Eco properties on the market: A recently completed commercial office building in the heart of Darlinghurst is now on the market, with price expectations of $50-$60 million.
Designed by SJB Architects with interiors by Richards Stanisich, the Oculus building at 249-255 Crown Street offers a net lettable area of 2150 square metres of ecologically sustainable design.
Oculus has been designed with a number of environmental strategies to reduce the building’s footprint, including plants integrated into the facade, which real estate company Colliers hope will be a drawcard for ethically conscious buyers.
The architects placed a focus on natural lighting and ventilation in the design, facilitated by open plan rooftop terraces and large glazed windows.
Energy consumption is minimised through temperature regulation in the windows and wall design, reduced air conditioning systems and optimised water waste management. Variable speed drives are installed to control the speed of pumps, fans and other mechanical infrastructure to ensure the building is only using the optimal amount of power required. End of trip facilities include bike racks, showers and parking spaces.
Oculus provides a net rental income of $2.5 million a year fully leased, with depreciation benefits, while offering secure and quality covenants underpinning a long 6.52-year weighted average lease expiry (WALE).
Oculus is also close to public transport, and is located within a well-known retail and restaurant precinct, adjacent to the iconic landmark Oxford Street.
The Colliers team of Matthew Meynell, Miron Solomons and Matt Pontey are responsible for the exclusive listing.
“Oculus is a perfect opportunity for investors to acquire one of the most architecturally renowned commercial buildings within the Sydney city fringe market. In essence, not only is it optically appealing but it provides a secure covenanted income stream,” Mr Meynell said.
“Currently the Sydney city fringe commercial market is coming off the back of its strongest year on record, outpacing all other major geographic locations,” Mr Solomons said. “With businesses shifting towards a more cost-effective solution allowing greater employee benefits and the stabilisation of incentives, investors are provided with strong tenanted covenants on a long leasing term.”
“While 2022 has somewhat remained subdued over the first quarter, this follows a typical pattern from previous years,” Mr Pontey said. “As such, with record buying power from both local, interstate and now international clients we anticipate the remaining year will record even lower yields and further boost capital values.”
249-255 Crown Street, Darlinghurst is being offered for sale by way of Expression of Interest (EOI), closing Wednesday 8th of June 2022 at 2pm (AEST).
The Green List will from time to time profile eco properties on the market for sale or lease as part of our editorial coverage to help stimulate the market in commercial, industrial or eco properties.
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