Real estate investor and manager, Cromwell Property Group (ASX:CMW)(Cromwell), has seen continued demand for space in Brisbane’s CBD, as financial services, property, and professional services organisations show appetite for quality office accommodation.
Cromwell has signed five leases this financial year, totalling more than 1,700 sqm, at its Mary Street asset, which is now 98.5% leased.
Bobby Binning, Cromwell’s Head of Property, said the recent deals demonstrated the growing demand from the financial and professional services sectors in Brisbane and highlighted the Mary Street offering.
“While vacancy levels in the Brisbane market have increased due to new stock coming online, the leases at 200 Mary Street show significant demand exists for well-managed buildings with excellent amenity,” he said.
The most significant leases have been secured with tenants who want to remain within the building, expanding their space requirements in response to a growth in operations and headcount. IOOF has tripled the size of its tenancy, securing 718 sqm for five years, and Bugden Legal has doubled the size of its tenancy, occupying 352 sqm for five years.
GPS Wealth has moved from the city fringe, signing at Mary Street for four years, showcasing the popularity of Brisbane’s CBD.
“Being both the owner and having in-house management of the building, tenants appreciate the direct communication and Cromwell’s ability to respond quickly to their changing requirements. We take every opportunity to add value, so we are pleased the building’s offering is resonating with current tenants and attracting significant interest from potential occupants,” Mr Binning said.
200 Mary Street offers end-of-trip facilities and the Cromwell Business Hub, run in partnership with Regus, which provides a conference facility, meeting rooms, and flexible co-working space for tenant customers.
Cromwell purchased the Mary Street asset in 2001 and has since undergone extensive modernisation and refurbishment.