Charter Hall fills part of ex-Virgin HQ
A FUJIFILM Holding Corporation subsidiary has leased nearly a quarter of the Bowen Hills office vacated by Virgin Australia after it entered voluntary administration last April.
FUJIFILM Business Innovation Australia will occupy 2865 square metres of Building C, 56 Edmondstone Road, for an initial eight years.
The property is held by Charter Hall’s Long WALE REIT; fund manager Avi Anger said the deal was negotiated against a backdrop of reduced tenant demand and uncertainty arising from COVID.
After being acquired by US private equity firm Bain Capital 10 months ago, Virgin is now based at South Bank and a property part occupied by Flight Centre.
56 Edmondstone Road
On the banks of the Brisbane River, two kilometres north of the Queensland capital, the A-grade campus style complex at 56 Edmonstone Rd includes 149 car parks and 42 motorbike spaces.
Virgin rented all three offices – a total of 12,427 sqm – as its headquarters (story continues below).
The FUJIFILM commitment will improve the asset’s valuation and trust’s Weighted Average Lease Expiry.
“We remain in discussion with other tenants about leasing up the remainder of the available space at this property and are optimistic about the opportunity for further leasing success in the near term,” Mr Anger added.
Charter Hall is being represented by Colliers’ Bo Veivers and Shane Van Beest with CBRE’s Andrew Carlton and Matt O’Brien.
In February, Fuji Xerox Australia – another subsidiary of the $21 billion parent – rented 2400 sqm at Garda Property Australia’s 588A Swan Street office, at the Botanicca Corporate Park in Melbourne’s east Burnley.
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