This article is from the Australian Property Journal archive
Cromwell’s Terrace Office Park complex has signed six new leases.
Terrace Office Park is located at 527 Gregory Terrace in Fortitude Valley, on Brisbane’s city fringe.
Terrace Office Park consists of two three-storey buildings and provides tenants with direct access to the CBD and superb on-site amenities.
Cromwell has finalised negotiations with new and existing tenants for more than 2,900 sqm of space since May 2006.
Cromwell’s national asset manager Paul McDonnell said all the leases were signed at gross rents ranging between $315 per sqm and $340 per sqm.
Existing tenants EarthTech and Tourism NT have signed new leases, with EarthTech committing to a five year lease over 522 sqm and the tourism body re-signing for one year over 122 sqm.
Former tenant, the aviation regulatory body the Civil Aviation Safety Authority has returned to the complex committing to a 3.5 year lease over 384 sqm.
Whilst the departure of Queensland Apprenticeship Services has paved the way for new tenants MEGT and Mission Australia to enter the premises, both on three year leases.
Training provider MEGT will occupy a 467 sqm space while community service organisation Mission Australia has committed to a large 1,105 sqm space on level three of the complex’s north tower.
Human therapeutics company Amgen is another newcomer to Terrace Office Park, recently signing a 4.5 year lease over 313 sqm.
The complex is managed by Cromwell on behalf of investors in the Terrace Office Park Property Trust. Cromwell recently announced plans to merge the Trust, along with four other Cromwell-managed property syndicates, with the Cromwell Diversified Property Trust.
By Kathryn O’Meara
