Architecture firm recommits to The Wave
June 29, 2012
An architecture firm has decided to stay put in its Broadbeach office, signing a new lease to continue occupying space in The Wave for the next three years.
Ed Howard, Colliers International Office Leasing Manager, negotiated the deal which saw BDA Architecture, one of the city’s larger architecture and urban design practices, commit to 322sq m in the building at 89 Surf Parade.
The Wave is a 34-floor high-quality mixed-use development in the heart of Broadbeach, with retail amenity on the ground floor, office over the first two floors and resort accommodation above.
Mr Howard said now that The Oracle development was fully leased, The Wave had the only remaining A-grade office space in Broadbeach.
“The office component of the The Wave is now more than 65 per cent leased, with around 1400sq m of office space remaining available,” he said. “The available tenancies range in size from 75sq m to 800sq m contiguously and an estimated $800,000 has been spent in reconfiguring the vacant space ready for occupation from July 1 this year.”
Apart from BDA Architecture, other office tenants in The Wave include ANZ, Westpac and AIDA.
Peter Devenport, BDA Architecture General Manager, said, “The Wave offers a convenient, easy-accessed central location with beachside amenity and generous balcony areas. It suits both our clients and our staff.”
Mr Howard said BDA Architecture had wanted to remain in Broadbeach, and with The Wave being the only A-grade space left in the suburb, it didn’t have many options to relocate when its lease came up.
“While there is some older office space available in Broadbeach, The Wave suits BDA because its space is modern and professional – even the atrium foyer is very corporate,” he said.
“The building is situated in a great spot within Broadbeach, right on the Surf Parade strip, which is a main thoroughfare in the area.
“Broadbeach itself is a great location for all sorts of tenants – its facilities are second to none, offering some of the best retail amenity, coffee shops and restaurants.”
The latest office research from Colliers International shows Broadbeach has been the strongest performing precinct on the Gold Coast over the first half of this year.
It recorded a 13.3 per cent decline in vacancy over the past six months and is now recording the lowest vacancy factor – 16.5 per cent - of the five main office precincts across the Gold Coast, in terms of net lettable area and percentage of space vacant.
Lynda Campbell, Colliers International Gold Coast Research Manager, said the addition of The Oracle, with 6259sq m of space, to the Broadbeach office market early last year pushed the overall vacancy factor to its highest level of 34.9 per cent, but this has now declined significantly to sit at 16.5 per cent, with office space in The Oracle now fully leased.
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