Sydney

Sydney Sydney is the capital of the State of New South Wales and has the largest population of all Australian cities (a market of some 4.9million). Sydney has an advanced economy with strengths in finance, manufacturing and tourism and as a result has grown to become a wealthy and prosperous city. The city surrounds Sydney Harbour, and borders the pacific ocean to the east and the Blue Mountains to the west. High street retailing is based in the CBD with large shopping centres dominating in Sydney’s sprawling suburbs. Sydney CBD high street space has amongst the highest achievable rents in the world due to sustained high demand and limited new supply. A diverse mix of luxury brands (both local and foreign), Australian fashion clothing chain stores, food and beverage outlets occupy the high streets. Sydney is the highest ranking city in the world for international students with over 50,000 at the city’s universities plus 50,000 at its vocatioal and English language schools. Foreign retailers look to open their their flagship stores in Sydney. The comparatively high asking rents on both high street strips and suburban shopping centres are paid due to the necessity of locating there for their image and branding. Retail leases are generally five years (longer for anchor tenants), and can include options which provides for significant flexibility. Rents and service charges are paid monthly. Most leases will increase annually by CPI, a fixed percentage or a combination of the two. Rental reviews will occur at the option dates and “ratchet clauses” (which only allow upward increases even if the market rental rates have fallen) are prohibited by the Retail Leases Act 1994.

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PITT STREET mall, CBD: -33.869739, 151.208289
WESTFIELD SYDNEY, CBD: -33.870689, 151.208328
GEORGE STREET, CBD: -33.870742, 151.206937
OXFORD STREET, Paddington: -33.885440, 151.228254
WESTFIELD BONDI : -33.891683, 151.250275
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WESTFIELD BONDI

Opening in mid-2004, Westfield Bondi Junction became Westfield's global flagship centre with innovative shopping centre design. Affluent Eastern Suburbs shoppers rapidly adopted the centre, and it achieved turnover well above expectations. The centre features over 500 retailers, two supermarkets, two department stores and a 2,000 seat cinema complex. International brands include Chanel, Coach, Zara, Jimmy Choo, Hugo Boss, Karen Millen England, Paul & Joe, Polo Ralph Lauren and Louis Vuitton and Australian designers such as Alannah Hill, Arthur Galan, Bettina Liano, Calibre, Farage, Leona Edmiston, sass & bide and Zimmermann.
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GEORGE STREET, CBD


George Street is Sydney’s main road and public transport route. Given the length of the street there is a vast number of retailers as well as pubs, clubs, office space and cinemas. The street is undergoing rejuvenation with a number of well known retailers leasing large spaces for their flagships stores including Top Shop, Burberry, Louis Vuitton, Apple and Samsung.
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PITT STREET mall, CBD

Pitt Street Mall is Australia’s prime retail strip attracting a large variety of retailers, from chemists and electrical appliance retailers to upmarket retailers and department stores. A number of arcades branch off from the mall including Westfield Sydney, The Strand Arcade, Mid City Centre and Myer Centre. The predominant retailers on this strip are fashion retailers, and particularly Australian owned clothing brands such as Country Road, Just Jeans, Portmans, Sportsgirl, Witchery and Sussan. As of June 2015, Forever 21 has just opened its doors. The mall is very tightly held and there is generally 100% occupancy.
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OXFORD STREET, Paddington


Oxford Street has traditionally been home to boutique clothes and accessories stores. Since the opening of Westfield Bondi Junction and more recently, Westfield Sydney, Oxford Street has struggled to attract their previous target market. Vacancies have increased and rents fallen dramatically in the area. Retailers represented on the street include Charlie Brown, Collette Dinnigan, Ginger & Smart, Leona Edmiston, sass & bide, Tigerlily Camilla Boutique, Elleryland and Nudie Jeans.
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WESTFIELD SYDNEY, CBD

This centre is home to many flagship stores for international retailers and attracts many shoppers who would have previously shopped at Oxford Street, Paddington. The centre has also attracted luxury retailers to the precinct who have traditionally been on Castlereagh Street. The recent completion of this centre has completely transformed inner city retailing by the creation of a new integrated retail complex replacing the outdated Centrepoint, Sky Garden and Imperial Arcade with frontage to Pitt Street, Market Street and Castlereagh Street. Retailers represented include Prada, Miu Miu, Gucci, Salvatore Ferragamo, Mulberry, Christian Louboutin, Microsoft (opening Q3 2015) Zara and Nespresso.

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East Village: -33.905067, 151.213172
Top Ryde City: -33.812164, 151.106366
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East Village


East Village in Zetland opened in October 2014 and has set the benchmark for mixed-used development which combines the best elements of a marketplace with the design sophistication of a modern shopping centre complex. The development comprises some 33,015 square metres of retail and commercial space as well as 206 residential apartments with a dedicated 6,500 square metre "Sky Park" creating an urban oasis for recreation and relaxation. Through its unique and vibrant retail and commercial offerings, East Village has created not only a destination point where people can live, work and play but an "urban soul" which was previously lacking within the area. Approximatley 74 per cent of the gross lettable area retail (GLAR) is dedicated to food orientated tenancies, including fresh food, cafes and restaurants with the remaining space dedicated to service based tenancies. There is evidently a strong bias towards convenience shopping.
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Top Ryde City


Top Ryde City in Ryde comprises a Regional shopping centre of some 75,500 square metres complemented by a 7 tower, 653 residential complex located directly above the centre. The residential apartments provide a ready customer base particularly for after-work dining, entertainment and fresh food. The mixed-use development has a "wedding cake" design which positions the shopping center car park in the basement, followed by retail floor which are capped by another stratum of car parking. This presents a buffer for the residential from the commercial operations below. The design provides security to the occupants of the residential component as well as mitigates issues associated with shared access and noise from the shoppers and retail loading areas. Outside of the quality of the design, the success of the mixed-use development is underpinned by its access to transport links, education, workplace hubs and retail.

