Skip to main content

Industry News

sb head

11 Aug 2021

Mirvac Unveils $670m Brisbane CBD Tower Plan

Mirvac Unveils $670m Brisbane CBD Tower Plan

Mirvac, a publicly traded developer, has submitted designs for a $670 million commercial tower in Brisbane's CBD.

Mirvac wants to build a 29-story, A-grade office tower across an integrated plot fronting Turbot Street, demonstrating the developer's confidence.

The property, which has frontages on Turbot Street, Wickham Terrace, and Albert Street, has long been earmarked for renovation and has been described as a "tired and under-utilised" section of central Brisbane.

The 8900-square-meter site, which encompasses 200 and 168 Turbot Street in Brisbane's CBD, is one of the city's largest.

It is now occupied by three existing structures: the three-story heritage-listed Dental Hospital Brisbane and College at 168 Turbot Street, and a four-story commercial building with an attached two-story extension at 200 Turbot Street.

The combined property, which is flanked by King Edward Park and adjoins the proposed site of the future Brisbane Live entertainment area, is elevated and overlooks the Brisbane CBD.

The Neo Georgian-styled dentistry college will be preserved in its current condition, as Mirvac's application does not include any adaptive reuse, while Brisbane City Council has allowed the demolition of the commercial buildings at 200 Turbot Street.

A pedestrian bridge between the dentistry college and the commercial buildings will be demolished as well.

The mixed-use commercial development, designed by Blight Rayner, will offer 66,000 square meters of office space with wide floorplates if authorized.

There will also be 6000 square meters of open space, 170 parking spaces, and 745 bicycle parking spaces.

The state government, which held both properties, announced a conditional agreement with Mirvac in December 2020, in which the developer entered a put and call option agreement to acquire the property.

Mirvac will have a three-year option period to acquire a leasing pre-commitment for a new office skyscraper envisioned on the site under the terms of the agreement.

Mirvac's chief investment officer, Brett Draffen, said the arrangement allowed the company to create a world-class workplace precinct that would improve the quality of the company's office portfolio while maintaining a capital-efficient and risk-averse structure.

“[This development] is one of a series of city shaping projects [Mirvac is undertaking in Brisbane] that will contribute to the evolution and enrichment of the urban landscape, as well as the economic vitality of the city,” Draffen said.

“Mirvac is well placed to work with the state government, Brisbane City Council and our future occupants to co-create a next generation workplace that responds to the needs of a post-Covid-19 workforce as well as the wider community of Brisbane.”

The project will be one city block away from Mirvac's $836-million office tower at 80 Ann Street, which will support about 360 construction jobs throughout its three-year construction timeframe.

After negotiating a 10-year pre-commitment, Suncorp will anchor the 60,000sq m premium-grade office skyscraper in a similar location.

In late 2017, Mirvac paid $79 million to Singaporean firm Wee Hur for the 5500sq m land between Turbot and Ann streets close to Brisbane City Hall.