Global real estate investment manager, DWS, and Consolidated Properties Group (CPG) have announced commencement of construction on a JV development of a landmark, A-Grade commercial office building at 895 Ann Street, Fortitude Valley in Brisbane.
The development is on behalf of a European real estate institutional fund managed by DWS, with the site being acquired in an off-market transaction from a private investor.
DWS and CPG have appointed Queensland-based building contractor, Hutchinson Builders, to construct the approximately $260 million development, with practical completion forecasted in the first quarter of 2023.
Designed by award-winning John Wardle Architects, the project is located within close proximity of the James Street ‘lifestyle’ precinct and will comprise nearly 24 thousand square metres of net lettable space, spread across 15 levels upon completion.
With a striking dual frontage glass façade, the building will offer future tenants high quality, contemporary office accommodation, ground floor retail and roof-top bar, along with two levels of basement parking and end of trip facilities.
The building’s environmental credentials will target a 5 Star Green Star and 5.5 Star NABERS energy rating.
James Bartlett, Head of Real Estate, Australia at DWS, said Fortitude Valley has undergone an immense gentrification process over the past 20 years, “transforming the suburb into a modern urban interconnected community that embodies the live-work-play culture”.
Don O’Rorke, CEO and Chairman of CPG, added that he and his team were “thrilled and excited by the prospect of not only delivering another commercial office tower in the Fortitude Valley precinct but delivering approximately 300 construction and development jobs during the process”.