St George & Sutherland Leader

All six floors of commercial space in Cronulla’s Parc development sold within a week of release

A shortage of high quality office space in Sutherland Shire and changing work patterns resulted in super quick sales in the new Parc development at Cronulla.

David Highland, chief executive of Highland Property, said all six floors of commercial space were sold out within a week of being released via a direct VIP campaign after the development application (DA) was approved at the end of 2021.

Mr Highland said rates were in excess of $16,000 per square metre.

Work is due to start in the next two months on the six-storey building on the edge of Monro Park.

The project will include five levels of commercial office space, with a multi-venue hospitality space (categorised as a pub in the DA), including with cafes and restaurants to be operated by Feros Group.

A multi-floor co-working business will be included in the commercial space.

There will be outdoor spaces on each level.

Mr Highland said suites ranged in size from 200sqm to 700sqm and buyers included a mix of investors and local owner-operator businesses.

Mr Highland said office space was so tightly held, that anything new to the market is snapped up almost instantly, and is setting new price records.

“Buyers are looking for new, sophisticated and well-located property and because there have been so few significant new developments lately, market demand is through the roof,” he said.

“The past two years have had a radical impact on how we work and how we use the traditional office environment.

“We’re also seeing businesses grapple with the ‘great resignation’ and looking for ways to retain and attract staff, and that means considering the entire ‘package’ – including the kind of work environment on offer.”

Developer Sammut Group’s chief executive Allen Sammut said Parc provided a chance to marry state-of-the-art facilities with the relaxed local lifestyle for which the area is renowned.

“This is the kind of modern workplace will offer the convenience of end-of-trip facilities that will see keen locals and visitors leave the surf, shower, change, stow their board and be back at their desks in no time,” he said.