Brisbane, 10 June 2015 – CBRE has recently negotiated a series of lease agreements within The Portal building in the burgeoning commercial precinct of Newstead.
The A-grade office tower was the first building to be completed in the Newstead Riverpark precinct in what is now known as the Gasworks Commercial Precinct.
Businesses including Fujitsu Australia, Brookfeild Multiplex, Wolter Consulting, Migas, Louis Dreyfus Commodities and Thermomix have recently acquired tenancies within the property to capitalise on the desirable location and quality facilities. The sites range from 280sqm to 1,351sqm on one-and-a-half year to seven year terms. The initial rentals range from $400 - $500/sqm gross per annum.
Mel Pikos and Michael Skarparis from CBRE Office Services negotiated the deals on behalf of lessor Primewest.
Mr Pikos said the property’s prime location in the heart of Newstead’s revitalised office precinct was a major drawcard.
“We are currently seeing higher levels of leasing activity in Newstead than anywhere else in the near city area, accounting for over 15,000sqm of net absorption in the last six months. Many tenants are now attracted to the amenities on offer including, over 5.5 hectares of public space, as well as the quality of surrounding development.”
“A variety of key tenants have recently relocated or have plans to relocate to the immediate precinct including Bank of Queensland (12,500sqm), Collection House (8,000sqm) and Tatts Group (25,000sqm). Other like-minded occupiers are eager to capitalise on the success of the precinct by moving to the area and specifically 1 Breakfast Creek Road,” Mr Pikos said.
“Tenant activity has also significantly picked up as a result of the completion of the adjoining Gasworks Plaza Shopping Centre, which is anchored by Woolworths and Standard Market Co, providing excellent retail amenities in the area,” Mr Skarparis added.
|
Tenant |
Area |
Term |
Rent |
|
Fujitsu Australia |
1,351sqm |
7 years |
$485/sqm gross |
|
Brookfield Multiplex |
280sqm |
1.5 years |
$500/sqm gross |
|
Wolter Consulting |
595sqm |
5 years |
$500/sqm gross |
|
Migas |
423sqm |
5 years |
$500/sqm gross |
|
Louis Dreyfus Commodities |
450sqm |
5 years |
$485/sqm gross |
|
Thermomix |
405sqm |
2 years |
$400/sqm gross |
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
