The NSW inner city suburb of Waterloo is set to undergo an extreme makeover in a bid to become Sydney's new creative business and retail hub.
According to CB Richard Ellis (CBRE), a $20 million redevelopment named ‘Magazzino’ will transform the suburb to include 7,000 square metres of contemporary office and retail/showroom space.
This is not the first time significant dollars have been injected into the inner city suburb. The redevelopment follows a series of major developments and new tenant commitments, including Versace and Oroton outlets and a newly built residential complex, ‘Allure’.
CBRE commercial sales and leasing manager Martin Vockler said high end car dealerships, boutique furniture retailers and creative office agencies had already expressed interest in the new development.
“The creative tenants in the market love this type of property and the last similar development in Ralph Street was snapped up quickly by tenants who seek out this type of space,” Mr Vockler said.
“Waterloo is filling the gap between Surry Hills and Alexandria, providing opportunities for tenants seeking a fringe location within easy access to key amenities such as the Green Square precinct and the airport,” he added.
Office space rents are being marketed from $350 to $400 per sqm, with retail rents ranging from $400 to $500 per sqm.