Interest in leasing opportunities has been growing for Tech Central, the country’s most exciting development for startups, innovative institutions, and commercial or retail businesses. Here are four ways this massive revitalisation project could soon outstrip other precincts in Sydney’s CBD.
1. Tech Central spans six neighbourhoods.
Even at this early stage, industry insiders have seen some movement in companies, businesses, or establishments seeking opportunities to move into Tech Central. Because the precinct covers six neighbourhoods — Redfern, Surry Hills, Haymarket, Ultimo, Eveleigh, and Chippendale — areas that were once under-utilised for such a long period could become stronger markets for many types of businesses.
These neighbourhoods have three major universities and more than a hundred research institutes, filled with millennials who prefer riding e-bikes, that are within walking distance of each other.
2. Atlassian is building its headquarters in Tech Central.
Atlassian is set to build its 40-storey headquarters, with retail amenities and new YHA accommodation space at its base, adjacent to Central Place. Dexus is working with Atlassian to develop the site as the “benchmark in sustainability and smart workplace.”
The development is projected to cost $1.4 billion and will start construction in mid-2022. It is expected to welcome thousands of workers as well as new tenants by 2026.
According to property developers, companies have been asking about space availabilities and what their investments could potentially yield. The completion of the Atlassian will drive new retailers in the precinct.
3. Night-time economy will boom.
Tech Central will expand Sydney’s night-time economy to these six neighbourhoods as there will be opportunities for 24-hour trading with the arrival of the new workforce and residents. In fact, Fortius has already announced its plans to build a gaming centre, which will open as late as 2:00 a.m., at the Central Park Mall in Chippendale.
4. Business opportunities will impact demand for public transport, more recreational spaces.
Local councils of the six neighbourhoods are already finding ways to improve active transport, connectivity, outdoor and recreational spaces. Investors are looking into plans to build mini-golf sites, escape rooms, karting facilities, as well as heaps of food and beverage outlets that will allow the workforce and its residents hours of relaxation and enjoyment.
