Investa

Government tenants signing up leases with Investa to move to Centennial Plaza, Elizabeth Street, Sydney

In what is seen as further positive signs for the Commercial Office Leasing Market, one of Australia’s largest owners of commercial real estate, Investa Property Group, has recently announced some significant leasing deals with government departments at its Centennial Plaza estate located near Central Station:
•  The Department of Health and Ageing has signed up for 10 years to take the top 4 floors, totaling 5,380m2 of space at Investa’s recently refurbished 260 Elizabeth Street building.
•  The Department of Veteran Affairs also recently renewed for 8 years taking 7,900m2 at 280 Elizabeth Street.

The Centennial Plaza buildings are owned by the Investa Property Trust and Investa Diversified Office Fund (IDOF). Fund manager Grant Nichols comments: “We are delighted to welcome the Department of Health and Ageing to the refurbished 260 Elizabeth Street building. The renovation project undertaken by Investa demonstrates that with the right investment, and quality standards, older buildings can be transformed to run efficiently and provide an A-grade tenancy, revitalizing an inner city business area and attracting quality tenants.”

Rob Dickins and Grant Jennings of Savills acted exclusively on behalf of Investa Property Group in securing the Federal Department of Health & Ageing, which was represented by Five D. Mr Jennings said that, at 5,380m2 over four levels, the 260 Elizabeth Street lease is one of the largest new office leasing transactions finalised in the Sydney CBD in 2010.

He said the Department of Health & Ageing was attracted to the substantial upgrade and refurbishment of the 260 Elizabeth Street building completed by Investa Property Group in May 2010.

“Sustainability is a priority for government tenants and the refurbishment and upgrade of the building and Investa’s commitment to sustainable office design was a major attraction for the Department of Health & Ageing, and other parties that have an ongoing interest in the building,” Mr Jennings said.

“They now join a number of other government tenants in the Centennial Plaza estate in the southern CBD precinct. There are very few contiguous office floors available in this Southern CBD precinct, and 260 Elizabeth offered the department an attractive combination of location, size, sustainability features and competitive rental.”

Refurbishing the building comprised new architectural finishes throughout the building including:
•  fully upgraded entry area with contemporary design and new entry foyer
•  a revolving glass door and improved disabled access
•  a large limestone feature wall
•  upgraded lifts and lift lobbies
•  new showers and toilets with A-grade finishes

New Services throughout 260 Elizabeth Street include:
•  A new heating, ventilation and air conditioning (HVAC) system capable of achieving a NABERS Energy rating of 4.5* rating - comprising new chillers, a new BMCS, new Air handling units, new ductwork and diffusers.
•  A new lighting system including energy efficient T5 complete with motion based lighting controls
•  A new power reticulation system, fire protection & detection system and Hydraulic system
•  A new Siemens access control and CCTV security system linked to the buildings on site 24/7 security team