Charter Hall Group has partnered with global real estate investor QuadReal to acquire one of the largest remaining development sites in Brisbane’s central business district, located within the heart of the North Quay renewal precinct.

This acquisition further extends the Charter Hall and QuadReal partnership, following the 2019 A$630 million (US$478 million) acquisition of 201 Elizabeth Street, Sydney, by securing an underdeveloped site and providing optionality for two simultaneously submitted planning applications, which propose either a twin or single-tower development.

“Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market,” Peter Kim, QuadReal head of Asia, said in a statement. “Urban renewal is a theme we embrace and support throughout the world; and this recent acquisition, which increases the size of our global office portfolio to abo