AMP Capital and Sunsuper will build a new office tower in Brisbane and have received approval for the project.
The 12 level office building will be built at Coronation Drive Office Park office precinct and it will be a 27,718 square metre A-grade office building, made up of 26,548 square metres of office premises and 1,170 square metres of retail premises.
AMP holds its share in the project through its Australian Core Property Portfolio.
The office precinct which is located just two kilometres from the Brisbane central business district in the riverside suburb of Milton is jointly owned by investors in AMP's Australian Core Property Portfolio and Sunsuper and is managed by AMP Capital.
AMP and Sunsuper have owned the site since 1998 and have previously undertaken two significant developments there, the latest being the 12 level Coronation Drive Office Park Number 4 in 2009.
Other features of the development include a new extension of the existing council road, Railway Terrace, through the office precinct, improving access to Milton Railway Station.
An urban common area of 1,300 square metres, including a mix of indoor and outdoor dining and retail and facilities for joggers and cyclists.
"The Coronation Drive Office Park 7 precinct will provide a much needed destination in the western suburbs of Brisbane that will cater for not only the workers but also the broader community," AMP Capital Australian Core Property Portfolio fund manager Louise Joslin said.
