This article is from the Australian Property Journal archive
REAL estate investor and fund manager Cromwell Property Group has secured 20,000 sqm of lease renewal agreements, following ESG upgrades at its 545 Wickham Terrace property in Brisbane’s sought-after CBD fringe suburb of Fortitude Valley.
Technology One, AECOM, and Bechtel are the re-signees at the building known as HQ North, which has a 6-Star Green Star v2 Office Design rating, the highest possible rating by the Green Building Council of Australia.
Australian software developer Technology One, which has been at the property since 2010, has renewed its lease for a third time. It tenancy spans about 10,000 sqm of floor space, across four tower levels, in addition to a 383 sqm area on the ground floor.
In collaboration with Cromwell, Technology One utilised the building’s ground floor to construct a gym, hoping to encourage staff to return to the office in the post-COVID era.
“Our focus on aligning ESG objectives with the like ambitions of our tenants has driven improvements in sustainability and energy efficiency at HQ North, making it an ideal long-term home for businesses,” Cromwell head of property operations Tessa Morrison said.
Edward Chung, CEO at Technology One, said the addition of the new gym facility is a “remarkable enhancement to the building, allowing us to promote a vibrant and healthy workplace for our team”.
Meanwhile, global infrastructure consulting firm AECOM, also on its third extension at HQ North, signed an additional seven-year agreement for 6,622 sqm of floorspace over two-and-a half levels.
Kellie Reed, AECOM’s director operational services Australia & New Zealand, said, “decarbonisation and the path to net zero is embedded in everything we do – we value the ability to work together with Cromwell on our ESG objectives”.
“The commitment to sustainable upgrades and excellent facilities at HQ North have made it an ideal location for our operations into the future.”
Recent upgrades to the building include the installation of a magnetic bearing, water-cooled electric chiller, and a standby diesel generator, which will contribute significantly to reducing carbon emissions by 89%.
Cromwell’s ongoing amenities upgrades at HQ North include refurbishing the end-of-trip area to an A-grade standard, modernising the lobby, café, and entry areas, and installing LED lights and bathroom updates in tenancies and rooftop solar panels.
Earlier in 2024, long-term HQ North tenant Bechtel commenced a fourth term, six-year extended lease – with an increase in its floor space to 2,512 sqm.
According to Property Council of Australia statistics, Brisbane’s CBD vacancy rate tightened from 11.7% to 9.5% over the six months to July, while the overall vacancy rate for the Brisbane fringe dropped from 13.9% to 12%.
