Investa Office (“Investa”) this week announced that Navitas Limited (“Navitas”) has committed to 24,000 square metres of space at 255 Elizabeth Street, Sydney (“the Building”), which will see the building 100% leased.
The Building met Navitas’ requirement for large flexible floorplates to accommodate its educational facility requirements. The new space will include student lecture and training facilities, state of the art study spaces, as well as office space for Navitas staff.
The long term lease will allow Navitas to transition into the building from January 2016 and to be fully operational by the end of the third quarter in 2016. This extends the lease expiry profile of the Building significantly to more than 10 years.
Clifford Leeson, General Manager, Sydney CBD portfolio, said: “255 Elizabeth Street met a number of Navitas’ key requirements.
The decision by Navitas to secure space at 255 Elizabeth Street for its Sydney Campus reflects its desire to be situated in a well located, A Grade building with excellent building services and environmental credentials, in close proximity to transport and amenities.
Partnering with the Investa team ensured lateral thinking and collaboration to agree a customised solution within an existing office building. The space will be tailored to suit Navitas’ specific use including a large number of teaching spaces, with high quality base building facilities that will deliver a comfortable, efficiently operating tenancy. We look forward to continue working with Navitas on this exciting project and welcoming them into the Building.”
Owned by Investa Property Trust (“IPT”), the 15-level building comprises 28,156 square metres of net lettable area. It is adjacent to Hyde Park in Sydney’s CBD midtown precinct and boasts a 5 Star NABERS Energy Rating and 4.5 Star NABERS Water Rating.
Bryce Houghton, CFO, Navitas said: “255 Elizabeth presents Navitas with an opportunity to create a modern and vibrant learning space that is highly adaptable and encourages student engagement. Partnering with Investa, who is contributing funds to the refurbishment, is enabling us to pursue that vision.”
Michael Cook, Group Executive, Commercial Development and Leasing, Investa said: “We’re very pleased that Navitas, an ASX 100 listed company, has selected 255 Elizabeth Street for its new premises. The transaction demonstrates Investa's ability to work collaboratively with Navitas to deliver a tailored accommodation and capital works solution to meet their business needs.
As a national office provider, we have now met Navitas’ premises requirements in both Sydney and Brisbane, with Navitas also occupying space in the IPT owned, 410 Ann Street, Brisbane.”
The success at 255 Elizabeth Street is further evidence of Investa’s solid performance in prime property, with the manager leasing more than 183,900 square metres nationally and 100,290 square metres in Sydney in FY15.
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