New retail hub for Brisbane CBD

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.”