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Northbank Plaza Breathes New Life into Brisbane’s CBD Business Community

22/05/2008

The Charter Hall Group is proud to celebrate the opening of Northbank Plaza, a significant milestone in the Group's $600 million Brisbane CBD office development which includes the adjoining 275 George Street property, a 30 level, 40,000m2 office building due for completion mid 2009.

Owned by Charter Hall, the redevelopment of Northbank Plaza is a joint venture between Charter Hall managed wholesale funds, being Charter Hall's Core Plus Office Fund (CPOF) and Charter Hall Opportunity Fund No.4 (CHOF4).

Designed to achieve a 4 star AGBR, Northbank Plaza has been redeveloped into an A-Grade building comprising 26,300m2 of Net Lettable Area of commercial office space over 22 levels, with the ground floor consisting of new retail space and a modern commercial lobby. Formerly the Brisbane Administration Centre, construction on Northbank Plaza commenced in February 2007, and was undertaken by Watpac Refurbishments. The redevelopment included major upgrades to base building services, new finishes to office levels including carpets, ceilings, lighting and amenities and also included additional space for a new cafe and reconfigured and improved retail tenancies.

David Southon, Charter Hall's Joint Managing Director said: "The completion of Northbank Plaza is a great achievement for the Group and a milestone in the $600 million development of its strategic CBD site". Adding further "The completion of Northbank Plaza further demonstrates Charter Hall's ability to deliver high quality outcomes for its stakeholders, achieving strong returns for our investors".

Charter Hall's leasing strategy was particularly successful in securing major anchor tenants in Telstra and Parsons Brinckerhoff (PB). In December 2006, Telstra's Brisbane based operations entered into the largest leasing deal in Brisbane's history, with a 10-year lease agreement over a combined 50,000m2 in Northbank Plaza and the adjoining 275 George Street property. Telstra has committed to 18,000m2 of the available 26,000m2 in Northbank Plaza and has already commenced their occupation.

Vito Chiodo, Telstra's Director of Property said: "Our occupation of Northbank Plaza is a key milestone in our strategy to bring together our Brisbane-based people and vacate eight existing sites. We are already receiving positive feedback from our people who moved in this week who are telling us that they enjoy working in the new premises."

PB, one of the world's leading planning, environmental, engineering and program and project management firms, has been occupying approximately 5,800m2 since October 2007. PB's Queensland Regional Director Roger Pattison said: "We are delighted with the new premises, which not only complements our environmental philosophy with its 4-star energy rating, but provides us with a larger platform to deliver high quality projects to our clients".

Charter Hall has also secured other high profile tenants including the Bureau of Meteorology, which has relocated its operations from 295 Ann Street into 1,400m2 at Northbank Plaza. Regus, the world's largest provider of fully equipped office space and executive suites, has expanded its presence in Brisbane, leasing 885m2 of office space on the top floor. Charter Hall will relocate its Brisbane headquarters in early June 2008, joining Regus on the top floor.

The retail component of Northbank Plaza has also been fully leased. National's Convenience opened its second Brisbane store in April, and is joined by Kwik Kopy, a previous tenant in Northbank Plaza, which recommenced trading earlier this year. Raw Espresso Bar opened the lobby café, its third café in Brisbane, in March 2007.

A Heads of Agreement has been signed by a major Government service provider for the remaining retail area.