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Grocon’s 480 Queen Street Tops Out Ahead Of Schedule

The operators of standout Sydney fine dining restaurants Bennelong, Quay and Otto will launch their first Brisbane operation at 480 Queen Street when it opens early next year.

In a success for developer and builder Grocon and 480 Queen Street owner DEXUS, Otto Brisbane will take up 332 sqm in the premium office tower, overlooking the Story Bridge and the Brisbane River and adjacent to the building’s fourth floor park.


The Fink Group will take another 83 sqm for offices and a supplementary venue – either a bar or eatery – also overlooking the level four park and enjoying views above Adelaide Street to St John’s Cathedral.

4000 workers from BHP Billiton, PwC and the city’s leading law firms – Allens, HWL Ebsworth, DLA Piper and Herbert Smith Freehills will provide the basis for Otto Brisbane’s clientele.

Creative Director John Fink said Otto Brisbane would serve modern Italian food using fresh Australian produce.

Construction at 480 Queen Street is ahead of schedule with the Deputy Premier Jackie Trad, Minister for Transport, Minister for Infrastructure, Local Government and Planning and Minister for Trade, participating in a topping out ceremony today.

The tower is due for completion in February and is 85 percent leased, with several of the tenants attending today’s ceremony already underway with their fitouts.

The ceremony was held on the building’s roof top, where a grove of trees will create an event and entertaining area featuring both indoor and outdoor spaces for tenants.

Grocon CEO Carolyn Viney said the Fink Group’s commitment to 480 Queen Street was testimony to the quality of both the building and its tenants.

“We have the cream of the Brisbane business community making 480 Queen Street their home and we can be confident Otto Brisbane will contribute to an outstanding business environment,” Ms Viney said.

That environment has also led to a leading wealth management advisory firm following PwC, HWL Ebsworth and Allens Linklaters out of the Riverside Centre.

Arrive Wealth Management’s Managing Partner John Kazakoff said the firm was attracted by the amenity of 480 Queen Street and the opportunity to be co-located with other high quality tenants.

“It has the facilities you would expect from a new premium office building – 6 star Green Star and 5 star NABERS energy ratings, and high quality end-of-trip facilities – that helped with the decision to make the move,” Mr Kazakoff said.

Arrive Wealth Management were advised by White & Partners.

Grocon is both developer and builder for the project, with DEXUS Property Group and DEXUS Wholesale Property Fund acquiring 480 Queen Street from Grocon on a fund-through basis.

DEXUS Executive General Manager, Office & Industrial, Kevin George, said the commitment of the Fink Group and Arrive Wealth Management would contribute to the success of 480 Queen Street.

“We welcome them to our portfolio, and look forward to providing an excellent customer experience to complement this high quality building,” Mr George said.


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    AMP Capital Adds Office Tower to Milton Green

    AMP Capital

    AMP Capital plans to build a 14-storey commercial tower near the Brisbane River as part of the Milton Green precinct on Coronation Drive.

    The recently-approved plans for Milton Green Building 7 add a new office tower to the 1.3ha inner-city site at 6, 12 and 18 Little Cribb Street, Milton.

    It is part of the larger four-hectare precinct formerly known as Coronation Drive Office Park with six A-grade commercial towers and several smaller buildings jointly owned by AMP Capital Funds Management and Sunsuper.

    The design by Hassell and Richards & Spence adds a “more contemporary and subtropical” design to the previously approved 2012 plans.

    Two extra storeys were added to the design to accommodate a pre-committed tenant’s requirements for “campus style facilities”.

    Despite added levels, the commercial space will be slightly reduced to 29,530sq m and retail to 320sq m with large end of trip facilities to be built on the ground floor taking advantage of employees using the Bicentennial Bikeway.

    The multi-level carpark and child care centre on the site will be retained while a tennis court will be transformed into an urban common area.

    “AMP Capital’s continued engagement and commitment to transform a commercial office park that once reflected values of an era past into an active and vibrant and green village neighbourhood,” the application said.

    “Establishing four new activated and covered pedestrian axis that is alive with multiple offerings, this project will be a catalyst for future development of adjacent sites and establish a new streetscape identity for the precinct.”

    The Milton plans are are the latest in a wave of development approvals by Brisbane City Council along the river.


