Seymour's big vision in Fortitude Valley

THE Seymour Group is been spurred on by the Brisbane's buoyant office market, announcing $150 million in commercial projects.

Seymour has gone on a multi-million dollar land splurge on three prime sites in Fortitude Valley.

The sites include a 750 sqm block on the corner of Alfred and Constance Streets, backing onto the Valley Metro train station’s multi-storey carpark. The site was settled in early May between Seymour Group and a private investor.

Development consultant Peter Kelley said with vacancy rates falling to just 2.8% in January 2007, the market was right for the company to redevelop the sites that will ultimately yield around 25,000 sqm of commercial space.

Construction on the six level office development with two ground level retail tenancies commences in February 2008 for completion in September 2008.

The second and third sites purchased by Seymour Group comprise a 1550 sqm parcel opposite Emporium on the Corner of Ann and Chester Streets, together with a 1250 sqm site at 757 Ann Street.

Currently operating as a car dealership, 949 Ann Street will comprise a 10 level office block delivering 10,000 sqm, plus two levels of underground parking and two ground floor retail areas.

The third site at 757 Ann Street is opposite the GPO next to Kings Car Park. The land will be developed into an eight level 8,000 sqm office project with two retail tenancies.

Stuart Moody of Savills has been appointed leasing agent to all three projects.

According to Kelley, the projects have received strong interest prior to any formal marketing campaigns, adding Savills are already fielding interest from businesses planning to relocate in the next 12 to 18 months, including businesses that own existing CBD office space who are considering moving to the valley to capitalise on climbing CBD rents.

“Compared to the CBD, the Valley offers consistently lower rates per sqm for new office projects,” Kelley said. “We expect that our Alfred Street property will command around $415 per sqm with 949 Ann and 757 Ann Streets starting in the low to mid $400 per sqm brackets.”

Australian Property Journal