APN Australian Regional Media has signed a sublease for 2,700sq m of office space over two levels at 100 Brookes Street in Fortitude Valley where they will operate from in July. The subleasor have appointed Colliers International earlier this year to sublease the entire building with their term expiring in January 2018.
Bo Veivers, Associate Director of Office Leasing at Colliers International who negotiated the deal, said the office space at 100 Brookes Street has been marketed since the start of the year at a gross rate of about $350 per square metre which is also the rate that APN has agreed to.
“APN has been in the market for the last six months looking for options. The aim was to consolidate their Hamilton and Milton offices so Fortitude Valley appealed as the right location for their clients and staff. Both offices are currently in the process of relocating, and will be operating out of the new Fortitude Valley office from July,” said Mr Veivers.
Michael Foxlee, APN’s General Manager of Procurement and Property said the main drawcard for the move was value for money the A-grade building presented. “The fact APN could relocate into the office space that was 90 per cent usable with very little fitout required was also very appealing.”
Mr Veivers said another unique aspect of the building is a great parking ratio of one car park to every 60sq m of office space leased which offers APN about 45 car parks in total. “This is a great deal considering any new developments in the Brisbane fringe are limited by the council allowance of 1:150sq m,” said Mr Veivers.
“The sublease fringe market is attracting strong interest from a number of different sectors. An opportunity for a good deal can be found with a shorter sublease term arrangement of up to three years.
“Because of this we are seeing a slight decrease in vacancy in this market and rates beginning to tighten. We certainly think we have passed the bottom of the market. Tenants are active right now as they are attracted to the value proposition and the convenience of the existing fitouts mining and the engineering companies are offering.
“At 100 Brookes Street there is about 3,000sq m of space which we are currently negotiating on. The building presents a great opportunity for tenants are looking at expanding, amalgamating their operations and saving costs,” said Mr Veivers.
Developed by Anthony John Group, 100 Brookes Street is a 10,000sq m building which was completed in 2008.