Commercial Confidential: Brisbane property news and gossip

WITH Origin Energy shedding hundreds of Brisbane staff, speculation has turned to what this will mean for the company’s new combined headquarters.

The ‘wedding cake’ building that formerly housed Suncorp’s HQ

WITH the some large lease requirements yet to be finalised and the Property Council’s half-yearly statistics to be revealed tomorrow, the office market seems to be the topic on conversation at the moment. And there’s good news and bad news.

‘Wedding cake’ eaten up

IT SEEMS the Pigeon family’s Cornerstone Property’s multimillion-dollar refurbishment — or as some close to the project prefer to say a reimagining — of Suncorp’s old wedding cake building at 310 Ann St will be a big success.

Despite a lot of competition about for tenants, Allianz Global Assistance has committed to about 8000sq m in the A-grade tower.

With a mix of private and government tenants set to sign on the dotted line we understand the remaining space in the building should be committed by the end of the first quarter.

After culling staff, Origin Energy might not need as much space in its new digs.

Downsizing before move

HOWEVER news that Origin Energy will slash about 650 jobs from its Brisbane head office to cut costs will impact on sublease space in the CBD.

Last year the gas and electrical supplier committed to consolidating its operations into 16,000sq m in Daisho’s 34-level A-grade office tower, 180 Brisbane, in Ann St.

Origin is set to move this year from the Coronation Drive Office Park in Milton and other sites.

But having signed the 17-year lease with a further five-year option, the question is that with a large chunk of its workforce not making the move, how many of the eight floors will be offered to the market as sublease space.

An artist's impression of Aurizon's new headquarters at 900 Ann St, Fortitude Valley.

Aurizon mulls subleasing

ALSO, while listed freight train and rail company Aurizon is mulling over subleasing its top five floors of its new home in Fortitude Valley, it’s also reassessing its other space requirements.

For the record, Aurizon will in midyear move from the Brisbane CBD and into the Charter Hall-owned and Consolidated Properties developed 15-level office tower at 900 Ann St with a 12-year lease.

An Aurizon spokesman said about the sublease space that “discussions are progressing and Aurizon remains flexible in meeting the market”.

But far from future centralising operations, the spokesman said Aurizon will “over coming years ... have a smaller head office in Brisbane as more roles are moved to regional locations”.

“As a result, we have reassessed our requirements so that we have a more flexible, cost-effective accommodation solution,” he said.

“The new leasing arrangements at 900 Ann St and 100 Brookes St will allow the flexibility to meet future needs while providing efficient and environmentally-friendly office environments.”

Celebrated designer Edwin Codd has picked up a major accolade.

Eddie’s built quite a career

CONGRATULATIONS to architect and industrial design doyen Edwin “Eddie” Codd, who was made a member of the Order of Australia (AM) for “significant service to architecture, industrial design and to the built environment, to education, and to professional institutes”.

In a career spanning 35 years, he has garnered a number of accolades and become recognised as a leader in the profession, including named Queensland Architect of the Year in 2000 and is in the Design Institute of Australia’s Hall of Fame.

Starting private practice in 1968 with Codd Hopgood and Associates, he became the inaugural head of the School of Built Environment at the Queensland Institute of Technology when he established the school in 1975.

He was the president of the Queensland chapter of the Australian Institute of Architects from 1978 to 1980.

A furniture designer and educator, Codd is also known for his innovations in prefabricated construction, including for his Industrialised Building ‘74 (IB74) schools, made for the department of works.

On the up and up

WE ALL know Hutchinson Builders are doing well. They are pretty much the most “signed” business in Brisbane.

According to managing director Greg Quinn, writing in the company’s latest newsletter, the numbers for 2018 are stacking up well.

He’s forecast that in 2018 turnover will be up a little on last year and profit also looks like being up — or rather $2.8 billion turnover and $60 million profit.

“Our balance sheet remains strong and should sit debt-free around $350 million with an equivalent free cash position in December 2018,” he said.

That’s a big effort by Australia’s largest privately owned builder ... and not to mention a 105-year-old fourth generation family company.