This article is from the Australian Property Journal archive
Brisbane’s CBD commercial property market continues to heat up with a new $600 million development by Brisbane property developer APH Properties.
Yesterday, APH Properties settled on its $32 million purchase of 480 Queen Street in the Brisbane CBD.
APH’s managing director John Wilson said the group is now considering even grander plans which are set to be lodged with the Brisbane City Council within the next couple of months.
APH has proposed to build an 80 level, five-star apartment, hotel and commercial project, making it the highest mixed used development in the Brisbane CBD.
The bold plans follow the Brisbane City Council’s Urban Planning Committee decision to pass plans to demolish the building on the 2659 sqm site and replace it with a single 55 level tower including 236 apartments in December last year.
The 80 storey building will comprise 250 residential apartments and 20,000 sqm of office space to meet the demand in Brisbane’s inner-city.
Meanwhile, Wilson expects to entice a five-star hotel operator to take up the reins of a planned 200 room inner-city resort.
In the meantime, the building will remain home to the Australian Red Cross Blood Service, which has a lease at the site until November 2007.
The Red Cross Blood Bank building was offered for sale late last year as part of The Seymour Group’s 12-property, "Queensland Collection" portfolio.
APH Properties, in association with long-time financial partner Anthony Morton Group, bought the property known as the “Red Cross Building” from The Seymour Group and Watpac in February this year.
The acquisition was APH’s fifth deal in conjunction with the Anthony Morton Group, a Brisbane-based fund manager and structured property finance company. The two companies first worked together on the Aurora project.
APH was also the original developer of The Aurora, which is Brisbane’s tallest residential tower.
Meanwhile, APH Properties is now finalising its $75 million Drift project at Casuarina Beach on the New Tweed Coast and has purchased a major parcel on the Gold Coast’s north shore for a $90 million waterfront development.
APH has completed various commercial, residential and resort projects valued at more than $500 million.
By Adam Parsons
