Don O’Rorke’s Consolidated Properties Group will start work on its $250 million commercial tower mid next year after receiving development approval from Brisbane City Council.
The 15-level office tower, at 895 Ann Street, marks the first large scale A-grade commercial building planned for the James Street precinct of Fortitude Valley.
The Brisbane-based developer lodged plans for the tower in December last year after securing the Ann Street site for around $15 million.
Consolidated Properties Group commercial managing director Kieran Cox said the tower will deliver 23,222sq m of office space to the Fortitude Valley area.
"We are confident about the Brisbane office market," Cox said of the latest approval.
“895 comes at a strategic time in the market cycle, with numerous large scale tenant requirements being sought and limited quality office towers planned.
"We see demand for commercial space, particularly of a premium quality, only continuing to grow in coming years.”
Last month, Consolidated Properties launched the first stage of its $850 million urban renewal project in Yeerongpilly to market.
Yeerongpilly Green, a mixed-use community spanning a 14-hectare site is located five-kilometres from Brisbane’s CBD, and will be delivered through a partnership with CVS Lane Capital Partners.
The newly-approved development will sit opposite Consolidated’s 900 Ann Street tower, which took out The Urban Developer’s Development of the Year urban regeneration award at last year’s Urbanity awards night.