The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
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
6
print
Print
RetailAna NarvaezWed 10 Apr 19

Walker Corp Offloads Proposed Ann Street Tower

c66a483a-2b4a-4af4-9afb-11f34442ab9c

Property fund manager EG has acquired a site in Brisbane’s Fortitude Valley, just 1km north of its CBD, for $27.72 million on a tight 4.7 per cent net yield.

The 3,582sq m site has development approval for two separate schemes — one residential, one commercial — with Lang Walker’s Walker Corporation scrapping the apartment scheme after the market turned in 2017.

Walker Corporation acquired the whole-block island site in 2015 for $22.2 million.

The developer later won approval for a 26-storey A-grade office tower comprising 44,000sq m of net lettable area and ground floor retail. Cox Architecture designed the scheme.

The $400 million green star-rated office tower would eventually house up to 5,000 workers, Walker Corporation said.

Related: Mirvac Ditches Student Accommodation for Ann St Office Tower

Walker Corporation's amended scheme for a 26-storey commercial tower.Cox Architecture.


Located close to trendy James Street, EG’s latest asset joins a swathe of office development in the area including Consolidated Properties’ $250 million office scheme at 895 Ann Street and Pellegrino Group’s commercial building at 89 McLachlan Street.

The 801 Ann Street site is the eighth asset to join EG’s Yield Plus Infrastructure No. 2 fund, which has a $750 million real estate mandate.

EG has more than $2.4 billion worth of assets under management.

Related: Construction Under Way on Brisbane’s First High Rise School

The prized 3,582sq m corner site is currently fully-leased to Volvo's office, showroom and car service centre. Supplied.


In 2018, the Sydney-based fund manager picked up a 17-storey Brisbane office tower from Peter Harburg’s portfolio and offloaded Fortitude Valley’s Optus Centre site for $23.5 million.

The site, which had approval for a controversial apartment scheme, was acquired by Scott Hutchinson of Hutchinson Builders for the 3,300-person capacity Fortitude Valley Music Hall.

A spokesperson for EG Funds said that the site had been initially acquired as a yield producing asset. The Volvo showroom and car service centre lease expires in 2024.

The transaction was brokered off-market by JLL’s Seb Turnbull.

ResidentialAustraliaBrisbaneReal EstateDeal
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
View All >
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
The developer has opted to start building without pre-sales, so sure are they that families in the area will need housin…
LATEST
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
3 Min
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
Development

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/walker-corp-offloads-proposed-ann-street-development-site-