Government officials in Queensland, Australia have awarded land on Brisbane’s waterfront to developer Cbus Property for the construction of offices, retail units and what will be the city’s tallest tower, theaustralian.com.au reports.

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Cbus Property, a division of pension giant Cbus, has been given a 99-year lease on 1 William Street on the northern riverbank, close to Brisbane’s parliamentary precinct. The state government hopes that the scheme will kick-start the regeneration of the surrounding area.

Transforming area into a mixed-use development

Plans for the site include the construction of a 43-storey tower which will provide 120,000 square metres of floor space. The Queensland government will lease 60,000 square metres and the remainder will be let to private office workers and retailers. Meanwhile, their existing government building on George Street is to be ‘transformed into a mixed-use development’, brisbanetimes.com.au reports.

To become the tallest skyscraper in Brisbane

Standing at 258 metres high, the AU$650 million (£417 million) tower will be the tallest skyscraper in Brisbane. Cbus’s skyscraper design was chosen because it is modern, addresses climate issues and has given thought to the river, treasurer Tim Nicholls said. It will also have ‘high office energy and water ratings’ according to the developer.

The treasurer added that the development should open up a new area of the city:

“This is enlivening what has been to most people a dry, dusty eyesore of a car park since the 1970s into a new area that has a lot of potential to open up William Street.”

Author: Elizabeth Smythe    Date Written: 3 January 2013