Article by Phil Bartsch | 08 January 2016 | Courier Mail, Brisbane | Prime Site | p64
IT’S a full house again at a Brisbane riverside office building that was 30 percent vacant when it changed hands last year in a $15 million-plus deal. Zupp Property Groups asset at 349 Coronation Drive Milton, has secured a string of new tenants since July, filling the void at its four-level building. Overall, four new tenants have taken a total of 1189 sq m of office space.
Zupp Property Group, the property development and investment company of the former in property development and investment company of former the king of the car dealerships John Zupp and his family, acquired the 3983sq m asset in July 2014. It was refurbished and launched the same year, with two major tenants – Telstra Business Centre and Orocobre limited – renewing leases Among the new tenants, structural engineering group Newport Consulting Engineers has expanded into 430sq m after signing a five-year lease. It has relocated from Fortitude Valley.
Tom Fowke said struck the deal at a leasing rate of about $435 a sqm. Mr Fowke said Newport Consulting Engineers was attracted to the high level of building services at 349 Coronation Drive, which had recently undergone an extensive refurbishment.
The refurbishment has delivered an excellent upgrade in building amenity he said. In conjunction with the exceptional natural light and quality fitout, it proved to be the winning recipe in securing tenants. Mr Fowke said Newport Consulting Engineers had outgrown its previous premises and considered all available fringe locations before settling on 349 Coronation Drive. “Quality upgraded buildings such as this in established and sought after fringe office precincts present good value for money for tenants in the current market” he said.
The B-grade office building overlooks the Brisbane River from Coronation Drive, only 2km west of the CBD.
