This article is from the Australian Property Journal archive
THE Churchill Development Group has completed its $22.5 million purchase of an expansive Breakfast Creek redevelopment site in South East Queensland.
The 6,778sqm Breakfast Creek Quarter will house an eight-storey mixed-use tower with a tenancy mix of commercial and retail spaces.
The acquisition was negotiated in an off-market deal by Knight Frank’s Blake Goddard and Matt Barker, with Barker noting the area was undergoing “substantial regeneration”.
“I’d been keeping an eye on the site for some time, because I thought it would be perfect for the project we wanted to deliver,” said Jonathan Leishman, executive director of CDG.
At the time of settlement CDG already had a development approval in place from Brisbane City Council to go ahead with its plans for a multi-million dollar project.
“Now that we own the land and have our development approval in place it will be full steam ahead,” said Leishman.
The top five levels of the U-shaped design, to take advantage of the river and city skyline views, will be occupied by commercial space and will include 1,575sqm dedicated to Chamberlain Boardrooms, CDG’s serviced office business, the group’s bespoke flexible office offering.
Interest in flexible workspaces shows little sign of slowing down, with recent additions to the space including the recent partnership between JLL and Goldfields to launch a new offering within a brand-new $300 million South Yarra office tower, while WeWork and Upflex recently signed on to a partnership to combine the flexible workplaces’ global network to more than 5,500 locations.
At Breakfast Creek the commercial spaces will feature 3,3000sqm floor plates, as well as the option to divide into two 1,5000sqm or six 500sqm tenancies.
“Most of the lifestyle and retail tenancies are already spoken for under heads of agreement,” added Leishman.
The remaining retail space at Breakfast Creek Quarter has seen strong levels of interest, which has also been extended to the office spaces and the rooftop venue.
