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Wynyard Place, George Street entrance, which is due for completion in 2019. Photo: SuppliedIt has been the talk of the town for a long time, but as the reconstruction of George Street is in full swing, attention is now on the retailers along the strip.
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Brookfield is due to start on its $1 billion Wynyard Place project with a completion date of 2019. It will comprise a 27-storey commercial office and a retail hub that connects light rail on George Street directly to Wynyard.

There are suggestions that the National Australia Bank is looking at the office space if it decides to move from its current site at 255 George Street in coming years. The retail sites are expected to attract food and beverage stores as well as apparel outlets, one possibly an international retailer.

“This is a long overdue transformational project which will create a new Wynyard on par with the best transit-oriented developments across the globe,” said NSW deputy executive director Felicity Wilson.

“Sydney needs ongoing investment in transport infrastructure in order to be internationally competitive and ensure mobility across our global city.”

International architecture practice, Make have led the design in conjunction with Sydney-based firm Architectus.

Charter Hall is also progressing with its new 333 George Street project, which has two banks, NAB and HSBC as its ground floor retailers, with more expected to be announced in the coming months.

It is understood ISPT is also looking at its 345 George Street building on the corner of Barrack Place for an upgrade, in keeping with the revamp of the street.

Daniel Lees, the associate director, research at Colliers International, says, in the latest Colliers Edge, that data for the second quarter of 2016 suggests that overall Sydney CBD gross face rents have increased 5.4 per cent over the quarter to $9750 per square metre per annum, up from $9250 per sqm pa in the first quarter of 2016.

Mr Lees said the underlying details reveal stronger growth in Pitt Street Mall, although this isn’t unusual.

“Retailers in this precinct tend to be price takers, willing to pay a premium for the high levels of foot traffic on offer. Indeed, rents in this highly sought after location have gained 12.5 per cent over the quarter with tenants paying up to $17,000 per sq pa, outstripping the broader CBD,” Mr Lees said.

He said, while Pitt Street Mall boasts the highest rent values in Sydney, the rate of rental growth has been far higher in George Street.

“Gross face rents in this precinct have surged 21.6 per cent over the quarter to an average of $4,500 per sqm pa, ranging from $3,500 per sqm to $5,500 per sqm pa between Hunter and Bathurst Street,” he said.

“In our view, this significant growth can be attributed to three factors. Firstly, the “pedestrianisation” of George Street will act as a catalyst for higher levels of foot traffic within the region, justifying some form of rental premium from tenants. Secondly, interest from offshore retailers is unlikely to wane, spurred by Australia’s robust consumer environment.”

Mr Lees said these new players require more space and the demand overflow will spread outward from Pitt Street Mall.

“Finally, the light rail project will facilitate greater interconnectivity between Sydney’s various precincts, with George Street becoming the core transport spine,” he said.

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