Colliers, Multipart Property, and Hub Australia partner for premium CBD grade flex space in Wickham, Australia.
Colliers address a gap in the regional market for A-Grade commercial office space, facilitating a unique partnership deal between Multipart Property and flexible workspace provider Hub Australia for Hub Flex Newcastle.
The two floors and 2,650 square meters of market-leading flexible workspace at the new Bowline development at 10 Dangar Street in Wickham is set to open in 2024. It will be the first site ever opened by Hub Australia outside a major capital city, marking the company’s expansion to regional Australia in its 16th site.
Large businesses are driving demand for flexible workspace in regional areas as part of a hub-and-spoke business model, supporting new work trends, according to Sami Schiavi, Head of Flexible Workspace, Colliers.
“Before 2020, traditional flexible workspace users consisted of start-ups and SME’s, in addition to multinational corporates who leveraged it for ad hoc projects, but post 2020 conventional tenants of all sizes are seeking this type of work environment to facilitate new ways of working,” Schiavi said.
“It has been difficult for traditionally CBD-based organizations to find suitable solutions for premium flexible hybrid workspace to support employees who moved to the regions during lockdown,” added Schiavi.
Hub Flex Newcastle will make a splash in the market, with hospitality-led amenities such as a full service licensed café, concierge, a range of meeting and events spaces, and lifestyle amenities.
It’s a progressive addition to the world-class mixed-use development designed by renowned PBD Architects, comprising 10 floors of high-end residential accommodation and retail space, according to David Desson, Development Manager, Multipart Property.
“We knew that inclusion of commercial activation at 10 Dangar Street would be more beneficial than additional residential accommodation, for supporting the CBD of Newcastle,” Desson said.
Hub Building Hospitality services will be delivered across the entire precinct to ensure best-in-class service for users of the Bowline development, according to John Preece, Chief Property Officer at Hub.
“There is significant demand for premium flexible workspace with hospitality-led services in Newcastle, and we have been waiting for the perfect opportunity to enter this market,” Preece said.
“There has been a structural shift in the world of work, with occupiers of leased space and flexible workspace having much higher expectations of amenity and workspace services than ever before,” said Preece. “Adding flexibility, great amenity, and a level of service not currently provided anywhere in the Newcastle market, will really set the Bowline development apart.
”Partnership with progressive developers like Multipart allows us to holistically enhance the workplace experience to the benefit of all occupiers.”
Hub Flex Newcastle will be at the center of the revitalization of Newcastle’s CBD, with NSW Government’s $650 million commitment transforming the immediate area, with the inclusion of a transport interchange and light rail service only a few steps from the doorstep of 10 Dangar Street.
Flexible workspace clearly plays an important role in supporting the future of Newcastle, with average occupancy for modern premium serviced offerings at 75% from the existing circa 21 flexible workspace operators in the region, according to Peter Macadam, Director in Charge of Colliers Newcastle.
“The sustainability of premium flexible workspace in Newcastle is undeniable, given the population boost post COVID, and increased levels of activity in Newcastle,” Macadam said.
Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $57 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.