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    Revealed: $140 million plans for mixed-use Ferny Grove Central project in Brisbane

    Construction of the development which adjoins Ferny Grove Central Station is expected to commence in the first quarter of 2021.

    Queensland developer Honeycombes Property Group has unveiled plans to deliver a $140 mixed use development at Ferny Grove in Brisbane’s north-west.

    Part of the project, which will include a new shopping centre called Ferny Grove Central, will be an apartment complex called The Fernery, which will have 82 apartments and a recreational deck.

    Construction of the development which adjoins Ferny Grove Station is expected to commence in the first quarter of 2021.

    Ferny Grove Central

    The Townsville-based Honeycombes won the contract in 2017. The property financier MaxCap is its joint venture capital partner.

    The project will transform the area into a vibrant suburban Transit Oriented Development (TOD). /in urban planning, a transit-oriented development (TOD) is a type of Urban Development that maximizes the amount of residential, business and leisure space within walking distance of public transport.

    Ferny Grove Central

    Honeycombes have previously success in a TOD. In 2015 they completed their award-winning $252 million redevelopment of Coorparoo Square, along Brisbane’s CBD eastern fringe, which featured 366 residential apartments and retail space delivered over three stages in a partnership with Frasers Property Australia. The redevelopment of Queensland’s first Myer building awarded with the prestigious Best Mixed-Use Development by the Property Council of Australia.

    Peter Honeycombe, managing director of Honeycombes Property Group, says the Ferny Grove development will breathe new life in to the suburb and will create a neighbourhood village atmosphere.

    “We have already received a high amount of unprecedented interest from the local market, highlighting the level of demand for both residential apartments and retail opportunities,” Mr Honeycombe said.

    Honeycombe says the community feedback received has been an important part of their ongoing refinement of the approved development form.

    “We have held more than a dozen different public forums, door knocked hundreds of residences neighbouring the project, and letter box dropped thousands of information fliers to keep the local community in the loop.

    “This level of communication will continue during construction to ensure that the community remains aware of the progress on site.”

    Honeycombes and MaxCap are expecting to announce a number of major tenants in coming months to the 12,000 sqm shopping precinct, with a mix of high-profile national retailers including supermarkets, fitness centres, child-care and cinema providers expected to be secured on long-term leases.

    Ferny Grove is considered an ‘end of line’ rail station catering for more than 5,000 passengers per day transiting through the transport hub.


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    Former Brisbane Bread Factory Raises $15.8m

    Bread Factory

    A former bread factory built during World War I in Brisbane’s Fortitude Valley has changed hands for $15.8 million.

    RG Property bought the refurbished brick office building at 37 Kennigo Street from Madad Property in a deal negotiated with CBRE’s Jack Morrison and Peter Chapple, in conjunction with Cushman & Wakefield’s Peter Court and Mike Walsh.

    The purchase gives the group an award-winning complex of three character buildings with “adaptive redevelopment and repositioning potential” according to CBRE.

    It sits on an 5094sq m inner-city land holding with dual street frontages.

    “We’re excited by the medium and long-term potential of this asset as the Fortitude Valley region continues to go from strength to strength,” RG Property chief executive Rhett Williams said.

    “Securing this large landholding puts us and our investors in a strong position to capitalise on the continued growth in the Fortitude Valley market, which is emerging as a natural extension of the Brisbane CBD.”

    RG Property sold Brisbane’s 410 Queen Street office building last year for $53.5m after acquiring it in 2011 for $28.8m.

    The complex, which was built in 1916 and began life as Keating’s Bread Factory, is partially heritage listed and was redeveloped and refurbished in 2008, 2017 and again last year.

    The three buildings provide 2955sq m of modern office space and 46 car bays.

    The property’s major tenant is Hassell Architects along with a number of smaller occupiers, including software companies, marketing firms and financial services companies, with a staggered lease expiry profile during the next three years.

    CBRE’s Morrison said assets such as 37 Kennigo Street were in “high demand as buyers seek to add a mix of asset types to their portfolios”.

    “This underpinned interest in the sale campaign, given the current tenant and buyer interest in well-appointed heritage assets,” Morrison said.

    Cushman & Wakefield’s Peter Court said the sale came after a rise in buyer enquiry from a range of syndicates and investment clubs.

    “We saw an increase in demand towards the end of 2020, a theme that has increased in early 2021 and looks set to continue as buyers view the current market conditions with more certainty,” Court said.

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