Simply Devine – 333 Ann St full

DEVINE has capped off its foray into commercial property.

The company’s first office tower development, the $120 million project at 333 Ann Street in Brisbane’s CBD is 100% committed, nine months ahead of completion.

Mining company Runge Limited has pre-committed five floors totalling 4,350 sqm on a seven year agreement with a five year option and will be relocating from Central Plaza One.

Other tenants include serviced office provider Corporate Executive Offices, superannuation fund LGsuper and chartered accountants firm Harris Black have pre-leased levels 18, 17 and 16 respectively. And the ground floor coffee shop has been leased to RAW Expresso for 10 years.

Managing director David Devine said the 333 Ann St project has set new records for pre-leasing in the Brisbane CBD.

“This is a reflection of the pent up demand for A-grade space in Brisbane, as well as the quality, strategic location, contemporary design and green fundamentals of 333 Ann Street.

“A true vote of confidence for this development is that most tenants are relocating from prime CBD buildings such as Waterfront Place, Central Plaza One and the ANZ Centre,” he added.

By the time the leasing activity at 333 Ann Street was completed, the project achieved rents of up to $625 per sqm/

In July, financial services provider Freeman Fox acquired the naming rights and pre-leased levels 19 to 23 in a 10 year agreement with a 10 year option.

Meanwhile, Devine said following the success of 333 Ann St, the company plans to develop a $300 million, 35 level A-Grade commercial office tower at 145 Ann Street in Brisbane’s CBD to be called Westminster Hall.

“A Heads of Agreement has been entered into by Devine to lease the site from the Trustees of the Presbyterian Church for 120 years, which is subject to Devine achieving a satisfactory development approval for the site,” he added.

Pending development approval, construction of the 145 Ann Street project is expected to commence mid-2008, with completion scheduled by early 2011.

The development will provide a net lettable area of 16,685 sqm and has been pre-purchased by the Mirvac managed Domaine SEQ Growth Fund.

Other pre-commitments include engineering firm the Robert Bird Group for 2,561 sqm, on a seven year lease term with a five year option; accountants Hanrick Curran to the ninth floor on a seven year agreement with a six year option; and architects ML Design will occupy the eighth floor comprising 869 sqm, in a six year lease with a five year option.

The co-leasing agents for the project were DTZ Brisbane’s Tim Mahony and Scott Taylor and Colliers’ Matt Kearney and Joe Dean.

Australian Property Journal