Commercial Confidential: Sunsuper and Virgin narrow down shortlist for new headquarters
The future workplaces for thousands of Sunsuper and Virgin Airways workers is a bit clearer while it’s nearing decision time on two fronts for the public service.
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WHAT shape the long-term Brisbane office tower development pipeline will take is looking a bit clearer with genuine shortlists starting to emerge for major requirements.
We understand that Sunsuper has reduced its shortlist to five possibles as well as leaving the option open of staying at the Milton Green office park which it co-owns with AMP Capital Diversified Property Fund.
Commercial Confidential: Brisbane property, leasing news and gossip
Commercial Confidential: Brisbane property, leasing and sales news and gossip
The superannuation fund has a 10,000sq m to 13,000sq m office requirement with a deadline of April, 2023.
The shortlist of four development sites an one established tower is:
* Lend Lease’s 1 King Street development site at the RNA Showgrounds in Bowen Hills
* Sekesui House’s West Village mixed-use development site on Boundary St, West End
* Charter Hall’s 16-level tower at 11 Breakfast Creek Rd, Newstead
* Charter Hall/Investa’s proposed 40-storey tower at 370 Queen St
* Dexus’ 26-level tower 123 Albert St where Rio Tinto will leave in a couple of years.
We hear the list will reduce to two or three by the end of the week.
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ALSO, we hear the shortlist in Virgin Australia’s unofficial quest to find a new home has been reduced to three possibles.
The airline is currently at the Charter Hall-owned office building at 56 Edmondstone Rd, Bowen Hills, with about six years left on the lease.
CBRE is running the off-market search and sources and Virgin is looking for around 15,000sq m in the fringe.
We understand the shortlist is:
* 11 Breakfast Creek Rd, Newstead
* 1 King St, Bowen Hills
* Tribune Properties approved 18-storey tower located in the China Town Mall at 31 Duncan St, Fortitude Valley.
Public servants on the move
FINALLY, the likelihood of thousands of public servants having to pack up their desks and make the big move is becoming more likely by the day.
The Federal Government’s Department of Human Services will make its long rumoured requirement to consolidate four of its Brisbane CBD locations into a new office tower formal on Friday.
The requirement will be 38,000sq m and are aiming to be in their new tower 2024.
The usual suspects — The Regent on the Queen Street Mall (ISPT), 370 Queen St (Investa/Charter Hall); 62 Mary St (QIC); 205 North Quay (Cbus Property/Nielson Properties) and others — will no doubt be pitching for the gig.
Meanwhile, the State Government’s 25,000sq m plus requirement for one of its departments is nearing finalisation.
It appears that the Shayher Group’s 300 George St tower — which has been rumoured to be the end destination for the past year — will be connfirmed as their new home before Christmas.
Waterfront tavern’s lease on market
THE leasehold of a waterfront tavern in Surfers Paradise is on the market at a time when the southeast Queensland pub sector is increasingly tight.
Just 500m from the iconic Surfers Paradise beach, The Tavern at The Vibe Hotel is expected to attract interest from national pub groups, savvy restaurateurs and hospitality operatives.
The waterfront Tavern is located next to the 4.5 star Vibe Hotel overlooking the Nerang River, and offers significant exposure fronting the Gold Coast Highway.
The rare opportunity will enable an incoming operator access to a long-term lease, with the ability to re-position the asset.
The Tavern has a large public and bistro bar, with the bistro including a covered alfresco deck with expansive water views; a designated TAB area and Gaming Lounge approved with 35 Gaming Machine Authorities, exhibition kitchen, function room and
Management offices.
The campaign for the tavern is through HTL Property’s Glenn Price and Andrew Jolliffe, and Colliers International’s Elke Rosen.
Mr Price said with the compression of yields for freehold going concern assets across Queensland the State, astute operators are eyeing off alternative opportunities within the sector in order to maximise returns.
“Through the scarcity of opportunities in the southeast, an emerging trend of hotel groups aggressively pursuing assets of a leasehold nature is occurring; as both private and corporate groups, as well as individuals, jockey in order to secure a valuable foothold in the region,” he said.
“Leasehold opportunities are attractive to purchasers based on the fact that they require a lesser financial outlay in order to be acquired, when compared with freehold going concern assets. Consequently, they present cashflow accretive opportunities.”
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