This article is from the Australian Property Journal archive
PROPERTY monoliths Charter Hall and Investa have secured another major name for their $800 million Brisbane CBD office development at 360 Queen Street, with Queensland Investment Corporation signing up for 10 years.
The deal comes just a week after international law firm Herbert Smith Freehills (HSF) also signed a 10-year pre-commitment, of 4,700 sqm at the top of the development, joining global accounting and advisory firm BDO and Australian law firm HopgoodGanim Lawyers.
Developed by a joint venture between the Charter Hall Prime Office Fund (CPOF) and Investa Commercial Property Fund (ICPF), the 33-floor premium-grade building continues to attract tenant customers relocating from older buildings, further demonstrating tenant demand for new workspace solutions that meet the demands of their people, the partners said.
Charter Hall office CEO, Carmel Hourigan, said, “We are delighted to have secured QIC at 360 Queen Street, with the high-quality pre-committed tenant covenant further underpinning the premium offering underway.
“Having pre-leased two-thirds of the office space well ahead of scheduled completion in 2025, our conviction for the need to modernise office portfolios and offer the latest in building technology remains strong, benefitting CPOF investors and our tenant customers.”
Investa CEO, Peter Menegazzo, said, “We are pleased that the vision we, as joint venture partners, had for this project when we amalgamated four separately owned sites is coming to fruition”.
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.
“Providing our Brisbane team with a space that fosters productivity, collaboration and amenity is central to supporting our culture of excellence, respect and diversity at QIC,” QIC CEO, Kylie Rampa said.
360 Queen Street is targeting 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, and 4 Star NABERS for Water, Waste and IEQ.
360 Queen Street was designed by Blight Rayner Architects and is currently being constructed by Hutchison Builders.
