A 50-year-old office tower in Brisbane’s CBD is set to undergo a significant transformation, with PGIM Real Estate unveiling a $300 million redevelopment of 450 Queen Street into what is being positioned as one of the most sustainable commercial buildings in Australia.
Originally built in 1974 and formerly housing the Public Trustee, the 24-storey tower will be repositioned as an A-grade commercial asset with a strong emphasis on adaptive reuse and low-carbon design. PGIM Real Estate, acting on behalf of its Asia Pacific Value Partners IV Fund, acquired the building in 2021 and has appointed Buildcorp as principal contractor.
Designed by Fender Katsalidis, the project will retain the existing concrete structure while integrating one of Australia’s tallest vertical Cross Laminated Timber (CLT) extensions, a 1,500 square metre addition over three new levels. According to the architect, the retention of the building’s core structure will reduce upfront embodied energy by over 70 percent compared to a traditional demolish and rebuild approach.
The refurbished building will provide approximately 17,500 square metres of net lettable area across typical floor plates ranging from 700 to 1,240 square metres. PGIM Real Estate expects completion by early 2027.
Andrew Neary, Executive Director – Australia Asset Management at PGIM Real Estate, said the project aligns with the firm’s global sustainability strategy. “450 Queen Street is targeting the highest available credentials, including a 6 Star Green Star rating,” he said. “It sets a new benchmark for adaptive reuse in commercial development, catering to the increasing needs of tenants for high quality, well-located CBD offices with strong sustainability characteristics.”
The repositioning includes a 600 square metre landscaped outdoor space designed as a ‘Third Space’ with Wi-Fi access, as well as end-of-trip facilities featuring 130 bike spaces, 270 lockers and 20 showers. The retail-activated ground level will include concierge and security services, along with a publicly accessible business lounge.
Josephine Sukkar AM, co-owner and principal at Buildcorp, said the firm was proud to be involved in the revitalisation. “We are delighted to be part of the revitalisation of 450 Queen Street, delivering a vision that is entirely modern and forward-looking,” she said. “With over 35 years in the industry, we look forward to partnering with PGIM Real Estate to bring together our strengths across new build, façade, remediation, refurbishment, fit-out and joinery – all under one roof.”
The project targets a 5.5 Star NABERS Energy rating, 4 Star NABERS Water rating, and Net Zero certification. A review by the Green Building Council of Australia found that the proposed development approach will result in 66% fewer carbon emissions than a demolish-and-rebuild scenario.
The development comes amid tightening vacancy in the Brisbane CBD, which has seen rates drop to their lowest levels since 2013. Leasing agents JLL and Colliers are currently fielding enquiries from prospective tenants seeking high-performance workspaces in prime locations.
PGIM Real Estate has been steadily expanding its Brisbane presence, with past investments including 130 and 307 Queen Street, 215 Adelaide Street, and the Howard Smith Wharves precinct, in addition to a range of residential and logistics sector assets.
Steve Bulloch, Managing Director and Head of Australia at PGIM Real Estate, said Brisbane is well placed for continued growth. “Despite heightened volatility, Australia continues to offer compelling risk-adjusted returns, underpinned by strong structural trends and institutional demand for high-quality assets,” he said. “Brisbane is further supported by significant demand drivers, including the upcoming 2032 Olympic and Paralympic Games and real barriers to supply.”
A minor amendment development application was recently lodged for the project, which includes a revision to the curved façade. The adjustment aims to eliminate four planned columns at the front of the building and two at the rear. The updated proposal also reflects a modest height increase of approximately four metres, from 79.13 metres to 83.5 metres.
Once completed, 450 Queen Street is expected to serve as a case study for sustainable adaptive reuse in a post-COVID workplace environment.
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