Australia’s third-largest super annuation fund, with more than 560,000 members, Q-Super, is set to move its headquarters into the current premises of Suncorp in Brisbane in a deal that will save the fund more than $50 million.
The super fund had originally planned to go to Shayher Group’s Brisbane Quarter office development but the deal fell over after Charter Hall Group offered an alternative deal to go to a new development at the top of the Queen Street Mall.
However the Brisbane City Council scuttled that alternative development plan as well due to planning restrictions and Charter Hall, in an attempt to keep the blue chip superannuation tenant, has found an alternative location in Suncorp’s current headquarters known as Brisbane Square on George Street.
Suncorp is set to move out by 2021 giving Q-Super time to move into an 18,000-square-metre space at a highly attractive rent.
Q-Super and Charter Hall both declined to comment on the deal but said discussions were ongoing.
Q-Super is expected to take a lease term of 15 years over which time it will save at least $50 million on rental costs.
The super fund, which has more than $72 billion in assets under management, has over 1000 staff to find a home for.
The fund is looking to consolidate its four current locations including the largest at Central Plaza 3 on Eagle Street in the city’s Golden Triangle financial area. The super fund wants to be based closer to the city’s government precinct.
Suncorp is in the final stages of choosing its new headquarters for its staff, which are spread out over 38,000 square metres in Brisbane.
Charter Hall and Investa Commercial Property Fund along with listed group Mirvac are in the running. While the superannuation-fund backed manager ISPT had been looking to lure Suncorp to its The Regent site on the Queen Street Mall, it is understood it is now out of the race.