Greenhouse office building in West End up for sale

6 September 2023

• 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

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, fit out 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.