Developers vie for tax office
SEVERAL parties are vying for the right to host the Federal Government’s Australian Taxation Office in Townsville as agents test the market for office space.
Principal of Ray White Commercial Graeme Russell revealed the agency acted for a developer which had lodged a submission with co- ordinating agents Cushman and Wakefield for the tax office space.
The tax office leases space in the 14- level office tower Stanley Place in Stanley St bought by Sydney- based fund manager GDI Property Group for $ 53.5 million in 2015.
It is understood space in the building is leased to the tax office to 2020.
Mr Russell said they had lodged a submission based on a project to develop a tower on a mostly vacant site between Flinders and Sturt streets which housed the former Buchanan Hotel.
“I don’t think ( the tax office) would relocate into an existing building. It would be a new project,” Mr Russell said.
“That’s how Stanley Place came into being. It was built from government stimulus to create employment.”
It is believed several other property owners and developers are also vying for the potential tenancy rights.
Stanley Place is a 14- storey A- grade office tower.
It was developed by the Federal Government for around $ 35 million in 1992 and sold to a private owner in 2000 for $ 15.7 million, before being sold again in 2015 to GDI. The property has a total net lettable area of 13,795sq m.
The building is considered to have been well maintained and was the first office tower in Townsville to get a 5 ½ - star NABERS environmental performance rating.
Features include good “endof- trip” amenities and 100 per cent power backup facilities.