Plans for a $25 million makeover of the Christie Building at 320 Adelaide St have been lodged with Brisbane City Council.
The plans include replacing old imitation sandstone cladding to a regulation-compliant cladding, and a contemporary addition to the site with stepped terraces that add a further 1488sq m of gross floor area and 353sq m of outdoor space.
The L-shaped modernist building was originally built in the 1960s to accommodate the ATO. Robert Christie bought the building in 1999 and its facade was updated with non-compliant expanded polystyrene cladding.
Christie Spaces national asset manager Michael Conroy said they had decided to add value to the building instead of just updating the cladding, and engaged Fitzpatrick + Partners’ Paul Reidy.
The construction of the stepped terraces will add more leasable space to the site, and extend its footprint on the parcel of land. There are also plans to demolish the top floor and rebuild it as a penthouse boutique office space incorporating glass and timber.
“I think it’s a pretty exciting project … it’s a very innovative sort of redesign,” Conroy said.
“We wanted to add value to the building, we wanted to actually really improve the building. The top floor is being completely redone.”
Conroy said the well-known Christie Building was the largest flexible co-working space in Australia. The company has been renovating the building in line with this strategy and work-life shift since 2016.
Conroy said while Covid had impacted the CBD he believed there would be a shift back to workplaces in line with a hub-and-spoke model.
“With all the stock around you really need to offer something outside the box to bring (workers) back into the city from home.”
Fitzpatrick + Partners’ Paul Reidy said flexible working was an important part of the redesign.
“The opportunity was there to give it a new face and amenity. (The new construction adds) a series of terraces going away from the corner, adding in additional outdoor breakout spaces,” Reidy said.
Reidy said the new development and refurbished penthouse incorporated timber and glass for a contemporary refresh.
“The impact of Covid means more people are working from home. The office has to offer you more and that is in part technology and collaboration, but the building itself has to offer comfort and warmth and amenity.”
A timeline for the construction process will not begin until plans are approved by the Brisbane City Council.
Article Source: theurbandeveloper.com
Barwon secures Princess Alexandra Hospital car park
Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.
The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.
The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.
A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.
The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.
BIP invests again
Established in 2006, BIP holds a property portfolio worth $2.3 billion.
Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.
Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.
Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.
More to come.
Article source: www.realestatesource.com.au
Brisbane’s Office Market Greenlit for Business
Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.
Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.
The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.
Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.
Article source: www.theurbandeveloper.com
Developer Pitches for $130m Shop-Top Housing on Bayside
Brisbane’s bayside could be going up in the world with plans for $130-million highrise shop-top housing in the heart of the seaside suburb of Wynnum.
Brisbane-based developer Hambros has lodged plans for a 21-storey apartment tower on the vacant lot neighbouring the Wynnum Central Shopping Centre, after winning approval for an small extension to the retail centre late last year.
The development comprises a 6-storey retail and commercial podium, with a 275-apartment tower above, backing on to Wynnum Central Park.
Hambros has reportedly spent about $14 million on revamping the Wynnum Central Shopping Centre on Bay Terrace, as part of a $74-million plan to rejuvenate Wynnum, including cinemas.
According to planning documents lodged with the Brisbane City Council, the tower will be made up of 54 one-bedroom apartments, 148 two-bedroom apartments, and 67 three-bedroom apartments, with six penthouses, which will have private rooftop space and their own pools.
The building height is well in excess of the allowable five to eight storeys in the Wynnum Manly Neighbourhood Plan, but town planners Gateway Survey and Planning argued the plan was “outdated” and should be overhauled.
The six-storey podium would contain two levels of parking, a retail tenancy at ground level, a floor of retail, with two storeys of commercial space for office, healthcare and events space on levels 5 and 6.
In a statement to the council Hambros director Justin Ham said the Wynnum CBD had been left behind “with no development occurring in the last 20 years”.
“Our project is designed to put Wynnum CBD on the ‘open for business’ map,” Ham said.
“This landmark development, with a construction cost estimated at $130 million will have a huge financial and community positive impact on the Wynnum CBD and surrounding areas.
“It’s a once-in-a-lifestime opportunity to create a beautiful space overlooking the best bay in the world.”
Ham said the development would bring much-needed foot traffic to the heart of the Wynnum CBD and help bolster businesses and landowners he said were struggling to remain profitable.
Taiwanese developer Shayher Group won approval for a masterplanned retail precinct at Wynnum Plaza with plans for 184 apartments across eight residential buildings as well as boutique cinemas and increased retail space, reportedly worth more than $100 million.
Work on the Wynnum Plaza redevelopment was due to commence later this year with a completion date hedged for 2024.
Article source: www.theurbandeveloper.com
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