This article is from the Australian Property Journal archive
ENTERPRISE software developer Ventyx has pre-committed to 757 Ann St in one of the largest leasing in Brisbane's Fortitude Valley this year.
Ventyx, which is a supplier of enterprise software and services for the energy, mining, public infrastructure and transportation industries and was acquired by Switzerland-based ABB in 2010.
The company has signed a 10-year lease for around 7,000 sqm in the 9,000 sqm 11-storey A grade tower, being developed by joint venture partners Office Park Developments and Van Reit.
Colliers International’s Warwick Wolfe brokered the deal and said the deal was a significant sign of confidence in the Brisbane office leasing market.
“It is no secret that we have had a few slow years, particularly due to the slowdown in the mining industry, and this deal reflects a renewed confidence in the market.
“It is one of the biggest deals to take place in Fortitude Valley in the past 12 months. Very few pre-commitment deals take place each year and this is one of those,” he added.
Wolfe said Ventyx were currently housed in an office building at 192 Ann St in the Brisbane CBD, but would relocate to the building at 757 Ann St on the city fringe when it was completed.
“The tenant looked at what office space was available in the entire Brisbane market, including in the city and fringe, and decided this building in Fortitude Valley was the right location for them, for a number of reasons.
“For starters, they are able to move into a new building – which is desirable for many tenants – but at a value that was right for them, and this building will give them considerable prominence within the locale,” he continued.
Wolfe said the developers behind 757 Ann St OPD and Vanriet, had been instrumental in securing Ventyx as the anchor tenant for the building.
“The relationship between the landlord and tenant is key to any deal, and this was particularly important in finalising this deal. Bill Henderson, who is at the helm of OPD, was key to the outcome here, in particular providing assurance around the outcome for the tenant and demonstrating the ability and track record to deliver the development,” he added.
Henderson and Van Riet founder Jack van Riet have decades of experience between them in the property industry, and decided to embark on the 757 Ann St project when they identified there were opportunities in Fortitude Valley.
Wolfe said he was continuing to field enquiry from tenants for the remaining space and there was no doubt it would achieve a fully leased status prior to the project’s completion in 2014.
Property Review
