Flurry Of Leases At The Portal Building At Newstead


A series of lease agreements have recently been negotiated within The Portal building in the burgeoning commercial precinct of Newstead.

The A-grade office tower was the first building to be completed in the Newstead Riverpark precinct in what is now known as the Gasworks Commercial Precinct.

Businesses including Fujitsu Australia, Brookfield Multiplex, Wolter Consulting, Migas, Louis Dreyfus Commodities and Thermomix have recently acquired tenancies in the property through agent CBRE.

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The sites range from 280 sqm to 1,351 sqm on one-and-a-half year to seven year terms. The initial rentals range from $400 - $500/sqm gross per annum.

Mel Pikos and Michael Skarparis from CBRE Office Services negotiated the deals on behalf of lessor Primewest.

Mr Pikos said the property’s prime location in the heart of Newstead’s revitalised office precinct was a major drawcard.

“We are currently seeing higher levels of leasing activity in Newstead than anywhere else in the near city area, accounting for over 15,000sqm of net absorption in the last six months. Many tenants are now attracted to the amenities on offer including over 5.5 hectares of public space, as well as the quality of surrounding development,” Mr Pikos said.

“A variety of key tenants have recently relocated or have plans to relocate to the immediate precinct including Bank of Queensland (12,500sqm), Collection House (8,000sqm) and Tatts Group (25,000sqm). Other like-minded occupiers are eager to capitalise on the success of the precinct by moving to the area and specifically 1 Breakfast Creek Road,” he said.

“Tenant activity has also significantly picked up as a result of the completion of the adjoining Gasworks Plaza Shopping Centre, which is anchored by Woolworths and Standard Market Co, providing excellent retail amenities in the area,” Mr Skarparis added.

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