_Greenhouse office building in West End up for sale

• A newly-developed 6-level modern office building, known as Greenhouse, in Brisbane’s inner city hot spot suburb of West End, is up for sale
• The property is being sold by Sekisui House Australia, which developed the building as part of its highly successful mixed-use development West Village
• Having recently been completed and now reaching significant occupancy, Greenhouse is being offered for sale by International Expressions of Interest via Knight Frank and CBRE

Brisbane, Australia – Greenhouse, a new contemporary office building located in the heart of Sekisui House Australia’s multi-award winning, mixed-use development West Village, in Brisbane’s inner-city suburb of West End, is up for sale.

The property which was designed by multi award-winning architecture firm Blight Rayner, was completed earlier this year, in the fifth stage of development within the West Village precinct.

Having recently been completed and now reaching significant occupancy, Greenhouse is being offered for sale by Sekisui House Australia through an International Expressions of Interest via Knight Frank’s Justin Bond, Blake Goddard and Matt Barker and CBRE’s Tom Phipps, Peter Chapple and Jack Morrison.

Greenhouse offers a net lettable area (NLA) of 5,850sq m over six levels on a 2,409sq m site, with 90 basement car parks. It has typical floor plates of 1,030sq m.

Major tenants joining Sekisui House Australia in the building include Frasers Property, Workspace365 and Commerce Vision.

The property is being sold with a WALE of over 5 years, with an estimated fully leased net income of approximately $4 million.

Greenhouse is one of the best fringe office assets developed in Brisbane over the last ten years with leading ESG credentials including a 6 Star Green Star ‘Design & As Built’ by the Green Building Council of Australia.

It has been designed to meet the current needs of tenants with a focus on the ‘SEA’ change – service, experience and amenity – with natural light, air quality and ventilation, intelligent and functional design, fitout and wellness features.

Greenhouse has been designed to capture the essence of the sub-tropics, with a light-filled atria and landscaped break out spaces, as well as a Japanese-inspired feature foyer.

It has informal meeting zones on the ground floor, a rooftop sky garden providing spaces for relaxation, creative work zones and team meetings, as well as a state-of-the-art end of trip facility with bike storage for 50 bikes and more than 44 lockers.

Sekisui House Australia’s CEO of Apartments & Developments, Hide Seguchi, said he was proud to release such a strong asset to the commercial market.

“We crafted the Greenhouse with the intention of creating an inviting commercial offering that harmonises nature, amenity, community, and convenience. It’s perfectly located to offer the ideal work life balance for staff who are now returning to the office in a post covid-environment and are focusing more on lifestyle benefits. We’re very proud to have developed a sustainable offering that’s more than just a workspace; it’s a gateway to a balanced work-life model, and the strong market acceptance from industry leading tenants really speaks to that,” said Mr Seguchi.

Knight Frank’s Justin Bond said Greenhouse is arguably the best fringe office investment offered to market in Brisbane for some time.

“Greenhouse has delivered the highest standard of corporate amenity, prestige and ESG initiatives, which are unrivalled in the Brisbane fringe market,” he said.

“The property has strong lease covenants with four premier fringe occupiers, and a diverse tenant mix and lease expiry profile, making this a very solid investment for any domestic or foreign investor.”

Mr Bond further commented, “The Greenhouse leases offer strong annual rental growth, with no capital expenditure requirements and limited incentive liabilities providing investors with a true effective income stream, appealing to income-driven investors seeking a strong secure cash flow.”

CBRE’s Tom Phipps said Greenhouse represented a rare opportunity to acquire a cutting-edge office investment that has been carefully designed for the “future of work”.

“Brand new trophy office buildings designed as “workplaces of the future” are a rare commodity and are keenly sought after through all property cycles,” he said.

“The asset’s leading sustainability credentials will be highly sought after by investors, with ESG increasingly at the forefront of investment criteria.

“West Village is a multi award- winning 2.6 hectare, $1.2 billion living heritage village located 800 metres from the Brisbane CBD, and it has direct access to all forms of public transport and outstanding amenity.

“It is a dynamic, best in class, mixed-use precinct, incorporating residential, arts, retail and dining, and commercial components.”

The West Village retail and dining precinct is located at street level fronting West End’s Boundary Street, featuring a full line Woolworths supermarket, Harris Farm Markets, multiple food and beverage options and open parklands.

-Ends-

For further information regarding Sekisui House Australia, please contact:
Maddie McKimm – Dec PR
Sekisuihouse@decpr.com.au +61 422 496 403

For further information regarding Knight Frank, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors

About Sekisui House Australia
Founded in 1960, Sekisui House, Ltd. is one of world’s largest homebuilders and an international diversified developer, with cumulative sales of over 2.6 Million homes1. Based in Osaka, Sekisui House has over 300 consolidated subsidiaries and affiliates2, over 29,000 employees3 and is listed on the Tokyo Stock Exchange and Nagoya Stock Exchange.

Sekisui House aims to create homes and communities that improve with time and last for generations. With “Love of Humanity” as its Corporate Philosophy, Sekisui House believes that homes should offer comfort, security and peace of mind for residents, while maintaining harmony with the environment and its surroundings. Sekisui House has sustainability as a core corporate target and is now the global leader in the construction of net-zero-energy houses with more than 70,0004 of them built since the product was launched in 2013. In 2009, Sekisui House expanded into several new international markets and now operates in the United States, Australia, China, Singapore and the United Kingdom.

In Australia, Sekisui House is firmly established as a leading residential property developer and home builder delivering over 12,5005 properties to Australian families. With an accomplished track-record in delivering masterplanned communities covering greenfield development, home construction, high density and mixed-use development, total projects are valued at over A$18.5 billion6.

For more information on Sekisui House, please visit sekisuihouse.com.au
1. 2,622,745 homes delivered (As of January 31, 2023)
2. 345 consolidated subsidiaries and affiliates (As of January 31, 2023)
3. 29,052 employees (As of January 31, 2023)
4. 76,509 net-zero-energy houses (As of March 31, 2023)
5. 12,641 homes delivered in Australia (As of December 31, 2022)
6. $18.6 Billion development value of projects (As of December 31, 2022)

About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.