Riverside Centre secures a string of new leasing deals, including Westpac, lured by a $30 million refurbishment

A multimillion dollar refurbishment program has given a new lease on life to Brisbane’s first premium office tower.

AFTER a $30 million upgrade Brisbane’s first premium office tower has secured a string of new tenants with Westpac the largest, securing five levels in the building for its Queensland headquarters.

Westpac has a 10-year lease over 6747sq m and is part of more than 22,000sq m of renewed and new leases taken up Harry Seidler 42-level Riverside Centre on Eagle St in the past 12 months.

Riverside Centre, more than any other development, changed the face of the Brisbane CBD

Kane Constructions build a three-level stairway for GPT’s Riverside Centre’s Vertical Village

For the first time since it opened in 1986, the 42-level premium tower owned by the GPT Wholesale Office Fund will also provide for rooftop signage with Westpac and Deloitte.

GPT Group general manager Andrea Simson said over the last four years, GPT has invested heavily in major capital works at the Riverside Centre, including refurbishment of the lobby, y bathrooms and lift lobbies, and a new end-of-trip facility, along with the transformation of the plaza area.

“It demonstrates GPT’s commitment to ensuring the Riverside Centre remains one of Brisbane’s landmark office buildings. This investment and a strong focus on customer service has been further endorsed with the renewal of high profile tenants such as Deloitte, Ashurst, Morgans and Mullins Lawyers.”

Colliers International’s Matt Kearney and Kyle Cully, and Adam Barrett and James Montague from JLL introduced the new tenants and negotiated the leases in partnership with owner GPT Wholsesale Office Fund.

Mr Kearney, who was the lead agent in the Westpac deal, said there has been a surge in business confidence which has resulted in the highest level of demand for office space in over five years.

“Tenants are coming to the realisation that the better-quality options within the CBD office market are diminishing quickly, as is evident with the Riverside Centre’s recent success,” he said.

The Riverside Centre.

High profile tenants such as Deloitte, Ashurst, Morgans and Mullins Lawyers have renewed leases in the Riverside Centre while new tenants who have taken occupancy in the past year include DWF LLP, Energy Super, Talbot Sayer Lawyers, Mirvac, AAM Investment Group, Charter Keck Cramer and E. Sun Bank.

All commitments agreed are on a long-term basis from seven to 10 years with marketed rents achieved ranging from $775/sq m to $875/sq m.

Riverside Centre is also welcoming the Tassis family of George’s Paragon Seafood Restaurant with their new Italian Restaurant Massimo which is soon to open.