$375m 443 Queen St tower year behind schedule, plagued with technical problems
A much-hyped Brisbane CBD unit project dubbed ‘Paradise in the Air’ by its developers and praised for its environmental credentials is said to be deeply troubled, with the build way behind schedule, technical problems surfacing and subbies sweating on their returns.
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DEEPLY TROUBLED
If you believe the hype from Cbus Property, everything is just hunky dory with their ambitious unit project now under construction on the Brisbane CBD riverfront next to Customs House.
They’re especially happy that the $375 million tower at 443 Queen Street just snared a prestigious gong for its environmental credentials.
It’s apparently the nation’s first development to win a “six-star Green Star rating’’ from the Green Building Council of Australia.
Cbus boss Adrian Pozzo and his marketers have even dubbed it “Paradise in the Air’’.
But, behind the scenes, City Beat spies say the project remains deeply troubled.
It’s way behind schedule, still plagued with numerous technical problems and has become a financial disaster for construction firm Probuild and plenty of subcontractors.
Work on the 47-storey high-rise, featuring 264 units, should have been finished by now.
But they’re only up to level 32 and will be lucky to wrap up by October next year.
“Four years to build 47 storeys! It’s unheard of in construction,’’ a source close to the project told us.
“All the subbies are panicking big time because nobody is going to make any money at all on this job.’’
A revolving door of Probuild site managers and other key project staff have only intensified the problems.
A major blunder has seen windows in nine levels above the eighth floor pulled out recently because glaziers discovered they hadn’t been properly ticked off.
That drama threw the work sequence out of whack, meaning plumbers, plasterers, tilers and other tradies were held up. There’s plenty of finger-pointing over who’s to blame so watch for the matter to potentially end up in court.
Another drama revolves around COVID-19 restrictions on the use of three lifts on site, which allow only four people at a time instead of the usual 10.
With nearly 200 workers on the job, it’s taking some of them an hour before they can get started and that’s time they’re supposed to be productive.
We hear Probuild apparently wants them to put in longer hours but that’s run into opposition from the CFMEU.
Adding to the slowdown is the fact there’s only one crane on site instead of two as the firm seeks ways to cut costs.
A Probuild spin doctor declined to comment this week and wouldn’t address how much in liquidated damages the company might have to fork out because of the late delivery of the project.
A Cbus spokeswoman also would not respond to questions about the ongoing troubles, which have infuriated unit buyers. She acknowledged only “initial delays’’ related to “the complex nature of creating building foundations adjacent to the river’’.
FLOATING
Online tradie platform hipages finally made it official Wednesday, lodging a prospectus to raise just over $100m as part of its IPO.
Shares priced at $2.45 a piece are set to start trading on the ASX on November 12, giving the company a market cap of $318m.
Co-founded in 2004 by Roby Sharon-Zipser, the company allows consumers to get multiple quotes for household jobs.
More than three million Aussies have reportedly used the service, with an average of one job posted every 23 seconds.
About 36,000 trade services pay to appear on the site, generating about $50m a year in revenue.
GOING GREEN
The brains behind Australia’s biggest masterplanned city says it’s going eco-friendly in a big way.
Maha Sinnathamby made the audacious claim this week that his Greater Springfield metropolis would become “the world’s greenest city by 2038’’.
An estimated $3.1bn spend will see all 45,000 residents get their power from renewable sources, enjoy widespread access to electric vehicle charging stations and have at least a third of the city set aside as green space.
So where’s the money coming from?
Springfield, which has already spent about $17bn developing the satellite city southwest of Brisbane, will tip in the lion’s share. The balance is set to come from private equity and ENGIE, a French multinational power group.
ENGIE, along with its engineering subsidiary Tractebel, inked a deal with Springfield two years ago to develop a “zero net energy city road map’’.
That means no homes or businesses will be powered by fossil fuels and no carbon emissions will be emitted.
Under the scheme, hydrogen-powered buses will provide transport options and solar panels are set to sprout on all suitable rooftops.
Work has already started, with solar panels now on the Orion Shopping Centre and Springfield Tower, and EV charging stations are in operation.
ENGIE also inked a 10-year deal this week with Hyundai to deliver a 50 kWp solar package for its car dealership, a precursor for a scale up across the city’s new “automall’’ precinct.
“We have one chance – and the responsibility to our residents – to get this right and be an ongoing example for others to follow,’’ Sinnathamby said.
“The focus on efficient and sustainable energy production, storage, and integration with the community has never been more important for Australia and for us.’’
SHOUT OUT
In an amazing career spanning more than 45 years, Brisbane stadiums supremo Harvey Lister has overseen more than 40,000 sporting and entertainment events.
Now the man lucky enough to have Mick Jagger’s mobile phone number has received a mighty shout out from his peers.
Lister was bestowed with a lifetime achievement gong on Wednesday night from the Australian Event Awards, something like the Oscars for the industry. The event played out virtually across multiple capital cities.
As you might expect, Lister had a humble start organising “Rock-a-rama’’ concerts in suburban halls across southeast Queensland in the early 1970s.
Today, he’s boss of the Asia Pacific arm of worldwide venue management colossus ASM Global, which operates Suncorp stadium and the entertainment centre at Boondall.
He’s got a ton of great stories, as you might expect, such as Bette Midler’s quick thinking during a power outage at her show at long-gone Festival Hall. She performed a cappella, lit by the torches of ushers, until the power came back on.
Tina Turner was equally innovative when a truck with costumes did not turn up for her show at the Royal on the Park. She was forced to rummage through the staff uniform cupboard to cobble something together.
None of these challenges, though, compares to coping with the pandemic.
“Event management is trying to prepare for all of the things that could be a possibility for your event knowing all along that something you had never thought about could happen,’’ Lister said.
“Former heavyweight boxing champion Mike Tyson is quoted as saying ‘everybody has a plan until they get punched in the mouth’. A punch can happen in very many ways in this industry and it’s about adapting and working with great teams to make the most of any situation.”