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New Brisbane Office Lease – 800 sqm – 120 Creek Street

Proposal #4 · Submitted 2026-08-06
100
Recommend Approval
Strong financial return with acceptable payback period and positive NPV.
Requestor
Name
Marcus Reid
Role
Regional Director APAC
Region
APAC – Australia East
Business Unit
Operations & Real Estate
Proposal
Description

5-year lease on 800 sqm Grade A office space at 120 Creek Street, Brisbane CBD. Current hotdesking arrangement in serviced office is at capacity; 34-person APAC team requires permanent base to support resources sector growth.

Strategic Rationale

Brisbane is the gateway to QLD resources projects (3 major EIA mandates in pipeline). A permanent presence signals commitment to clients and enables lab/equipment storage.

Approver Information
Urgency
High – serviced office lease expires Sep 2026
Risk Level
Medium
Risk Description
Lease break clause at year 3; revenue projections carry ±20% uncertainty.
Alternatives Considered
Extended serviced office evaluated — 35% premium per sqm with no storage; hybrid co-working model lacks client-facing credibility.
Vendor / Supplier Shortlist
CBRE Tenant Rep engaged
Implementation Timeline
3 months
Dependencies
Board sign-off on APAC headcount plan
Regulatory Requirement
No
Carbon / Sustainability Impact
NABERS 5-star building; Scope 2 emissions neutral under green tariff
Financial Metrics
CapEx £220,000
Annual OpEx Change £310,000
Annual Benefit £480,000
Useful Life 5 yrs
Payback Period 1.29 yrs
ROI (life-of-project) 286.4%
NPV £458,761
ROIU (yr 1) 77.3%
Cumulative Return (£)
YearCumulative (£)
Yr 1 £62,592
Yr 2 £83,155
Yr 3 £218,106
Yr 4 £343,061
Yr 5 £458,760
Committee Decision
Current status: Pending