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QIC Consolidates Four Sites for Major Brisbane Development

QIC are proposing the construction of a new 39-storey commercial tower at 62 Mary Street, as well as the refurbishment of 111 George Street, 33 Charlotte Street and 54 Mary Street – which will adjoin the new tower and have been named the “QIC Triplets”.

The development sites at 54 Mary Street and George and Charlotte Streets were acquired by QIC in April 2013 from the state government in a multi-sale deal worth $455 million. QIC later acquired the 62 Mary Street site for $7.6 million in June 2014. 

The site currently accommodates 6,000 employees across three buildings. When the full masterplan is complete, the number is expected to rise considerably – adding confidence to Brisbane’s current positive commercial market sentiment.

In its proposal to council, QIC has outlined the precinct’s potential as a gateway, linking the Queens Wharf redevelopment and a future key Cross River Rail stop with 12 new retail spaces and landscaped public areas.

The application referenced a Hornery Institute prediction that by 2019 there will be in excess of 6,000 people living within 500 metres of the site. The Albert Street underground Cross River Rail may be developed by QIC, who were last week shortlisted for the $5.4 billion infrastructure project.

Designed by architects Bureau Proberts – who’ve teamed with Architectus to deliver the complete masterplan – the new tower will have a gross floor area of 42,319 square metres and stand 189 metres tall.

The full proposal will be delivered across four stages with the first being the demolition of an existing three-storey commercial building at 62 Mary Street which currently sits vacant and will make way for the new tower.   

Following the construction of 62 Mary Street, stages two, three and four will be centred around upgrading the ground and plaza levels of the triplets with the intention of “providing an active and vibrant commercial precinct”. 

According to the proposal, ground plane activation plays a pivotal part in the regeneration of the block with the architects looking to create new laneway linkages utilised by cafes, restaurants, retail, conference facilities and possibly a child care centre. 

QIC’s application follows several other recent commercial tower proposals in Brisbane’s CBD, such as Mirvac’s Ann Street development and Morris Property Groups 343 Albert Street and Wharf Street towers. The application awaits further assessment from the Brisbane City Council. 
Source: The Urban Developer

Tags: Proposal, Construction, Brisbane City, Investment, QIC, Refurbishment, State Government.

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