Laing O’Rourke’s exciting mixed use development in Fortitude Valley has recorded an extraordinary milestone, with the 19,040m2 NLA commercial tower now entirely pre-committed.
The exceptional milestone – well ahead of the scheduled completion of construction later this year – shows the high demand for the quality scheme and the dynamic nature of the busy Valley precinct.
M&A is a revolutionary new residential, commercial and retail concept set in the heart of the thriving area, between McLachlan and Ann, and Connor and James Streets.
Earlier this week, an Agreement for Lease was executed with Macquarie Bank for the two remaining office levels in the commercial tower.
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Macquarie Bank joins Ergon Energy and Laing O’Rourke as the primary tenants of the commercial building at 825 Ann Street.
Laing O’Rourke Director Mike Robins said the commercial building is now fully leased, an extraordinary result in Brisbane’s improving office real estate sector.
“This is a significant milestone in the delivery of this innovative, 5 star Greenstar, A Grade office building,” Mr Robins said.
“M&A will be an exceptional piece of urban design located in one of the most exciting and dynamic inner city suburbs.
“When complete, the commercial building will provide a working environment superior to any of its contemporaries. It will be a prime address and with a highly visible location, will act as a marker within Brisbane’s burgeoning fringe commercial district.”
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Meanwhile Brisbane architectual Pdt has signed a ten-year lease for a stand-alone commercial building in M&A development facing McLachlan and Ann Streets. Pdt will move into 1365 sq m on the third and fourth floors – taking the entire commercial portion of the building – including a license for exclusive use of the rooftop terrace and signage rights on the building.
Managing Director Susan Playford said the practice had been located in McLachlan Street 10 years ago but moved to 184 Wharf Street in Spring Hill. Over time the Spring Hill office had become too small for the growing practice which led to a search for alternate space.
“The M&A building is so attractive to us being part of the James Street precinct with good transport links, staff amenity and is still very central for our key clients,” said Ms Playford.
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“We are taking 350sq m more space than we have now which will give us enough room to increase our staff levels according to projects,” she said. “Importantly, the stand-alone commercial building and the rooftop terrace gives us greater scope to develop creative work hubs and to maintain our own personality as a design studio.”
M&A is a residential, retail and 5 star Greenstar commercial mixed-use development. Other commercial tenants include Ergon Energy, Macquarie Bank and Laing O’Rourke. Retail tenants include a twin-level Apple reseller on the corner of Connor Street as well as a number of premium restaurants and bars.
Laing O’Rourke’s General Manager-Development, Murray Middleton, said the retail leases has been the focus of strong market attention.
“M&A will also be a prime retail destination offering excellent exposure along busy Ann Street and proximity to the popular James Street precinct,” Mr Middleton said.
“More than 1200m2of retail space at ground level on Ann Street is now fully leased and will comprise an exciting twin-level Apple store on the corner of Connor Street, as well as a number of top brand fashion outlets.
“In addition to the Apple store and fashion outlets, an internal lane will deliver a diverse mix of cafes, bars, restaurants and convenience offerings which will link through to McLachlan and James Street.
“Leasing of the entire 5,000m2 of retail and strata-commercial within the mixed-use development is well advanced, with over 80% of this space now pre-committed.”
Upon completion, residents and office workers alike will not only have direct access to the existing James Street markets and retail offering, but will also be able to enjoy the diverse retail amenity being created at M&A.
The residential development within M&A has also enjoyed strong demand since launch, with over 70 percent of the 234 apartments in the tower already sold.
The 22 storey building affords residents sweeping views of the city and beyond and apartment owners will enjoy a large recreation deck, 20 metre lap pool, underground secure parking and outdoor entertaining facilities.
Laing O’Rourke will now look to sell the commercial building and its WALE (Weighted Asset Lease Expiry) of close to 10 years is expected to be attractive in the market.
Laing O’Rourke has also begun work on another commercial scheme nearby, delivering a 30,000m2 office tower for the Queensland Government at Bowen Hills.