LaSalle Secures Brisbane City Council Go-Ahead for Fortitude Valley Transformation
BRISBANE (May 10, 2017) — The Brisbane City Council has approved plans for a new 23-storey commercial office tower next to the Fortitude Valley railway station in Brisbane, Australia, setting in motion the rejuvenation of a tired 7,000m2 site around the station. The commercial office tower is the first stage in LaSalle Investment Management’s transformation plans for the Valley area, unveiled last November, with the Fortitude Valley railway station sitting at the centre of an A$500 million master planned residential, retail and business hub.
The Brisbane City Council has approved plans for a new 23-storey commercial office tower next to the Fortitude Valley railway station in Brisbane, Australia, setting in motion the rejuvenation of a tired 7,000m2 site around the station. The commercial office tower is the first stage in LaSalle Investment Management’s transformation plans for the Valley area, unveiled last November, with the Fortitude Valley railway station sitting at the centre of an A$500 million master planned residential, retail and business hub.
LaSalle Investment Management’s International Director Ian Mackie said the approval would continue the Valley’s renaissance as a business centre and focus renewal on this formerly neglected part of the Valley.
“We’re looking to create a safer, more vibrant environment and breathe new life into the precinct,” he commented.
The renewal is expected to be particularly welcomed by the 15,000 rail commuters who pass through the precinct each week day. The commercial tower on the corner of Constance and Alfred Streets will deliver a dedicated pedestrian entry to the site; rail commuters currently need to walk through a multilevel car park to access the station.
“The Fortitude Valley station is the gateway to the Valley for thousands of commuters a day, but the precinct around the station is in desperate need of renewal,” added Mackie.
More than half of the 15,000 commuters leave via Constance rather than Brunswick Street. The existing commercial car park will be retained but commuters will no longer need to walk through it to access the station.
LaSalle Investment Management is also planning the development of a 32-storey apartment tower featuring 207 apartments and a dramatic refurbishment of the Valley Metro retail centre. The aim is to create a light, airy destination with family-styled entertainment and new retail tenancies creating a seven-day-a-week environment. That work is subject to ongoing lease negotiations with Queensland Rail.
The current lease of the retail space above the Valley station expires in 2071 and LaSalle Investment Management is in discussions to convert the leasehold interest to freehold.
Construction of the commercial tower (32,000m2 NLA) is subject to tenant pre-commitments but is expected to start in the next 12 months.
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.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.