Trinity's new $180m. office for Brisbane CBD

TRINITY unveiled a new $180 million office tower project for the Brisbane CBD yesterday.

Trinity’s wholly-owned development subsidiary Consolidated Properties acquired the 1,821 sqm site on the corner of Albert and Margaret Streets in the Brisbane CBD for $25 million, and in April 2007 announced its plans for a 20-level, A-grade office development.

The 21,000 sqm development, scheduled for completion in early 2009, will feature floor plates of 1,020-1,200 sqm and will include two ground floor retail outlets and 115 basement car parks, accessed from Margaret Street.

The development will target a 4.5 star Australian Building Greenhouse Rating and 5 star Green Star rating and will incorporate a range of sustainability features, including the provision of chilled beam air conditioning.

Consolidated Properties’ project partner Toby Lewis said the Development Application submitted to the Brisbane City Council proposed an excellent development outcome for the site.

“Albert Street is a new focal point of development activity in the Brisbane CBD with several large-scale residential and commercial projects set to transform the area into a stylish business and lifestyle precinct.

“We are confident of a timely approval process and expect to commence construction later this year,” he added.

Lewis said the Albert Street project was perfectly timed to coincide with the Brisbane CBD’s record level of limited supply, tight vacancies and strong rental growth, particularly in the A-grade sector.

Jones Lang LaSalle has been appointed sole leasing agents for the project, which is being marketed with gross rentals from $550 per sqm.

Consolidated Properties has also announced plans to develop an eight-level office complex in the Brisbane CBD adjoining its 308 Queen Street building.

The development is expected to have an end value of $50 million and will also include a refurbishment of the historic 308 Queen Street bank building.

In other local projects, Consolidated Properties has secured a development site in Duranbah, Tweed Coast, which is earmarked for a high-end residential apartment development with an end value of approximately $30 million.

Australian Property Journal