Investa and Charter Hall eye Brisbane's Queen Street for a new commercial skyscraper
A property play between Charter Hall and Investa that began mid last year with the intentions of delivering a major office tower to Brisbane's CBD reached a milestone last week.
The development partnership announced that the planning approvals process for a Blight Rayner-designed commercial tower at 360-380 Queen Street has begun. During June 2017 the duo outlaid $53.75 million for three adjoining office buildings across a 2,147 square metre site for the purposes of a commercial office development.
The result is a 41 storey skyscraper that will reach 205 metres above ground, potentially becoming one of Brisbane's tallest towers.
360-380 Queen Street is located in Brisbane's ‘Golden Triangle’ which home to a high concentration of financial institutions. Valued at $650 million, the co-owners hope to add further to the precinct with 50,000 square metres of A-Grade office space slated for the development.
The intended development will see a reworked ground plane, resulting in a highly permeable and accessible structure.
A new public pedestrian thoroughfare will link Queen Street to Giffin Lane and Ely Lane, and is set to be lined by retail tenancies. Additionally, an amphitheatre, supermarket, childcare centre, outdoor cinema and various other entertainment/dining options will assist in drawing the public to the area.
A vertical green wall will mask the adjoining property boundary, whilst a 'suspended' green zone will feature mid podium. Thereafter three separate green spaces will break the tower's form at levels 13, 28 and 40, in addition to a vertical chasm that will add extra greenery externally.
All in all the tower is aiming to achieve a 5 Star Green Star Design rating, 5 Star NABERS Energy rating, plus WELL Core and Shell Gold certification.
What they say
CPOF Fund Manager, Matthew Brown said: “This is a very exciting investment opportunity for both Charter Hall and Investa.
The joint venture development and ownership structure with ICPF diversifies risk with a credible institutional counter party and provides certainty of delivery.
Our combined office experience and expertise, will see us create a new generation, high quality building designed to support tenant customers’ requirements for collaborative workplaces, higher density and flexible occupancy along with the latest technology.
Matthew Brown: CPOF Fund Manager
The 370 Queen Street development strongly supports ICPF’s ‘build to core’ strategy and reflects our commitment to investing in high quality, new office developments that deliver diversification for ICPF’s office portfolio.
A commitment of this scale also reflects our confidence in the underlying strength of the Brisbane CBD office market and we’re very pleased to reach this important DA milestone.
Jason Leong: ICPF Fund Manager
Our in-house development team will deliver an office building of a standard not yet offered in the Brisbane market.
Targeting the highest level of sustainable design and building performance, it will provide extensive recreational and landscaped areas at podium level and throughout the tower, with higher density and technology enabled workplaces providing greater connectivity and flexibility for the future tenants of this progressive, new workplace community.
Andrew Borger: Charter Hall’s Head of Office Development
According to the development partnership, construction is expected to commence in the first half of 2019, although overall approval and tenant pre-commitments are first required.
