Axis Capital has bought a prime inner city office building on Queen Street that was previously the center of plans for one of the city’s most significant residential apartment projects, according to The Australian. With this new development, it is unlikely that those plans will be realized.
Axis bought 545 Queen Street from the GPT Group office fund for an unknown price, believed to be in the low AUD$70 million (USD$53 million) range. The Queen Street complex sits on an island site in Brisbane’s financial precinct with 13,100 square meters of office space in the grade-A tower.
The proposed Brisbane development, known as Queen’s Tower (pictured), was for a 76-story, 991-unit apartment tower designed by Woods Bagot and featuring a curved glass façade, as well as associated retail space. The tower would have encompassed luxury residences, premium short-term accommodation, and a new shopping and dining precinct.
A consortium of DGS and other Chinese and Australian entities secured the 2,735-square-meter triangular site at 545 Queen Street from the GPT-managed fund in 2015 for AUD$82 million (USD$62 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,” Ibrahim said.
The development would have delivered nearly 1,000 residences, approximately 2,500 square meters of retail and commercial space, and basement parking for 853 cars and 752 bicycles.
For more on this story, go to The Urban Developer.