TRANSPORT DEPARTMENT BUILDING

In reply to Mr GRIFFITHS (Goyder) (29 June 2011).

The Hon. P.F. CONLON (Elder—Minister for Transport, Minister for Infrastructure): I have been advised:

Fit Out Costs

the final fitout cost was $13 million, representing approximately $800/m², which is half the current fitout benchmark cost of $1,600/m²; and

the fitout was delivered at approximately half the cost as a result of the reuse of significant material from the previous fitout, supplemented by reuse of a component of the furniture and fittings from the Walkerville building.

Lease Terms

Terms and conditions for the lease at 77 Grenfell Street are:

lease commenced 1 January 2010 for a term of 12 years with a five year right of renewal

initial gross rental of $447/m² per annum + GST

building owner's incentive is a rental rebate equivalent of 10 months commencing rental spread evenly over the first five years of the lease

rental will be reviewed annually from 1 January 2012 at an annual increase of 4 per cent. There will be a review to market at the end of year four and year eight (with rental to be no less than previous gross rental rate)

33 car parks at $435 per car park per calendar month plus GST, to be reviewed in line with the office rental; and

net lettable area of the DTEI tenancy is 15,888/m².

Rental Costs

Total estimated cost over the 12 year lease is $120,225.452 (including GST) (includes car park costs).