29 Jan Jubilee Place Construction Announcement
Jubilee Place, being developed by JGL Properties and designed by Blight Rayner, is under construction. The project will include the preservation and refurbishment of the existing historic Jubilee Hotel along with construction of a next generation PCA A Grade commercial office tower.
Jubilee Place is located within the Queensland Government’s Bowen Hills Priority Development Area (PDA), which is part of Brisbane city’s northern fringe and is undergoing significant revitalisation.
The PDA provides for the long-term development of 23,000 new homes and one million square meters of commercial and retail space, including the adjoining A$2.9 billion Brisbane Showgrounds redevelopment.
A real estate fund managed by Credit Suisse Asset Management Global Real Estate has pre-purchased the 14-storey Jubilee Place office development through a forward funding transaction.
“The Jubilee Place development is strategically positioned in an area of Brisbane which is seeing massive infrastructure investments, with the urban precinct rapidly becoming a magnet for modern, skilled business professionals and their employers.” Christopher Chiang, Head of Real Estate APAC at Credit Suisse Asset Management, explains. “This is an attractive investment proposition for us and is aligned with our strategy of strengthening our real estate allocation, to best in class commercial buildings in urban areas experiencing strong growth.”
Jubilee Place is set to become one of Australia’s most technologically advanced commercial buildings. The project will comprise 17,500 square metres of commercial space, an impressive 17-metre-high public plaza and foyer, an 800 square metre landscaped roof terrace with stunning views across the city and state-of- the-art, club-style end-of-trip facilities.
Jubilee Place’s unique diagrid steal construction provides for a truly efficient 1,530 square metre side core floor plate with dedicated raised access flooring.
The project team for the development includes national builder Watpac, TB’s Hotels, Robert Bird Group, Inhabit, Floth and Herbert Smith Freehills.
“As the developer, we positioned ourselves in the Brisbane office market some years ago as we could see strengthening tenant demand, limited new competition and our ability to gain first mover advantage,” JGL Properties Managing Director, John Livingstone said.
“Fortitude Valley’s appeal includes its proximity to key transport nodes, including the new Cross River Rail network, and a multitude of retail and fitness amenities, which are vital for today’s office worker.
“While we are proud of Jubilee Place, the jewel of this project is the re-development of the iconic Jubilee Hotel which first opened its doors to the public in 1887, delivering an exciting and authentic retail ground plane for the building occupants.”
JLL’s Sam Barr has been responsible for leasing the office tower, which is already substantially pre-leased with construction partner Watpac moving its national Head Office from Newstead to the development after securing 3,072 square metres and International Workplace Group (IWG) plc subsidiary Spaces securing 4,885 square metres.
“Watpac is delighted to be working in partnership with JGL Properties and Credit Suisse Asset Management to deliver Jubilee Place, which is set to become an iconic building in an emerging hub for the design and contracting industries,” Jean-Pol Bouharmont, Watpac Chief Executive Officer, said.
“The building is architecturally striking with tremendously flexible floor plates; it works for our brand, our business and our people, and the team is looking forward to getting started on site…it’s wonderful to be the builder of our new home.”
Construction is well advanced with the project expected to have a peak workforce of approximately 300 people.
IWG’s Australian Development Director, Simon van Grootel reinforced this; “With Fortitude Valley really coming into its own in recent times as a sought location for both corporate occupiers and entrepreneurial creative groups, we identified Jubilee Place as an ideal match for our Spaces brand.”
“The building’s unique design, technological future proofing, its prime location combined with the fantastic amenity available to our customers both on-site and nearby, made this highly attractive for our continued expansion in Brisbane.”
“With this new signing it will be our 11th Spaces centre supplementing our broader portfolio of over 80 centres nationally.” noted Damien Sheehan, Country Head for IWG Australia.
Jubilee Place is targeting accreditation for a 6 Star Green Star Design and As Built, 5 Star NABERS Energy, 4 Star NABERS Water and WELL Core and Shell.