This article is from the Australian Property Journal archive
GLOBAL real estate investment manager DWS and Don O’Rorke’s Consolidated Properties Group have backed Brisbane’s office market by starting construction on the circa $260 million 895 Ann Street office tower in Fortitude Valley.
Queensland Treasurer Cameron Dick was on hand with Hutchinson Builders to mark the start of work.
The A grade tower designed by John Wardle Architects, is the first of its kind in the James Street precinct, and will comprise almost 24,000sqm of net lettable space, across 15 levels.
O’Rorke said breaking ground on the project was a vote of confidence in the Brisbane market.
The latest Property Council Office Market Report reveals Brisbane CBD vacancy rates rose from 12.9% to 13.6% in the six months to January 2021.
“Buildings of this calibre are a welcome addition to the Brisbane commercial landscape.
“We are moving ahead with construction now because we know there is appetite for this type of offering, and seeing the building take shape will motivate prospective tenants looking to occupy new space in the near term,” he added.
“In the current environment it’s all about making workplaces an attractive place for people to collaborate, with spaces like our rooftop bar and the numerous cafes and restaurants along James Street providing a welcome environment for informal networking.” O’Rorke said.
The building will comprise flexible floorplates ranging from 1300sqm to 1500sqm, and tenants will have access to 103 car spaces on site.
Consolidated Properties Group has appointed Sam Barr of JLL to lead the leasing campaign.
“DWS are excited to partner with Consolidated Properties Group to deliver this modern prime grade office tower in Brisbane’s dynamic Fortitude Valley precinct. The development’s prominent location, striking design and first-class ESG credentials will set a new bench-mark for the modern day office,” said James Bartlett, deputy chief investment officer, Real Estate, Asia Pacific and head of real estate, Australia at DWS.
More than 300 workers are expected to be employed during construction with completion set for April 2023.
