Watpac Property today (17 May 2012) announced its Waterloo Junction Stage 2 development in Newstead had received Brisbane City Council Development Approval.
The 12,500sqm of prime commercial and retail space on the desirable city fringe precinct is well placed to be brought online quickly to cater for Brisbane’s tightening office market.
Watpac Chair Chris Freeman said while the company had recently announced that several of the Group’s property assets would be taken to market over the near term, Waterloo Junction Stage 2 was strategically positioned to be retained and developed.
“With definite signs of tenant demand increasing for CBD fringe property, Waterloo Junction Stage 2 remains a key part of our ongoing property development strategy,” Mr Freeman said.
“The company has previously invested in ground works for the building including completing the basement car park to ensure construction can commence as soon as
possible,” he said.
“This has allowed us to accelerate the construction timeframe so we can accommodate tenants who are considering a move quickly.”
Watpac Property’s appointed agent Adam Barratt of Jones Lang LaSalle said major tenants were choosing the city fringe precinct as it offered greater value for money without losing the amenities traditionally offered only the CBD. “The Fortitude Valley/Newstead area has evolved rapidly over the past few years and has turned into a real commercial hub – it’s fast becoming the place to do business,” Mr
Barratt said.
Waterloo Junction Stage 2 follows the Waterloo Junction Stage 1 development, which included 5,000sqm of commercial and retail space, and the restoration of the historic artdeco Waterloo Hotel. Waterloo Junction Stage 2 includes 11 levels of commercial and retail space and has been
designed to achieve Green Star and NABERS ratings.
The development has been designed by Cottee Parker and will be built by award-winning constructor, Watpac Construction.
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