CPG plans $250m tower for Brisbane

CPG plans $250m tower for Brisbane

21 December 2018

Privately-owned developer Consolidated Properties Group plans to build a $250 million office building in Fortitude Valley, just outside the Brisbane CBD, The Australian reports.

The proposed 15-level John Wardle Architects-designed tower will be sited on the corner of Wandoo and Ann Streets, which the company originally secured for $15 million.

The building will supply tenancies from 1,500 square metres to 20,000 square metres.

The group expects the new tower to replicate the success of its $170m sister project, a 23,000 square metre, 15-level premium-grade office tower at 900 Ann Street, directly opposite, which became Aurizon’s headquarters on a 12-year lease after opening in June.

Consolidated Properties broke ground on 900 Ann Street in 2016 with a fully leased and pre-sold $170m office project as the city faced record levels of empty office space. Charter Hall purchased the building on a 6.5 per cent yield and funded the construction.

Consolidated Properties executive chairman Don O’Rorke said plans to move forward with the $250m development are being made “with a view that other major players will follow suit”.

“We are making plans to move forward with 895 Ann Street with a view that other major players will follow suit to capitalise on the area’s accessibility and appeal,” Mr O’Rorke said.

“There are currently no new commercial developments under construction in the Brisbane fringe area and there is a relatively subdued pipeline for the immediate future, so vacancy rates are widely tipped to fall.

“All indicators point to the market switching gears over the coming years, as demand and supply start to equalise and the shift towards the Brisbane fringe continues.”

John Wardle Architects, who designed 900 Ann Street for Aurizon and other properties for Consolidated Property Group, has been appointed for the 895 Ann Street development, says The Brisbane Times.

The 895 Ann Street address currently holds a three-level office building housing several businesses.

Plans to commence construction of the site is scheduled for late 2019, with completion estimated for early 2021, pending approval.

Consolidated Properties is one of Australia’s largest development companies with a current workbook of more than $2 billion.

The company has delivered more than 200 projects over the last 35 years, ranging from master-planned residential communities through to apartment, retail, industrial and commercial office projects.