JLL integral in Suncorp move to Brisbane's 80 Ann Street
Suncorp Group’s announcement that Mirvac’s $836 million 80 Ann Street development is the selected site for the company’s new single location in Brisbane from 2022 was underpinned by the work of three JLL business teams.
JLL’s Capital Markets team headed by Seb Turnbull, in conjunction with colleague Luke Billiau, contracted the site to Mirvac for $79 million in October 2016, with the view it would make an excellent option for Suncorp. JLL’s Office Leasing team worked in conjunction with Mirvac on the leasing component of the deal.
JLL QLD Head of Capital Markets, Seb Turnbull said it was a significant pre-commitment lease for Brisbane.
“Suncorp will lease 39,600sqm for a 10-year term when the 31-storey building is completed in 2022. Designed by Woods Bagot, 80 Ann Street will be one of Australia's most technologically advanced buildings, boasting a nett lettable area of approximately 60,000sqm and the largest tower floorplates in the Brisbane CBD,” he said.
In a deal brokered by JLL, Mirvac has also secured leading UK based investment group M&G Real Estate as a 50% investment partner in the project.
Mr Turnbull said the transaction represents the largest ever forward funded sales transaction in Brisbane and values 80 Ann Street at AUD836 million (AUD418 million for 50%) based on a capitalisation rate of 5.0%.
JLL’s National Head of Tenant Representation, Michael Greene advised Suncorp and said his department had a long association with Suncorp.
“We have been working with Suncorp nationally in different capacities since 2011, in Brisbane, Perth and Melbourne, before we were selected to manage their consolidation in Brisbane.
“This will be an innovative and market-leading home for Suncorp,” said Mr Greene.