This article is from the Australian Property Journal archive
THE Department of Veteran Affairs (DVA) has signed a long-term lease across six levels at ISPT’s Pathway Place in Canberra, following the property fund manager’s $67 million upgrade of the office precinct.
The lease takes the $125 million, A-grade precinct at 18 Marcus Clarke Street and 7 London Circuit, which are linked via William Clemens Street in Canberra’s western CBD, to 97% occupied.
The DVA will become the latest federal government tenant to bed down in the building when it begins its lease in May 2025. It will join the Civil Aviation Safety Authority (CASA), which moved into 18 Marcus Clarke Street in December after signing a long-term lease spanning circa 6,600 sqm across the top three levels, while Earlier this year, the Australian Maritime Safety Authority (AMSA) also moved into 18 Marcus Clarke Street after closing a deal with ISPT for circa 4,800 sqm across two floors on a long-term lease.
All lease transactions have been managed by Troy Markos of CBRE and Andrew Balzanelli at JLL.
“Welcoming DVA, CASA, and AMSA to Pathway Place is reflective of our strategy of delivering high-quality, future-proof office space that suit the long-term needs of tenants including federal government departments and speaks to ISPT’s innovation and commitment to refurbishing assets as part of its responsible investing strategy,” said Nicole Ward, head of portfolio (office) at ISPT.
The signings are a win for ISPT and another tick for landlords upgrading their assets in order to attract clients. The leases have been secured as Canberra’s vacancy rate increased recently, although the national capital retains a relatively low vacancy compared to the country’s major markets.
Pathway Place recently underwent a $67 million redevelopment, led by Cox Architecture, and included a complete renovation of all levels alongside a reconfiguration of the adjoining ground floor planes.
The upgrades included new alfresco areas, dine-in cafes and restaurants.
Tenants have access to the Flex by ISPT amenities at a discounted rate, offering access to meeting rooms, collaboration, event and conference spaces, as well as end-of-trip facilities with a wellness centre.
An upgraded outdoor space by landscapers Oculus and AMC will include an integrated native landscaping palette, extensive seating and gathering areas, a pavilion structure for all weather hospitality and new lighting.
Pathway Place has a 5 Star NABERS Energy rating and features rooftop solar panelling, rainwater tanks and energy saving utilities as part of ISPT’s power purchase agreements, which will use electricity sourced solely from renewables for the next 10 years.
In the middle of this year, ISPT decided to undertake a major office refit of 270 Pitt Street through a $170 million investment, opting to refurbish after looking to offloaded the 25-storey Sydney CBD tower last year.
