GPT received development approval this week to construct the tower, to be known as One One One Eagle Street – a Premium-Grade, 62,500 sqm new generation office tower, showcasing world’s best practice in sustainability and engineering. The new tower will provide Premium office space in the heart of the city’s ‘Golden Triangle’ precinct, providing relief to Brisbane’s tight office market which is currently experiencing vacancy rates of less than one per cent.
The demolition of the 17-storey Indigo House will start with removing the current building’s core, with external demolition set for March 2008. The demolition will involve lifting a seven tonne and a five tonne excavator to the roof of the existing building.
GPT expects the demolition to take six months, and the new tower to be completed in 2011.
GPT’s Head of Office Tony Cope said One One One’s striking design and strong environmental initiatives will set a new benchmark in commercial office space for the city.
“One One One is targeting 6 Star Green Star standards and promises to be a distinctive and attractive location for organisations looking to position themselves in Brisbane’s commercial hub,” Mr Cope said.
“With floor plates of more than 1,400 sqm, tenants will benefit from the high level of flexibility that open–plan workplaces provide.”
The project is being jointly marketed by Colliers International and Jones Lang LaSalle, and Mr Cope said construction would proceed irrespective of tenancy pre-commitments.
“We are confident that the current vacancy rates and limited supply coming on-line will ensure that Brisbane is a ready market for space of this calibre,” Mr Cope said.
As well as 6 Star Green Star, One One One Eagle Street is modelled to provide energy savings exceeding the 5 Star Australian Building Greenhouse Rating (ABGR) scheme with benchmark technology in lighting and air conditioning efficiency incorporated, and gas fired on-site generation of electricity being considered.
Thermal modelling and sensor activated blinds, which trap the heat between the blind and facade before being ducted out, have been incorporated to ensure maximum energy efficiency and comfort for tenants.
“We have carried the environmental message to the core of the structure with water-saving, energy-saving and indoor environment quality innovations being used as well as sustainable and recyclable building materials,” Mr Cope said.
A water recycling plant, supported by rainwater storage, and river heat rejection will reduce the use of potable water by millions of litres annually.
Floor-by-floor ventilation, and chilled beam technology that increases the supply of fresh air to each floor, have also been woven into the project.
Sustainability continues through the excellent proximity to public transport and provision of extensive bike racks and shower/change room facilities, enabling a reduction in car use.
The GPT Group is one of Australia’s largest diversified listed property groups with more than $4.2 billion in current and planned developments, and has owned the Eagle Street site since 1984.