Commercial leasing: Watch this space
The net rent (in the low $400s) per square metre that industry superannuation fund CareSuper will pay to lease a whole floor at 31 Queen Street in the Melbourne CBD. Josh Langdon from Colliers negotiated a new seven-year lease to CareSuper for 964 square metres on kevel 18 of the building owned by Challenger Diversified Property Group (CDI). Langdon says CDI had embarked on an impressive external makeover of the building since taking ownership 12 months ago. This has taken 31 Queen Street from a 15% vacancy to around 5%.
The estimated annual rent that BDA Architecture will pay to continue to lease its Broadbeach office in The Wave in a three-year lease extension. Colliers International Ed Howard negotiated the deal, and BDA Architecture committed to a 322-square-metre space in the building at 89 Surfers Parade. The Wave is a 34-floor mixed-use development in the heart of Broadbeach, with retail amenity on the ground floor, office over the first two floors and resort accommodation above. The office component of the Wave is now more than 65% leased, with about 1,400 square metres of office space remaining available. Apart from BDA Architecture, other office tenants in The Wave include ANZ, Westpac and AIDA.
The estimated net rent per square metre that Wesfarmers’ Target department store chain will pay to lease 4,462 square metres of office space at 324 St Kilda Road, Melbourne. Target will lease five floors of the eight-storey glass-fronted building. The building is owned by Overland Properties. Malcolm Hunter from DTZ negotiated on behalf of Overland Properties, and Target was represented by CBRE’s Grant Tinker.
The net rent per square metre that Business Print Australia will pay on a six-year lease for a warehouse in Botany, Sydney. The company has leased 4,655 square metres of space at units 4 & 4C, 1A Hale Street. It will use the industrial property for printing and storage. The lease was negotiated by Michael Crombie of Colliers International on behalf of GTA Industrial Custodian Pty Ltd.
The gross rent per square metre that Flight Centre Limited will pay to lease a 97-square-metre retail shop at 75 King Street in the Sydney CBD from Samadames Pty Ltd. The lease term is seven years plus a five-year renewal option. The lease agreement was negotiated by Scott Harris, from Property Partnership Australia.
Negotiated a lease recently? Let us know and we’ll include it in our weekly wrap.