World Class Global sells Brisbane apartment site

Singapore-listed conglomerate World Class Global will offload one of its major Brisbane apartment development sites.

Singapore-listed conglomerate World Class Global will offload one of its major Brisbane apartment development sites, potentially clearing the way for a conversion of the site into a landmark office project.

The group is preparing to sell the 240 Margaret Street site in the heart of Brisbane but will press ahead with a similar-sized project at nearby 30 Albert Street.

World Class Global is separately nearing completion of the landmark 101-storey Australia 108 in Melbourne, and has already finished the AVANT project in that city, but is looking to lighten its Australian development load.

The Margaret Street site carries approval for a skyrise apartment tower of 91 storeys that could contain 783 apartments.

It is now being pitched, via Justin Bond of Knight Frank, as a major office, hotel or mixed-use project, which would be more in keeping with demand from investors, although apartments could also be pursued long-term.

Interestingly, Canada’s Quadra Pacific is selling two towers, 288 Edward Street and 133 Mary Street, the latter of which abuts the Margaret Street site. Parties were close to going into due diligence on the buildings after a process run by JLL, industry sources said.

The Margaret Street project is one of a number around the country that have switched from their original focus on apartments to offices.

Charter Hall in July bought three buildings on Brisbane’s Queen Street Mall, known as No 1 Brisbane, from Blackstone’s 151 Property Group, where it could undertake a $400m office project.

151 Property won approval for what would have been one of Brisbane’s tallest apartment towers but Charter Hall, backed by Point Capital, has flagged it will pursue an office strategy.

Elsewhere in Brisbane, Morris Property Group may switch a project in Spring Hill from residential to commercial as it looks to keep its options open.

Developer Lang Walker has moved from developing an apartment tower at 801 Anne Street, Fortitude Valley in Brisbane, to undertaking an office project instead. Other projects in Melbourne have also changed from apartments and some sites in Parramatta are also shifting uses.

World Class Global remains well-positioned and is preparing to launch its 30 Albert Street, Brisbane tower, potentially this year.

The 91-level skyscraper is set to be the tallest apartment block in Brisbane and will include about 860 units, with a total gross floor area of more than 111,000sq m.

In an update last week the company said buyers had made settlements amounting to $383 million for its 56-storey residential skyscraper AVANT and the landmark 101-storey Australia 108.