This article is from the Australian Property Journal archive
A $1 billion investment over the next five years in Brisbane’s George Street will bring the precinct back into life, according to CB Richard Ellis.
According to CBRE’s senior director of retail services Andi Aydyl, over the next five years around 260,000 sqm worth of new or refurbished office space has been earmarked in the George Street precinct.
George Street is bordered by the Queen Street Mall, the Brisbane River, the Brisbane Transit Centre and Roma Street Parklands.
“These projects will unleash the potential of the north-west end of the CBD. George Street was Brisbane city’s retail heart until the 1970s and home to iconic retail names such as McDonnell & East, Triton’s, Bill Brown’s Sport Store and Woolworths. Historically George Street was a vibrant and significant retail strip linking Roma Street to Queen Street
“Past attempts at restoring the precinct to its glory days have failed, largely because of the popularity and success of the Queen Street Mall and the fact that for the past 20 years a considerable portion of George Street has been a development site. For many years the MacDonnell & East building and site, and the current Magistrates Court site, were dormant, contributing to the area’s dilapidation and decline in retail amenity,” Aydyl said.
Aydyl added that the difference between then and now is these days people are physically living in the city and in the near-city areas.
“The new commercial projects will also create a critical mass of people working along George Street. Importantly there is rejuvenating development activity all across that precinct,” he added.
The new Brisbane City Centre Master Plan, released last week, will also help revive George Street by aiming to weave together transport, public space and new buildings in a pedestrian-friendly way.
New George Street projects include 275 George, the $300 million tower proposed by a joint venture partnership between Charter Hall and Indigo, in association with Trident Corporation. It offers 1,600 sqm of specialty retail space and 40,000 sqm of office space over 32 levels.
Others include Northbank Plaza, a refurbishment due for completion in 2007; 414 George Street, the McDonnell & East building refurbishment, to be completed in 2009; the Brisbane Transit Centre refurbishment, to be completed around 2010; and the Brisbane Square development on the former Triton’s site, to be completed later this year.
These slated projects are expected to bring around 20,000 more people to the George Street precinct.
“Brisbane Square alone will have 5,000 people working there,” Avdyl said.
According to CBRE’s research, the surge of office projects comes at a time when the commercial market is extremely tight.
“CBD retail vacancy rates are at 3% and 2.3% across all grades of office space,” he added.
By Kathryn O’Meara
