Brisbane CBD development incites interest
Commercial property developers have expressed a strong interest in a block of vacant land in the ...
Commercial property developers have expressed a strong interest in a block of vacant land in the heart of Brisbane city, the government announced yesterday (August 28).
The prime real estate site on William Street is currently used as a car park, but has been earmarked for redevelopment, inciting interest among investors looking for a lucrative commercial office property investment.
State deputy premier and minister for state development and planning Jeff Seeney said the government has called for expressions interest on the proposed construction of a new office tower at the William Street site.
"On 29 May, 2012, the state government announced the redevelopment of the government administrative precinct, with a view to reinvigorating the precinct and stimulating the construction industry," Mr Seeney explained.
"Key to this is the development of 1 William Street as a commercial office tower."
The proposed mixed-use office complex development would boast 60,000 to 75,000 sq m of office floor space and create approximately 18,000 jobs in the construction sector over a period of five years.
Site surveys, as well as transport assessments and geotechnical investigations are currently underway to prepare the site for development.
The tendering process is expected to begin next month, with works to commence by the end of the year.