King George Central Opens

Brian McGuckin 10 Dec 2012

The rejuvenation of Brisbane’s city heart continues with the official opening of Leighton Properties’ King George Central tonight by Brisbane Lord Mayor, Cr Graham Quirk, signalling completion of another major body of work in the City Hall precinct.

Located in the centre of the city at 145 Ann Street, the 27-storey tower has met with strong leasing demand since out of ground works began, and according to Cr Quirk is ‘bricks and mortar’ proof that Brisbane’s CBD will continue to play a major role in supporting Queensland’s economy.

“High-quality and sustainable developments such as King George Central are a welcome addition to the CBD,” said Cr Quirk.

“Brisbane is forecast to attract 343,000 new jobs over the next decade and the CBD will become an even more important location as the business capital of our city.

“This growth is expected to drive strong business investment and expansion in Brisbane and my economic development plan sets out the economic agenda to ensure Brisbane is in the best possible position to maximise the returns from the current resource boom and deliver long term prosperity for our city and its residents."

One of only two CBD towers to be completed in Brisbane this year, King George Central was an unlikely start, with its planning and financing phase coinciding with the global economic meltdown in 2009.

According to Leighton Properties Managing Director, Mark Gray, despite flagging market confidence during its construction, King George Central had defied political and economic turmoil and attracted strong tenants as well as an institutional buyer, Commonwealth Property Office Fund (CPA) in 2009, which secured its delivery.

“Deft planning and careful negotiation meant we were able to keep this project alive in the early days, despite the credit crunch. KGC keeps alive Leighton Properties’ reputation and our track record in delivering quality commercial properties, even in difficult times,” Mr Gray said.

“A total of six tenants have signed lease agreements of over 90% of the area within the building and some, such as GHD and Credit Union Australia, are already in occupation. Demand has remained buoyant throughout the construction period with strong interest in the remaining three floors in the building.”

In addition to being 6-Star Green Star Design v2 certified, King George Central was also applauded by the National Heart Foundation for its adoption of ‘Healthy by Design’ principles – Australia’s first commercial building to do so.

National Heart Foundation’s ‘Healthy by Design’ concept provides guidelines around seating, signage and lighting of common areas; clear access and directions for pedestrians, cyclists and public transport users; comprehensive end-of-trip facilities; and the exclusion of designated smoking areas.

The building’s facilities, along with its blue-chip location amid commercial, municipal and legal neighbours, were key considerations for tenants such as GHD, Grant Thornton, Queensland Competition Authority, Credit Union Australia and Mills Oakley Lawyers.

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