It was the last remaining office development site within the established 'Gasworks' precinct, however, 11 Breakfast Creek Road is now well and truly off the market and currently awaiting approval for a new development.
An application was recently submitted under a joint venture between Charter Hall Prime Office Fund (CPOF) and John Holland to create a commercial building, to be called 11BCR@GASWORKS, that would take the title of signature gateway building to the Newstead Riverpark precinct.
The Newstead Riverpark precinct, or the ‘Gasworks’ precinct, is a flourishing business and lifestyle community only 1.7 kilometres from the Brisbane CBD. The property is a 3,254 square metre vacant site located at the entrance of the precinct, on the corner of Breakfast Creek Road and Skyring Terrace, and adjoins CPOF’s 50% interest in 100 Skyring Terrace, home to Bank of Queensland.
The site already has an existing Development Approval for a 14 level A-Grade office tower, with ground floor retail, 188 basement car parking bays and end of trip facilities.
Because of the existing approvals, Charter Hall and John Holland have had to propose planning amendments to 11BCR@GASWORKS for a multi-tenanted development, as the approved DA was for an owner-occupier tenant. The proposed amendments include:
Originally approved plans compared to the new application.
Tatt's planned headquarters.
John Holland and CPOF announced their venture, purchase and intentions for the yet-to-be-named 11BCR@GASWORKS in September, 2016, when Brisbane’s near City market had reportedly stabilised, recording an improvement in leasing activity with the A-Grade vacancy rate falling from 15.7% to 13.4%.
“This acquisition is in line with CPOF’s investment mandate to own well located, institutional quality assets," Charter Hall Prime Office Fund Manager Craig Newman said.
"The acquisition secures CPOF the last remaining office development site within the ‘Gasworks’ precinct and provides CPOF further exposure to Brisbane’s near City office market.
"This part of Brisbane’s office market is proving to be resilient in attracting corporate occupiers who are seeking newer built environments.”
Brisbane-based Architectural firm BlightRayner was responsible for the building's design, which features two ground floor retail tenancies, while two floors of the tower have been pre-committed to make up John Holland's Queensland headquarters.
Construction of the tower is anticipated to start in the first half of 2017 pending securing enough leasing pre-commitments.
Images courtesy BlightRayner.