The proposal outlined in the content involves redistributing a similar overall gross floor area to that previously approved by Charter Hall through larger floor plates across fewer levels. Urbis provided reasons for Charter Hall’s decision to take this new approach, citing the increasing demand for improved office facilities by major tenants in the city and the importance of employee experience. Key prospective tenants for Brisbane are seeking large floor plate sized accommodations that can accommodate diverse but well-connected facilities within tenancies. Due to ongoing population growth in Brisbane and a lack of recent proposals for new major commercial projects in the city, there is predicted to be a moderate undersupply of A-grade commercial office space within the next five years.
Sumner Innovate recently submitted plans to convert an office tower at 150 Charlotte Street into student accommodation, a major departure from the approved plans for the building. Additionally, an arcade between Queen Street and Burnett Lane was removed from the design due to design reviews determining that it did not provide a strategic contribution to the pedestrian movement network in the area. The arcade was found to connect loading areas for adjoining and adjacent buildings rather than Queen Street to a specific destination in Burnett Lane. There are already existing connections between the mall and Burnett Lane in close proximity to the arcade through George Street and the Queen Adelaide Building.
The proposed building is located diagonally across from the Treasury Casino, which will be vacated this year with the opening of the Queen’s Wharf casino. Charter Hall had plans to acquire the space for $248 million to turn it into a hotel and high-end retail precinct, but they pulled out of the deal last June. Star appointed McVay Real Estate and JLL to sell the old Treasury building, Treasury Hotel, and an underground car park, receiving interest from around the world, including London, the Middle East, Asia, and Australia. However, as of the latest update, there is no new information on the sale of the old Treasury building.
In light of the increasing demand for improved office facilities by major tenants in the city and the need to accommodate diverse but well-connected facilities within tenancies, Charter Hall has decided to redistribute a similar overall gross floor area to that previously approved through larger floor plates across fewer levels. The proposal also highlights the ongoing population growth in Brisbane and the predicted moderate undersupply of A-grade commercial office space within the city in the next five years. Sumner Innovate’s recent submission to convert an office tower into student accommodation, along with the removal of an arcade between Queen Street and Burnett Lane from the proposed building design, are significant developments in the city’s urban landscape. The future of the old Treasury building and its potential sale for redevelopment into a hotel and high-end retail precinct also adds to the changing dynamics of the Brisbane commercial real estate market.
The decision to remove the arcade between Queen Street and Burnett Lane was based on design reviews that found it did not strategically contribute to the pedestrian movement network in the area. Instead, the arcade was found to connect loading areas for adjoining and adjacent buildings rather than provide a meaningful connection between Queen Street and a specific destination in Burnett Lane. With existing connections between the mall and Burnett Lane already in place through George Street and the Queen Adelaide Building, the removal of the arcade aims to enhance the overall pedestrian experience in the surrounding area. The redesign of the proposed building along with the removal of the arcade reflects a forward-thinking approach to urban planning and the evolving needs of the city’s commercial real estate market.
The location of the proposed building across from the Treasury Casino, which is set to be vacated this year with the opening of the Queen’s Wharf casino, presents an opportunity for redevelopment in the area. Charter Hall’s previous plans to acquire the space for a hotel and high-end retail precinct and their subsequent withdrawal from the deal add another layer of complexity to the changing urban landscape in Brisbane. With interest from international investors in the old Treasury building and adjacent properties, the future of these iconic sites remains uncertain but full of potential for significant redevelopment and revitalization. The ongoing developments in the Brisbane commercial real estate market, including Charter Hall’s proposal and the potential sale of the old Treasury building, indicate a dynamic shift in the city’s urban landscape and a focus on meeting the evolving needs of tenants and residents in the area.
