New tower planned for Brisbane's CBD gateway

Consolidated Properties has unveiled its $200 million Queen Street residential tower. Photo: Supplied

Brisbane's soaring office vacancy rates have claimed a major victim, with an approved 17-storey office tower scrapped in preference of a 39-level apartment building at the northern entry point to the CBD.

Consolidated Properties submitted its plans for the $200 million tower, to be called Spire, with Brisbane City Council on Wednesday.

Last year, Consolidated Properties had planned to build a $160 million 17-storey office tower at the site fronting both Queen and Ann streets, behind the Orient Hotel, at one of the high-profile gateways to the city.

The old Paramount Pictures building on Ann Street has been bulldozed. Photo: Supplied

Consolidated Properties executive chairman Don O'Rorke said Brisbane's dire office market prompted a change of plans.

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The Property Council of Australia's mid-year Office Market report, published in August, showed Brisbane's office vacancy levels had reached a record high of 14.7 per cent.

"We bought the site a couple of years ago and we got an approval for a 20,000 square-metre commercial building," Mr O'Rorke said.

A previous design for the site featured 17 levels of office space. Photo: Supplied

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New tower planned for Brisbane's CBD gateway