26 Jul 2022

Cbus Property purchases remaining 50 per cent stake in 205 North Quay, Brisbane

JULY 2022

National award-winning integrated property investor and developer, Cbus Property, has purchased the remaining 50 per cent stake in its landmark future office tower at 205 North Quay in Brisbane from its development joint venture partner, MJ Nielson, a company associated with Nielson Properties and Brisbane’s Raniga family.

The acquisition was recently celebrated at a stakeholder event, marking a key milestone in the momentous three-year journey, following the recent commencement of the tower’s vertical works.

Designed by internationally acclaimed architectural firms Hassell, New York-based REX, and Brisbane’s Richards & Spence, 205 North Quay is under construction by Hutchinson Builders on the northern river’s edge of Brisbane’s CBD. The 30-level A-grade commercial tower, with premium-grade services, has been fully pre-committed.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said the development would optimise the site’s potential and be a catalyst for activating the North Quarter of Brisbane’s CBD, bounding the city’s government precinct with Cbus Property’s prominent 1 William Street commercial tower.

“Upon completion, 205 North Quay will be an incredibly unique and healthy workplace that will evolve with its users into the future and create a new front door to the city, setting an example for others to follow in this exciting burgeoning precinct,” he said.

“It will be a city-shaping project delivering the workplace of the future and providing a clear benchmark for both economic and environmental sustainability.”

MJ Nielson’s Director, Ross Nielson, said partnering with Cbus Property on 205 North Quay to date had been an “absolute pleasure”.

“We are very happy and very excited for Cbus Property to take over the balance of our project and to take it forward,” he said.

“This will be a tremendous benchmark project, not only for Brisbane, but also for Australia, and we wish Cbus Property all the very best.”

In a new report by the Property Council of Australia and EY, ‘Reimagining our economic powerhouses: How to turn CBDs into central experience districts’, 205 North Quay has been identified as an example of an inspiring new project that will reimagine the workplace.

“Our focus is on ensuring exceptionally healthy and productive environments to underpin the well-being of our tenants and their employees, which will be achieved through creating next-generation work and collaboration spaces to a standard never seen before in Australia,” Mr Pozzo said.

205 North Quay will comprise 43,700 square metres of office space, a wellness floor and an 18-metre open-air public plaza at ground level with retail offerings, signature dining experiences and an auditorium.

Aligning with the ‘Buildings That Breathe’ strategy in Brisbane City Council’s New World City design guide, every level of the office tower will be afforded with open-air terraces, providing extensive access to natural light, protective sun shading and increased fresh air.

“The grand public plaza will act as a ‘city room’ for people to meet and have access to natural light and fresh air, surrounded by subtropical planting,” Mr Pozzo said.

“It will provide new cross links for permeability, incorporate public art and activate the surrounding neighbourhood with retail and dining offerings and a versatile, programmable auditorium.”

205 North Quay is designed to achieve 6 Star Green Star and 5.5 star NABERS ratings. Construction completion is anticipated for late 2024.

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