Charter Hall lists former Brisbane residential tower development site
Charter Hall Group has put No.1 Brisbane, comprising three adjoining buildings - 217 George Street, 60 Queen Street and 231 George Street - up for sale.
The properties were acquired in July 2018 with a development approval for an 81 storey residential tower scheme.
It cost $93.96 million when bought from the Blackstone-backed 151 Property Group.
Approval to build an apartment tower to rival Brisbane’s tallest in the prime location had been secured just a month before it was offered for sale.
Brisbane has a long list of skyscraper project completion including the city welcoming the highly anticipated Brisbane Skytower, which topped out at an impressive 274 metres.
Outlook for Brisbane’s apartment market is on the positive side, as domestic migration is seen to continue pushing up buyer demand and consequently, property prices since the onset of the pandemic.
Rather than pursue the residential tower, Charter Hall instead increased its office occupancy and secured another DA for a landmark, 34 storey, commercial office and retail tower designed by architects Blight Rayner.
The DA comprises a total of 24,490sqm (NLA) of office space and 2,150sqm (NLA) of ground floor and podium level prime retail space over 4 storeys as well as basement parking for 94 cars and 213 bikes.
Located at the corner of George Street and the southern end of Queen Street Mall, No.1 Brisbane is being marketed as well positioned to capitalise on the $13 billion of projects in the immediate precinct including Queens Wharf, Cross River Rail, Brisbane Live and the Brisbane Metro. Office tenants include leading corporate and government agencies including Santos, Suncorp, Brisbane City Council, Shell, Telstra and QSuper.
The building's sale campaign, is being handled by CBRE’s Bruce Baker, Peter Chapple, Tom Phipps and JLL’s Seb Turnbull and Paul Noonan.