Office leasing deals on the rise at Brisbane CBD site of mothballed 81-storey supertower

There are telltale signs a residential supertower earmarked for the prime CBD site known as No.1 Brisbane has been mothballed.

Office leasing deals are on the rise on the corner of Brisbane’s George St and Queen Street Mall but not the supertower (pictured) earmarked for the site.

OFFICE leasing deals are being sealed at Charter Hall’s 217 George Street, indicating development of the prime Brisbane CBD site is on hold for at least a few more years.

The 10-storey building on the doorstep of Queen Street Mall is part of an amalgamated holding known as No. 1 Brisbane, which the listed property group acquired last year for $93.96 million.

It was purchased with an approval in place for an 81-storey, 534-apartment supertower to replace three existing adjoining retail/office assets — 217 George Street, 60 Queen Street and 231 George Street.

An artist's impression of the council-approved No. 1 Brisbane supertower development.

A string of leasing deals recently have been struck at 217 George Street with tenants being offered a selection of full and part floor opportunities.

They include commitments from three businesses negotiated by Andrea Cano from Colliers International that take up a total of 635sq m in the building.

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Levarti has leased 348sq m on a four-year lease term, Barhead Solutions has taken 229sq m on a three-year term and Greg Goris Constructions Pty Ltd has committed to 58sq m also on a three-year term.

The leasing rates have not been disclosed but industry sources indicated rents in the building were “circa $600/sq m.

Andrea Cano of Colliers International at 217 George St, Brisbane, with Calum Maclean from tenant Levarti.

“Charter Hall are offering term certainty for leasing transactions so for those businesses looking to relocate in the emerging precinct this is a great opportunity which offers a mix of full and part floor opportunities — fitted out and in base build condition,” Ms Cano said.

“Most tenants that relocate here love the building’s natural light and the incredible views of the Brisbane River and Southbank.”

Levarti is a specialist in airline management, consulting, product development, mobile and web development that is headquartered in London. It is relocating from 240 Queen Street to a new tenancy on Level 8 at 217 George Street.

“217 George Street ticked all the boxes for us, including the four-year lease term which suits our business growth plan,” said levarti’s head of commercial Callum Maclean.

“We also liked the view from the building and the natural light it offers. The existing fit-out was modern and we only needed to add a few extra meeting rooms.”