Suncorp’s mega-office to drive development in Brisbane CBD

Suncorp wants to consolidate its Brisbane offices in what could become Queensland’s biggest leasing deal in a decade.

Suncorp’s demand could drive up Brisbane’s supply of office towers.

Banking and insurance group Suncorp is scoping the Queensland market to consolidate its Brisbane offices in what could become the state’s biggest leasing deal in a decade.

Spread across 38,000sq m over three sites in Brisbane’s central business district, Suncorp is believed to be seeking between 20,000sq m and 40,000sq m of inner-city office space for its future operations.

A Suncorp spokeswoman confirmed the current leases would expire over the next four years and the company was working with JLL “to understand what options exist in the Brisbane market”.

“Future space metreage is yet to be determined and a range of sites and options will be explored to meet our flexible and agile way of working,” she said.

It will be the biggest office offering this year and follows Origin Energy’s 16,000sq m commitment in Daisho’s newly built 180 Ann Street last month.

If the requirement reached more than 30,000sq m it would be the most significant leasing deal in Brisbane since Telstra committed to take 48,000sq m in a Charter Hall development on George Street in 2007.

Industry sources said the deal would have to be finalised by December to allow the development and construction of a new tower by the lease expiry in 2021.

The Australian understands Suncorp’s brief is for the central business district or near-city, in one line with all space consolidated in the same building.

Believed to be in the mix are ISPT’s proposed 40-storey Regent development that links to the Wintergarden complex on Elizabeth Street, the Shayher Group’s 300 George Street office tower in its Brisbane Quarter development, and a potential proposal from Mirvac for a tower at 80 Ann Street.

Mirvac entered into a put and call option to buy the Ann Street site from Wee Hur late last year and is yet to lodge a development application with authorities.

The ISPT and Shayher Group developments have approvals in place.

Other options are available, including taking on more space at their current Charter Hall Brisbane Square head office, Lendlease’s RNA Showgrounds development, Walker Corporation’s 801 Ann Street and Cornerstone Properties’ 301 Wickham Terrace.

In 2011 Suncorp entered into an agreement with the Anthony John Group to move to the Southpoint complex but backed out the following year after construction funding did not eventuate in time. Last year Flight Centre moved into the Southbank offices.