Trinity's $180m. office for Brisbane

TRINITY has proposed to develop a new $180 million office tower project in Brisbane's CBD.

Trinity’s wholly-owned development subsidiary Consolidated Properties has acquired the 1,821 sqm site for $25 million from private investor owners.

The site on the corner of Albert and Margaret Streets is earmarked for a 20 level, 22-000 sqm A-grade office development designed by architects Donovan Hill.

The building will feature floor plates of 1,020-1,200 sqm and include two ground floor retail outlets and 115 basement car parks.

Construction of the tower will be undertaken by Hutchinson Builders and will target a 4.5 star Australian Building Greenhouse Rating and a 5 star Green Star rating. The range of sustainability features incorporated in the project will include the provision of chilled beam air conditioning.

The project will be preleased and presold prior to completion in late 2008 or early 2009. The sale of the development site was negotiated by Jones Lang LaSalle’s Paul Noonan and Seb Turnbull.

JLL has also been appointed sole leasing agents for the project which is being marketed with gross rentals of $550 to $600 per sqm.

Consolidated Properties project partner Toby Lewis said the leasing campaign will commence in the second quarter of this year.

“Brisbane’s office market is continuing to record historically low vacancies and strong rental growth, particularly in the A-grade sector,” Lewis said.

According to the Property Council of Australia research, Brisbane’s vacancy rate had fallen to 1.7%, with A Grade space recording a vacancy level of just 1.1%.

“Consolidated Properties has a history of developing prime buildings in the CBD, most recently completing 175 Eagle Street in 2002,” Lewis said. “Another landmark project for the company was the $130 million development of the Commonwealth Law Courts in North Quay. Consolidated Properties is also readying to commence the refurbishment of the historic 308 Queen Street building in Brisbane’s CBD and develop an adjoining eight-level office complex.’’

“We plan to lodge our development application this month and hope to start construction during the third quarter of this year.” he added.

Trinity chief executive Ben McCarthy said the project would earn development revenue for the listed group and was perfectly timed to coincide with a peak in market demand, both in terms of leasing and investment.

“We are confident of achieving a high level of leasing precommitment because of the size of the floor plates and the proximity of the project to a range of retail and leisure facilities for tenants and their staff,” McCarthy said. “Another factor will be the dramatic shortage of office space in the market during the next two years.”

Australian Property Journal