Vacant today gone tomorrow

ASX listed wealth management firm Shadforth Financial Group has swiftly leased an office floor at 240 Queen St Brisbane CBD, recently vacated by an AMP subsidiary, as a flight to quality emerges in the market.

CBRE state director office services David Prosser and Jones Lang LaSalle’s corporate solutions’ Luci Chiappini negotiated the 1,000 sqm lease at the CBA Building.

CBRE State Director, Office Services, David Prosser and Luci Chiappini of Jones Lang LaSalle’s Corporate Solutions, negotiated Shadforth’s lease in 240 Queen St, which is an A-grade office building owned by Brookfield Asset Management.

The firm has taken a 10-year lease over a whole floor that was previously occupied by an AMP subsidiary.

Prosser said the space became available when the previous tenant relocated to the floor above. Only one floor is now available for direct lease.

He added that Shadforth is a prime example with the company having upgraded from a B-grade building elsewhere in the CBD.

“The Shadforth lease is another endorsement of the fact that the prime market is really the centre of attention for tenants at the moment. Tenants are recognising that the window of opportunity to secure a good deal is closing as the vacancy in the prime market continues to reduce. We estimate that the prime vacancy in the CBD is now under 2.5% and there is a clear flight to quality occurring,” he added.

Chiappini said the move could not have come at a better time for the business, which merged with Snowball last year.

“It was also a time to capitalise on the high level of incentives still being offered by landlords to high quality tenants,” she added.

Shadforth head of advice John Barton said the central location in the heart of the CBD had been one of the primary draw cards.

The Queen St building is situated at the entrance to Queen St Mall and is the Brisbane headquarters of the Commonwealth Bank. Developed in 1990, the 26-storey building has a net lettable area of 24,000 sqm.

PropertyReview