Taiwanese-backed developer Shayher makes Quay play for major site
Taiwanese-backed developer Shayher is betting on Brisbane’s property market, picking up a major development site from Charter Hall and a Canadian backer. The private developer has quietly stepped up to acquire 309 North Quay for $46m, according to title searches, and is looking to draw up a scheme that will add to its pipeline in the city.
Shayher has a wide range of projects in Brisbane, including plans for a $300m, four-tower “urban village” on the riverfront 1.5ha Kings Row office park in Milton.
Shayher founder John Lin is already making a mark on the skyline with projects such as the Barracks urban renewal project in Bulimba, the W Hotel, a $250m commercial hub next to Capalaba Central shopping Centre, a luxury housing estate at the old CSIRO site in Long Pocket and the Brisbane Quarter precinct.
An artist’s impression of the Charter Hall/QuadReal development proposal at 309 North Quay in the Brisbane CBD.
The sale was negotiated by JLL’s Seb Turnbull off-market. He declined to comment, as did the parties.
In early 2021, Charter Hall and Canada-based real estate investor QuadReal bought the riverfront development site and flagged the potential for a major office project.
But rising costs and still uncertain demand tempered its large-scale plans.
The group is still pressing ahead with a tower at 360 Queen St, alongside Investa, where it has strong precommitments.
The 6400sq m parcel of land overlooks the Brisbane River and is in the North Quarter precinct, offering the potential for a major scheme.
Charter Hall had lodged development applications for a single 50,000sq m commercial tower and a separate application for two smaller office towers of 23,000sq m and 36,000sq m. It had planned to develop a major single tower, but lodged a separate DA for the two tower schemes at the same time, to provide flexibility.
