World’s tallest timber office tower underway in Brisbane
Lendlease has officially kicked off construction on the world’s tallest engineered timber office building, committing to increase the amount of renewable products it uses in the future.
The 25 King St office tower will rise 45 metres in the commercial precinct of Lendlease’s $2.9 billion Brisbane Showgrounds redevelopment overhauling the inner-city RNA Bowen Hills precinct.
Following Lendlease’s existing timber buildings, including Melbourne’s 10-storey Forte Apartments and The Dock library, and the six-storey International House office tower in Sydney’s Barangaroo, the Brisbane tower will use cross-laminated and glue-laminated timber to provide the structure with the strength of traditional steel. The tower will sit on a concrete podium.
Commercial Insights: Subscribe to receive the latest news and updates
Managing director of urban regeneration, Mark Menhinnitt, says the tower uses sustainable products that offer environmental and social benefits.
The timber tower will be the world’s tallest.
“The environmental outcomes that will be achieved here will be far exceeding anything that has been achieved before,” he says. “There are limitations to what you can do with wood, but with each project we can go higher.
“It is a journey we won’t get there just in one day, but we are absolutely committed to increasing the renewable products in our buildings. We see most of our medium-rise buildings, going forward, will be timber.”
He says the prefabricated nature of the construction means it is three months faster than a similar concrete and steel building, but the cost is equivalent.
The building will rise 45m and feature and will sit on a concrete podium.
Melbourne-based ethical investment firm Impact Investment Group has committed to fund the 7900sqm office through its development and will own the tower on completion, expected next year.
Backed by Westpac, the deal reflected a valuation of about $140 million and a net passing yield of 6.5%. Consultancy firm Aurecon — also the project engineer — will be the anchor tenant with a commitment to four floors for a lease period of 10 years.
Officially launching the project, Acting Queensland Premier Jackie Trad says the Brisbane Showgrounds development is a key site in transforming the precinct from an underused space into “a place where people can earn and live”.
“Investing in innovative technology in building products, new ways of doing things, means that you say we’re not going to travel the well-trodden path,” she says.
This article originally appeared on www.theaustralian.com.au/property.
