Wee Hur

• ROSANNE BARRETT
• The Australian
• 12:00AM December 8, 2016
•  
• New and proposed office space in the Brisbane CBD is sufficient to meet demand for the next 18½ years, according to new analysis. 
• 
  
  A commercial office assessment report in support of an ­ application by Singapore-listed developer Wee Hur, written by respected property analyst Urbis, also found the 321,440sq m of ­ vacant space would provide ­ another 20 years of supply if the 10-year net absorption rate of 16,140sq m a year were applied.
  
  &ldquo Based on current net absorption figures, there is sufficient commercial office floor space in the new and proposed buildings to provide for the next 18½ years,&rdquo the report said.
  
  &ldquo Including the current vacant floor space in the Brisbane CBD doubles this time period.&rdquo
  
  
  The assessment was lodged with Brisbane council for Wee Hur&rsquo s bid to reduce the commercial component of its Buranda Transit Orientated Development at Woolloongabba, 4km south of the CBD.
  
  The office space is to be in the second stage. The first stage is under construction for &ldquo the largest purpose-built student accommodation in Brisbane&rdquo . It will have 1578 rooms, according to the company&rsquo s recent announcement to the Singapore stock exchange.
  
  The Australian  understands Wee Hur is also planning another student accommodation development for adjoining CBD sites, at 62 Ann and 89 Turbot streets, it bought in January for $63 million.
  
  The commercial office report outlines two scenarios. The first is the approved 7700sq m that it says would take 24 years to ­ absorb. The second is a 1440sq m area of shared incubator space or offices, alongside other uses, a cinema, dining, gym, childcare centre and medical centre.
  
  It proposes the inner south would absorb about 1430sq m of office space a year, including only 52sq m (3.6 per cent) within the Wee Hur development.
  
  &ldquo With a low market share, the proposed 1440sq m minor office offering at the subject site will be supportable by 2024-25, while the 7700sq m mixed-use offering will not be as supportable until 2043-44,&rdquo it said.
  
  &ldquo Given the circumstances and changing market conditions since the preliminary approval in 2010, Wee Hur are pursuing a ­ development typology that is slightly different to that of which is anticipated under the preliminary approval.&rdquo
  
  Wee Hur bought the 1.7ha site from Anthony John Group in 2015 for $51.3m. The third stage is a 168-unit residential development with commercial spaces at ground level. It is expected to launch early next year.
  
  Since buying the site, Wee Hur has sought to alter the existing preliminary approvals given the changing market.
  
  The transit oriented development will be built over the Buranda train station, and is located ­ opposite a major teaching hos­ pital, the Princess Alexandra Hospital.