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Home Strategic Asset Enhancement: Unlocking Long-Term Value at 400 George Street
August 8, 2025

Strategic Asset Enhancement: Unlocking Long-Term Value at 400 George Street

 


Located in Brisbane’s prestigious North Quarter, 400 George Street is a 35-level commercial tower offering 43,978 square metre (sqm) of net lettable area across office, retail, and childcare. With an 89.8% occupancy rate supported by blue-chip corporate and government tenants, the building is a cornerstone of the precinct’s commercial landscape.

Now, with a lobby transformation underway, 400 George Street is entering a new phase of strategic enhancement—one designed to elevate its market positioning, continue to attract premium tenants, and unlock long-term value.

The refurbishment strategy

Scope of works:

400 George Street is undergoing a comprehensive redevelopment of its ground floor lobby, designed to modernise the space and elevate both its functionality and visual appeal. Key upgrades include a new street-facing entryway, an internal staircase and a new terrace, creating a more seamless and welcoming arrival experience.

The refurbishment will introduce flexible zones that support both informal and formal meetings, catering to the diverse needs of tenants and. Additionally, a new 235 sqm food and beverage retail tenancy—featuring indoor and outdoor access—will be integrated into the lobby, enhancing social interaction and lifestyle convenience within the building.

 

Design vision

Led by renowned architect, Woods Bagot, in collaboration with Cromwell Property Group, the lobby refurbishment is set to focus on creating a seamless, welcoming, and functional space. The vision is to emphasise connectivity, natural light, and a premium finish. “The design concept is conceived as a landscaped garden portal which creates a unique urban subtropical experience that is enriched through the natural stone cladding, the generous landscape provision, and the integration of public art.”

The space is created with multi-purpose spaces for the modern working environment. “The flexibility of the modern working environment really questions the role that cities play, and the workplaces within them. So what we’re trying to do with the lobby is to create spaces for informal, formal, and serendipitous interaction”

This aligns with findings from Hassell’s Workplace Futures Survey 2024, which show that tenants increasingly value domestic-style amenities such as green spaces, fresh air, and wellness-focused environments—features that are central to the new lobby design.

Strategic value creation

Repositioning 400 George:

Rewinding the clock to 2009, to the time of construction, the North Quarter was an emerging precinct with limited amenities. A food court was installed on Level 1 to meet tenant needs, accessed via an escalator at the building’s entrance.

Today, the precinct is thriving, with abundant amenities and major occupiers like Suncorp, KPMG, Telstra, Microsoft and Santos. This evolution has enabled the transformation of the former level 1 food court into a purpose-built wellbeing and third-space. This upgraded area now includes a boardroom, training room, 200 sqm breakout/function space, multi-faith room, and 38 additional lockers—providing flexible environments for collaboration, learning, and reflection.

Complementing this is a class-leading end-of-trip facility, designed to support active commuting and wellness. Naturally lit and ventilated, the facility features 26 showers with Smart Fixtures, 530 lockers, 200 secure bike parking spaces, touchless entry, Dyson and GHD hair tools, a wellbeing room, and a dedicated yoga/workout space.

Together, these amenities are far better aligned with the expectations of the buildings occupants. They reflect a strong commitment to tenant wellbeing and sustainability both of which are increasingly recognised as key drivers of leasing decisions. As highlighted in JLL’s Tenant Perspectives 2024, organisations are prioritising high-quality, ESG-aligned workplaces that support employee experience, operational efficiency, and long-term business goals.

With key leasing milestones on the horizon in 2025 and 2026, the timing of the lobby refurbishment is strategic. It ensures the ground floor presentation matches the quality of amenity offered throughout the building and positions the asset competitively alongside Prime Grade offerings in the area. As part of the initial upgrade phase, the now-redundant escalator has been removed to create a more prominent and inviting street-level entryway—enhancing visibility, accessibility, and overall appeal.

Importantly, the refurbishment also plays a key role in repositioning 400 George Street as a premium commercial destination within Brisbane’s North Quarter. The upgrade aligns with broader precinct improvements, including the redevelopment of Roma Street Station, further enhancing the building’s connectivity, appeal, and long-term competitiveness.

Once complete, the lobby transformation will reinforce 400 George Street’s standing as one of the leading A-Grade assets in the precinct—delivering lasting value for tenants and investors alike.

Long-term benefits

Occupancy and rental growth

The lobby refurbishment is expected to play a key role in strengthening tenant retention by enhancing the overall experience and amenity offering. By delivering a premium arrival experience and modern, flexible spaces, the upgrade positions 400 George Street as a highly attractive option for tenants seeking quality and convenience in a CBD location.

JLL’s research shows that tenants are increasingly consolidating into prime-grade buildings to meet employee experience and sustainability goals. These improvements also create the opportunity for rental uplift, driven by enhanced presentation, upgraded facilities, and the introduction of prime retail space on the ground floor2.

 

ESG and sustainability alignment:

400 George Street’s strong sustainability credentials—including a 5.5-Star NABERS Energy rating, 4.5-Star NABERS Water rating, and a 5.0-Star Green Star As-Built rating—continue to make it an attractive option for government and blue-chip tenants seeking environmentally responsible workplaces.

The lobby refurbishment further reinforces Cromwell’s commitment to health-focused design and urban sustainability. By integrating natural materials, enhancing access to daylight, and creating spaces that support wellbeing and social connection, the upgrade contributes meaningfully to the building’s ESG performance and long-term environmental goals.

 

Conclusion

 

The lobby refurbishment at 400 George Street is more than a facelift—it’s a strategic investment in the future of Brisbane’s commercial landscape. With visionary design and premium amenities, the project is set to elevate the building’s status and deliver long-term value to tenants and investors alike.

 

1Hassell. The Big Calm: 2024 Workplace Futures Survey. Retrieved from RP_20240910_TheBigCalm_Whitepaper_FINAL.pdf

2JLL. Tenant Perspectives 2024. Retrieved from jll-tenant-perspectives-2024.pdf