AUSTRALIA FAIR’S A GRADE OFFICE UPGRADE
REFURBISHMENT of Australia Fair’s office tower is set to deliver an injection of agrade space into the tightening Southport market.
The vacancy in the CBD has been on a downward trajectory for years. In 2010 it sat at 21.8 per cent, but at the start of the this year, that rate had fallen to just 13.2 per cent.
Australia Fair centre manager Ramon Otten said the owner, YFG Shopping Centres, is looking to take advantage of growing demand for quality office space.
“The vacancy for b or cgrade space is pretty high. But the likes of Zupp Place where the owner has put money into the building - are pretty much fully leased,” he said.
Mr Otten said the refurbishments to the office tower will start with serviced offices on level 10, and extend over a 12-month period.
Australia Fair has 5800sq m of c or b-grade space.
Mr Otten said the renovations will include installing new lifts and upgrading the airconditioning for the tower.
He said the property offers some of the largest floorplates in the CBD, as well as some of the best views out over the Broadwater.
Mr Otten said once the serviced offices have been built, and new tenant Petsafe Pet Supplies moves into a 254sq m space, there will be a 11.7 per cent vacancy rate at the tower.
“The opportunity really is to take the space forward,” he said.
The Southport a-grade office market has undergone something of a revival in recent years.
Zupp Property Group relaunched the refurbished Zupp Place in 2015, after purchasing the nine-level building for $10.7 million in 2014.
It underwent extensive renovations including replacing the airconditioning and lifts.The building now has just one vacancy.
Seabank, prior to its sale to Strada Group, was also renovated, including new lifts. Strada paid more than $34 million for the asset.