This article is from the Australian Property Journal archive
PROPERTY giants Charter Hall and Investa have secured international law firm Herbert Smith Freehills (HSF) as its latest tenant at their $800 million office development in Brisbane’s Golden Triangle precinct.
HSF has signed a 10-year pre-commitment of 4,700 sqm at the top of the premium-grade 360 Queen Street development, joining global accounting and advisory firm BDO and Australian law firm HopgoodGanim Lawyers.
Nearly half of the 33-level, 45,000 building has now been pre-committed.
360 Queen Street is a joint venture between the Charter Hall Prime Office Fund (CPOF) and Investa Commercial Property Fund (ICPF) and will be delivered in 2025, with no competing premium-grade new buildings set for completion in that timeframe.
“Leasing momentum for early pre-commitments further supports our thesis that tenant demand will continue to bifurcate the market leading to high occupancy levels in modern buildings,” said CPOF fund manager Miriam Patterson.
ICPF fund manager, Brendan Looby, said new office space is scarce in the heart of Brisbane’s CBD, especially along Queen Street, providing a key drawcard for occupiers considering their future office premises.
“The office floors offer many positive attributes including efficient typical office floors of 1,500 sqm-plus, which are oriented to maximise aspect.
“Upon completion, this asset will further enhance the quality of ICPF’s CBD office portfolio, ensuring it remains attractive to both occupiers and investors.”
Brisbane has been a stronger performer amongst CBD office markets, with vacancy tightening from 13.9% to 12.9%, and the rate is expected to come down further with no stock additions planned for 2023. Cushman & Wakefield data shows the lack of supply and surging inflation pushed gross face across of all grades in Brisbane CBD during the March quarter, with premium grade rents up 2.1% over the period to average $985 per sqm.
360 Queen Street will offer innovative technology throughout the building, an integrated wellness centre and business hub, extensive natural light and outdoor spaces, and is targeting a number of sustainability credentials, including Platinum WELL Core and Shell rating, Climate Active Carbon Neutral building certification, 100% green power for all base building power, 6 Star Green Star Building rating, 5 Star NABERS Energy rating, 4 Star NABERS rating for Water, Waste and IEQ.
360 Queen Street was designed by Blight Rayner Architects and is being constructed by Hutchison Builders.
HSF managing partner Brisbane, Matthew FitzGerald, said, “We’re thrilled to have secured a spot in Brisbane’s newest premium-grade building. By moving to 360 Queen Street, we have the opportunity to create a vibrant new workplace designed to enhance the experience of our people as we continue to deliver outstanding results for our clients.”
The 60-metre Queen Street frontage and additional retail laneway will further contribute to the revitalisation of Queen Street and enhance the pedestrian experience through improved connectivity.
