Brisbane, 01 October 2015 – Leading Australian furniture, bedding, and outdoor retailer, Super A-Mart has signed a 10-year lease on a warehouse facility in Narangba, to accommodate its Queensland operations.
Located at 2 Business Drive, the recently developed industrial facility comprises 2,700sqm and features corporate grade office warehouse accommodation, internal clearances of up to 9 metres, secure hardstand area and access via roller shutters and loading docks.
CBRE’s Sam Higgins and Hugh Adnam negotiated the lease on behalf of BFJ Property Pty Ltd. The tenant has committed to a new lease with 3% annual increases commencing on the 1st September, 2015.
Brendan James, Managing Director, BFJ Property Pty Ltd, said the company developed the site following CBRE’s review of the leasing market and exposure to the elements which form part of the development planning.
“The result of this recommendation was a new warehouse scheme with lower site coverage and higher level of specifications - all which combined to give BFJ the confidence to proceed, invest and ‘spec’ build a world class industrial building of 2,700sqm.”
“Despite an extremely challenging leasing market, CBRE was able to secure a new 10-year lease, with up to 10-year extension, to the hugely successful Super A-mart retail group. The agreement nominated a lease commencement date within five months of practical completion date for the development, which fitted into our feasibility model,” said Mr James.
Mr Higgins said CBRE recommended the appointment of a project manager for the development, to ensure the construction activities were delivered at a market level and standard that would attract the end user.
“Super A-Mart was attracted to the recessed loading docks, dock levelers and the high standard of specification, features which suited to its business operations. It was the only short listed site that allowed full circulation of a 40 foot container within the confines of the leased area.”
“Tomkins Commercial was the successful contractor appointed to construct the facility. Tomkins Commercial delivered on time and worked in a co-operative spirit with the dedicated project manager Property Private’s Hugo Richards. The development team have been terrific to deal with combining there specialist knowledge and skill sets. There is little doubt this result would not have come together so seamlessly had it not been for the combined efforts of Tomkins Commercial, Property Private and BFJ Property,” said Mr Higgins.
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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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.