QSuper commits to a long-term lease starting in 2022 in Charter Hall’s Brisbane Square tower

THE state’s largest super fund has secured its future with a long-term leasing commitment for its new headquarters in a Brisbane CBD tower.

QUEENSLAND’s largest super fund QSuper has secured its future with a long-term commitment to the Brisbane Square tower.

The group will consolidate its operations in fund manager Charter Hall controlled tower on George St in the Brisbane CBD with a 15-year commitment over 17,000sq m from 2022.

QSuper will consolidate its Brisbane locations, including Central Plaza 2 and 3 in Eagle St, a Member Centre on George St and service operations at Nundah, into the tower.

An artist’s impression of Charter Hall's proposed Brisbane Square Tower 2, next to the existing Brisbane Square tower.

It is understood the super fund will takeover Suncorp’s space with the banking and insurance group due to make a decision on its new headquarters — either at 80 Ann St (Mirvac) or 370 Queen St (Investa/Charter Hall).

While the deal gives certainty to QSuper’s immediate future the door is still slightly ajar for its previous preferred option with a Charter Hall fund last October to be the main occupant of its proposed 38-storey Brisbane Square Tower 2.

The project, next to Brisbane Square tower, was initially scheduled to be completed by the end of 2020, but has been delayed having run into opposition from Brisbane City Council.

QSuper chief financial officer Kulwant Singh-Pangly said the new deal provided critical flexibility for the group to adapt its spatial needs if required over the next four years.

He said importantly it also delivered on QSuper’s objectives for its future workspace.

The Brisbane Square Tower 2 project, next to Brisbane Square tower (pictured), was initially scheduled to be completed by the end of 2020.

“This is a great outcome for QSuper, our members and our workforce. It represents excellent value for money for our members and a significant cost saving. It also brings us closer to where many of our members work,” he said.

“The new lease allows us to optimise service delivery by consolidating our operations and providing members with a new flagship Member Centre.”

Charter Hall Group managing director, David Harrison said the ASX-listed company was proud to welcome QSuper, Queensland’s largest super fund, as an important tenant customer within our Queensland office portfolio.

“With a focus on providing an iconic office solution, we will deliver their people and members a great workspace and member experience,” he said.