Investa Office Fund ("IOF" or the "Fund"), today announces that it has successfully executed a lease extension with the Commonwealth of Australia at 140 Creek Street Brisbane.
The new 10 year lease, previously due to expire in February 2014 and September 2015, equates to 7,286sqm over 6 floors of the building at a gross rent of $650psqm. This lease increases the WALE for the building from 1.7 to 3.7 years.
IOF Fund Manager Toby Phelps said, “We continue to proactively address future income and leasing risks, and our success at 140 Creek St in a competitive Brisbane market further demonstrates the benefits, strength and expertise of the Investa management platform.
“This particular Commonwealth Department has been a long term tenant of this building and the lease extension demonstrates the impact of our focus on understanding our customers’ needs and providing high performing buildings that meet the demands of modern occupiers.”
With a strong focus on green initiatives 140 Creek Street is a high quality, centrally located A-grade office building and recently achieved 5.5-star NABERS Energy rating. It’s a modern 25 level office building with circa 1,200sqm large column free floor plates offering superb view corridors overlooking the city.
General Manager of the Brisbane CBD Portfolio, Marc Halpin said: “Not all government departments are contracting within the Brisbane CBD. Investa were able to meet the requirements for this Commonwealth Department by taking the time to understand both their medium and long-term space requirements and providing a competitive and flexible commercial office solution.”