This article is from the Australian Property Journal archive
A NEWLY refurbished office building in the Brisbane CBD, formerly leased to MBF, has re-leased almost two-thirds of space in the tower following the departure of the health fund in mid 2010.
The health fund’s departure from 116 Adelaide St, paved the way for building owner Stencraft Pty Ltd to undertake a comprehensive revamp of the 15-storey building involving the ground floor lobby, upper level offices and facilities such as showers and toilets.
CB Richard Ellis’ David Howson managed the subsequent leasing campaign in conjunction with James Montague and Gerry Leyden of Jones Lang LaSalle.
Howson said 4,961 sqm of the space had been committed, representing 72% of the building’s net lettable area. Another two whole floors are currently under offer which would leave just four floors available for lease in the building.
Montague said smaller tenants rarely have the opportunity to occupy their own office floor in a quality building in a central CBD location and this has underpinned significant interest in the leasing campaign.
Floor plates in the building average 380 sqm and the total net lettable area is 6,897 sqm. Since the completion of the refurbishment program in May 2011, lease deals have been secured with six separate tenants.
The largest lease involves health club and gym operators Fitness First which has taken a 10-year lease over 2,281 sqm of space on the ground, first, second and third floors.
The anchor office tenant is financial services ICT company The Systems Works Group. The company relocated from Stones Corner to the CBD after negotiating a five-year lease with a five-year option over levels 6 and 7 in the building. TSWG also secured the signage rights.
The other deals involve single floor, 380 sqm leases to recruitment services company Fircroft; workplace injury consultants MLCOA; business consulting, IT and outsourcing services group Infosys and personal injury lawyers Gouldson Legal.
Technical recruitment agent Fircroft took a five-year lease over Level 11.Howson said Fircroft has relocated from 167 Eagle St, with the company’s brief being to secure space in a more central CBD location.
Specialist medical consultants MLCOA have leased Level 13 after outgrowing their former premises at 370 Queen St. Howson said the group had liked the security and privacy offered by occupying their own floor in 116 Adelaide St, which they had leased on a five-year term.
Infosys has leased Level 14 in the building, also on a five-year lease, whilst Gouldson Legal has moved into Level 15 after committing to a seven-year lease.
Australian Property Journal
