Sustained strong demand sees Brisbane’s King George Central reach pre-commitment milestone
Brian McGuckin 24 Feb 2012
Leighton Properties’ King George Central tower in Brisbane’s CBD has signed another key tenant, bringing the development to more than 80% pre-committed and with only four floors remaining, six months before completion.
As further evidence of the resilience of the Brisbane CBD office market, growing legal practice, Mills Oakley Lawyers has committed to a seven year lease on one entire floor of the building, totaling 1,100sqm.
In addition, existing tenant, Credit Union Australia (CUA) has extended its commitment by securing a 10 year lease over another level at King George Central. This takes CUA’s pre-commitment to approximately 6,854sqm across six floors.
Leighton Properties’ General Manager Queensland and Project Director of King George Central, Brian McGuckin, said the sustained tenant interest in King George Central since it was granted DA approval three years ago shows the fundamentals in the building are right.
“With completion scheduled for Q3 this year, King George Central has defied economic uncertainty to be one of only two new commercial buildings to be delivered in Brisbane’s CBD in 2012,” Mr McGuckin said.
“This suggests that the location, building design and green credentials, amenities and the overall value proposition remain critical deciding factors for prospective tenants.”
Mills Oakley Lawyers Partner, Andrew Johnson said the central location of the building and its proximity to the city’s law courts were principal drivers in choosing King George Central as the firm’s Brisbane quarters.
Mills Oakley Lawyers Brisbane office has grown significantly in the past two years and the move will reflect the change needed to keep up with client and staff requirements.
Mr Johnson said “It’s an exciting time for us; there’s a real sense of growth around the Brisbane office. We have undergone a series of significant changes in the past two years and this move positions the firm in a key location and signifies to our staff and clients that we are committed to providing the very best amenities in order to expand our service offering to the market.”
With latest Property Council of Australia figures showing the city’s CBD A-grade vacancy rates to be 4% - the lowest since 2009, the completion of King George Central in Q3 2012 is well-timed to capitalise on strong demand for A-grade space, not just from the resources sector but from banking and professional services, as evidenced with these latest transactions.
“Certainly, a 6 Star – Green Star Office Design v2 certification and our commitment to sustainable design have helped to attract tenants who are increasingly environmentally conscious.” Mr McGuckin added.
King George Central is the fifth 6 Star – Green Star certification from the Green Building Council of Australia for Leighton Properties, after Green Square North Tower and HQ in Fortitude Valley. King George Central is also targeting a 5 Star NABERS Energy rating.
Leighton Properties has delivered more Green Star buildings than any other developer in Queensland, with nine Green Star certifications in its portfolio.
Last year, Leighton Properties received the Energex Award for Sustainability in Business at the Lord Mayor’s Business Awards, recognising excellence in green business practices and sustainable energy use.
For more information
QLD General Manager
Phone+61 7 3770 4700
Email Brian McGuckin
National Marketing Manager
Phone+61 2 9925 6666
Email Helen Wright