Cbus Property will partner with local Brisbane developer Nielson Properties to deliver a $600 million riverfront commercial building in the city’s CBD.
The 3,000sq m corner site, an amalgamation of 205 North Quay and neighbouring 30 Herschel Street, will now house the city's latest A-grade commercial building.
The office development, to be known as 205 North Quay, will deliver 50,000sq m of net lettable area.
Cbus Property chief executive Adrian Pozzo said the site was ideal as it takes advantage of Brisbane’s strong economic outlook, employment growth and the state government’s infrastructure investment.
“205 North Quay is a major riverfront CBD site, 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,” Pozzo said.
“Queensland’s economic growth also anticipated to continue to outperform the Australian average.”
“We will look to build on these strong economic foundations and our past success with 1 William Street, to deliver a premium and future-focused commercial tower for Brisbane’s CBD in collaboration with our partner, Nielson Properties.”
No stranger to Brisbane CBD's commercial market, the project follows Cbus Property’s 46-storey “tower of power” at 1 William Street, home to the Queensland government.
The 205 North Quay development will add to the continued regeneration of the burgeoning North Quarter precinct, which will also include Mirvac’s 80 Ann Street tower to be tenanted by Suncorp, Shayher Group’s 300 George Street project and the recently completed W Hotel on George Street.
The development will also be located in Brisbane’s prime commercial district, capitalising on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live.
“As a local Brisbane developer, we’re excited to be a part of the evolution of the North Quarter as it becomes a vibrant hub bolstered by outstanding connectivity to Brisbane’s CBD and premium infrastructure and amenity,” Nielson Properties director Ross Nielson said.
Cbus and Nielson have commenced preliminary discussions with the Brisbane City Council.
Last week, Brisbane-based Sentinel Property Group snatched up Makerston House, a neighbouring commercial property in Brisbane's North Quarter precinct from investment management company Challenger for $103 million.
Further along the CBD riverfront, work has also commenced at the $3.6 billion Queens Wharf developed by the Destination Brisbane Consortium, a joint venture led by casino giant Star Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises.
Work is also under way on Brisbane's newest riverside public space, with the area between the Goodwill Bridge and 1 William Street to be developed into an above-water pedestrian walkway and recreational area called Waterline Park.