Singapore's ARA Asset Management is pushing ahead with a major commercial project in Brisbane’s CBD, lodging plans for a 22-storey commercial tower set to be wrapped in a terracotta frame.
The development is slated for corner site 133 Mary Street, which intersects Edward Street, and is currently occupied by a 16-storey commercial building and double-storey retail building, the latter of which will be demolished.
The investment group has tapped Fender Katsalidis to design the 18,000sq m project across a 2,900sq m site which ARA picked up for $96.5 million in early 2019 through a private fund managed by the firm.
The building’s outer frame will be comprised of terracotta in reference the historical fabric of the city, and in particular bygone Edward Street architecture, where terracotta was commonly used.
The tower will offer 100 car parking spaces across one basement parking level as well as end-of-trip facilities.
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The development application follows the release of Brisbane City Council’s Edward Street Vision late last year, calling for a pedestrian-friendly shopping boulevard by reducing the street to three traffic lanes in order to make way for widened footpaths.
The concept, a product of extensive consultation undertaken throughout the city centre master plan, as well as input from local businesses, industry experts and the Edward Street traders and property owners group, will cost $11.4 million to roll out over three years.
The building sits in close proximity to Brisbane Council’s $190 million fast-tracked Kangaroo Point pedestrian bridge which is scheduled to start next year and be finished in 2023.
It will also be within touching distance of the $2.1 billion transformation of Eagle Street Pier and Waterfront Place being undertaken by property giant Dexus.
Towards the top of Edward Street, Destination Brisbane Consortium is forging ahead on its $3.6 billion Queen's Wharf development.
Further afield in Brisbane’s fast-growing North Quarter precinct, super fund developer Cbus Property, and partner local group Nielson Properties, has put forward plans for a $600 million 37-storey A-grade office tower.