March 12, 2010Just six months after completion, South Brisbane’s first Five Star Green Star building,
154 Melbourne, has lured leading tenants with 90 percent of the building now fully leased.
Developed by Pradella with joint venture partners Michael Barakat and Raymond George, 154 Melbourne is one of only a handful of buildings in South East Queensland to receive the coveted Five Star Office Design and As Built certifications from the Green Building Council of Australia.
Pradella’s development manger Nick Hinton says there has been a solid level of inquiries from the professional services sector and corporates, reflecting the attributes of 154 Melbourne’s location as well as its quality finish and environmental features.
“Even with the onset of more volatile market conditions in 2009, we were confident that the building’s attributes would enable us to secure long-term leases with solid tenants such as engineering and development consultancy SMEC,” Hinton says.
SMEC signed a lease for 2,178sqm to serve as their Brisbane head office and also has naming rights for the building.
Hinton says the leases reflect commercial office rental rates consistent with those currently being achieved in the area.
In addition to strong office demand, retail interest in 154 Melbourne has seen two new eateries open on the ground floor, with bistro Jost 154 and Spanish restaurant Granada signing six and eight year leases, respectively.
Pending the successful conclusion of ongoing negotiations, Pradella expects the building to raise the ‘full house’ sign in the near future.
