QIC’s plans to build the $750m Rainforest Tower in the CBD has attracted plenty of scepticism

There is some scepticism over QIC’s plans for a new office tower in the CBD with one property figure calling it “irrational” in the current construction climate.

An artist's impression of QIC's $750m Rainforest office tower in the CBD.

The Queensland Investment Corporation’s plans to build the 40-storey $750m Rainforest Tower over the Albert Street Cross River Rail station has been met with some scepticism in the property sector.

With some of the biggest names in property either unable to get their projects off the ground or builders haemorrhaging money on projects (you know who they are), there’s serious doubt the government-owned corporation will even get it built by 2029 for the Education Department which are currently around the corner in Mary St.

“People are wondering first off how they’re going to find a builder,” says one leading industry insider who was letting off a bit of steam.

“And the Education Department don’t need to move anyway. What about the CFMEU, the Olympics and all the infrastructure we need, and we don’t even have the workers to do it.

“Does the state government really need to build a great big office tower in the middle of the city? It’s completely irrational. None of it makes sense.”

While the state of the Education Department’s ageing building is its own matter of conjecture, it’s hard to argue with the rest.

An artist's impression of QIC's $750m Rainforest office tower in the CBD.

While some are sceptical, QIC is focused on the job ahead with tenders for builders in the market.

“Brisbane’s decade-low office vacancy rate and limited supply demonstrates the importance of managing construction projects across the board as a critical part of growing the Queensland economy,” a QIC spokesman says.

“101 Albert has been planned for a number of years, leveraging Cross River Rail and the first Brisbane CBD station built in over 120 years.”

We should have an idea on how things are progressing by the end of the year.

Ag venture

Superannuation fund Brighter Super is investing $75m into the agriculture sector, targeting farmland and agribusinesses, agricultural infrastructure, and water entitlements in the next phase of its $500m Queensland Investment Strategy.

The investment by the $34bn member owned fund – formerly LGIA Super and Energy Super – will be made through the Queensland Riparian Agriculture and Food Transition Trust (QRAFT) which will be managed by Riparian Capital Partners.

Illustration of Kate Farrar by Brett Lethbridge

Brighter Super Chief Executive Kate Farrar (illustrated) says the new $75m investment aimed to deliver solid returns for its 280,000 members.

She says Queensland agriculture was recognised as a compelling investment opportunity while contributing to positive social outcomes in regional Queensland.

“This investment with Riparian Capital Partners aims to deliver solid financial returns while contributing to positive social outcomes in regional Queensland,’’ Farrar says.

The mandate will take a diversified allocation model and seek to co-invest with leading producers and agribusinesses across a portfolio of real assets, alongside water investments, diversified by commodity and geography.

Retail buy

Investment manager Alceon and retail consultancy Aktiv has snapped up a major Gold Coast shopping centre for $142m.

They have agreed to acquire The Strand Coolangatta and it marks Alceon’s fourth

Queensland-based acquisition in 18 months and the second with Aktiv over this time.

Located opposite the world-renowned surfing destination of Snapper Rocks and Kirra, The Strand occupies 30,000 sqm of mixed-use and lifestyle space, and is anchored by Woolworths, Cinebar and Timezone.

Founding partner of Alceon’s Queensland business Todd Pepper says: “Our investments ave been underpinned by high-quality, stable tenants, and asset locations that benefit from significant foot traffic.”

The Strand at Coolangatta which sold for $142m.