The Ideal Backfill Success Story: 37,000sqm of space leased by Cadigal
10 Shelley Street is a premier A-Grade office tower, originally developed in 2003 and having undergone a major refurbishment in 2017. The building offers 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
Asset Features & Advantages
The building’s key attributes provide a distinct advantage for tenants seeking superior quality and location:
- Highly Efficient Floorplates: Large, regular-shaped floors with a central core design allow for optimal space planning and flexible configurations.
- Prime Accessibility: As the closest building to the Western entrance of Wynyard Walk, it offers unparalleled convenience for commuters.
- Vibrant Amenity: The tower is adjacent to the thriving retail and lifestyle amenities of Barangaroo.
- Unique Recreation: Tenants benefit from immediate access to the Harbour foreshore and its unique recreational opportunities.
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 a new development in the adjacent Barangaroo precinct, signaling their departure upon their lease expiry in 2016. This decision presented the co-owners with the significant challenge of a potential whole-of-building vacancy of 27,700sqm within a two-year timeframe.
Cadigal’s Appointment & Role
Following a competitive submission and presentation process, Cadigal was appointed as the Sole Leasing Agent in 2013, represented by Peter Ferguson and Mark Tindale. Our role was comprehensive and foundational to the project’s success. We developed and led a major product repositioning, leasing, and marketing strategy. This involved assisting in 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 a leading marketing agency, Design Suite, to create compelling collateral to promote the revitalized 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 intricate lease negotiations and the completion of all documentation.
Leasing Outcome
Cadigal’s diligent 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 major refurbishment period. This achievement significantly minimized income downtime for the building owners.
- Suncorp leased Levels 3-15, comprising approximately 24,290sqm, and secured 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
Discover the next phase of progress and explore Stage Two of our 10 Shelley Street case study.