Commercial Confidential: All Brisbane property news, gossip and deals

Negotiations have stalled on the sale of a Brisbane CBD office gem, while a new tower is having trouble finding an anchor tenant.

WE hear that multinational investment giant UBS’s bid to buy the redeveloped former “wedding cake” office tower in the CBD has stalled.

After looking promising, an agreement has yet to be reached for the sale of the Cornerstone Properties’ masterpiece at 310 Ann St for between $215 million to $220 million to UBS for an offshore client.

The top 20 commercial property deals in Queensland in 2018

Global investment manager Nuveen was also in the mix for a time to buy the tower.

310 Ann St, Brisbane.

The building was Suncorp’s long time home has been discreetly shopped around by JLL and CBRE.

In late 2011 it was purchased by an entity linked to Cornerstone Properties’ Liz Pidgeon on behalf of FA Pidgeon & Son, for $63 million. FA Pidgeon & Sons had built it for Suncorp in 1992.

It was vacated by Suncorp in 2015 and under the guidance of Cornerstone Properties managing director Andrew Harper the building has undergone an extensive “revisioning”, creating a state-of-the-art A-grade building from the bones of a dated B-grade tower.

SHAYHER GROUP IN HUNT FOR PROSPECTIVE 300 GEORGE ST TOWER TENANTS

THE Shayher Group’s 42-level office tower at its Brisbane Quarter development is still searching for its anchor tenant.

Construction on the 300 George St tower is due to finish next year and prospective tenants are either stalling or backing out of non-binding agreements.

A couple of years ago QSuper agreed and then sensationally bailed in favour of the Charter Hall controlled Brisbane Square tower that will be vacated by Suncorp down the track.

The State Government has a 25,000sq m requirement in the market with 300 George St believed to be the absolute front runner. But a decision appears to have been put on ice.

The good news – we understand – is that toll operators Transurban and town planning gurus Urbis are close to finding a new home in the tower.

We hear Transurban is set to leave Brisbane Technology Park at Eight Mile Plains and has agreed to move into a bit over 3000sq m n the tower while Urbis is set to pull up stakes at its long term base in the 123 Albert St tower for about 2000sq m in 300 George St.

An artists' impression of the 300 George St office tower in the Brisbane CBD.

FORMER JLL EMPLOYEE RETURNS TO THE FOLD

EXPERIENCED agent Chris Davis has returned to JLL as director of Industrial Occupier Services — Australia. He returns to the JLL fold after four years at CBRE.

Davis started his career at JLL, and spent six years in the industrial business, before moving to CBRE in 2015 to establish the newly created Industrial Occupier business line with three other colleagues around the country.

JLL's Chris Davis.

He was responsible for managing existing clients with a strong focus on business development in all Queensland markets, including securing national contracts with the likes of Komatsu Australia, Xylem Water Solutions and OSS Worldwide Movers.

Also, we also hear that David Howson, who left Brisbane almost three years ago to become the head of office leasing at Knight Frank has resigned.

We understand he is returning to Brisbane. Where he will work we don’t know.

For those who don’t know Howson was one of four office leasing agents who left CBRE for Knight Frank in 2012.

CONDEV CONSTRUCTION GIVEN GREEN LIGHT TO MODERNISE SHOWGROUNDS

QUEENSLAND builder Condev Construction has been appointed to undertake a $6 million upgrade of the historic Ipswich Showgrounds.

The proposed refurbishment work is aimed at creating a new venue for Ipswich to cater for key events such as home shows and expos.

It is also earmarked as an emergency evacuation centre for the city during crises such as floods and will be able to accommodate more than 300 people as an emergency evacuation zone.

The project will focus on extending the existing Exhibition Display Pavilion and Main Pavilion buildings with works including new commercial kitchens, amenities upgrades, new roofing, passenger lift, remedial concrete slab works and an external terrace area.

The two existing buildings will be joined by an awning structure running from east to west for the full length of the buildings.

“This is a very exciting project for Ipswich and we are thrilled to have been chosen to deliver it for the local community,” says Condev executive chairman Steve Marais.

Condev expects to complete the redevelopment in December 2019.

Ipswich Showground.