Raine & Horne Bondi Junction and Clovelly/Coogee has been marketing and leasing premium commercial property since 1994 but director Michael Laing has now decided to formalise Raine & Horne Commercial Bondi Junction as a separate entity.
Raine & Horne Commercial Bondi Junction will continue operation from its existing premises at 17 Spring St, Bondi Junction, still under the guidance of Mr Laing, with support from fellow directors Tony and Geoff Laing.
“It’s business as usual and we have decided to formally recognise Raine & Horne Commercial Bondi Junction. This represents the best way to continue to promote a brand synonymous with commercial property in the Eastern Suburbs, and right across the Sydney metropolitan area," Mr Laing said.
“I already lead an experienced team of eight commercial property professionals who work in sales, leasing, marketing and property management services. We look forward to continued business growth and serving existing clients as commercial markets show further promise next year.
“We expect a strong commercial market in 2010 as investors and superannuation companies continue to rebalance away from other asset classes such as shares and fixed interest. Commercial property is a tangible investment you can see and touch, which is very attractive to investors.
“We are probably seeing more money coming from overseas, particularly Asia. An example is South Korea's Carlyle Group’s decision to buy Sydney’s landmark Aurora Place. Occupancy rates have held up relatively well across commercial, industrial, office and retail and this is set to continue in 2010.
“In the Bondi Junction CBD core, vacancy levels, particularly office space, are quite low compared with total capacity.”
Retail leasing was in good shape with several national and international franchise groups (particularly from the food sector) competing for sites in Bondi Junction.
As a region, Mr Laing said the Eastern Suburbs commercial market was tightly held, which would underpin prices in 2010.
“Commercial property in the Eastern Suburbs doesn’t turn over regularly, as investors tend to pursue a long term buy and hold strategy. Many of the limited sales in the east occur as a result of a deceased estate or the splitting of assets following a family law court decision.
“The retail market in Bondi Junction represents a small footprint of land, so getting what you want as an owner-occupier or investor is relatively difficult. If there is a sniff of a sale or a development, you’ll have strong support from investors and owner-occupiers,” explained Mr Laing.
Raine & Horne CEO Angus Raine said the new Raine & Horne Commercial Bondi Junction office was set to be a first-rate addition to the group's exceptional network of more than 30 offices across Australia.
“Our commercial arm is expanding rapidly, recently opening commercial offices in Dee Why, Gosford, the Gold Coast and Tamworth. Offices in Homebush and the Sydney CBD will be opened soon," Mr Raine said.
“Michael, Tony and Geoff Laing are well-known for their commitment to the local community. They will also promote commercial property to investors as worthy place to park capital in 2010.”
Raine & Horne Commercial is an iconic Australian property firm, with more than 30 commercial offices nationally.
For all your commercial property needs, contact Raine & Horne Commercial Bondi Junction on (02) 8383 9999.