Brisbane will become home to Australia’s tallest engineered timber tower, with a 10-storey, 45-metre tall building being developed by Lendlease and Impact Investment Group.
The 5 King Street building, which is located in the Showgrounds urban renewal precinct, will also become the world’s largest engineered timber structure by volume, with close to 15,000 square metres of A-grade net lettable area.
It will be owned by Impact Investment Group at practical completion, with the purchase price reflecting a valuation of about $140 million and a net passing yield of 6.5 per cent.
Aurecon, which performed structural, ESD and building services engineering design, has also been announced as the anchor tenant, and will occupy four floors, or about 6500 sq m, of office space in the building to house 600 staff, or eight per cent of its total global workforce.
The Bates Smart designed building will be targeting high environmental ratings, including a 6 Star Green Star Design & As Built rating and a 5 Star NABERS rating. Helping in the task is the low-embodied-carbon engineered woods used throughout, including glulam for structural beams and columns, and cross laminated timber (CLT) for all other major elements, including floors, stairs and lift shafts. A high-performance facade, LED lighting, occupancy sensors, high-efficiency airconditioning and rainwater harvesting are also planned.
The building represents IIG’s second Brisbane office purchase after K1 Kingsgate, a Green Star 6 Star – As Built certified commercial building in the same Showgrounds precinct, also built by Lendlease.
IIG chief executive Chris Lock said as part of his company’s commitment to a low-carbon future, it looked for property assets with excellent potential for environmental sustainability.
“We believe our approach helps drive demand for real estate that benefits the environment and the wider community, and ultimately delivers attractive returns for IIG’s investors,” he said.
The company says it is predicting demand in the Brisbane office market to continue to grow over the long-term, especially for new A-grade office stock around Fortitude Valley and urban regeneration precincts.
The building represents Lendlease’s fifth foray into the engineered timber space, following International House Sydney, Forte Apartments and Library at the Dock in Melbourne, and Jordan Springs Community Hub in Western Sydney.
Lendlease chief executive of property Kylie Rampa said as well as environmental performance, the building would offer commercial and amenity outcomes.
“The office building will offer tenants the opportunity to generate significant business benefits through large, efficient floorplates that provide flexibility for a variety of modern workplace formats,” she said. “Its location on King Street provides excellent access to lifestyle amenity and transport options for employees.”
Aurecon’s South Queensland regional director Neil Barr said project costs had been cut through digital design and modularisation.
“Our firm has long seen timber as a viable alternative to steel and concrete and 5 King will showcase the strength of CLT in a 10-storey building,” he said.
Work for Aurecon now turns to developing a sustainable office fitout that “promotes movement and collaboration between our teams and a positive working environment for our staff”.