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 sq. metres of flexible workspace at the Bowline development at 10 Dangar Street, Wickham is set to open in 2024.
What does the development mean for Newcastle?
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-spokes business model, supporting new work trends, according to Sami Schiavi, Head of Flexible Workspace, Colliers.
“Before 2020 flexible workspace users consisted of start-ups, SME’s, and multinational corporates who leveraged it for ad hoc projects, but post 2020 tenants of all sizes are seeking this type of work environment to facilitate new ways of working. It has been difficult for traditionally CBD based firms to find solutions for flexible hybrid workspace to support employees who moved to the regions during lockdown.” Ms Schiavi further commented.
Hub Flex Newcastle will make a splash in the market, with hospitality-led amenities like a full service licenced café, concierge, a range of meeting, 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.” Mr Desson said.
Why is the project destined for success?
Hub Building Hospitality services will be delivered 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,” Mr 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. Adding flexibility, great amenity, and a level of service not currently provided anywhere in the Newcastle market, will really set the Bowline development apart,” he said.
”Partnership with progressive developers like Multipart allows us to holistically enhance the workplace experience to the benefit of all occupiers,” John Preece further commented.
Hub Flex Newcastle will be at the centre of the revitalization of Newcastle’s CBD, with NSW Govt’s $650m commitment transforming the 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 plays a vital 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, 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.” Peter said.