Charter Hall re-signs Telstra in big Brisbane deal
Fund manager Charter Hall and Singapore’s Keppel REIT have finalised a long-term agreement with Telstra, in the largest office leasing deal for Brisbane in the past year.
Under the agreement, the national telco will take up 30,000 square metres across two properties, 275 George Street and 69 Ann Street, until 2029.
The George Street tower, which Charter Hall developed in 2009, is jointly owned by the unlisted Charter Hall Prime Office Fund and Keppel REIT.
The Ann Street building is owned outright by the Charter Hall fund.
“We are pleased to extend our long-term relationship with Telstra who are a key customer across our business,” said Charter Hall’s head of office, Adrian Taylor.
“Their commitment to both buildings is a strong endorsement of the quality of our more than $8 billion office portfolio and our commitment to collaborate with our customers to achieve great workspace experiences.”
Darren Whitney, acting director for Telstra’s property arm, said the lease agreement confirmed the George Street address as the telco’s collaborative hub for its Brisbane teams.
Charter Hall’s unlisted office fund holds a portfolio of 22 properties with an average lease expiry of 6.9 years.
“CPOF continues to be one of the top three performers in the IPD Australia Unlisted Wholesale Property Fund Index with a one-year return of 15.4 per cent, making it the highest performing fund amongst its peers in the office sector,” said fund manager Craig Newman.
The George Street building is a 30-level office tower overlooking Brisbane River in the heart of the CBD.
It has 40,317 square metres of office space along with 1431 square metres of retail area and 244 car park bays.
Floor plates in the tower are typically about 1300 square metres and about 2200 square metres at the podium level.
