LNP in high spirits after $658m reach for the sky

PLANS to transform and revitalise the Government Administrative Precinct in Brisbane are a step closer, with Cbus Property last week securing the contract to develop a $653 million commercial project at 1 William Street.

The William Street tower, which will provide 75,000 square metres of floor space over 43 levels, is the first step in a process that will eventually result in the entire George Street government precinct to be redeveloped.
Queensland Treasurer Tim Nicholls said the development will be fully funded by the private sector, support approximately 1,000 direct jobs and have positive flow-on effects across the state’s economy.

Minister for State Development, Infrastructure and Planning Jeff Seeney said the development of the 1 William Street site was long overdue. The site currently serves as a car park and has been designated for government office development since 1974.

“Cbus Property’s development will revitalise the site and is the first stage in delivering a mixed-use precinct that will facilitate greater community use of the northern bank of the Brisbane River,” Mr Seeney said.

“The 1 William Street development, with its modern fit-out and reduced space requirements, will rationalise the Government’s CBD office portfolio and save taxpayers about $60 million each year.”

The development will include 318 car park spaces and achieve a 5 star NABERS office energy rating and a 3 star NABERS office water rating.

Approximately 60,000 square metres of floor space will be utlitised by the Queensland Government, with the remaining space to be available for sublease by the private sector. The building will also include nearly 1,200 square metres of retail space.

The initial Expressions of Interest process held earlier in the year received 13 responses and that number was reduced to six – comprising Cbus Property, Lend Lease, Brookfield, Westfield, Leighton Properties and Grocon – after consideration against the prescribed criteria.

Work on the site is expected to start immediately in the New Year and the building is expected to be completed by the end of 2016.

Once the tower is underway, the government said it will engage with the community to begin the planning exercise to transform Government Administrative Precinct, which stretches from Queen Street to the Botanic Gardens, and from the river’s edge to Albert Street.