Brisbane and Sydney score significant office tower approvals
Sydney and Brisbane's respective CBD commercial markets stand to gain a boost with three office towers given the green light in recent days.
The Harbour City is in line to receive two office buildings above Martin Place railway station with Macquarie Group receiving the nod via Planning Minister Anthony Roberts to proceed to the final phase of planning. The 40 and 30 storey towers still need to clear final planning necessities and garner support in New South Wales' Cabinet, in line with the state's Unsolicited Proposals process.
Macquarie Group's bid to deliver the two new towers began in earnest during March 2017 when the firm revealed they intended to integrate a new station and over-station development in order to "improve convenience for customers, and provide Sydney-siders and visitors with a destination in keeping with the civic, social and cultural significance of Martin Place."
On the office towers, Macquarie Group describes them as "in keeping with Martin Place’s heritage as Sydney’s financial heart and to contribute to the city’s status as a global business district. Macquarie’s proposal includes two commercial towers, the design of which has been, and will be, informed by significant buildings around the world."
A variety of buildings atop the site are currently under demolition in order to facilitate the rejuvenated station and both commercial towers. Architecture firms Grimshaw and Johnson Pilton Walker are the design forces behind the commercial components with Fosters and Partners and Architectus tasked with jointly delivering the new Martin Place railway station.
The investment banking company has indicated it will move to the Martin Place development upon its completion.
Ashe Morgan and DMANN Corporation have secured approval for a Fender Katsalidis-designed office tower atop Brisbane's Health and Forestry House at 147-163 Charlotte Street. A secondary frontage to 146-160 Mary Street is also included, with total site area amounting to 3,449 square metres.
At the time of the November 2017 acquisition, Ashe Morgan Principal Mendy Moss stated "the $66 million acquisition price for the portfolio is below replacement cost for the asset and we are confident of implementing a strong turnaround strategy for an asset which has been continuously occupied by the State Government for 34 years and is due for a major upgrade."
That upgrade was also set in motion last year and will culminate in a $500 million amalgamation of dual existing commercial towers and the addition of 6 new levels in order to create a sole 26 level tower set behind the historic Charlotte Street facade. A-grade office space within the project will be boosted to approximately 40,000 square metres.
With approval in hand the development partnership expect that Midtown Centre as it will be known, will be completed during 2020.
