This article is from the Australian Property Journal archive
ROSS Nielson Properties has awarded Hutchinson Builders the contract to build the new $300 million Northbridge office tower in Brisbane's CBD.
The $130 million contract has received Suncorp Finance-approval for the entire construction project through to completion in March 2009.
The 34,000 sqm Northbridge office tower at 32 Turbot Street, is the largest project undertaken by the Ross Nielson, once completed will be 37-level tall.
The construction project on the 2,196 sqm Turbot Street site also represents the largest undertaken by Hutchinson Builders, Queensland’s major privately-owned construction company.
Managing director Ross Nielson said the group’s decision to commence construction prior to securing a leasing pre-commitment demonstrated its confidence in the excellent quality of the project and the high level of pent-up demand for A-grade office accommodation.
“The project has already generated strong interest and while there are no leases signed we are in advanced negotiations with a number of potential tenants.
“The fact that Northbridge will be the first major project to deliver new supply to Brisbane’s office market in March 2009 also gives us a high level of confidence in the market response.”
According to the latest Property Council of Australia research, Brisbane’s CBD office vacancy rate fell 0.5% during the six months to July 2007 to 1.2%. This is the lowest vacancy rate on record for the Brisbane CBD and highlights the market’s strong demand and supply shortfall.
Colliers International has been appointed to market Northbridge, with asking rental rates starting from the low $500s per sqm gross.
Northbridge will feature floor plates of 1,100 sqm, column-free layouts and a contemporary interior design that maximises its extensive views of the Brisbane River.
The building, which will be designed and constructed to a 5-star Green Star rating, will also include a lobby, sky terrace, 168 carparks, 228 bicycle parks, 30 showers and street-level retail tenancies.
Australian Property Journal
