First look inside world’s tallest timber tower
04 June 2018
Lendlease: Leading property and infrastructure company, Lendlease, will today provide a first glimpse inside the world’s tallest and largest engineered timber office building, 25 King, at Brisbane Showgrounds.
The first of its kind in the Australian property market, 25 King includes extensive use of innovative and sustainable building materials – glue laminated timber structural beams and columns and cross laminated timber (CLT) floors – as well as state-of-the-art technology to deliver a true workplace of the future.
And with six of 25 King’s nine levels completed in less than 12 months, the building is testament to the benefits of construction using engineered timber. 25 King is Lendlease’s fifth engineered timber building in Australia and one of several timber projects the company currently has underway across the country.
Coinciding with today’s preview of 25 King, the building’s owner, ethical investment company, Impact Investment Group (IIG), will release new details of a co-investment opportunity for the building.
Quotes from Dale Connor, CEO, Lendlease Building.
“25 King is setting a new benchmark within Australia and internationally for the delivery of office buildings that are more sustainable from an environmental perspective while also delivering cost, time and waste efficiencies. This is a very compelling combination.
“25 King really is the next generation of sustainability, being carbon neutral through the construction phase and completely recyclable at the end of its life. Compared to a traditional concrete and steel construction, the pre-formed engineered timber construction means no waste and an energy saving of at least 40 per cent.”
Quotes from Darren Brusnahan, Head of Funds Management – Real Estate, Impact Investment Group.
“We’re committed to helping move Australia to a low-carbon future, so we look for property investments with excellent potential for environmental sustainability.
"Lendlease is delivering Brisbane's finest office building, so this is a rare opportunity for wholesale investors to access a property of this calibre, with a blue-chip anchor tenant.
"We're looking forward to co-investing with new clients in the unlisted IIG unit trust that will own 25 King upon completion, which is targeting an internal rate of return of 11.1 per cent a year.
"The Trust is also targeting a 7.4 per cent average yield post-completion, with 100 per cent tax deferral for at least three years post-completion.
"With the engineered timber, we think 25 King will be particularly attractive for tenants who want to pull together their teams into the kind of beautiful space that workforces love.
"And the Brisbane Showgrounds has
exceptional transport connectivity, with road hubs, nearby train hubs
and bus lines, and a very fast trip to the
airport."
Global engineering firm
Aurecon will occupy 43.5 per cent of the net
lettable area, with IIG joining with developer Lendlease to secure new
tenants for the remaining office space.
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Source: Lendlease - www.lendlease.com
Contact: Tamara Lovelace 0427 226 316
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