JLL launches leasing campaign for The Harrington development in Sydney's The Rocks

JLL’s Gary Mason has been appointed to lease the retail space while Justin Hayes and Steane Davies have been appointed to lease the office component, acting for joint developers Hannas and Golden Age.

The retail spaces on offer range from 21 square metres to 186 square metres. Proposed uses for the spaces include espresso bar, hair salon, grocery store and a bar, according to Mr Mason.

He said any retailer would receive business not only from the residents of the surrounding apartments but also from the two surrounding hotels, which include the Shangri-La.

“The Rocks on a weekend is a busy, vibrant hub of activity. Our site in particular is surrounded by two global hotel chains, which is very important for tenants,” Mr Mason said.

The project is being squarely pitched at premium retailers and food and beverage operators. Mr Mason said it would “add diversity to a timeless neighbourhood” and ensure the “iconic heritage location remains a leader in retail experience”.

Any retail business will likely enjoy patronage from office workers taking up the 1090 square metres of commercial space also on offer.

“With the surrounding retail largely comprising tourist-oriented businesses, the new precinct will elevate the current offering by bringing fresh elements and premium brands, creating a vibrant atmosphere that appeals to not only tourists, but also busy professionals and residents of The Rocks,” Mr Hayes said.

Asked about the difficulties associated with launching the project in the midst of a global pandemic, Mr Mason said the project’s mid-2021 completion date meant tenants would take the long view.

“It’s about having the vision to see five years ahead,” he said.

“I would almost guarantee that by June 2021 we would be back to some form of reality, so 4.5 years of that lease are going to be from 2022 onwards,” he added.

He said The Harrington was unique in “being the only brand-new mixed-use development in the area”.

Mr Mason declined to disclose details on asking rents or any incentives. Lease terms are being advertised at five years but are open to negotiation.

Hannas and Golden Age purchased the leasehold interest to the site, which sits in the historic Baker’s Terraces area, from Arena Office Fund for $50 million in 2014.

A spokesperson for Hannas and Golden Age Group said, “The Harrington Collection is a world-class development and will be considered one of Sydney’s most iconic and desirable addresses for decades to come. The opportunity now exists for premium retailers and food and beverage operators to join this project to provide a unique and exciting offering, right in the heart of The Rocks – a globally recognised site steeped in historical significance.”