NEW BUSINESSES HEAD TO NEWSTEAD

A SLEW of new businesses are heading to Newstead, after CBRE negotiated a number of lease agreements in The Portal building.

The office tower was the first building to be completed at Newstead Riverpark, now known as the Gasworks Commercial Precinct.

The new tenants include Fujitsu Australia, Brookfield Multiplex, Wolter Consulting, Migas, Louis Dreyfus Commodities and Thermomix.

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

Pikos says the 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," Pikos says.

"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.

"Other likeminded occupiers are eager to capitalise on the success of the precinct by moving to the area and specifically 1 Breakfast Creek Road."

Pikos says the businesses are following in the footsteps of major players including Bank of Queensland, Collection House and Tatts Group.

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

Skarparis says retail amenities in the popular suburb have also appealed to tenants.

"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," he says.