Virus jitters, no worries

The Eminence at 89 Mc-Lachlan Street, Fortitude Valley, was completed in February by joint venture partners Pellegrino Group Australia and Mosaic Property Group.

Pellegrino director Paul Pellegrino said 35 per cent of leases were struck after March in the height of COVID-19.

“A few tenants on the ground floor have come down in size. But they’ve taken the opportunity to tighten their belts and life goes on and they needed to move,” he said.

“The attraction was the location in the James Street precinct and that’s it’s an A-grade building with great exposure.”

Designed in partnership with O’Neil Architecture and constructed by McNab, the building has 4210sq m of total floor space and features an exclusive 320sq m Sky Terrace with framed views of Brisbane’s CBD, New Farm and Fortitude Valley.

Tenants are:
Ground floor
Studio Collective (90sq m), 1880 Kitchen & Espresso (130sq m), Inspire Accounting (165sq m);

Level 2
Bray Lawyers (280sq m) and digital marketers Klyp (480sq m);

Level 4
Blue Commercial (350sq m), Croc Media (250sq m) and Pellegrino Group Australia (165sq m);

Levels 5/6
Mosaic Property Group (1390sq m).

Mr Pelligrino said Level 3 remained vacant but there were a number of potential tenants in the mix.

Pellegrino Group purchased the site in 2014 for $2.5m and initially earmarked it for residential. However, with an oversupply in the apartment market, the joint venture partners refocused on the undersupplied boutique office market.

Mosaic founder and managing director Brook Monahan said both groups shared a passion for creating “exemplar” boutique luxury properties.

“Tenants from a wide range of industries have sought space at The Eminence because its design, quality, and exclusivity align with their operations, work-style, and brand,” he said.

“It’s struck a major chord with businesses who appreciate the rare nature of such a niche offering in the Brisbane office and retail market.”

“In addition to its cuttingedge design and amenity, tenants also benefit from a prime location in the heart of the vibrant and dynamic James Street precinct.”

Courier Mail Prime Site – 28/8/2020