Investa Office Fund (ASX: IOF) is pleased to announce it has entered into an Agreement for Lease over 8,912sqm, for 7 years across 8 floors at 140 Creek Street, Brisbane.
Leased to the State Government of Queensland, the agreement incorporates five floors from the previously announced lease extension to the Department of Transport and Main Roads and Department of Public Works and an additional three new floors. In addition, Investa has successfully facilitated an expansion for existing tenant, Commonwealth of Australia, across 1,200sqm taking occupancy within the building to 95% and extending the weighted average lease expiry to ~6 years. The lease extension to the Department of Transport and Main Roads and Department of Public Works will remain in place over three floors until June 2017.
Demonstrating the quality offering provided in a core location in the Brisbane CBD, the complex continues to benefit from the foyer refurbishment and end of trip upgrades completed in late 2014, driving interest and delivering steady enquiry levels. Occupancy across the complex, which includes 295 Ann Street and 232 Adelaide Street is now at 96%.
Assistant Fund Manager, Nicole Quagliata stated, “These leases provide further evidence of the teams’ ability to facilitate meaningful discussions and deliver long term solutions for tenants. Additionally, from a market perspective, it demonstrates a gradual improvement in the outlook for Brisbane. We are pleased to be able to secure a long term tenant at this asset providing stability of earnings and addressing the near term risk associated with the residual vacancy in Brisbane.”