Officeworks joins opening up of southern CBD
The outlet at 242 Pitt Street will be one of the larger city concept stores for the office and stationery group.
The lease further signifies the revamp of the southern end of the central business district that has been redeveloped over the past year. The new Officeworks covers more than 1000 square metres and will stock more than 6500 products.
Leasing agents said demand for space was coming from the less traditional retailers such as Officeworks and reflected the general shift in the city away from fashion to technology, electronics and mobile phone devices, stationery, restaurants and coffee bars.
Officeworks has been relocated from the more northern end of the city in Kent Street.
Officeworks general manager of property Kerry Duncan said the outlet brought the number of stores the company has opened this financial year to 11, with more to come in 2013.
The recently opened outlets include a concept store at 68 Hunter Street and one at Bourke Street in Melbourne.
Ms Duncan said opportunities like this were scarce in Sydney's CBD. She said the 161 Castlereagh Street tower presented Officeworks with direct customer access to the busy Pitt and Castlereagh streets.
Frequently Asked Questions about this Article…
The new Officeworks city concept store is at 242 Pitt Street in Sydney’s southern CBD. The outlet is one of the larger city-format stores and provides direct access to the busy Pitt and Castlereagh streets.
The new Officeworks covers more than 1,000 square metres and will stock more than 6,500 products, reflecting the company’s larger city concept format for office and stationery retail.
Officeworks moved from the more northern Kent Street location to 242 Pitt Street to capitalise on the southern CBD revamp, increased foot traffic near the 161 Castlereagh Street development, and direct customer access to Pitt and Castlereagh streets.
Leasing agents say demand is shifting from traditional fashion retailers to less traditional city retail like technology, electronics and mobile devices, stationery, restaurants and coffee bars. Officeworks’ new lease is cited as an example of that broader shift.
Law firm Freehills and ANZ Bank are set to move into the new 161 Castlereagh Street tower in the next few months. Their arrival has spurred new leases in the surrounding area, including the Officeworks outlet, and is part of the wider southern CBD revamp.
Officeworks’ general manager of property, Kerry Duncan, said the Pitt Street outlet brought the number of stores opened this financial year to 11, with more openings planned in 2013.
Recent concept store openings include locations at 68 Hunter Street in Sydney and a concept store on Bourke Street in Melbourne, as noted in the article.
Investors should watch leasing trends in the southern CBD—particularly the shift toward technology, electronics, stationery retailers and food/drink operators—and the impact of major office tenants like Freehills and ANZ moving into 161 Castlereagh Street, which the article links to increased retail leasing activity and foot traffic in the area.
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