May 01 2017Add to Favorites
Brisbane, 01 May 2017 – Extensive refurbishments to Brisbane’s 160 Ann Street office tower have underpinned a flurry of recent leasing activity in the building.
Four new leases comprising almost 3,000sqm have been secured at the 21–storey building, with two existing tenants expanding their footprint and new tenants taking space in the tower.
In the largest lease, Central Queensland University (CQU), which already had 5,127sqm in the building, has signed a 10-year lease on an additional two floors spanning 1,633sqm.
Other deals include Healthy Waterways’ move to the building, having consolidated two separate offices to centralise its operations at 160 Ann Street and Just Digital People, which secured 400sqm in the building after outgrowing its existing premises.
CBRE’s William Harburg and James Comino, together with JLL, were responsible for introducing the new tenants to 160 Ann Street, whilst Wayne Barnes of JLL Property Management and CorVal were responsible for the renewal and expansion of CQU.
Mr Harburg said the property’s central CBD position attracted Healthy Waterways to the property.
“Health Waterways was looking to centralise its two separate offices into one CBD location that offered both proximity to public transport and also access to amenity for its staff,” Mr Harburg said.
The fourth deal involved Queensland Health’s expansion within the building, with the government body securing a further 401sqm in addition to its existing 2,481sqm space in the building.
Gross rental rates for the building range from $550-$575psqm.
Mr Harburg said extensive refurbishments undertaken at the property in 2016 had fuelled the recent string of leasing activity.
“We had four floors to lease, and together with JLL property management we struck agreement on almost all of the space within a few months. Once the refurbishment works were completed, the transactions with the new tenants happened rather quickly. There is only 400sqm remaining in the building,” Mr Harburg said.
“The central location of the asset and proximity to Brisbane’s major CBD public transport hubs was pivotal in the tenants’ decision criteria.
“The occupier market is increasingly focused on providing an attractive workspace to attract and retain staff. A location that offers convenience, amenity and an improved working lifestyle are important factors.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
SOURCE: Press Release
More private investors will have access to individual, first mortgage secured loans, which produce a monthly income, via an online platform launched by Balmain Private.
In November 2017, real estate investment manager and advisory group, Ashe Morgan, closed its capital raising for its recent purchase of the Health and Forestry buildings in Brisbane adding to the assets it now manages on behalf of its investors.
Australia / Brisbane
For 2018, our investment decisions will continue to be driven by opportunities presenting strong property fundamentals and outstanding risk-adjusted returns, with a focus on primary capital cities across the Eastern seaboard.
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >