A Consolidated Properties Group JV will soon start construction of a $260m office tower in Fortitude Valley
An inner city precinct is defying the coronavirus construction downturn with a $260m office tower on the way which will create hundreds of new jobs.
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WORK will start by the end of the year on the construction of a $260m office tower in Brisbane’s inner city — the first new major commercial project since the start of the coronavirus pandemic.
A joint venture between Brisbane-based Consolidated Properties Group and global real estate investment manager DWS will develop the 15-level A-grade tower at 895 Ann Street on the corner of Wandoo Street, Fortitude Valley.
Consolidated Properties’ $250m ‘subtropical’ tower approved and set to rise in James St precinct
Demolition work of an office building on the 2400sq m site will start in December and during the construction process 300 jobs will be created.
Hutchinson Builders has been appointed and have started the construction design phase for the tower which will be completed by the first quarter of 2023.
CPG managing director of retail and commercial Kieran Cox said with leasing agents JLL, the joint venture partners were confident to start construction of the tower which will have a net lettable area of 24,000sq m.
“We share confidence in the precinct, the Queensland economy and the product and we’ve already identified a number of potential tenants who should be coming to the market through the construction period,” he said.
Designed by John Wardle Architects, the tower will have a striking dual frontage glass facade, and offer future tenants high quality, contemporary office accommodation, ground floor retail and rooftop bar, along with two levels of basement parking and end-of-trip facilities.
The building’s environmental credentials will target a 5 Star Green Star and 5.5 Star
NABERS energy rating. It is across the road from the CPG developed tower at 900 Ann Street.
CPG chief executive and chairman Don O’Rorke said they were thrilled and excited by the
prospect of not only delivering another commercial office tower in Fortitude Valley but also creating about 300 construction and development jobs.
“We are honoured to be partnering with DWS on the 895 Ann Street project and look forward to the building enjoying the same success as our 900 Ann Street project did in 2018 and the years that followed,” he said.
“DWS’ commitment to the project instils a great amount of confidence in the Queensland property market, specifically the future strength of our local economy.”
