PGIM Real Estate has launched the refurbishment of the former Public Trustee HQ in the CBD

The owner of one of Brisbane’s neglected B-grade office towers has launched a multi-million dollar refurbishment to bring a renowned CBD ‘ugly duckling’ up to an A-grade standard.

An artist's impression of the redeveloped 450 Queen St in the Brisbane CBD.

One of Brisbane’s ugly ducklings will undergo a multi-million dollar transformation into a cutting-edge A-grade office tower with state-of-the-art facilities.

The world’s third largest real estate investment manager PGIM Real Estate hosted a function marking the repurposing of the former Public Trustee Building at 450 Queen St across the road at Bar Miette on Friday, which was officially launched by Lord Mayor Adrian Schrinner.

Buildcorp has been appointed lead contractor for the extensive refurbishment that is scheduled for completion by early 2027.

PGIM executive director – Australia asset management Andrew Neary says the goal is to set “a new benchmark “for adaptive reuse in commercial development” which will leave the building with an end value of $300m plus.

An artist's impression of the redeveloped 450 Queen St in the Brisbane CBD.

Repurposing the 51-year-old building’s existing structure and embracing best practice sustainable design, the 24-storey tower will offer 17,235 sqm of net lettable area with floor plates of between 720 sqm and 1200 sqm.

Also at the event was managing director and head of Australia at PGIM Real Estate Steve Bulloch, Buildcorp’s Josephine Sukkar, local Property Council chairman Brad Norris and spin doctors Rowland boss Geoff Rodgers.

Colliers’ Matt Kearney and JLL’s James Montague have the job of finding new tenants for the tower.

Bridge to far

The irony was not lost on one of Citybeat spies when he recently saw Schrinner on the Kangaroo Point Bridge.

Schrinner was doing his social media thing on the new bridge – as politicians are apt to do.

The irony for our spy was that while he being filmed talking up the $300m piece of infrastructure, the much maligned Story Bridge was standing forlorn in the background.

The Story Bridge – designed with a 100-year lifespan – is nearing the end of its life and without significant restoration, it’s projected to be unusable within the next 20 years.

Maybe some social snaps on the Story Bridge will help get the restoration ball rolling.

Lord Mayor Adrian Schrinner on the new Kangaroo Point Bridge.

Origin fun

Still with pollies out and about, we saw a buffed up former premier Stephen Miles at the XXXX Brewery’s pre State of Origin bash on Wednesday.

Sporting a tightish Maroon jersey he mingled with some of the 300 other pre-game revellers who were enjoying Eskimo Joe and Lion’s hospitality at the historic brewery’s Keg Hall.

Also spied at the event was 2000 Olympic beach volley ball gold medallist and corporate player Natalie Cook who seemed to be enjoying the pre-game buzz.

Unfortunately, the night didn't work out for the Queenslanders with the cockroaches winning, but for some spectators it got off to a pretty good start.

Nice drop

Emporium Hotel South Bank and The Reserve Cellar held their very first wine lunch on Friday for an afternoon of rare 91–100-point Henschke wines with the star being the award-winning 2021 Hill of Grace which sells for about $1000 a bottle.

Hosted by Justine Henschke, the exclusive event was held at FIRMA Italian restaurant and attracted 70 wine connoisseur mostly from the medical, legal and property fraternity to taste the newly released Henschke Single Vineyard Collection, just weeks after its global debut.

A sixth-generation family member, Henschke guided guests as they explored eight hand-picked wines, including museum and rare releases, paired with a five-course culinary journey.

Justine Henschke who manages all Henschke brand activity.

Originally published as PGIM Real Estate has launched the refurbishment of the former Public Trustee HQ in the CBD