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News release


Cbus’ flagship Adelaide development attracts a further leasing pre-commitment

50 Flinders Street, Adelaide is now 80% leased

​ADELAIDE, 25 February, 2014 – Cbus Property’s flagship office development at 50 Flinders Street, Adelaide has attracted a further lease, bringing its overall pre-commitment level to over 80%.

Another whole floor at 50 Flinders Street has been committed, bringing the total area of office space leased to approximately 17,000 square metres. The additional commitment of 1,774 square metres means only two office floors remain available in the development, which is already home to People’s Choice Credit Union. 

Jones Lang LaSalle’s Director of Leasing, Tom Budarick, said the property is unique in that it will be the only new office development coming to the market next year. 

Demolition of the former People’s Choice Credit Union branch and office space was completed on the site late last year, and construction of the new office building is now well underway – expected to be completed in Q2 to Q3 2015. 

The new office tower, comprising approximately 21,450 square metres of office and retail space, will be the national headquarters for People’s Choice Credit Union. In addition, the building will provide 78 car parks, and offers an onsite crèche facility for staff. 

According to Mr Budarick, two floors remain available to lease in the new development. “We are engaging with the market and feedback has been positive particularly around the large flexible 1,700 square metre floors and the highly efficient chilled beam air conditioning. We expect that as construction progresses and the site becomes more visible, interest will continue to gain momentum.” 

Cbus Property estimate up to 2500 people will be employed during the construction phase, both on and off site. The project is Cbus Property’s first commercial development in Adelaide. 

Cbus Property is a wholly owned subsidiary of Cbus, the national construction industry superannuation fund, with funds under management currently in the order of $25.0 billion. As part of the portfolio, Cbus is a significant investor in the property industry throughout Australia.