Charter Hall leases 100% of food retail space at 275 George Street, Brisbane

Charter Hall Group (CHC) is pleased to announce that the Cicada Group, a Sydney based joint venture, has leased the four designated food retail spaces, comprising a total area of 430sqm, in the ground floor retail precinct of 275 George Street in Brisbane's CBD.

275 George Street, jointly owned and developed by Charter Hall's Core Plus Office Fund (CPOF) and Charter Hall Opportunity Fund 4 (CHOF4), is part of Charter Hall Group's $600 million Brisbane CBD office development. The development comprises 40,000sqm of contemporary A-grade office space over 30 levels and 1,430sqm of retail space.

The Cicada Group, comprising the Karima Group owned by George Sahyoun and John Sahyoun in a Joint Venture with John Vissaritis and Sam Loutfi, are well established in the hospitality and food and beverage related services in NSW. Between the two groups they have opened and operated a number of high profile retail outlets including; Ribs n' Rumps, Meat & Wine Co., a number of cafes and well known function centres in the surrounding Sydney CBD.

Cicada will provide four different retail food and beverage offerings; a lobby espresso bar named %u2018Chocolate Soldier', a lobby salad/deli bar called %u2018Greengrocer'; a licensed pizza bar in the plaza, called %u2018Firefly'; and a licensed bistro called %u2018Cicada'. In addition to the retail offering, the joint venture will establish a basement kitchen to support the four outlets and provide a catering service.

Cicada Group Director, George Sahyoun said: "Cicada is delighted with its expansion into Queensland, especially into the Brisbane market. The group's aim is to create new food and beverage trends in the retail and corporate sector. A move to 275 George Street aligns with our strategy to develop a new culinary offering in this evolving corporate and retail precinct in the Brisbane CBD".

Charter Hall's philosophy with any retail offering is to ensure the offering is highly relevant to the surrounding area and tenants. Charter Hall's Leasing Director Emil Joubert said: "275 George Street provides a high quality retail offering, aligning the building identity with its tenants. Cicada has an excellent understanding and track record of food retail and hospitality, and has demonstrated it can meet and exceed the expectation of its customers".

Charter Hall Development Director, Chris Chapple, said: "From initial concept, development and ESG achievements, 275 George Street has been a success story. The level of commitment from both an office and retail perspective has been a great result and reinforces Charter Hall's development and investment capabilities".

Adding further "This latest signing with Cicada reinforces the confidence corporate and retail companies have in the product and the location. With strong interest from numerous parties in the remaining 1,000sqm, we expect to make further leasing announcements shortly".

This latest announcement follows on from Charter Hall's recent signing of Queensland Gas Company to the office tower of 275 George Street, bringing the pre-leasing of the tower to 100%.

275 George Street is due for completion in April 2009.