The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
FINAL CHANCE TO REGISTER FOR URBANITY-25 JOIN MORE THAN 550 ALREADY ATTENDING
LAST CHANCE TO REGISTER FOR URBANITY 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 03 Apr 17

Queen Street Building Snapped Up For Circa $70 Million, Residential Plans Scrapped

Screen-Shot-2017-04-04-at-3

Axis Capital will buy a prime inner city office building on Queen Street that was previously the centre of plans for one of the city’s most significant residential apartment projects, according to The Australian. 


Axis bought 545 Queen St from the GPT Group office fund for an unknown price, believed to be in the low $70 million range.

Flight Centre used to occupy the building until the company's shift to the Southpoint complex at South Bank.

The Queen Street complex sits on an island site in Brisbane’s financial precinct with 13,100 sqm of office space in the A-grade tower.

The proposed Brisbane development (pictured) was for a billion dollar, 76-storey, 891-unit, 100-ser­viced apartment tower designed by Woods Bagot and featuring a curved glass ­facade, as well as associated retail space. Queen's Tower would encompass luxury residences, premium short-term accommodation and a new shopping and dining precinct.

The consortium of DGS, and other Chinese and Australian entities, secured 2735sqm triangular site at 545 Queen St from the GPT-managed fund in 2015 for $82 million but as this deal was not settled the vendor retained the deposit.

At the time, PDS Australia executive chairman Sameh Ibrahim said the proposed development would transform a commercial building into a new residential and mixed-use precinct that was better aligned to current market conditions and the city’s expected growth.

“Brisbane’s CBD is set to undergo transformative change over the next decade, with the Howard Smith Wharves precinct expected to open in mid-2017 and Queen’s Wharf to follow in 2022,” Mr Ibrahim said.

The development would have delivered 891 luxury residences, 100 serviced apartments, approximately 2,500m2 retail and commercial podium and basement parking for 853 cars and 752 bicycles.

OtherRetailResidentialOfficeAustraliaReal EstateOther
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
Exclusive

Inside the $10m Heritage Refit of Sydney’s $25,000-a-Year Members’ Club

Taryn Paris
4 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
View All >
Goldfields Kyneton Central Edgecombe Road precinct rendering
Development

Goldfields Forges Ahead on $150m Kyneton Central Hub

Leon Della Bosca
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
Brisbane builder-developer Zen Group has won approval from Brisbane City Council for its two-tower project at West End..…
LATEST
Goldfields Kyneton Central Edgecombe Road precinct rendering
Development

Goldfields Forges Ahead on $150m Kyneton Central Hub

Leon Della Bosca
3 Min
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
5 Min
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
2 Min
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/queen-street-building-snapped-circa-70-million