Property News

Rumours rife on South Bank bids

29 September 2006

Local developer the Anthony Johns Group is understood to be one of two groups shortlisted to develop a $300 million mixed-use project at Brisbane's South Bank.

Sources said the other name on the list could be Sydney developer CRI, with a proposal designed by Cox Rayner architects, but the companies could not be contacted last night.

Developers Devine, Austcorp and Leighton Properties are known to be out of the race, and sources say Mirvac and Stockland also have been excluded.

All bidders have declined to comment and the market is alive with conflicting rumours.

Veteran local developer Kevin Seymour could not be contacted yesterday, but one source said his firm had put in a strong bid.

A Consolidated Properties bid may also still be in the running.

Nineteen developers are understood to have lodged bids after South Bank Corporation went to the market in June seeking monetary offers and proposals for the site.

The corporation yesterday confirmed it had a shortlist, but chief executive Malcolm Snow declined to say how many or which companies were on the list.

A recommendation would go to the board early next month, he said.

The winning proposal would have "an absolute priority on good design and the ability to integrate with the balance of the precinct and realise the broader vision".

"I'm looking forward ... to announcing a proponent who has demonstrated that in a very exciting way," Mr Snow said.

After the winner is announced, the SBC will take the proposal to Premier Peter Beattie seeking to triple the approved amount of floor space on the site, taking it to about 30,000sqm.

Market sources say developers used a number of "name" international architects to design proposals.

The Brisbane-based Anthony Johns Group is developing the $225 million Emporium at Fortitude Valley in Brisbane.

A Lend Lease spokesman said his company had not lodged a bid, and sources said neither had Multiplex.

Property Solutions has been suggested as a bidder, but joint managing director Kevin Miller said yesterday: "It's got nothing to do with us."

Source: The Australian