The perfect backfill: 37,000sqm leased by Cadigal at 10 Shelley Street, Sydney
Stages 1 & 2
10 Shelley Street is a prime A-Grade office tower, developed in 2003 with a major refurbishment in 2017. The building comprises a substantial 27,700sqm of Net Lettable Area (NLA) distributed over 15 levels, with highly efficient, typical floorplates of 1,972sqm featuring a central core design.
Strategically positioned amidst the King Street Wharf and Barangaroo precincts, the asset provides immediate access to Wynyard Walk, which seamlessly links to Wynyard Station and the Core CBD area.
Pictured: 10 shelley street external streetscape
Stage 1 (2013-2017): Proactive Pre-Commitment Strategy
Client(s):
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2013-2014: Brookfield (50%) and Colonial First State (50%)
2014-2017: Brookfield (100%)
Background & Challenge
In 2013, the building’s sole tenant, KPMG, pre-committed to move to Barangaroo and announced their departure at their lease expiry in 2016. This decision presented the co-owners with the significant challenge of a whole-of-building vacancy of 27,700sqm within a two-year timeframe.
Cadigal’s Appointment & Role
Following a competitive process, Cadigal was appointed as the Sole Leasing Agent in 2013, represented by Peter Ferguson and Mark Tindale. We developed and led a major product repositioning, leasing, and marketing strategy. This involved the development of a design and refurbishment scope of works, led by WMK Architecture, to elevate the asset’s market position.
Cadigal managed the procurement of compelling collateral to promote the leasing campaign. Our team actively engaged with major target tenants and their service providers, profiling the unique opportunity through detailed marketing materials, presentations, and building inspections. We managed the entire leasing process from inception through to the completion of all documentation.
Stage 1 Leasing Outcome – 2013-2017 | 27,000sqm leased
Cadigal’s proactive and strategic approach resulted in an outstanding outcome. Tenants for 100% of the impending vacancy were pre-committed well in advance of the building’s refurbishment period which minimised income downtime for the building owners.
- Suncorp leased Levels 3-15, comprising approximately 24,290sqm with prominent Sky Signage rights. Their tenancy included a unique rooftop terrace area, ideal for staff and client entertainment.
- Iress, a leading Fintech firm, leased Levels 1-2, comprising 3,430sqm.
pictured: fitout at 10 shelley street
Stage 2 (2021 – 2025): Contraction opens up opportunities
Client:
Background & Challenge
The building’s major tenant, Suncorp, contracted its tenancy area between 2021 and 2024. This resulted in five levels becoming available, creating a vacancy of approximately 9,000sqm, representing 32% of the building’s total lettable area.
Cadigal’s Re-appointment & Role
Cadigal was re-engaged as Leasing Agents by the new owners, Charter Hall, represented by Shaun Keating, Jessica Martiniano, and Mark Tindale. Our mandate included expert advice on prevailing market conditions, coordinating marketing materials, and engagement with suitable tenants. Cadigal managed the leasing process, from initial engagement through to the successful completion of lease negotiations and documentation.
Stage 2 Leasing Outcomes (2021 – 2025)
Cadigal successfully leased all vacancies on optimal terms and conditions, achieving minimal downtime for the owner.
- 2025: Teachers Mutual Bank leased 4,958sqm over Levels 6-8
- 2022: HLB Mann Judd (Advisory and Accounting) leased 2,280sqm over Level 5 and Part Level 4
- 2022: NCS (IT Services) leased 1,580sqm on Part Level 4
The success at 10 Shelley Street, totaling 37,000sqm of leasing transactions, demonstrates Cadigal’s expertise and track record in achieving exceptional outcomes for our clients despite challenging market conditions.