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;
AddressShop 1, Rowes Building Edward Street
TM Lewin - First TM Lewin flagship store in Brisbane
AddressShop 2, Rowes Building Edward Street
AddressShop 12, Rowes Building Edward Street
Guzman Y Gomez
AddressShop 10, 215 Adelaide Street
Thr1ve – First store in QLD
AddressShop 9, 215 Adelaide Street
AddressShop 8, 215 Adelaide Street
AddressShop 6, 215 Adelaide Street
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.”
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.