MARKET OVERVIEW
KEY AREAS / STREETS/SHOPPING CENTERSConsumer ProfileMAJOR RETAILERS PRESENTNEW ENTRANTSTYPICAL RENT FOR UNIT OF 200 SQMRANGE OF UNIT SIZES
Pitt Street MallSydney’s busiest retail area, attracting diverse range of consumers from low end to high class fashion retailers located here. Office workers and overseas tourists shop here.Tag Heuer, Zara, Espirit, Oroton, Country Road, Witchery, Sportsgirl, Nespresso, Portmans, Pandora, Cue, Just Jeans, Jay Jays, Bally, Sussan, Soul Pattinson Chemist, Adidas, Valleygirl. Zara, Seed, Nespresso Forever 21AUD $14,000 psqm pa100 - 1500sq.m
George StreetSydney main public transport street. It attracts consumers for luxury brands to banks, optometrists and movie-goers.Burberry, Louis Vuitton, Apple, Samsung, TopShop, Event Cinemas. Dymocks bookstore, Haigh’s Chocolates, Rebel Sport, Woolworths, Priceline PharmacyBurberry, Louis Vuitton, Samsung, Topshop + Topman5,000 AU$/sq.m30-250sq.m
Oxford StreetConsumers of more expensive but not luxury, trendy and boutique clothing and accessories.Charlie Brown, Collette Dinnigan, Ginger & Smart, Leona Edmiston, sass & bide, Tigerlily, Camilla Boutique, Elleryland and Nudie Jeans1,300 AU$/sq.m45-175sq.m
Westfield SydneyFlagship stores for luxury retailers and Australian designers. There is a large food court on the top floor which attracts thousands of CBD workers for lunch daily.Prada, Miu Miu, Gucci, Gap, Salvatore Ferragamo, Bottega Venetta, Christian Louboutin , Diane von Fürstenberg, Gap, Mulberry, ZaraPrada, Miu Miu, Gucci, Gap, Salvatore Ferragamo, Bottega Venetta, Christian Louboutin , Diane von Fürstenberg, Gap, Mulberry, Zara, MicrosoftAUD $4,500psqm pa lower floors, to $3,500psqm pa upper floors100-500sq.m
Westfield BondiAttracts both locals and tourists as well as consumers commuting from all across Sydney to shop here. Vast range of retailers from supermarkets and service providers to luxury brands and top designers. Also has a well-renowned food court.Chanel, Coach, Jimmy Choo, Hugo Boss, Karen Millen England, Paul & Joe, Polo Ralph Lauren and Louis Vuitton, Alannah Hill, Arthur Galan, Bettina Liano, Calibre, Farage, Leona Edmiston, sass & bide and Zimmermann.AUD $2,500psqm pa 100-500sq.m
. Data as of June 2015

The best restaurants in Sydney are in positions which take advantage of Sydney’s magnificent and iconic harbour. Within the Circular Quay boundaries of the Sydney Harbour Bridge and the Opera House you can find Aria, Rockpool, Quay, Peter Doyle @ The Quay and Café Sydney. The corporate entertainment dollar still speaks loudly in the food and beverage world so Machiavelli, Café Sydney, Spice Temple, Jamie’s Kitchen, Bridge Room, Est. and the Chophouse are popular CBD and Circular Quay restaurants. The other waterside locations are Darling Harbour and Pyrmont with Malaya, Momofuku, Kobe Jones and Flying Fish, and Kingsleys Steak & Crabhouse, China Doll and Otto at The Pier in Woolloomooloo Bay. Popular food and beverage locations on the city fringe are Surry Hills and Newtown. Surry Hills has a mix of cheap eats and trendy restaurants, notably Spice I Am, Longrain, Bodega Tapas, The Winery, Bird Cow Fish and Red Lantern. Located about 10 minutes south-west of the CBD, Newtown is known for its eclectic mix of residents, cafes, cheap eats, Thai and vegetarian restaurants as well as a place to have a drink and a dance any night of the week. Popular places include Thai la-Ong, Black Star Bakery, The Pie Tin, Thai Riffic Newtown, Kuletos Cocktail Bar, Zanzibar, The Courthouse and The Bank Hotel.

MARKET OVERVIEW
KEY AREASCONSUMER PROFILEFOOD & BEVERAGE OPERATORS INCLUDING
Circular Quay Corporate and Special Occasions Aria, Quay, Café Sydney, Peter Doyle @ The Quay
WoolloomoolooCorporate and Special Occasions Kingsleys, Otto, China Doll
PyrmontCorporate and Special Occasions Flying Fish, Momofuku
Surry HillsTrendyLongrain, Bodega Tapas, The Winery, Bird Cow Fish and Red Lantern
NewtownCheap Eats and Trendy Thai la-Ong, Black Star Bakery, The Pie Tin, Thai Riffic Newtown, Kuletos Cocktail Bar
CBDCorporate and Special Occasions Chophouse, Jamie’s Kitchen, Rockpool, Spice Temple, Bridge Room, Est.
Data as of June 2015


Sydney Contacts

SACHA GALE

Associate Director, Leasing
Cushman and Wakefield LLP
Level 18, 175 Pitt Street
Sydney NSW 2000
Tel: +61 (2) 9223 4888
Mob: +61 417 989 533

NICK POTTER

Director, Retail Sales
Cushman and Wakefield LLP
Level 18, 175 Pitt Street
Sydney NSW 2000
Tel: +61 (2) 9223 4888
Mob: +61 468 911 986