NEWS
$350M SW1 Keeps Drawing Major Tenants into South Bank
01 April 2008
International firms Sinclair Knight Merz (SKM) and Macmahon will join a long list of major companies taking up tenancy at SW1, taking South Bank another step forward its transformation into a modern commercial precinct of the Brisbane CBD.
SW1 joint developers Austcorp Group Limited and Property Solutions Group have signed long term leases with SKM and Macmahon six months before completion of the project's final commercial buildings on Russell Street.
The latest leases mark the significant progress of the $350 million SW1 becoming a new landmark in South Bank, since Austcorp and Property Solutions acquired the former Mazda site in 2004 and launched an ambitious mixed-use development linking South Bank and West End.
Austcorp Executive Chairman, Mr Trevor Chappell, said: "SW1 has been on target with every milestone and is on track for full completion in 2009. The first stage commercial was fully leased before its completion two years ago, and with two-third of stage two commercial leased, and 96% of apartments already sold off-the-plan in the first residential precinct, the development continues to hold strong market appeal."
"SW1 has proven to be one of the most successful mixed use developments in Brisbane during the past four years leading to the re-establishment and rejuvenation of South Bank and West End.
"The success for the project is testament to careful planning, its quality design and location just 750 metres from the Brisbane CBD. Like Vision, SW1 was conceived several years ago to supply high quality space to the tightening office market at prime, central locations," Mr Chappell said.
The second and final retail/commercial precinct of SW1 consists of two buildings designed by renowned architects Cox-Rayner and Allen Jack+Cottier, each comprising of 9,422sqm of prime office space over seven levels.
SKM is consolidating its Queensland operations and will occupy an entire building in the new stage, whereas Macmahon is taking its fast expanding business to occupy 3,494sqm over three levels in the second building, more than doubling its original home at stage one of SW1, where it was one of the first tenants.
The final retail/commercial precinct is currently under construction, with SKM expected to take up residency upon completion in September and Macmahon set to follow in October. Only 3,700sqm space is available, starting at $525/sqm per annum.
Mr Chappell said he expected the remaining space to be snapped up quickly in line with strong pre-sales and leasing commitments throughout the rest of the project.
On full completion, SW1 will comprise six residential buildings, along with four commercial towers with retail nodes. A pedestrian corridor runs though the city block, creating a dynamic spine for the SW1 community. Overall, 6 different architects were engaged including the landscape architect, creating unique and individual characters for the various components within the development.
SKM Brisbane Regional Manager, Mr Mark Hallam, said the SW1 commercial building suited the firm's expanding business in engineering, sciences and project delivery, spread across Australia, New Zealand, Europe, the Middle East, South America and Asia.
"We have outgrown our current premises in the CBD and with our Brisbane business interests continuing to grow each year, we had been looking for a larger space for some time," Mr Hallam said.
"We now employ more than 750 people in a number of Brisbane office locations. SW1 will allow us to bring our staff back together in one purpose-built environment suited to the needs of our clients and people."
Buildings at SW1 are rated for their energy efficiency, under the Australian Building Greenhouse Rating (ABGR) scheme. SKM's fit out is intended to have a 5 Star ABGR rating and a green star rating of 5.
"Sustainability is core to our business and values," Mr Hallam said, "This building will better reflect who we are and what we aspire to be."
Other commercial tenants at SW1's first retail/commercial precinct including: Colorado, Downer EDI, the Queensland Government, AXA Insurance, French Twist and the Era restaurant, café and exclusive liquor outlet.
Planning for the final residential precinct of SW1 is well under way and the design will be in line with the architectural excellence and diversity already established at SW1.
