The vibrant city of Brisbane has been leading the commercial real estate sector in the country. Although Sydney and Melbourne continue to hold the top spots, the capital of Queensland has been attracting investors with its steady and progressive business environment. Economic growth, expansion of intellectual population, and political stability – all have contributed to the development of the city.
With several industries thriving in the hinterland, it has become the hub of commercial activity in Queensland. Consequently, commercial real estate in Brisbane has been gathering all the attention. Several development projects are taking shape in the CBD that are all set to transform the skyline of the city.
Myriad high-rise buildings have been proposed and will replace the old towers to create A-grade commercial spaces. Amongst the latest developments, there are a few 30-storey mixed-use developments which will become the icons of the CBD. Let us have a look at these proposed projects to know more about them.
30-Storey Mixed-Use Tower To Replace Suncorp
The commercial tower is supposed to come up at 343 Albert Street and will be replacing the existing Suncorp Tower. The demolition of the current structure will begin after council approval and a modern facade will be erected in its place. The project is being developed by the Morris Property Group in association with the Amalgamated Property Group.
It will fulfil the demand for contemporary and upscale office properties in the Brisbane CBD, which has been increasing in the past few years. The proposed premium property has been designed by Guida Moseley Brown Architects and will provide large spaces in busy locations. It will represent an A-grade workspace on a 1500sqm NLA floor plate and will be a multi-functional property.
The massive 30-storey building will comprise three levels of parking with exit access to Roma Street. It will consist of a child care centre, indoor recreational areas, spaces for restaurants and bars, office spaces, shops for retail businesses, and function facilities.
The presence of a child care centre and restaurants displays the diversity of use of this building and promotion of family friendly workplaces. All the components have been designed keeping in mind the future needs of the workforce and businesses operating in the edifice.
The building will be standing at a gateway position and will be a part of the Albert Street Green Spine, which links the City Botanic Gardens to the Roma Street Parklands. The green spine will have a positive impact on the yielding capacity of the property as the proposal is in line with the urban regeneration proposal and AEG Brisbane Live Proposal that will bring future profits for the owners of commercial spaces in this building.
Heritage Building To Become 30-Storey Multi-Use Commercial Tower
The 135-year-old Grosvenor Hotel positioned on 320 George Street has been identified as the spot for the construction of the tower. The Brisbane City Council has approved the project which will be the narrowest structure in the metropolis. Designed by Hames Sharley Architecture Company, the tower will keep the facade of the Hotel intact to pay homage to the heritage structure which was a part of the cultural history.
The restoration of the hotel’s outward appearance will be handled by the renowned Malcolm Elliot from Vault Heritage Consulting. Unsurprisingly, increased investment activity in Brisbane is one of the emerging trends in Australia’s commercial property sector.
The new structure will have 9100m of office space and dedicated three levels of restaurant space along with a lavish rooftop bar that will equip it with all the creature comforts. The entrance will have a grand welcoming space and the lower part will comprise a fine dining restaurant with a three-storey open view.
It will become a social landmark for the affluent and high-end individuals who want to enjoy a delicious meal while soaking up the delightful views of the city. The rooftop bar will be another enchanting addition that will overlook the Brisbane River and keep the guests mesmerised.
The building will have a garden on level 14 and 400sqm city room that will be built in accordance with the Brisbane City Council’s Buildings that Breathe concept. Living greenery is becoming a permanent fixture in most CBD buildings and it is a fantastic initiative to save the environment. The tower will also have a communal terrace on the fourth floor which will be covered with trees.
Thus a lot of businesses will be interested in setting up an office in this milestone that will get them exposure and credibility as a major player in the industry.
Proposed Two-Tower Mixed-Use Development in Fortitude Valley
The Queensland Teachers Union Health Fund has submitted a development application for the construction of a 30-storey two-tower building. The mixed-use development will cover the expansive space of 5207sqm which will combine the properties of Baxter Street, Misterton Street and St Pauls Terrace. According to the proposed plan, the taller tower will have commercial spaces comprising 43,513sqm and the shorter one will consist of residential spaces, retail shops, and accommodation units that can be leased for a short duration to travellers.
The two towers will be connected by a large plaza space which will lead to the pool deck of the hotel. The structure will consist of a five-level podium which will comprise an elevated commercial podium and will bring the attention of the onlookers to the modernised heritage buildings. The podium will have a childcare centre, supermarket, shops, bars and restaurants to provide the residents and the employees with all the amenities under one roof. The site of the proposed building has been valued at $13.5 million and will become a sight of attraction.
The edifice will have a public realm of 1306sqm which will be utilised as an urban plaza space with landscaped areas and walking paths for pedestrians. The re-use of the heritage buildings will involve some changes in the frontage and a new design that will make it unique. However, it will not add any more concrete to the skyline and will be constructed as an urban oasis that exudes warmth, comfort and opulence. Naturally, investors will be lapping up this building as it will be generating a high return on investment in the future.
If you have been looking for commercial real estate in Brisbane, then you must focus on the office and retail spaces coming up in these proposed 30-storey mixed-use developments that will upgrade the look of the CBD.
Sophie Barrett is an experienced real estate marketing professional with a specialisation in commercial property market. She has a Masters degree in marketing from the esteemed Melbourne Business School and has several property management certificates to her credit. Her shrewd marketing policies and business acumen have led to the most rewarding property deals in the major capital cities of Melbourne, Sydney and Perth. She is a popular name in the real estate market and has been serving the industry for almost two decades now. CommercialProperty2Sell is proud to partner with her for some astute discussions and advice on the booming sector.
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