25 Sep 2012

Six vie for tower

Six of Australia’s top developers will battle it out for the right to build a tower on Brisbane’s William Street, as part of the Queensland government’s multibillion-dollar CBD urban renewal project.

The state government said it hoped to see work on the 1 William Street site by the end of the year, after listed groups Lend Lease, Westfield Group and Leighton were shortlisted to develop the office tower, along with Cbus, Brookfield and Grocon. They were selected from 13 expressions of interest. A request for proposals is expected by the end of the month.

The site neighbours the Queensland Parliament and is now a car park.

The proposed tower, which will include 60,000 square metres to 75,000 square metres of net lettable area, is part of the government’s push for a new waterfront office and entertainment precinct, similar to Sydney’s Barangaroo project.

Premier Campbell Newman has confirmed the city’s Executive Building and Public Works Building would be demolished after 1 William Street was completed. The government would then put out a tender for a new five-star hotel and casino project, which would be the city’s answer to James Packer’s Crown properties.

Deputy Premier Jeff Seeney said the tower would save about $60 million in annual accommodation costs, as the government rationalised its portfolio by shifting staff from other offices into the building. The government wants to reduce its office footprint from 420,000 sq m to 320,000 sq m over the next five years.

Three other sites – 80, 100 and 102 George Street – are also likely to attract significant developer interest.

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