Developer offers tenants half-price rent at prime site

The developer at Angus Property, Theo Onisforou, is giving tenants the "deal of century" by offering a 50 per cent net rent discount in his commercial pre-lease development near Green Square railway station in south Sydney.

The site at 290 Botany Road, Alexandria, is an A-grade office, 7-storey commercial building with accompanying fitness centre and cafe.

Designed by architects Chenchow Little, the 9860 sq m building comes with a 5.5 star NABERS rating, 1500 sq m average floor plates and two street frontages to Botany Road and Wyndham Street.

Under the deal, he is offering of 50 per cent net discount for the first five years of the lease term.

He said if tenants are paying $1100 per sq m net in the CBD, then leasing the same sized 10,000 sq m space at his Botany Road site will deliver a cost saving of $39 million over five years.

Michael Crombie of Colliers International and David Brown of DB Property are handling leasing enquiries.

"This is the deal of the century for savvy corporate in a post-COVID-19 world," Mr Brown said.

"It is times like this when businesses are looking at reducing costs, I am happy to accommodate," Mr Onisforou said.

"I am so eager to build and own this project that offering a saving to tenants was the only logical way to move forwards in this current climate."