- Charter Hall will partner with QuadReal
- The partners previously acquired 201 Elizabeth Street for $630 million in 2019
- Plans include either one 50,000 sqm tower or 23,000sqm and 36,000sqm towers
The Charter Hall group, in partnership with QuadReal – one of Canada’s largest property groups – has acquired one of the largest remaining Brisbane CBD development sites in the North Quay precinct.
Two development applications have been submitted with the Brisbane City Council for the 309 North Quay 6,400 sqm infill site, which the developer argues will give them greater flexibility.
“While our initial priority will be the development of the first single tower, we have made the decision to lodge a separate DA for the two tower schemes at the same time, to provide ultimate flexibility in managing occupant requirements “said Bradley Norris, Charter Hall’s Regional Development Director.
One application consists of a single 50,000 sqm commercial tower with the other consisting of two smaller towers at 23,000sqm and 36,000sqm.
The North Quay precinct is currently undergoing a major transformation and the site will be near the Roma Street Station – dubbed Brisbane’s new ‘Grand Central Station’ and Brisbane Live which will be the city’s new entertainment arena.
“309 North Quay represented a unique opportunity to contribute to the revitalisation of the Roma Street precinct, which will be transformed by transport and infrastructure upgrades that are underway or planned,” said Mr Norris.
“Continued investment from the Queensland Government and Brisbane City Council in this area of the CBD, particularly in key city-shaping projects including Cross River Rail and Brisbane Metro, will see Roma Street transform and we are excited to play a part with the development of 309 North Quay.”
QuadReal, who previously partnered with Charter Hall to acquire 201 Elizabeth Street in Sydney for $630 million in 2019, has extensive experience in real estate development and is looking forward to expanding its footing in Australia.
“Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market. Urban renewal is a theme we embrace and support throughout the world; and this recent acquisition, which increases the size of our global office portfolio to about 34 million sqm, reflects QuadReal’s strong conviction around improving the communities in which we invest” said Peter Kim, QuadReal’s Head of Asia.
Both proposals have been designed by Brisbane Architectural firm Blight Rayner who says the design of all three towers will be reflective of subtropical architecture.
“These will be the first buildings in the City to be climatically protected by an external sunblade system that accurately responds to different faced orientations, thus generating a visually iconic subtropical city architecture reinforced by organic form,” said Michael Rayner, Blight Rayner Director.
“With increased revitalisation of the city’s fringe precincts, we’re looking forward to contributing to the site’s redevelopment potential and taking advantage of its proximity to existing and future infrastructure and transport”.