Charter Hall with Canada’s QuadReal is paying a speculated $65 million for the Brisbane CBD property which housed radio stations Triple M and Hit 105.
Kador Group was the vendor.
Known as William Jolly Place, 309 North Quay contains a group of commercial buildings between two and four storeys – all up, 14,049 square metres of lettable space.
The site spreads 6400 sqm in the city’s Roma Street Urban Renewal Priority Development Area.
Two development outcomes proposed
The incoming owners have proposed two development outcomes – both office-based.
The preferred is a single skyscraper with 50,000 sqm of area.
It would include large (2700 sqm) floorplates and be surrounded by an occupier-only 1550 sqm garden terrace with function, meeting and recreation spaces capturing water views (story continues below).
Alternatively the partnership would construct two offices – respectively with 36,000 sqm and 23,000 sqm.
This staged scheme would add a canopy-covered pedestrian-laneway flanked by cafes and shops.
Blight Rayner designed the three proposals – they would be the first towers in the city climatically protected by a multi-faced sunblade shade system.
Australia a focus: QuadReal
QuadReal’s head of Asia, Peter Kim, said Australia is a key focus for the investment house.
“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,” the executive added.
In 2019, it and Charter Hall with Abacus spent $630m on a Sydney CBD office at 201 Elizabeth St.
Last year, the group paired with Singapore’s ARA Asset Management, outlaying $328m on a funds-through basis for an East Melbourne office.