Press Releases

Friday, 23rd October 2009

Retail Deals Add a Flavour to Brisbane Development - QLD Busines

The availability of quality retail space at a burgeoning dining hotspot has resulted in to deals at the recently completed 154 Melbourne in South Brisbane.

With 76 per cent of the building’s retail space already secured on a long-term basis, the newest residents include Jost 154 and Granada, each signing six and eight-year leases respectively.New bistro/bar Jost 154 will occupy 260sqm, while Spanish restaurant Granada will occupy 175sqm on the ground floor. Both leases have been confirmed at the competitive rate of $550 per sqm.
 
Developed by Pradella with joint venture partners Michael Barakat and Raymond George, the eye-catching 11-level commercial building is the first Five Star Green Star for the area, offering 11,332sqm of high quality A Grade retail and office accommodation.
 
Pradella’s development Manager Nick Hinton says the lease of over three quarters of the building’s retail space reinforces the underlying demand for well located and deigned retail space in the rapidly developing South Brisbane commercial precinct.
 
“There has been a solid level of enquiry from the retail sector which reflects the attributes of 154 Melbourne’s location, prominent street frontage and quality finish,” Hinton says.
 
“Even with the onset of more volatile market conditions, we strongly believed that the building’s attributes would enable us to secure long –term leases with solid retail commercial tenants,” he says.
 
Granada’s David Steeden admits he sort-listed 154 Melbourne as his next restaurant sit before construction had even begun.
 
“I had been looking at sites around South Brisbane for about 12 months and as soon as I saw the hole in the ground at 154 Melbourne I was interested,” he says.
“It is an unbeatable location from a retail perspective and the fact that it is on the ground floor of a high-end, well designed commercial building, made it all the more appealing.”
 
These latest retail leases follow a deal struck with leading engineering consultancy SMEC, who signed an eight-year lease for 2,178sqm of the building’s prime office space.

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