Commercial leasing: Watch this space

Commercial leasing: Watch this space
Commercial leasing: Watch this space

Roughly how much Chinese bathroom supplies importer and distributor Sunny Group Pty Ltd will pay per square metre to lease a new office and warehouse in Noble Park in Melbourne’s south-eastern suburbs. The company has agreed terms on a new five-year office at 7/450 Princes Highway, which comprises a brand-new 2,750-square-metre office and high-bay warehouse building. The deal was negotiated by Savills Australia industrial executive Daniel Kelly along with colleague Lynton Williams. Kelly says the tenant was also interested in the buildings’ capacity to achieve the good fortune attributed to feng shui design criteria. The lessor is a Melbourne-based private investor. 

 


The estimated net rent per square metre per annum that law firm Middletons will pay to lease 5,400 square metres of space over five floors in 1 O’Connell Street in the Sydney CBD in a seven-year lease deal. The law firm will also receive a rental incentive as part of the lease agreement, which begins in September. The five floors are currently being refurbished after the exit of long-time anchor Clayton Utz. The building is owned by Lend Lease’s Australian Prime Property Fund and the Abu Dhabi Investment Authority. Accounting and consulting firm Crowe Horwath has taken 3,570 square metres, Thomsons Lawyers has leased 2,400?square metres and law firm Clifford Chance has leased 1,190 square metres. About 20,000 square metres remains available to lease in the building.

 


The net annual rental rate per square metre that Childcare software solutions provider QikKids will pay to lease a 650 square metres of office space at 20 Metroplex Avenue in Murarrie in the eastern suburbs of Brisbane. The deal was negotiated by Jones Lang LaSalle’s Chris Davis and Sam Barr, who are seeking tenants for the 1,056-square-metre single-level office. Davis says the proximity to QikKids’ current office (next door to the office) and single-level floor plate were the key factors, “particularly given their previous tenancy spanned three levels and didn’t provide functional space”.

 


The annual rent that Trican Well Service Ltd, an international pressure pumping company headquartered in Calgary, Canada, will pay to lease 343 square metres of office space at 196 Wharf Street in Spring Hill next to the Brisbane CBD. The lease was negotiated by Jones Lang LaSalle’s Sam Barr and new fringe leasing director Don Mackenzie on behalf of Calidad Property Group, which has owned the building since mid-2011. The building has been extensively refurbished and now has only one floor remaining.

 


 

The annual rent that tenants are paying on a 7-Eleven in Woodridge, a suburb of Logan City in south-east Queensland. The 7-Eleven, located at 1 Kingston Road and measuring 5,072 square metres, is part of a batch of six Queensland 7-Eleven service stations that are being  marketed by Sam Hatcher and Ben McGrath from Jones Lang LaSalle for auction on March 22. All properties come with new 15-year leases with three options of five year renewals and guaranteed 4% annual rent increases.

 


 

The annual rent that Kinetic Group will pay to lease 588 square metres of office space on a five-year lease at 196 Wharf Street in Spring Hill next to the Brisbane CBD. The lease was negotiated by Jones Lang LaSalle’s Sam Barr and new fringe leasing director Don Mackenzie on behalf of the Calidad Property Group, which has owned the building since mid-2011. The building has been extensively refurbished and now has only one floor remaining. Barr says Spring Hill is currently experiencing positive net absorption of office space.  “With tightening vacancy in the Brisbane CBD, immediate surrounding suburbs like Spring Hill are proving attractive alternatives for companies,” he says.

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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