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Property News

Brisbane to gain new commercial spaces

November 10, 2011

A massive skyscraper could soon be set to dominate the skyline of the sunshine state's capital if it goes past a full council meeting to be held soon.


The project - named 111+222 - would include a 90-storey hotel and a 30-storey residential complex, with plentiful space for commercial office developments.


According to industry reports the height of the complex - one of the tallest in Brisbane if it goes ahead - caused the air traffic authorities some concern, having the potential to interfere with low-flying aircraft.


The site for construction - located between Mary Street and Margaret Street in the central business district - is currently an eight-story hole in the ground that was left after a past construction project named Vision went into receivership.


Liquidators reportedly sold the property for around $40 million in 2010 - with the deep foundations proving to be a decent start to the 274-metre-tall development.


Eight underground car parks will be able to house nearly 1,000 cars - allowing the commercial development to keep street interference to a minimum.


Speaking on the new project, Brisbane's lord mayor Graham Quirk said that it would serve to provide the city with a valuable asset that make it more attractive to residents and businesses alike.


Quirk asserted: "With more and more projects like this one now getting underway it sends a strong message to the rest of Australia - and indeed the world - that Brisbane is back in business."

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