The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
AFFORDABLE HOUSING DEVELOPMENT SUMMIT THIS THURSDAY
AFFORDABLE HOUSING SUMMIT THIS THURSDAY
EVENT DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
38
print
Print
OfficeAna NarvaezThu 21 Mar 19

Rio Dumps Landlord for New Brisbane Digs

5c25fac7-f864-4176-92f9-cc8cad29a4ba

Mining giant Rio Tinto will leave its current Brisbane headquarters after just one lease term, moving 1,000 of its employees across town to the new $500 million Midtown Centre.

Rio will move its offices from the Dexus-owned 123 Albert Street to the Midtown Centre, taking up nearly half of the building’s 44,000sq m net lettable area.

The 27-storey, Fender Katsalidis-designed tower is being developed in partnership by Ashe Morgan David Mann’s DMann Corporation and offers large campus-style 2,500sq m floor plates.

Rio has signed a 10-year lease deal, worth about $17 million in annual rent for the developers.

The project, which was approved in March 2018, comprises the redevelopment of the former Health and Forestry Buildings into a 27-storey tower, a public laneway connecting Charlotte and Mary Streets and 3,000sq m of outdoor space.

The developers acquired the cross-block hub in late 2017 for $66 million.

Related: Suncorp Strikes Massive Leasing Deal

Rio Tinto has signed a 10-year lease agreement for 19,564 square metres of office space.


The deal was pieced together by Sydney-based firm Property Beyond for Rio Tinto, while Knight Frank agents Campbell Tait and Mark McCann acted for the developer.

Industry sources said the mining giant had been on the lookout for new digs since late last year. Rio Tinto moved into its purpose-built 123 Albert Street offices in 2009.

Ashe Morgan chairman Michael Moss said the investment firm and its Brisbane-based delivery partner would deliver “a customised office solution” for Rio Tinto.

“Which we believe will create a benchmark for workplaces of the future,” Moss said.

Rio Tinto’s new offices will occupy 19,564sq m and take advantage of an 800sq m sky terrace, wellness centre and outdoor terrace, inter-floor atriums and “club-style” end of trip facilities.

Construction partner Hutchinson Builders is already on site, with a mid-2021 construction completion date.

The mining giant will take up the lease in August 2021.

RetailAustraliaBrisbaneArchitectureReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Exclusive

Industry Stoush Looms Over Construction Code Pause

Patrick Lau
4 Min
Exclusive

New Wave of Capital Washes Over Evolving Surf Park Sector

Phil Bartsch
11 Min
North Sydney TUD Plus HERO
Exclusive

NSW Housing Fix Tips North Sydney into New Era

Vanessa Croll
7 Min
 GemLife site Currumbin Waters EDM
Exclusive

Pop-Out Apartments Power GemLife’s $450m Vertical Experiment

Clare Burnett
6 Min
View All >
Billbergia Legacy HDA
Residential

Two 60-Storey MacPark Towers Fast-Tracked

Clare Burnett
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
NSW's planning changes are sparking growth in projects blending market and affordable homes, but challenges of complexit…
LATEST
Billbergia Legacy HDA
Residential

Two 60-Storey MacPark Towers Fast-Tracked

Clare Burnett
3 Min
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
2 Min
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Kincrest The Osment Prahran HERO
Development

Kincrest Breaks Ground on its $100m Prahran Luxury Project

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/rio-dumps-landlord-for-new-brisbane-digs