Global real estate investment manager, DWS and Consolidated Properties Group has announced the settlement and construction commencement on a joint venture development of an A-Grade commercial office building to be located at 895 Ann Street, Fortitude Valley.
The development is on behalf of a European real estate institutional fund managed by DWS, with the site being acquired in an off market transaction from a private investor.
Practical completion of the circa $260 million development project is expected in the first quarter of 2023 with CPG appointing Queensland based building contractor, Hutchinson Builders.
Designed by award winning John Wardle Architects, the project is located within close proximity of the James Street “lifestyle” precinct and will comprise almost 24 thousand square meters of net lettable space, spread across 15 levels upon completion.
With a striking dual frontage glass façade, the building will offer future tenants high quality, contemporary office accommodation, ground floor retail and roof-top bar, along with two levels of basement parking and end of trip facilities. The building’s environmental credentials will target a 5 Star Green Star and 5.5 Star NABERS energy rating.
“We are delighted to be partnering with the Consolidated Properties Group team on this exciting project. Fortitude Valley has undergone an immense gentrification process over the past 20 years, transforming the suburb into a modern urban interconnected community that embodies the live- work-play culture,” said James Bartlett, Head of Real Estate, Australia at DWS.
Don O’Rorke, CEO & Chairman of CPG, said he and his team were thrilled and excited by the prospect of not only delivering another commercial office tower in the Fortitude Valley precinct, but delivering approximately 300 construction and development jobs during the process.
“We are honoured to be partnering with DWS on the 895 Ann Street project and look forward to the building enjoying the same success as our 900 Ann Street project did in 2018 and the years that followed.
“DWS’ commitment to the project instils a great amount of confidence in the Queensland property market, specifically the future strength of our local economy,” said O’Rorke.
The 895 Ann Street project deal was originated by JLL with CPG, who have also appointed them the leasing endeavour.
Read the original development application article here.