Greenlight for AMP & Sunsuper $100m. Brisbane office

AMP Capital Investors and Sunsuper have gained approval to develop a new $100 million office building at the Coronation Drive Office Park in Brisbane.

The new 12 level building will have 16,585 sqm of office space, a 189-bay car park and will feature a typical floor plate of 1439 sqm.

AMP’s Australian Core Property Portfolio’s fund manager Louise Joslin said the new development is a significant addition to an already hugely successful office park.

Coronation Drive Office Park is located two kilometres from the Brisbane GPO and currently comprises seven buildings proving over 34,500 sqm of space along with a public car park, childcare centre, tennis court, and a variety of retail services.

“We are pleased that this next stage of the development has been designed to a four star Green Star rating and four-and-a-half star Australian Building Greenhouse Rating.” she added.

Sunsuper’s chief investment officer David Hartley said Coronation Drive Office Park has been a very successful investment for Sunsuper members with excellent tenant demand and this latest addition to the park highlights Sunsuper’s commitment to environmentally friendly practices.

The Coronation Drive Office Park is currently home to the Sunsuper head office.

Construction of the new office building will commence immediately and will be ready for tenant occupation in late 2008. The project will be marketed by Jones Lang LaSalle’s Christian Sandstrom and CB Richard Ellis’ Andrew Carlton.

Sandstrom, said that following recent lease transactions concluded late last year, asking rentals in new developments had increased to up to $500 per sqm gross.

“We expect that as absorption of space continues by both CBD and fringe occupiers, developers will see a lowering of incentives being offered to secure these pre-commitments, and in the short term a return to an effective rental market, similar to the CBD,” Sandstrom concluded.

Australian Property Journal