High hopes as QSuper commits to Square

QUEENSLAND’S largest super fund QSuper has secured its future with a long-term commitment to the Brisbane Square tower.

The group will consolidate its operations in fund manager Charter Hall controlled tower on George St in the Brisbane CBD with a 15-year commitment over 17,000sq m from 2022.

QSuper will consolidate its Brisbane locations, including Central Plaza 2 and 3 in Eagle St, a Member Centre on George St and service operations at Nundah, into the tower.

It is understood the super fund will take over Suncorp’s space with the banking and insurance group due to make a decision on its new headquarters – either at 80 Ann St (Mirvac) or 370 Queen St (Investa/ Charter Hall).

While the deal gives certainty to QSuper’s immediate future the door is still slightly ajar for its previous preferred option with a Charter Hall fund last October to be the main occupant of its proposed 38storey Brisbane Square Tower 2.

The project, next to Brisbane Square tower, was initially scheduled to be completed by the end of 2020, but has been delayed having run into opposition from Brisbane City Council.

QSuper chief financial officer Kulwant Singh-Pangly said the new deal provided critical flexibility for the group to adapt its spatial needs if required over the next four years.

He said importantly it also delivered on QSuper’s objectives for its future workspace.

– Chris Herde