Brisbane commercial office property attracts developers
The construction of a new high-rise building in Brisbane's CBD has attracted significant interest from property developers, the Queensland government announced yesterday (September 24).
State deputy premier and acting treasurer Jeff Seeney said the development of new commercial property in Brisbane city is a major boon to the local construction and property sectors.
The office tower at 1 William Street is part of the state government's initiative to revamp the Government Administrative Precinct - rejuvenating the less occupied part of Brisbane's CBD.
Mr Seeney explained: "The land, currently used as a carpark, has been lying vacant for decades.
"We feel there is a better way to utilise this land and the announcement in May about the development of a Government Administrative Precinct was all about revitalising this part of Brisbane city."
With a shortlist of six developers to take on the William Street high-rise tower, property investors may be interested in the project which is expected to comprise private and public sector commercial office property accommodation.
Once proposals are delivered from the shortlisted developers, the state government will make a decision, with work anticipated to commence by the end of the year.
Preparatory works are already underway at the site to enable construction to begin as soon as the development process has been finalised.