CBIC Spends $22 Million on Brisbane CBD Office Building

THE controversial new City of Brisbane Investment Corporation has made its first foray into commercial property, paying $22 million for the Brisbane CBD’s 157 Ann Street office building.

The former Flight Centre building measures 6,000 square metres, and was reported to have been last valued in March at $30.1 million. CBIC will lease the building to the Council, while City Hall undergoes a $30 million refurbishment, due for completion in about 2013.

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More Changes Afoot For Rialto, Melbourne

MELBOURNE’s iconic Rialto building is facing a vacancy blow-out of almost 20 per cent, with major tenant Telstra refusing to confirm it will stay in the office beyond the next few months.

The announcement comes as two restaurateurs confirm they are considering retail space within the landmark building.
 
Sources say the privatised telecommunications giant, which was told by the Rudd Government last month it may need to separate its wholesale and retail businesses, is considering vacating the approximate 16,000 square metres it occupies of the 84,700 square metre glass office, which upon completion in 1986 was the tallest city building in the southern hemisphere.
 
“We have a lease that expires in April 2010,” a Telstra spokeswoman told The Age. “We intend to continue to occupy the space until that time.”

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Lend Lease, Frank Hargrave, to Develop Major Residential Village on SKM Site, Overlooking Toorak Park

Toorak Park, ArmadaleLEND Lease will team with the founder and former CEO of Skilled Engineering, Frank Hargrave AO, to develop a major residential village abutting Toorak Park, in Melbourne’s ritzy south-eastern suburb of Armadale.
 
Lend Lease confirmed it entered a joint venture to redevelop the 2.5 hectare office site at 590 Orrong Road with Mr Hargrave’s Larkfield Holdings Pty Ltd, the owner of the land.
 
The site is bordered by Orrong Road, Osment Street and the northern boundaries of Victory Square Reserve and Toorak Park. It abuts the Toorak train station to the east, and a pedestrian bridge to the small Beatty Avenue retail strip.

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