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APD powers in to new space on the Terrace

Property Markets / Transactions

Australia / Perth

Mar 22 2018

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In another major win for 200 St Georges Terrace, APD Power Engineering has pre-leased a whole floor on the 16th level to accommodate its Perth operations. 

APD swooped on the property, signing a three-year lease on the 1,084sqm floor in advance of the incumbent lessee, QBE, handing back the floor as a result of their extend and blend renewal in 200 St Georges Terrace over 3,500sqm. The QBE renewal was negotiated by the PDT’s asset manager Beck Advisory.

CBRE Director Lachlan Lewis negotiated the APD transaction with a commencing gross rental in the vicinity of $625 per square metre and a market level incentive. 
The deal was finalised in December 2017, however the floor is not available until April 2018. 

“The APD deal was an excellent outcome for the building owners, given this significant and potential vacancy was pre-leased well before its availability. APD looked at a number options in the market at the time but selected this option due to the existing fitout that ticked all the boxes operationally,” Mr Lewis said. 

“The major capital spent on the building upgrade in recent years was also a driver with the lessee identifying the A-grade building as a clear value for money opportunity.”

Photo by Ciprian Lipenschi on Unsplash

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