Brisbane, 4 September 2014- A major refurbishment by the owner of 215 Adelaide Street, Brisbane, (a Pramerica-managed fund) is paying dividends as several high profile tenants sign lease agreements.
215 Adelaide Street and the Rowes building were previously connected via an arcade, but neither had a true identity. The landlord has undertaken one of the largest office refurbishments in Brisbane CBD’s history by unlocking three areas of retail on the podium levels - Rowes building on Edward Street, Post Office Square retail and Adelaide Street retail.
The refurbishment also includes construction of a new A-grade, 9m high office lobby including a brand new double height awning to Adelaide Street and Post Office Square.
Mark Platsis from CBRE Retail Services said that the project has been successful in attracting new tenants to the Brisbane market including;
Jamie’s Italian
Address Shop 1, Rowes Building Edward Street
Area 755sqm
Term 10 years
Use Italian Food
TM Lewin - First TM Lewin flagship store in Brisbane
Address Shop 2, Rowes Building Edward Street
Area 185sqm
Term 7 years
Use International Menswear
Sonny's Dive
Address Shop 12, Rowes Building Edward Street
Area 245sqm
Term 10 years
Use Restaurant/Bar
Guzman Y Gomez
Address Shop 10, 215 Adelaide Street
Area 145sqm
Term 10 years
Use Mexican restaurant
Thr1ve – First store in QLD
Address Shop 9, 215 Adelaide Street
Area 80sqm
Term 10 years
Use Wholefoods
Roll'd
Address Shop 8, 215 Adelaide Street
Area 80sqm
Term 10 years
Use Vietnamese food
Chemist Warehouse
Address Shop 6, 215 Adelaide Street
Area 415sqm
Term 10 years
Use Chemist
Due to the large scale of the refurbishment, retail handovers are being staggered, with three tenants having commenced fit out and the remainder commencing in early October.
Mr Platsis said the key mandate for the retail refurbishment was to reduce the number of tenants whilst making sure that every retailer benefited from the various street frontages on offer.
“Post Office Square will become a destinational food and beverage hub with operators trading across breakfast, lunch and dinner. We only have one restaurant tenancy remaining for lease in this location,” Mr Platsis said.
“With rental rates ranging between $1,000sqm and $3,250sqm, it was a great result for the owner, highlighting the positive outcomes that could be achieved by imaginative landlords, despite the current challenging market conditions.”
For Australian/international news or global stories, follow us on Twitter.About CBRE Group, Inc.