COMMERCIAL PROPERTY, SALES & LEASING

Cbus and Neilson unlock Brisbane waterfront with $600m Quay

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JUST over 12 months after entering into an agreement, Cbus Property and Nielson Properties have lodged plans for a $600 million A grade office tower on a riverfront corner site in Brisbane’s CBD.

The new development will be known as 205 North Quay and built across adjacent sites at 205 North Quay and 30 Herschel St, and will add 50,000 sqm of net lettable area to the city’s office market.

The Raniga family are also involved in the project. The partners are banking on Its proximity to Brisbane’s new Grand Central station on Roma St to be a key attraction for new tenants.

Architecture firms Hassell, New York-based REX and Brisbane’s Richards & Spence worked together on the design.

Amenities will include a whole floor wellness facility, 25-metre lap pool, childcare facilities, a public realm auditorium, outdoor terraces on every level, and rooftop collaboration and celebration facilities.

Cbus Property’s chief executive officer, Adrian Pozzo said the 205 North Quay would be a “holistic workplace with wellbeing its core priority”.

“With the impact of COVID-19, the increased importance of our mental and physical health has never been more emphasised.”

Office landlords face an uphill battle in attracting tenants amid changed working arrangements, uncertain economic conditions, and tenants undertaking cost-cutting measures that are likely to see real estate rationalisation. Net absorption rates collapsed in the June quarter, and Brisbane posted negative 15,700 sqm absorption and an uplift in vacancies.

Pozzo said 205 North Quay also exceeds the Brisbane Council’s “Buildings that Breathe” guidelines. Similarly to Cbus Property’s first subtropical design in Brisbane, under construction luxury residential tower 443 Queen St, the design seeks to take advantage the climate through deep building overhangs, multi-level cross-ventilation and shade-giving plantings to maximise the use of external, public places in all weather conditions.

In line with Cbus Property’s commitment to achieve net zero carbon across its portfolio by 2030, 205 North Quay is targeting a 6 Green Star rating and 5.5 Star NABERS Energy rating.

The design will reduce energy, waste and water usage, control midday, afternoon and early evening sun through a highly articulated facade, incorporate LED lights and sensors and use regenerative lifts.

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