CBD Building with DA Approval for 44-Storey Commercial Tower Expected to Fetch $20M

33 Herschel Street hits market: unmatched opportunity for developers, institutional investors, or high-net-worth buyers seeking a landmark site in Brisbane’s evolving skyline.

A landmark site with DA approval for a 44-storey commercial tower in the heart of Brisbane’s CBD offers an unmatched opportunity for an investor to develop a landmark site in Brisbane’s evolving skyline.

Positioned within Brisbane’s coveted “North Quarter”, this expansive 911sqm site boasts DA approval for a 44-storey commercial office tower, offering 16,577sqm* gross floor area and 2,049sqm* of additional facilities. With Principal Centre Zoning, the property also provides immense flexibility for various developments, including commercial, residential, student accommodation or hotel projects.

Being offered for sale via an expressions of interest campaign by Tony Wang from Colliers and Deepen Khagram from Remax, this three-level, 911sqm freehold site at 33 Herschel Street, offers a very rare opportunity.

Colliers Queensland Asia Markets Director Tony Wang said this prime development approved site in the heart of Brisbane’s thriving CBD would attract strong interest from developers and investors.

“The demand for office space continues to outweigh supply in Brisbane, and with the only ongoing developments in the Brisbane CBD including Waterfront Brisbane, 205 North Quay, and 360 Queen Street which are largely pre-committed, there is a huge opportunity to fill a gap in the market,” Tony Wang said.

“The property’s strategic location places it right in the heart of the CBD’s ‘North Quarter’ precinct, an area that is witnessing substantial government infrastructure and commercial development, establishing itself as one of Brisbane’s most vibrant and sought-after locations.

“With existing approval for a 44-storey commercial office tower, the property also provides immense flexibility for various developments, including commercial, residential, student accommodation or hotel projects.

“Investor interest in the Brisbane CBD is projected to grow, as seen by a recent increase in institutional transactions and an 88 per cent rise in sales volume in 2024 to $961 million compared to the previous year.

“Additionally, Asian investment into the Australian commercial property market has remained relatively strong, we are witnessing strong buyer interest for assets sub $30 million with Australia continuing to be highly sought after for Asian investors given its stable fundamentals.

“Located in a key location surrounded by major landmarks including Roma Street Train Station, The Star Casino and Queen Street Mall, we are expecting strong interest in this site,” Tony Wang added.

Remax Director Deepen Khagram said over the next twenty years, the Brisbane 2032 Olympic and Paralympic Games were forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia.

“This site is ideally positioned to leverage Brisbane’s infrastructure expansion and rising demand from the upcoming 2032 Olympics,” Deepen Khagram said.

The building was originally constructed around 1975, and underwent a comprehensive refurbishment in 2013.

This property is offered via an Expressions of Interest (EOI) campaign, closing at 2:00pm (AEST) on Wednesday, 5 March 2025.