Sold as a luxurious apartment tower for the prime riverfront site in Brisbane’s CBD, 443 Queen St hit controversy from the start and now sits years behind with millions lost.
Anthony Marx Follow @AnthonyMarxCM 2 min read February 25, 2022 - 4:10PM The Australian Business Network
Marketers of a luxurious and innovative $375m unit tower nearing completion in the Brisbane CBD once touted it as “paradise in the air’’.
But the 443 Queen Street project has been tangled up in controversy from the moment it was launched in 2014 by developer Cbus Property.
The drama culminated this week in the collapse of construction giant Probuild, which had presided over the problem-plagued riverfront site next to heritage-listed Customs House.
Work on the 47-storey high-rise should have been completed in late 2020 and, after multiple missed deadlines, it was finally on track to wrap up later this year.
But Cbus Property, which has sold the bulk of the 264 units to investors fuming over multiple delays, will now have to find another builder to step in to complete the project. That will inevitably lead to further delays.
Numerous technical problems, some of which were associated with the building’s design on a tricky waterfront site, lead to many of the scheduling setbacks.
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