Queen Street Building Snapped Up For Circa $70 Million, Residential Plans Scrapped

Axis Capital will buy a prime inner city office building on Queen Street that was previously the centre of plans for one of the city’s most significant residential apartment projects, according to The Australian. 

Axis bought 545 Queen St from the GPT Group office fund for an unknown price, believed to be in the low $70 million range.

Flight Centre used to occupy the building until the company's shift to the Southpoint complex at South Bank.

The Queen Street complex sits on an island site in Brisbane’s financial precinct with 13,100 sqm of office space in the A-grade tower.

The proposed Brisbane development (pictured) was for a billion dollar, 76-storey, 891-unit, 100-ser­viced apartment tower designed by Woods Bagot and featuring a curved glass ­facade, as well as associated retail space. Queen's Tower would encompass luxury residences, premium short-term accommodation and a new shopping and dining precinct.

The consortium of DGS, and other Chinese and Australian entities, secured 2735sqm triangular site at 545 Queen St from the GPT-managed fund in 2015 for $82 million but as this deal was not settled the vendor retained the deposit.

At the time, PDS Australia executive chairman Sameh Ibrahim said the proposed development would transform a commercial building into a new residential and mixed-use precinct that was better aligned to current market conditions and the city’s expected growth.

“Brisbane’s CBD is set to undergo transformative change over the next decade, with the Howard Smith Wharves precinct expected to open in mid-2017 and Queen’s Wharf to follow in 2022,” Mr Ibrahim said.

The development would have delivered 891 luxury residences, 100 serviced apartments, approximately 2,500m2 retail and commercial podium and basement parking for 853 cars and 752 bicycles.