21 Dec 2012

State Government announces successful bid for 1 William Street

THE State Government has announced the successful bid for the construction of the 1 William Street tower.
CBUS Property has been awarded the $653 million tender.

The developer has been granted a 99-year lease over the land and a guaranteed 15-year government lease for 60,000 sq m of office space.

Mr Nicholls said the details of that lease were commercial in confidence.

He said he believed the building would one of the tallest, if not the tallest in the CBD.

CBUS was one of six developers shortlisted to come up with a proposal for a new CBD high-rise tower at the site as part of the state’s plan for a renewed government administrative precinct.

The project is aimed at breathing new life into the scarcely used part of the city.

Mr Nicholls said the 43-storey 75,000 square metre office building would house public servants and “invigorate” the precinct.

Work is expected to start in the new year, with the building complete by the end of 2016.

The initial Expressions of Interest process received 13 responses which were finally reduced to six.

Other companies shortlisted included Lend Lease, Brookfield, Westfield, Leighton Properties and Grocon.

Mr Nicholls has said the new building will not cost taxpayers a cent but would instead save at least $60m every year and create 1000 jobs.

“This development will be fully funded by the private sector, will support approximately 1000 direct jobs and have positive flow-on effects right across the state’s economy,” Mr Nicholls said.

“This project is all about driving growth and investment in the construction industry that is the backbone of the Queensland economy.

“Cbus Property’s proposal uses the latest technology and design intelligence to create a building that will stand the test of time and provide a highly productive environment for the Queensland Public Service, allowing it to focus on achieving the best outcomes for the people and businesses of Queensland.”

Earlier comments by Mr Nicholls that the development would be cost-neutral were attacked by former Treasurer Andrew Fraser in an opinion piece written for The Courier-Mail this week.

Mr Nicholls said the redevelopment would include large public spaces opening up William St and a design “that embraces both the Parliament and the mighty Brisbane River”.

The State Government has previously indicated it would like an arts or cultural precinct and a five-star hotel on the site.

Echo Entertainment is believed to be interested in the site as part of a $1.3 billion proposal for a 1000-room hotel, retail and casino complex, with a cable car linking the CBD with South Bank.

Deputy Premier Jeff Seeney said the development of the 1 William St site was long overdue.

“The site at 1 William Street has been a dusty car park for years and has been designated for government office development since 1974,” Mr Seeney said.

“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.

“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.”

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