Australian property and infrastructure company Lendlease has revealed interior design of 25 King, the world’s tallest and largest engineered timber office building, at Brisbane Showgrounds in Australia.
The 25 King office building will be the first of its kind in the Australian property market, and includes extensive use of innovative and sustainable building materials, including glue-laminated timber structural beams and columns and cross-laminated timber (CLT) floors, as well as latest technology to deliver a workplace of the future.
Six of the nine levels of 25 King have been completed in less than 12 months. It is Lendlease’s fifth engineered timber building in Australia and one of several timber projects the company currently has underway across the country.
Lendlease Building CEO Dale Connor said: “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%.”
Impact Investment Group (IIG), the building’s owner, will release new details of a co-investment opportunity for the building.
IIG head of funds management – real estate, Darren Brusnahan, said: “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% a year.
“The trust is also targeting a 7.4% average yield post-completion, with 100% tax deferral for at least three years post-completion.”
Engineering firm Aurecon will occupy 43.5% of the net lettable area and IIG will join Lendlease to secure new tenants for the remaining office space.