In a bid to remain “flexible” in uncertain times, Charter Hall has lodged two sets of plans for a significant riverfront site in Brisbane’s fast-growing North Quarter precinct.
The listed developer, alongside Canada’s largest pension fund-owned property group Quadreal, picked up the 6,400sq m site at 309 North Quay before proposing either a twin or single tower development.
Charter Hall and Quadreal paid $65 million for the site, previously the long-term home of radio stations Triple M and B105, and is due to settle shortly, according to The Australian.
The dual proposals, drawn up by Brisbane-based architecture firm Blight Rayner, feature a single commercial tower, comprising 50,000sq m of office space, or two smaller commercial towers, comprising 23,000sq m and 36,000sq m respectively.
The single tower scheme will feature large, which is Charter Hall’s preferred option, will feature campus-size floor plates of over 2,700sq m as well as a 1,550sq m outdoor garden terrace at the top of the building’s podium.
The dual tower scheme, lodged in a bid to recognise “growing flexibility in tenant requirements”, will be developed through a staged approach and will hold a more public-centric focus with a number of pedestrian laneways featuring cafes and pop-up venues.
In line with Charter Halls’s commitment to achieve net zero carbon across its portfolio by 2030, both 309 North Quay proposals will target 6 Green Star and 5.5 Star NABERS Energy ratings.
Charter Hall regional development director Bradley Norris said its proximity to Brisbane’s new Grand Central station on Roma Street is expected to be a drawcard for prospective tenants.
“Continued investment from the state government and council in North Quay, 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.”
“[The site] represented a unique opportunity to contribute to this revitalisation,” Norris said.
The acquisition and development furthers Charter Hall and QuadReal existing partnership following the $630 million acquisition of 201 Elizabeth Street in Sydney in 2019.
QuadReal head of Asia Peter Kim said Australia remained a key focus for the business, and that its continued long-term strategic relationship with Charter Hall would allow it greater exposure, will adding to its 34 million square metre office portfolio.
Super fund developer Cbus Property, in conjunction with its local partners Nielson Properties and the Raniga family, last year lodged plans for its own $600 million office tower at 205 North Quay.
Both North Quay projects join a wave of development in Brisbane, with Mirvac, Charter Hall, Dexus and Investa among the big players pursuing major developments.