There is renewed optimism in Brisbane’s office market, with another development application lodged with council this week for a 40-storey office tower on Queen Street.
A joint venture between Charter Hall and Investa Commercial Property Fund announced the proposal for a $650 million office tower on Wednesday.
With rents for office space in Melbourne at Sydney at record highs, Brisbane’s office market is experiencing a resurgence as it offers an alternative to the tightly-held markets along the east coast.
The tower is proposed for a site at 370 Queen Street, within Brisbane’s “Golden Triangle” – the Eagle Street and Riverside place area. The building will comprise basement car parking, a podium level with provision for a gym and childcare, end of trip facilities and approximately 50,000sq m of office accommodation over 40 levels.
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The joint venture bought the 2,147sq m site in June 2017 for $53.75 million. The properties at 366, 370 and 380 Queen Street were previously owned by embattled mining entrepreneur Clive Palmer.
Fund manager of Charter Hall’s Prime Office Fund Matthew Brown said it was an exciting investment opportunity for both Charter Hall and Investa.
“The joint venture development and ownership structure with ICPF diversifies risk with a credible institutional counter party and provides certainty of delivery,” Brown said.
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“We will create a new generation, high-quality building designed to support tenant customers’ requirements for collaborative workplaces, higher density and flexible occupancy along with the latest technology.”Charter Hall fund manager Matthew Brown
Blight Rayner, commissioned for the building’s design, said that they focused on building a “sense of community”, with a roof top recreation deck, multiple "sky parks" and floor to ceiling windows to create a sense of openness and natural light.
“Our in-house development team will deliver an office building of a standard not yet offered in the Brisbane market,” Charter Hall head of office development Andrew Borger said.
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The building will provide water views and environmental credentials, including a 5 Star Green Star Design and As Built rating, 5 Star NABERS Energy Base Building rating and WELL Core and Shell Gold Certification.
“Targeting the highest level of sustainable design and building performance, it will provide extensive recreational and landscaped areas at podium level and throughout the tower, with higher density and technology enabled workplaces providing greater connectivity and flexibility for the future tenants of this progressive, new workplace community.”
Subject to securing council approval and tenant pre-commitments, construction is expected to commence in the first half of 2019.