Consolidated Properties Group has announced plans to submit a development application to deliver a $250 million office building for 895 Ann Street in Brisbane.
Plans to commence construction of the site is scheduled for late 2019, with completion estimated for early 2021, pending approval.
The 15-level John Wardle Architects-designed tower would be located on the corner of Wandoo and Ann Streets in Fortitude Valley, with the privately-owned development company securing the Brisbane fringe site for $15 million.
Consolidated Properties chairman Don O'Rorke said plans to move forward with site are being made “with a view that other major players will follow suit”.
“To capitalise on the area's accessibility and appeal, including proximity to key transport nodes and all forms of amenities for workers, along with the popular James Street precinct,” he said.
"There are currently no new commercial developments under construction in the Brisbane fringe area and there is a relatively subdued pipeline for the immediate future, so vacancy rates are widely tipped to fall.”
The development application for the Ann Street site follows on from the developer’s neighbouring commercial tower located at 900 Ann Street.
The tower, which took out The Urban Developer’s Development of the Year Urban Regeneration award at this year’s Urbanity awards night, officially opened in June.
The 900 Ann Street asset, comprising 23,000sq m over 15 levels, was sold to Charter Hall in 2016 and is anchored by freight company Aurizon on a 12-year lease.
Consolidated Properties chairman Don O'Rorke said Aurizon was “one of the largest single additions to the Brisbane Fringe market this year".
With a focus on the eastern seaboard, the company has delivered more than 200 development projects valued at more than $2.1 billion.
"All indicators point to the market switching gears over the coming years, as demand and supply start to equalise and the shift towards the Brisbane Fringe continues," O’Rorke said.