A 24-storey commercial tower in Brisbane’s CBD is undergoing an upgrade worth $300 million to improve sustainability, expand floor space, and retain its original structure.
Background of the Redevelopment
A 1974-built office tower at 450 Queen Street, Brisbane CBD, formerly occupied by the Queensland Public Trustee, is undergoing a major transformation. PGIM Real Estate, on behalf of the Asia Pacific Value Partners IV Fund, acquired the building in 2021 and has since initiated an adaptive reuse plan to reposition it as an A-grade commercial property.
The redevelopment (DA A005905778) retains the existing concrete structure, avoiding demolition and significantly reducing the building’s environmental footprint. Buildcorp has been appointed as the lead contractor, with architecture by Fender Katsalidis.
Sustainability Targets and Project Scope
The project includes one of Queensland’s tallest vertical mass timber extensions, adding three new levels and 1,500 square metres of cross-laminated timber. The total net lettable area is projected to reach 17,500 square metres, with typical floor plates ranging from 700 to 1,240 square metres.
Sustainability credentials include a 6 Star Green Star rating, a 5.5 Star NABERS Energy rating, a 4 Star NABERS Water rating, and Net Zero certification. Retaining the original building will reportedly reduce embodied energy by over 70 per cent and carbon emissions by 66 per cent compared to a full demolition and rebuild.
Design Features and Facilities
The refurbishment includes 600 square metres of landscaped outdoor space designed as a flexible work area with Wi-Fi. Additional facilities feature 130 bicycle spaces, 270 lockers, and 20 showers, enhancing end-of-trip amenities. The ground level will include concierge and security services, a public business lounge, and activated retail frontages.
A minor development application amendment proposes the removal of six structural columns and a modest increase in the building’s height from 79.13 metres to 83.5 metres.
Broader Context and Strategic Relevance
The upgrade comes amid tightening commercial vacancy rates in the Brisbane CBD, now at their lowest since 2013. PGIM Real Estate has steadily expanded its Brisbane portfolio with assets at 130 and 307 Queen Street, 215 Adelaide Street, and the Howard Smith Wharves precinct.
The firm views Brisbane as a growth area, citing long-term demand drivers including infrastructure constraints and the lead-up to the 2032 Olympic and Paralympic Games.
Outlook and Completion Timeline
The project is scheduled for completion in early 2027. Once finished, 450 Queen Street is expected to serve as a model for low-carbon commercial redevelopment and workplace design in post-pandemic Brisbane.
Published 6-June-2025