Exterior view of Ann Street building day


80 Ann St, Brisbane City, QLD 4000

80 Ann Street is a 35 level, 60,000 square metre premium office building in Brisbane’s CBD with frontages to both Turbot and Ann Street. Over 66% of the building has been pre-committed to Suncorp which will bring over 4,000 staff members together under the one roof for the first time in many years. The building’s design provides a number of breathable spaces throughout to take advantage of the local climate and also pays homage to the old Brisbane Produce Exchange which was located on the site until the mid-1900s. This is reflected in the heritage façade fronting Turbot Street and the marketplace experience being created on the ground plane which extends through to the main lobby on Level 1. Designed by leading Architects, Woods Bagot, the building is targeting WELL Gold Shell and Core and 6 Star Green Star as built ratings. The remaining 18,000 square metres of office space is made up of flexible floorplates of up to 2,100 square metres and will feature a co-working operator and business lounge.

50% Mirvac, 50% M&G Real Estate

Summary information

Acquisition Date Jul-18
Valuation at 30-JUN-20 $90.6m
Expected Development Value On Completion $851m
Target Completion FY22
Valuation: Book value represents Mirvac ownership.
Expected Development Value On Completion: Represents 100% of expected development end value, based on cap rate sold-down.

Project Update

With all demolition and civil works complete Mirvac took over as principle contractor in August last year and tower building works have commenced with the structure now up to level 3. Suncorp AFL obligations and milestones continue to be met. Practical completion is due on the first half of FY22. An additional 3 floors (~4,700 square metres) lease has been signed recently to a co-working operator which takes the building to 80% pre-leased