Revitalisation of Upper Mount Gravatt is underpinning increased activity in the area’s office market, with registered training organisation the Real Institute signing one of the largest lease deals in the past five years.
CBRE’s Mel Pikos, who negotiated the deal in conjunction with fellow agent Michael Skarparis, said the Real Institute had secured the recently refurbished 910sqm tenancy at 643 Kessels Road to accommodate its expanding business operations.
“Relocating from a 200sqm property to this significantly larger office is evidence of the thriving education sector,” Mr Pikos said.
Located on the first floor, the fully refurbished open plan office also features 24 car parks. The Real Institute signed a five-year lease at a gross rental of $395 per square metre.
Mr Pikos said Upper Mount Gravatt was emerging as a sought after business precinct.
“The recent completion of Westfield Garden City’s multi million-dollar refurbishment was a critical component to the leasing success of this commercial complex,” Mr Pikos said.
In further evidence of the area’s growing appeal, Mr Skarparis also negotiated a five year lease on a 220sqm tenancy in the complex to Attvest Finance.
Located on the second floor of the building, the open plan tenancy was leased with four car parks. The gross rental is $395 per square metre with an attractive incentive taken as a contribution to the fit out.
“Attvest found a fantastic opportunity to upgrade to a quality office building located directly opposite the Westfield Garden City Shopping Centre,” Mr Skarparis explained.
“The majority of the activity we are seeing in the market is for fitted out space. Fortunately, this tenancy presented an opportunity for Attvest Finance to purpose build their own fitout.”