- Nov 18th 2015
Ricoh Australia are consolidating their operations in Queensland and are moving from 2 separate locations in Murarrie to the more central location of Bowen Hills.
Ricoh have taken 1,391sqm at $375/sqm p.a. net plus 26 carparks at $120/bay p.c.m in a transaction negotiated by Neville Jensen of Blue Commercial. The building comprises of 2 levels and the site has easy access to the ICB and other main transport arterials.
As well as consolidating their operation, Ricoh were attracted to the level of incentives available within the Inner City leasing environment. Incentives have largely been lead by the CBD, but are now filtering to Inner City and Outer Suburban office locations. The effective rent levels are proving to be very attractive to various commercial and office warehouse users.
The property is now FOR SALE and is expected to achieve a yield in the low to mid 7% range. In addition to this property, Blue Commercial have recently sold the KONE building in Campbell Street at a yield of 7.5%. Despite the leasing marketing proving difficult, leased investments are proving to be strongly sought after.