TTM Consulting will be moving their head office into the top floor at 369 Ann Street in Brisbane after signing a six year lease for 616sqm.
TTM is an Acoustics, Data, Traffic and Waste Consulting firm who have been at the centre of the Australian development and infrastructure industry for 30 years. TTM has offices in Brisbane, Gold Coast, Sydney and Melbourne.
They will be relocating in July from a 500sqm office in the Brisbane fringe into the entire level 8 tenancy after their fitout is complete.
Principal Director of TTM Consulting Brian Camilleri said being based in the CBD will place TTM close to many of our clients, which will assist us to further develop close working relationships.
“TTM has also been involved in many of the new developments within the city and fringe, therefore we will be able to observe the progress of these developments first hand,” Mr Camilleri said.
Bo Veivers and Roland Dean from Colliers International negotiated the lease at $520sqm per square metre gross. They marketed the offering in conjunction with Jamie Nason and Nick Ritchie from Knight Frank.
“TTM Consulting happily took this unique opportunity to lease the entire top floor in the building with a large 200sqm wrap around balcony which they can use exclusively for staff amenity and functions,” Mr Veivers said.
“Also they could utilise about 80 per cent of the existing fitout, making it a very cost effective relocation.
“The building is on the cusp of the CBD, and with its extensive frontage to both Ann and Wharf Streets it provides them with proximity to their client network, and easy access in and out of the CBD and the Cathedral Square car park.
“The landlord undertook massive refurbishments which include a new ground floor lobby, new retail operator and upgraded end-of-trip facilities. This has definitely assisted in leasing the building out completely, with only one 800sqm floor about to become available,” Mr Veivers said.
According to Mr Dean, the Brisbane CBD secondary vacancy is at 19.4 per cent compared to prime vacancy at 12 per cent, so landlords are currently investing to upgrade their secondary building facilities in order to compete and lease their asset.
“This flight to quality trend is driven by tenants relocating from B Grade into A Grade space which is leaving a lot of back fill resulting in the higher vacancy rate.
“The average A Grade gross effective rents in the fringe are at $350/sqm, in line with the B Grade rents in the CBD, so the landlords of buildings such as 369 Ann Street have the advantage of not just the location but the upgraded building to attract new tenants and absorb some of that vacancy,” said Mr Dean.