Telstra inks new deal at Brisbane office

SYDNEY, AUSTRALIA – JULY 24: Shoppers in a Telstra retail store in Sydney’s CBD browse products on July 24, 2014 in Sydney, Australia. Telstra’s Global Services Devision will be moving 463 existing Telstra roles and 208 contractor jobs to India. Telstra staff were officially informed of the decision yesterday afternoon. (Photo by James Alcock/Getty Images)

Telecommunications giant Telstra has opted to stay put at its Brisbane premises with the group striking fresh leases at properties owned by Charter Hall Group’s unlisted Prime Office Fund and Singapore-listed Keppel REIT in one of the city’s largest leasing deals.

The 30,000 sqm lease renewal will see Telstra remain as an anchor tenant at 275 George St and 69 Ann St, Brisbane until 2029.

The CPOF vehicle and Keppel REIT jointly own 275 George St, while 69 Ann St is fully owned by CPOF.

Charter Hall’s Queensland office portfolio manager, Graham Livingstone worked with Telstra on the new deal, which is understood to commence at current Brisbane market levels.

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Telstra has been striking new leases around the nation. In July last year, the telco announced its Melbourne headquarters would stay at 242 Exhibition St until at least 2031.

It struck an 11-year and five-month extension with building owners, Investa Commercial Property Fund and Investa Office Fund, from the expiry of its existing lease in June 2020.

In Sydney, Telstra’s main premises is at 400 George St, which is controlled by Investa and M&G Real Estate. Telstra has a long lease there that includes a retail presence.

Charter Hall’s head of office, Adrian Taylor, says: “Their commitment to both buildings is a strong endorsement of the quality of our more than $8 billion office portfolio and our commitment to collaborate with our customers to achieve great workspace experiences.”

Telstra Property acting director Darren Whitney says the telco is looking forward to continuing its partnership with Charter Hall and transforming its workplace.

Developed by Charter Hall eight years ago, 275 George St is a modern office and retail space that has set standards in building quality, energy efficiency and amenity. The property spans 40,317sqm of prime commercial office space over 30 levels with associated retail space and 244 basement car park bays.

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