In one of Queensland’s largest commercial office leasing commitments in 2009, SPARQ Solutions, a communications and IT solutions provider jointly owned by the major energy utilities Ergon and Energex, has secured a cornerstone lease of 3,884 square metres in a just completed commercial office building at 25 Montpelier Road, Newstead.
Developed by Watpac Property, the five-level, 7,500-square-metre building, which is located three kilometres from the Brisbane CBD on the northern boundary of the Fortitude Valley Urban Renewal Precinct, is owned by the Opus Capital Growth Fund No. 1.
In a deal introduced by Christian Sandstrom of Jones Lang LaSalle, and which coincides with practical completion of the four-star ‘Green Star’ certified building, SPARQ Solutions has leased the new premium A-grade office space and 56 car bays for a term of seven years plus a seven-year option.
Steven Goakes, Co-Chairman and Director of Corporate Strategy of Opus Capital, the specialist fund manager and responsible entity for the Opus Capital Growth Fund No.1, says the lease of more than 50 percent of the building just prior to practical completion reinforces the underlying demand for well located and designed, "green-rated" office space in the rapidly developing Newstead commercial precinct.
He says the signing also underscores the effectiveness of Opus Capital's strategy of pre-purchasing prime commercial properties during construction phase to unlock upstream value through vigorous and targeted leasing programs.
"Our strategy of working collaboratively with the building's developer, Watpac Property, and the leasing agents during the entire construction phase has certainly played a key role in securing what is an outstanding tenant for the building's cornerstone tenancy.
"This is a highly favourable outcome for the unitholders of Opus Capital Growth Fund No. 1," he says.
Watpac's Managing Director Greg Kempton says the company designed and developed 25 Montpelier Road in line with clearly identified market requirements, evidenced by the presale of the property to Opus Capital in 2007 and further with the pre-commitment of SPARQ Solutions today.
He says 25 Montpelier Road offers SPARQ Solutions and other users premium-quality office accommodation spread over some of the largest subdividable floor plates in the Brisbane CBD fringe of up to 2,200 square metres, along with excellent natural light, extensive elevated views and an extremely generous car parking ratio.
“The building's green-rating design, along with its proximity to the Ann Street Emporium, Newstead River Park project and major road and public transport hubs, have all bolstered its marketability to prospective tenants,” he says.
The building incorporates two connected office towers containing 6,751 square metres of office space built above about 700 square metres of ground level retail/office space.
SPARQ Solutions, which supplies all Ergon's and Energex's communication and IT services, intend relocating to 25 Montpelier Road in September 2009.
Goakes adds the property is continuing to attract a strong level of enquiry from a range of prospective tenants and that the 2,867 square metres of office space remaining is available in a large range of configurations for tenants. CB Richard Ellis and Jones Lang LaSalle are the appointed leasing agents.
"The area surrounding 25 Montpelier Road is universally recognised as one of Brisbane's largest and most dynamic inner-city urban renewal precincts, with an ever diversifying array of medium density residential, retail and hotel and restaurant developments attracting blue chip businesses such as Virgin Blue, Energex, Bechtel and Watpac to relocate their offices there," he says.