Australia / Brisbane
Mar 27 2018Add to Favorites
Brisbane City Council has approved the redevelopment of two former government buildings, which will see them merged to form one $500 million office tower.
The buildings at 155 Charlotte Street and 150 Mary Street will be developed by Sydney-based financial house Ashe Morgan and DMANN Corporation.
Health and Forestry House, bought by Ashe Morgan for $65 million, will be converted from two 17-storey buildings into one 42,000-square-metre, 26-storey development, creating campus-style podium floor plates of 2400sq m to 2500sq m.
David Mann, AM Brisbane CBD Investments director said he anticipated Midtown Centre would be completed by mid 2020, delivered in a window of low new supply in the Brisbane CBD office market.
The merging of the two buildings is a 230 per cent more environmentally friendly option than rebuilding demolished buildings.
Architectural firm Fender Katsalidis has designed the new tower, which will include a sky garden on level 20 along with restoration of Charlotte Street heritage facade.
Home loan approvals have fallen significantly off the back of the APRA and the Royal Commission initiatives together with new Responsible Lending Criteria. The ABS recently reported that home loan approvals have fallen by 13.6% year on year and within that, investment loans have come back by c.20%
Off the back of successfully settling a $48m syndicated first mortgage for a residential apartment development in Sans Souci just weeks ago, Sydney-based real estate investment manager Centennial Property Group (CPG) opened a new fund with a focus on the industrial and logistics market, Centennial Industrial and Logistics Fund II (CIL II). The fund, available only to wholesale and private high net worth investors, opened on 1 November and was seeking to raise c. $38 million. CPG closed the fund less than two weeks later, well before the official close date, due to oversubscription.
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