Commercial Confidential: All the Brisbane property, leasing and sales news and gossip
The Brisbane CBD will be getting a new supermarket while coworking companies scramble for space and there are plenty of big investment office deals on the way.
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IT looks like the Brisbane CBD will get another supermarket.
We hear Coles and Woolies are battling it out for 1600sq m on the podium level of King George Tower at 79 Adelaide St on the corner of Albert St.
Commercial Confidential: All Brisbane property news, gossip and deals
Commercial Confidential: All the Brisbane property deals, news and gossip
We understand Coles is the most likely and perhaps even has the space signed up. We are hearing the same things about Woolies.
The 13-storey 50-year-old building is owned by the Sydney-based Drivas and Coombe families and has undergone a number of renovations.
And with a new supermarket there will be more work on the building to come.
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IN the coworking area there seems to be plenty of activity.
Global real estate firm Hines has secured coworking space giant WeWork across 4600sq m at its recently acquired 260 Queen Street office tower in the Brisbane CBD Golden Triangle, WeWork’s new Brisbane hub, which will open mid-2020, will be spread across five levels of newly refurbished podium in the former Westpac headquarters.
But wait. That’s not all.
We understand WeWork is close to signing off on two floors at the Lendlease developed wooden tower at 25 King St, Bowen Hills, which is part of the RNA showgrounds redevelopment.
We also hear they are looking at some lower floor space at the Riverside Centre.
And, coworking rival Spaces has taken a serious look at two floors at 71 Eagle St.
However, we hear that with rival Servcorp well established in the building it would be a case of one too many coworking providers in the tower.
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ALSO, multi-industry superannuation fund Sunsuper has officially come out with a 10,000sq m to 13,000sq m requirement.
At this early stage there are about 10 to 15 options and with an April, 2023 deadline, options range from an established building or a new development.
Sunsuper currently resides in the Milton Green office park on Coronation Drive which it co-owns with AMP.
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IN the big end of town there’s plenty of interest in a number of established towers and one proposed to be built on the fringe.
With the office investment market sales volumes tipped to end the year at near record territory there are a wave of deals going through a long due diligence period.
Cromwell Property is in due diligence to buy the 34 storey 400 George St in the CBD for around $530 million from US private equity and property giant Blackstone and German group HSBC Trinkaus.
Sydney-based AsheMorgan is in due diligence to buy the three-building cluster in central Brisbane known as The Complex — 140 Creek St, 295 Ann St and 232 Adelaide St — from Canada’s Oxford Properties for about $430 million.
Also, we hear Credit Suisse in is due diligence for the pre-purchase of a proposed 14-storey office tower at 470 St Pauls Tce, Bowen Hills, next to and overhanging the historic Jubilee Hotel.
The property is controlled by the family that owns the Jubilee Hotel, ASX-listed Watpac and JGL Projects.
Jubilee Place has been priced at over $200 million and we understand as a sweetener to the deal Watpac and a workplace operator will take up space in the building.
The proposed cantilevered building will have 18,166sq m of office space, 91 car spaces over two basement levels, and the provision of a cycling club that will include space for 104 bikes, 200 lockers and 17 showers.
Designed by Blight Rayner, the building will aim to pursue accreditation in the form of six-star Green Star, five-star NABERS and Gold WELL Building Standard.
The two-storey heritage-listed Jubilee Hotel was originally constructed for brewer William Gooley in 1887 and designed by architect Richard Gailey.
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