LaSalle Investment Management Secures Second Fortitude Valley Approval
BRISBANE (June 11, 2017) — LaSalle Investment Management’s visionary plans to transform Fortitude Valley’s neglected heart are a step closer, with Brisbane City Council (BCC) approving a 30-storey apartment project fronting Alfred Street. The approval for 207 apartments comes just weeks after BCC approval of a 23-storey commercial tower nearby, on the corner of Alfred and Constance Streets.
LaSalle Investment Management’s visionary plans to transform Fortitude Valley’s neglected heart are a step closer, with Brisbane City Council (BCC) approving a 30-storey apartment project fronting Alfred Street. The approval for 207 apartments comes just weeks after BCC approval of a 23-storey commercial tower nearby, on the corner of Alfred and Constance Streets. The approvals are significant milestones in LaSalle Investment Management’s plans for a A$500 million transformation of the Valley Railway station precinct with the creation of a residential, retail and business hub. The most significant remaining hurdle for the project is completion of protracted negotiations with Queensland Rail (QR) regarding tenure of the retail precinct above the station. More than 15,000 commuters each day pass through a shopping area that is in desperate need of LaSalle’s proposed improvements. LaSalle Investment Management’s fourth pan-Asia opportunistic fund holds a lease on the existing retail space that expires in 2071, and is negotiating for freehold tenure.
“Those negotiations are progressing much more slowly than we had expected, but we remain hopeful that Queensland Rail can see the community benefit in ensuring that the improvements to the precinct can go ahead,” LaSalle Investment Management’s International Director Ian Mackie said. Construction of the new apartment tower will allow a new entry to the retail space and the station below, providing more air and natural light and contributing to plans for a safer, more vibrant environment. “The residential tower allows us to create a much more engaging public space at ground level, but we need to resolve issues regarding the retail component and the QR leasehold before we can press ahead,” Mr Mackie said. “We’re looking to breathe new life into the precinct, but we can’t make such a significant investment without security of tenure.”
Under the plans, the existing multilevel commercial car park will be retained but with the BCC’s approval of the 23-storey commercial on the corner of Constance and Alfred Streets last month, commuters will no longer need to walk through it to access the station. Construction of the commercial tower (32,000m2 NLA) is subject to tenant pre-commitments but is expected to start in the next 12 months. LaSalle Investment Management has appointed Knight Frank and CBRE to lead the leasing campaign.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $58 billion as of Q4 2017 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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