Westpac Bank has raised its shingle at 40 Creek Street, becoming the latest bank to claim a prime corner site in Brisbane’s Golden Triangle.
CBRE’s Anna Dunworth negotiated the circa 185sqm lease on behalf of PGA Properties.
There is now a bank on each corner of the two blocks encompassing Creek and Elizabeth Streets and Creek and Queen Streets.
The Creek and Elizabeth Street corners are held by Westpac and the Commonwealth Bank of Australia, which occupies the CP2 tower. The corners of Creek and Queen are meanwhile occupied by Bank of China in 307 Queen Street, ANZ in 324 Queen Street and National Australia Bank in 308 Queen Street.
“The major banks see the Golden Triangle as a different market to Queen Street Mall, so many of them have branches in both precincts – despite their close proximity,” Ms Dunworth said.
“While Queen Street Mall can’t be beaten when it comes to foot traffic, the Golden Triangle is Brisbane’s premier commercial precinct and Westpac felt a branch in this location would tap into thousands of office worker in the area. The prime corner location is highly visible and fronts one of the busiest pedestrian intersections in the CBD.”
The 40 Creek Street space was previously occupied by a café franchise.
Ms Dunworth said landlord PGA Properties had taken the tenant’s lease expiry as the opportunity to change the use and capitalise on strong retailer demand for opportunities in the area.
“Obviously the covenant of Westpac was very attractive to the landlord but they also felt it was better suited to the position than a café,” Ms Dunworth said, noting that the building included many of the city’s top law firms.
Westpac joins a range of other tenants on 40 Creek Street’s ground floor, including Fitness First, The Coffee Booth, Bar Linea Café, Bou’s for Men Barber and Creek Street News.
“The addition of a banking tenant aligned with the landlord’s strategy to provide a well-rounded mix of retail tenants in the building focused on both services and F&B,” Ms Dunworth added.
Westpac has committed to a seven-year lease at an undisclosed rental.
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