Mirvac Unveils $670m Brisbane CBD Tower Plan

Listed developer Mirvac has lodged plans for a $670-million commercial tower in Brisbane’s CBD.

In a sign of the developer’s confidence, Mirvac plans to build a 29-storey, A-grade office tower across an amalgamated site fronting Turbot Street.

The site holds frontages to Turbot Street, Wickham Terrace and Albert Street and, at 8900sq m, is one the largest in Brisbane’s CBD.

It is currently occupied by three existing buildings: the three-storey heritage-listed Dental Hospital Brisbane and College at 168 Turbot Street, and a four-storey commercial building at 200 Turbot Street with an adjoining two-storey annex.

The combined site occupies an elevated position overlooking the Brisbane CBD and is flanked by King Edward park and adjoins the proposed site of the future Brisbane Live entertainment precinct.

The Neo Georgian-styled dental college will be retained in its current form with Mirvac’s application not including any adaptive reuse of the building while the commercial buildings at 200 Turbot Street have been approved for demolition by Brisbane City Council.

An existing elevated pedestrian bridge between the dental college and the commercial buildings will also be removed.

Architecture firm Blight Rayner has designed the mixed-use commercial development, which if approved, will offer 66,000sq m of office space across large floorplates.

It will also include 6000sq m of open space, 170 car parks and 745 bicycle parking bays.

In December 2020, the state government, which owned both sites, announced a conditional agreement with Mirvac, with the developer entering a put and call option agreement to acquire the site.

The agreement provides Mirvac with a three-year option period to secure a leasing pre-commitment for a new office tower proposed on the site.

Mirvac chief investment officer Brett Draffen said that the agreement had enabled Mirvac to develop a world-class workplace precinct that would enhance the quality of the group’s office portfolio under a capital-efficient structure that minimises risk.

“[This development] is one of a series of city shaping projects [Mirvac is undertaking in Brisbane] that will contribute to the evolution and enrichment of the urban landscape, as well as the economic vitality of the city,” Draffen said.

“Mirvac is well placed to work with the state government, Brisbane City Council and our future occupants to co-create a next generation workplace that responds to the needs of a post-Covid-19 workforce as well as the wider community of Brisbane.”

The project, which will support around 360 construction jobs over its three year construction timeline, will be located one city block from Mirvac’s $836-million office development at 80 Ann Street.

The similarly positioned 60,000sq m premium-grade office building will be anchored by Suncorp after securing a 10-year pre-commitment.

Mirvac acquired that 5500sq m site between Turbot and Ann streets next to Brisbane City Hall from Singaporean group Wee Hur for $79 million in late 2017.

Similarly, in a nod to the heritage of the site that once housed the Brisbane Fruit Market, Mirvac is planning a 1100sq m retail offering on the ground floor that would include a market place and market laneway.

Mirvac’s continued push into the office sector has now made it Australia’s second-largest office manager; with more than $15 billion of assets under management, as it attempts to close the gap on Charter Hall and Dexus.

In December, Dexus’ $2.1-billion Waterfront office development on Eagle Street, comprising two towers to stand 49-storeys and 43-storeys, was given the nod.

The expansive Eagle Street Pier and waterfront place precinct, designed by FJMT and Arkhefield, is slated to start work in 2022 with the first tower expected to be completed in 2026.

In Melbourne, Mirvac recently put it an application for its site at 383 La Trobe Street, where it is planning to create a commercial precinct with 44,000sq m of A-Grade office space over 31 levels.

The company has also lodged a second development application at 55 Pitt Street in Sydney, proposing an additional 10,000sq m of office space for its ambitious $600-million, 56-storey tower.