PGIM Real Estate gains green light to begin adaptive re-use development in Brisbane
May 19, 2022
5 mins
PGIM Real Estate has today confirmed it has received planning approval from Brisbane City Council to commence an extensive adaptive re-use and state of the art upgrade to 444 Queen Street, in Brisbane’s central business district.
To be rebranded as 450 Queen Street, the building’s design reimagines the original 1970’s-built office tower with leading edge tenant amenity and sustainability principles that also optimise the site’s central location, river views, and natural light as a contemporary workplace destination.
The 22-storey tower will be stripped back to its core structure and completely repositioned with a new podium, curtain wall façade, and an additional two floors of boutique rooftop space that will serve as the building’s ‘crown’. Virtually all of the existing plant and equipment will be replaced. On completion in Q1 2024, the building will provide approximately 19,500 sqm of net leasable area (NLA), which is almost 50% more than the current building.
The project is targeting a high level of sustainability including net zero carbon certification on completion. It is also targeting a 5.5 star NABERS energy rating and a 5.5 star NABERS indoor environment rating.
Steve Bulloch, Managing Director and Head of PGIM Real Estate in Australia, said “Our net zero strategy for the asset reflects PGIM Real Estate’s strong commitment to sustainable building practices and reducing carbon emissions. Adaptive reuse of the existing tower’s embodied carbon will significantly reduce emissions compared with a full demolition of the site and construction of a brand-new building.”
The project will also include a recycling/re-use tracking system of all materials removed from the site, rooftop solar panels, rainwater harvesting for onsite usage, and targeted to be exclusively powered by 100% renewable energy through an embedded network. The re-designed building is also strongly aligned with the Brisbane City Council’s ‘Building’s that breathe’ initiative, and will include a number of green spaces and a rooftop garden.
The building will also incorporate a new striking double height lobby, adaptive third spaces, plus state-of-the-art end of trip and wellness facilities.
Steve Bulloch continued, “We are confident that this building will strongly resonate with tenants in the Brisbane market who will appreciate the quality of design, locational benefits, and the high tenant amenity and sustainability attributes. We believe that hybrid working arrangements will continue to be relevant and that new age, functional buildings will be critical to attracting teams back to the office”.
Works are due for completion in Q1 2024.
PGIM is being advised by IndeMa, Fender Katsalidis and Urbis.
The building was acquired on behalf of PGIM Real Estate Asia Pacific value-add strategy in September 2021.