Rent Rise Looming For Iemma's Harbour-View Offices 
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Tuesday 4 September 2007 “There will be no increase in rent…it’s likely the rent will decrease,” John Watkins, SMH 6-7-07 NSW taxpayers will pay an extra $25,000 a day for the next seven years to keep the Iemma Government in its harbour-view offices, Shadow Minister for Finance Mike Baird said today. “NSW taxpayers currently pay close to $15 million a year for the Iemma Government to rent offices for its Ministers at Governor Macquarie Tower,” Mr Baird said. “Morris Iemma signed a lease in 2002 that subjected the Labor Government to two-yearly rent reviews and current market rates could see the rent climb to as high as $18 million. “This is almost double what many of Australia's top corporates are paying in the Sydney CBD and comparable with rents in New York, Tokyo and Hong Kong. “In July John Watkins claimed market rents were going down. He was wrong. Today we have the facts that market rents are well and truly going up. “A report by DB RREEF, owners of Governor Macquarie Tower, revealed the expected market rent for the office space for Iemma Government Ministers is likely to increase to well over $850 per square metre. “Leading corporates such as Stockland, Citibank, Ernst & Young and Lend Lease pay around half this cost for their city office space. Macquarie Bank’s rent is also significantly lower than Governor Macquarie Tower. “The Government’s rent deal is about $25,000 a day more than Australia’s big corporates and NSW taxpayers are footing the bill. "The Iemma Government should look at immediately sub-letting their current office space and moving elsewhere to remove this $25,000 a day burden on NSW taxpayers," Mr Baird said. MEDIA: Lisa Harrington - 0406 726 880 Add to:          Write Comment
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