MaxCap Group (MaxCap), a debt investment manager, has delivered one of the nation’s largest single commercial office construction funding facilities.
The construction facility is for the Midtown Centre, a PCA A-Grade office tower in the middle of Brisbane’s CBD.
The project will join two old Queensland Government towers (Health and Forestry House) to create one modern 45,000 square metre (m2), 26 level office building with large 1,850 – 2,500m2 campus-style floorplates, including 3,000m2 of landscaped balconies, terraces and rooftop gardens, and one of the largest end of trip facilities in Brisbane.
Designed by renowned architecture firm, Fender Katsalidis, the redevelopment embraces the ‘Buildings that Breathe’ philosophy throughout to foster productive, healthy workplaces in line with Brisbane City Council’s New World City Design Guide.
It is targeting a 5-Star Green Star rating as well as the first Silver WELL rated core and shell in Queensland.
In March 2019, anchor tenant, Rio Tinto, announced it would occupy 20,000m2 of the building, relocating from its former home at 123 Albert Street.
Hutchinson Builders have been on-site since April and the building is scheduled for completion in mid-2021.
The project’s construction is expected to support approximately 400 direct construction jobs, including for apprentices and cadets.
In commenting on the transaction, MaxCap’s Executive Director Investment NSW/QLD/ACT, Eddie Law, said: “At a level of greater than $360 million, this is possibly the largest single hold for development finance ever in Australian history and represents a watershed moment for the non-bank finance industry.”
“From MaxCap’s perspective, it’s a testament to the talented team we have built both nationally but more specifically in NSW and Queensland,” he added.
The project is being developed by the Ashe Morgan Group and DMann Corporation.
Principal of Ashe Morgan Group, Mendy Moss, added: “We appreciate the focused and professional support of the entire MaxCap team in organising this facility which provides all the funding necessary to complete the project and allows the AM/DMann team to focus on delivering this landmark development.”