Leighton to develop and sell Brisbane Office Tower for $210m
Announced by: CPA
Announced on: 24/11/2009 09:29:00
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Status: Market sensitive (Y)
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24 November 2009
Company Announcements Office
Australian Securities Exchange Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000
RE: Leighton Properties sells Brisbane CBD Tower to Commonwealth Property
Office Fund for $210M
Please find attached a copy of a media release to be issued today by Leighton Properties
Pty Limited, a wholly owned subsidiary of Leighton Holdings Limited.
Yours faithfully,
A. J. MOIR
Company Secretary
Leighton Properties Media Release
Page 1 of 2
MEDIA RELEASE
For immediate release
Leighton Properties sells Brisbane CBD Tower to Commonwealth Property Office Fund for $210M
Leighton Properties is pleased to announce that the company has entered into an agreement to develop and
sell the 27 storey, 28,000sqm King George Central A-grade office tower at 145 Ann Street, Brisbane. The
development is already more than 65 per cent pre-leased and will commence construction immediately with
completion scheduled for early 2012.
Leighton Properties Managing Director, Mark Gray said the announcement is an outstanding result for
Leighton Properties, Commonwealth Property Office Fund (CPA) and the broader Australian property market.
"King George Central will be the first major new commercial CBD development to commence construction in
Australia since the onset of the global financial crisis. It's not only the first since the crisis, it's the first of its
kind with its occupant health features," Mr Gray said.
"It suggests there is a renewed level of confidence in the Australian property market and means that A-Grade
office accommodation will be available when the economy begins to grow strongly.
"There are many commercial projects on hold at present with bank funding difficult to obtain. Unless
developments can commence soon, in two to three years time there will again be a shortage of high quality
office accommodation in Australia's CBDs.
"Our development is also targeting world class levels of sustainability practices, a key attraction to many
tenants. The average age of prime office building in Brisbane's CBD is 25 years. The major pre-committing
tenancies in King George Central are coming out of older buildings with two of the tenants spread over
multiple locations.'" Mr Gray said.
King George Central is located at the geographic centre of Brisbane's CBD, directly opposite the recently
completed King George Square and bus station, which will also soon see the commencement of a $200M
refurbishment of Town Hall. As part of the King George Central project, the adjacent Ann St Presbyterian
Church will also be restored, preserving the views from King George Central across the Square.
The development will be built by Thiess and is set to be Queensland's healthiest building. It is the first in
Australia to be publicly supported by the Heart Foundation, which includes their Healthy by Design features
such as a bike fleet, a healthy choice café and user friendly stairwells running to all floors from ground level.
This is the seventh major office building Leighton Properties has either completed or commenced construction
over the last seven years in the Brisbane CBD. This is also the second major development transaction
agreement between Leighton Properties and CPA.
Paul Noonan and Simon Storry of Jones Lang LaSalle were responsible for the sale.
<ENDS>
For more information please contact:
Mark Gray
Managing Director
Leighton Properties Pty Limited
02 9925 6885
Leighton Properties Media Release
Page 2 of 2
Leighton Properties is one of Australia's leading property development companies with offices in
Sydney, Melbourne and Brisbane. As part of the Leighton Group, Leighton Properties has the
resources to deliver complex development solutions.
Leighton Properties has over 30 years' experience in large commercial, industrial, residential, retail,
public and leisure developments with a current work in hand of approximately $5 billion. Over the last
10 years, Leighton Properties has accumulated a wealth of knowledge in sustainability and has
delivered Australia's largest 6 Star Green Star mixed-use development, Green Square in Brisbane's
Fortitude Valley.
Document Outline
- Letter LPPL 145 Ann St Sale 24Nov09
- Announcement CPA Final 1856 231109
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