Rich Lister Terry Snow’s Capital Property Group has signed law firm MinterEllison to take 2300 square metres in the two-building Constitution Place development in Canberra.
MinterEllison will take space on levels 10 and 11 of the building under a 13-year lease, following an earlier commitment by rival firm King & Wood Mallesons for 1650 square metres of the 12-storey mixed use tower with a net lettable area of about 12,000 square metres.
“We are very excited MinterEllison shares our vision for this iconic development,” said Capital Property Group head of property Richard Snow, Terry Snow’s nephew.
A third, unidentified, tenant is due to sign a lease next month, taking pre-commitments to 50 per cent. Capital Property said the balance was also under offer.
The Bates Smart-designed building, a key part of the strategy to enliven Canberra’s central business district, will include an Adina Apartment Hotel Grand on four levels and commercial ground floor precinct. It is the first private sector development on the Vernon Circle side of London Circuit, east of Northbourne Avenue and seeks to differentiate from other office stock in Canberra developed with Commonwealth government tenants in mind.
“Canberra traditionally has designed office buildings to attract the Commonwealth and hasn’t really catered for the corporates,” said JLL ACT managing director Andrew Balzanelli, who negotiated the lease with colleague Aaron Green.
“This development caters for the corporates. It is a pure commercial precinct.”
The lower, five-storey building in the 42,000-square-metre development is already fully leased to the ACT government, taking up half of the total space. A large public plaza will connect Constitution Place with the neighbouring ACT Legislative Assembly.
A retail laneway – with bars, restaurants and cafes – will run between the two buildings, connecting Constitution Avenue with the Canberra Theatre. A three-level underground car park with space for almost 550 cars will also be built.
“Constitution Place will allow us to continue to partner with our government and private clients based in Canberra, throughout Australia and overseas well into the future,” said Michael Brennan, MinterEllison’s Canberra managing partner.
The firm is set to move into the building on the corner of London Circuit and Constitution Avenue in 2020.