Leighton Propertiesí King George Central Reaches the Top
Brian McGuckin 22 May 2012
Leighton Properties’ King George Central tower achieved a major milestone in May, with construction reaching its highest point when the building ‘topped out’.
The 27 storey tower being built by Thiess, was the only new A Grade commercial building in the Brisbane CBD to commence construction in 2009 and is scheduled to be one of only two achieving completion this year.
The latest Jones Lang LaSalle figures for Q1 2012 show Brisbane’s CBD vacancy rates for A Grade office space are at 6.1% and the city’s next major office supply will most likely not be delivered to the market until 2015/2016.
Leighton Properties’ General Manager Queensland and Project Director of King George Central, Brian McGuckin said this fact, coupled with the anticipated continued demand from the mining, resources and professional services sector, will inevitably result in a supply shortage in the CBD in the short to medium term. This lack of choice will also inhibit businesses from accommodating future growth.
“The completion of King George Central in Q3 2012 has been well timed to capitalise on strong tenant interest with just two floors now remaining available in the building,” Mr McGuckin said.
“Sustained tenant interest in the project has been critical to its success. King George Central is now more than 90% preleased to major national and international tenants including Credit Union Australia (CUA), GHD, Grant Thornton and Mills Oakley Lawyers.”
BRISBANE BACK IN BUSINESS
Lord Mayor Graham Quirk said King George Central has an important role to play in Brisbane’s rejuvenation after the difficult economic conditions and natural disasters, the project shows that Brisbane is back in business.
“Brisbane has proven its' resilience and my team will continue to forge ahead with our vision for the city,” Cr Quirk said.
“I’m continuing this charge with my economic development action plan to generate 343,000 jobs over the next 10 years and double the size of Brisbane’s economy by 2031.”
For more information
Queensland General Manager and Commercial Project Director
Phone+61 7 3370 4700
Email Brian McGuckin