Charter Hall Group has partnered with global real estate investor QuadReal to acquire a development site located within the heart of the North Quay renewal precinct in the Brisbane CBD.
Charter Hall has lodged two development applications (DAs) with Brisbane City Council for 309 North Quay, a 6,400sqm infill site located in the Roma Street Urban Renewal Priority Development Area.
The proposed project comprises a DA for a single 50,000sqm commercial tower and a separate DA for two smaller commercial towers of 23,000sqm & 36,000sqm each in the Roma Street precinct.
“While our initial priority will be the development of the first single tower, we have made the decision to lodge a separate DA for the two tower schemes at the same time, to provide ultimate flexibility in managing occupant requirements” said Bradley Norris, Charter Hall’s Regional Development Director.
This acquisition further extends the Charter Hall and QuadReal partnership following the 2019 $630 million acquisition of 201 Elizabeth Street, Sydney, by securing an underdeveloped site and providing optionality for two simultaneously submitted planning applications, which propose either a twin or single tower development.
“We are delighted to extend our relationship with QuadReal, one of Canada’s largest property groups. QuadReal is experienced in real estate development, and this partnership reflects the deep investor customer relationships we have across our platform,” said Mr David Harrison, Charter Hall Managing Director and Group CEO.
QuadReal Head of Asia, Mr Peter Kim, said “Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market. Urban renewal is a theme we embrace and support throughout the world; and this recent acquisition, which increases the size of our global office portfolio to about 34 million sqm, reflects QuadReal’s strong conviction around improving the communities in which we invest.”
Charter Hall’s Regional Development Director, Bradley Norris, said “309 North Quay represented a unique opportunity to contribute to the revitalisation of the Roma Street precinct, which will be transformed by transport and infrastructure upgrades that are underway or planned.
“Continued investment from the Queensland Government and Brisbane City Council in this area of the CBD, particularly in key city-shaping projects including Cross River Rail and Brisbane Metro, will see Roma Street transform and we are excited to play a part with the development of 309 North Quay.”
The strategically positioned site and previous long-term home of Triple M and B105, is the gateway into the CBD from Coronation Drive, North Quay and the William Jolly Bridge, with uninterrupted views of the Brisbane River and a short walk to the city’s leading entertainment, dining and lifestyle precincts including Queen Street Mall, Suncorp Stadium, The Barracks, Roma Street Parklands, the Queensland Cultural Centre and South Bank.