, Colliers said the St Leonards area was currently witnessing a vacancy rate of 12.8 per cent.
The report expects this figure to grow to 17.6 per cent next year, with net face rents to increase from $655 to $663.
Average B-grade net face rents have declined by 1.0 per cent over the last six months, driven in part by a 1.6 per cent fall in St Leonards, according to Colliers.
The building will also include 121 commercial car parking spaces and 316 public car parking spaces.
CBRE said net office rentals for the tower will have an average a price of between $850 to $900 per square metre.
