The Charter Hall Prime Office Fund (CPOF) and John Holland have today announced a Joint Venture to acquire a prime block of land to develop a new A-Grade office tower in the near-city suburb of Newstead in Brisbane, for a total purchase price of $16.5 million.
The property located at 11 Breakfast Creek Road, secures the JV the last remaining office development site within the established Gasworks precinct. The site has an existing Development Approval (DA) for a 14 level A-Grade office tower, with ground floor retail, 188 basement car parking bays and end of trip facilities.
CPOF and John Holland have entered into a JV to jointly develop the project with John Holland also appointed as the builder for the project.
The ‘Gasworks’ precinct, is a flourishing business and lifestyle community only 1.7 kilometres from the Brisbane CBD and the property is a 3,254 square metre open site located at the prime gateway entrance of the precinct, on the corner of Breakfast Creek Road and Skyring Terrace, and adjoins CPOF’s 50% interest in 100 Skyring Terrace, home to Bank of Queensland.
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