17/10/2012 - 10:23

Government starts search in Stirling

17/10/2012 - 10:23

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Government starts search in Stirling

THE state government has made its first overtures to the market in the search for 35,000 square metres of office space in the City of Stirling, predominantly to house the Department of Commerce.

The move is part of the government’s ‘Office Accommodation Master Plan’, announced in June, which aims to shift state government agencies out of the city centre into metropolitan office space.

The plan is expected to save the government $25 million a year in rent.

A Knight Frank report released last month revealed that, during the past six months, rent for prime office space in the CBD rose by 6.3 per cent to $805 per square metre, while secondary-grade office space rent rose by 8.8 per cent to $615/sqm.

Developer interest in Stirling has grown in recent months, with Georgiou Capital starting construction on a 6,800sqm office last month, and FJM property entering a joint venture with Ascot Capital to develop a 2.3-hectare site next to the Ikea outlet.

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