Transformation Planned for Brisbane Fortitude Valley Heart
Brisbane (November 02, 2016) – A transformation of the heart of Fortitude Valley, Brisbane, is underway, with LaSalle Investment Management unveiling plans to rejuvenate a tired 7,000m2 site around the Valley rail station. LaSalle has lodged a development application that sees the station at the centre of an AUD $500 million master planned residential, retail and business hub and offering a vastly improved experience for Valley rail commuters.
A transformation of the heart of Fortitude Valley, Brisbane, is underway, with LaSalle Investment Management unveiling plans to rejuvenate a tired 7,000m2 site around the Valley rail station.
LaSalle has lodged a development application that sees the station at the centre of an AUD $500 million master planned residential, retail and business hub and offering a vastly improved experience for Valley rail commuters.
A 207-apartment building, a new commercial tower on Constance Street and the refurbishment of the Transport House office building are part of the plans.
Subject to negotiations underway with Queensland Rail, the existing retail precinct around the station would be overhauled with new entrances and the introduction of natural light to create a light, airy environment, with family-styled entertainment such as cinemas or bowling centres designed to create a seven-day-a-week environment.
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’s International Director Ian Mackie said LaSalle’s plans were generally compliant with Brisbane City Council’s City Plan and would be true to the spirit of the Valley.
LaSalle Investment Management holds a 99-year lease that expires in 2071 on the space above the Valley station. It is negotiating to convert that title to freehold to allow the investment in the public realm and retail space.
“We’re looking to create a safer, more vibrant environment to breathe new life into the precinct,” Mr. Mackie said.
“The Brunswick Street 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,” he said.
Construction is subject to approvals, apartment sales and tenant pre-commitments but is expected to start in the next 12 months.
The development application includes a plan to maintain commuter access to the station during construction.
The commercial tower on Constance Street would allow the creation of a new pedestrian entry to the site, with rail commuters currently having to walk through a multilevel car park to access the station.
More than 15,000 commuters use the Valley Metro Station on week days, with more than half of those leaving via Constance Street rather than Brunswick Street.
Mr. Mackie said the integrated nature of the development should appeal to both commercial tenants and residents.
“Most of the commercial development in the Valley is up to a 15-minute walk from public transport, but we clearly don’t have that problem,” he said.
Sound proofing of apartments is planned to ensure the new residents and the Valley’s nightlife can coexist peacefully.
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 $60.5 billion as of Q3 2018 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.