Record approval time for Thirdi’s $300 million office project

Joint venture partners Sydney developer Thirdi Group and private equity firm Phoenix Property Investors secured development approval from the Sydney North Planning Panel for their North Sydney project in record time.Thirdi and Phoenix plan to start construction of the $300 million office project in early 2021 and aim to finish and lease it by early 2023.

Thirdi and Phoenix plan to start building their 10-storey office tower in North Sydney early next year. 

The 10-floor office building will be built at 2-4 Blue Street and 1-5 William Street after the existing 40 residential apartments across five buildings were demolished.

Thirdi sales and marketing director Luke Berry says the building is well-positioned to deal with the fallout of the COVID-19 crisis.

“We were designing the office building in the midst of the pandemic, so we were able to see the weakness unfolding in the office sector, which gave us the ability to change tack and incorporate some features that would make the building as safe as we can for future crises,” Mr Berry said.

“The building will feature cross-through natural ventilation, where tenants can open the windows and not rely on air conditioning and getting recycled air through the building, which is going to be a massive drawcard for a corporate tenancy.”

“So we’re building an A-grade office, with a fantastic view of the harbour that’s around $300 per square metre cheaper than an office in the CBD.”

Mr Berry said Sydney-CBD based media, healthcare and technology companies have already expressed a strong interest in leasing space in the building.

“We’re in advanced discussion with several potential tenants to secure multiple levels within the building and are currently doing ‘test-fits’ for a number of large tenancies with the goal to announce an agreement for lease as early as September,” he said.

“While there is short-term anxiety about going into the office to work, I don’t see it as a long-term problem. I think for businesses, there will be a flight to quality office assets like this in the future.”