Cbus Property has released an architect shortlist peppered with international firms for the design of a $600 million office tower in Brisbane’s North Quay.
The construction super fund’s property arm has partnered with local group Nielsen Properties to develop a 50,000sq m office project at 205 North Quay at the southern end of Brisbane’s CBD.
The four design partnerships — BVN and Shop; Architectus and Woha; Cox, SOM and Rapt Studio; and Hassell, Rex and Richards & Spence — will compete in a competition for 205 North Quay, with the successful team appointed in September.
The teams will produce a concept design for the A-grade office tower that capitalises on the waterfront location and transforms the CBD precinct, according to press issued by Cbus Property.
The skyscraper will add 50,000sq m to Brisbane’s office market, which has seen vacancy rates fall to the lowest levels since 2013.
Increasing demand for A-grade assets has led to a surge of development — with construction currently under way at the Rio Tinto-anchored Midtown Centre, Mirvac’s 80 Ann Street, Shayher Group’s 300 George and Dexus’ 12 Creek Street.
Brisbane group Marquette has started work on transforming a tired Edward Street tower into an A-grade office asset after securing a large anchor tenant and tapping BVN to help refurbish the 28-storey building.
The project is Cbus’ second office development in Brisbane after delivering the controversial “tower of power” for Queensland more than 7,500 public servants in 2016.
Nielsen Properties owns the 3,000sq m site, which it amalgamated from 30 Herschel Street and 205 North Quay.
Property records show the local developer acquired North Quay in 2002 and Herschel Street in 2005, paying $7.25 million and $5 million respectively.
“[The site] is ideally located to capitalise on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live,” Cbus Property chief executive Adrian Pozzo said.
The 205 North Quay tower is set to add to the rapid regeneration of Brisbane’s north quarter precinct, neighbouring Shayher Group’s under construction 300 George and recently-completed W Hotel.
Pozzo said that the competition attracted strong interest from local and international architecture firms.
“Brisbane is a new world city and we plan to partner with the world’s best architects.
“The site provides an unrivalled opportunity to establish the innovative workplace of the future and create a new commercial building of inspiring architecture that will represent the new world of work.”
The property council’s latest office market report recorded a slight 1 per cent decline in Brisbane CBD vacancy rates over the first half of 2019.
PCA Queensland director Chris Mountford said that the market has experienced increasing demand for A-grade assets over the first half of the year.
“The Brisbane office market is clearly in the midst of a good recovery, with confidence that demand will continue to grow and strong investment under way in new office projects,” Mountford said.
The 205 North Quay office project is slated for completion in 2023.