Building in demand

THE new owner of a prime Emerald Lakes office building has given the holding a new lease on life.

The vacancy rate at the Town Centre office tower has been cut by one third, after it was acquired by Pointcorp from Nifsan Developments, linked to the late Japanese businessman Toshiaki Ogasawara.

Some of the tenancies had not been occupied since the Town Centre was constructed in 2008.

Pointcorp director Chris Vitale said the excellent condition of the building, plus a “robust market” had made it an attractive purchase.

“When we bought the property, it was 60 per cent vacant,” he said.

“Some of the tenancies had not been leased since the building was built. It was in very good condition so we saw that as a real opportunity.”