Dooley’s Hotel site earmarked for office tower as Brunswick St hub eyes a daytime economy

There are plans to build a 14-storey office tower on one of Fortitude Valley’s landmark pub sites as the push to create a “daytime economy” in the precinct gathers pace. SEE THE PICTURES

A FORTITUDE VALLEY thoroughfare is set to become a hive of activity with major property owners pushing to create a “daytime economy” in the precinct.

While the Valley is renowned as a late night destination a 400m section of Brunswick St between Ann and Malt streets is gearing up for a multimillion dollar burst of activity.

Tutt Capital’s Brendan Tutt said it was an area that will play a major part in the link between the Brisbane CBD, Howard Smith Wharves and James St.

He has agreed to buy the former Dooleys Hotel site at 388 Brunswick St where he is seeking to develop a $150m 14-storey office and retail building with 140 car spaces.

“It is a landmark site at the entry to New Farm and one of the most significant corners in the Fortitude Valley,” he said.

An artist's impression of Tutt Capital's office tower at 388 Brunswick St, Fortitude Valley.

Designed by Jayson Blight of Blight Rayner, in conjunction with Hutchinson Builders, the tower will have 10,500sq m of space, a 9m tall lobby with a focus on greenery, landscaping and the use of digital screen technology as art form through the use of 3D imagery and visual media.

A DA will be lodged with the Brisbane City Council on Friday.

Mr Tutt said there was a wave of interest in the precinct.

“Major owners are driving development in this area. We are developing the street to be a very strong office, retail, residential and hotel precinct.” he said.

“We’re driving change in the area to create a daytime economy.”

As well as Tutt Capital’s plans for the former Dooleys hotel site, Chris Vitale and Paul Gedoun of PointCorp earlier this year opened the $125m Hotel X with commercial and residential space at 458 Brunswick St.

Also, the Backshall Group recently paid $33m for the Central Brunswick site at 421 Brunswick St, The site has development approval for 600 apartments and retail with an end value of $400m.

More development activity is expected.

An artist's impression of the ground floor at of Tutt Capital's office tower at 388 Brunswick St, Fortitude Valley.

Mr Tutt said the precinct was one of the most significant parts of Brisbane to be developed ahead of the Brisbane Olympics.

“It combines all things that are important to us in Brisbane,” he said.

“Brunswick St is a commercial, residential and arts hub providing a link, connectivity and walkability to merge the area into one of Australia’s great quarters.”

According to a JLL research paper, Fortitude Valley Precinct — Rise of the Power Precinct, the area has become an extension of the CBD and is diverging from other Near City hubs.

Since 2007, 72 per cent of total new office stock in the Near City has been concentrated in the FVP — Fortitude Valley and parts of New Farm, Teneriffe, Newstead and Bowen Hills — while South Brisbane had a 19 per cent increase of stock over the same period.

Dooley’s Hotel, Fortitude Valley in 2006.

The report’s co-author, JLL director, research Australia Bhavin Patel, said a key driver was the cost of land, the average available land size and the relatively flexible zoning laws available.

“Also, importantly, the FVP is attractive to developers because it is literally an extension of the CBD, and secondly if you are looking at an employee point of view they don’t have to change their commuting habits,” he said.

“Apart from Central, Roma Street and Bowen Hills, Fortitude Valley is the only station that you can pass through on any train.

“In the future there will be more office, more residential and a little more retail as well.”