CDOP7 Milton – AMP’s latest office tower

AMP Capital have lodged a DA for a 12 level commercial tower at 6 Little Crib Street, Milton. The project is known as ‘CDOP7 Milton’ which stands for Coronation Drive Office Park and is being constructed on a 9,990m² site, currently being used as a thai restaurant and surface carpark.

The Coronation Drive office precinct has a projected working population of 2,500 workers and is set to expand further with the development of CDOP7.

This will be the 7th commercial building within AMP’s Milton Office Park precinct and adds to a growing list of fringe CBD office developments. The proposal also includes an impressive 8 ground level retail tenancies and an urban common area.

The development is targeting a 5 star green star and NABERS rating and will include a roof mounted PV system, optimised to generate a portion of the building’s energy requirements.

The relocation of a fig tree will also be required as part of the development.

Designed by Hassell, the project includes:

• A total GFA of 32,082 m²
• 30,865 m² of net lettable office space over 11 office levels
• 154 standard car spaces
• 232 cyclist stations
• A new, approx 1,400m² urban common
• 1,227 m2 of food retail space at ground level
• An offset centre core that allows a flexible and efficient floorplate
• Ground level permeability with three distinct entry points
• Critical services, plant and equipment are located on a rooftop plan level to reduce flooding impacts

The proposal also indicates that CDOP 09, an older neighbouring building will be refurbished in the future.

Brisbane’s employment growth is rapidly expanding due to the flow on effect of Queensland’s resources industry. According to Jones Lang LaSalle research, vacancy rates in Brisbane’s near city office market remain at a historically low levels with a diverse range of major companies opting to make the move from the CBD to new near city developments.

The On.Point report, released this week, reveals vacancy rates in the near city market are sitting at 7.7 per cent, down 3.7 per cent from its peak in early 2010.

Jones Lang LaSalle office leasing director Tom Barr said the figures were well below long term average vacancy rates in the near city market, which have been around 10 per cent over the last two of decades.

He said the declining vacancy rate was driven by increasing demand in the near city market from a more diverse range of companies looking for new quality buildings that offered larger floor plates than those available in the CBD.

He said the recent commitment by Bank of Queensland (BoQ) to relocate its headquarters from the CBD to 12,500sqm of space in FKP’s $1.1 billion Gasworks development at Newstead was a prime example.

“You can no longer pigeon hole the near city market by industry,” said Mr Barr.

“There is still a strong engineering and construction focus, but the depth of tenants now moving to the area is much more diverse.

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In September 2011, Investa lodged plans to build four mixed use towers which would be known as Kings Row Redevelopment. If approved, Milton will see the highest rate of growth in more then a decade.