About 5000 workers could move into Fortitude Valley if a proposed 26-storey commercial tower gets the tick of approval.
A development application for the tower at 801 Ann Street was lodged to the Brisbane City Council by developer Walker Corporation on Wednesday in a move the developer said was to establish the Valley as one of Brisbane's most desirable places to work.
The tower was planned to replace the Austral Motors Site that sold Jaguars, Land Rovers and Volvos.
In December 2014 Walker submitted a development application for two residential towers (19 and 23 storeys) with a total of 433 apartments.
This was approved by the council in September 2015, but the developer did not act on the approval.
Walker general manager for Queensland Development Peter Saba said Brisbane was seeing a slowdown in the inner-city high-rise residential market because of a cyclical oversupply.
"The outlook for the commercial property sector is brighter and there are a number of high-profile tenants who will be looking for space during the next few years," he said.
"Walker has been looking for the opportunity to deliver a significant commercial building in Brisbane, and that factored into our decision."
Mr Saba said the proposed commercial tower would appeal to top-tier companies with workers in the tower also able to eat, drink and shop nearby.
Valley Chamber of Commerce president Murray Sutherland said the development would boost the area's reputation as a centre of trade, commerce and industry.
"A new commercial building of this scale and quality is very valuable to businesses in the area and speaks to investor confidence in the Valley," he said.
"I am excited to see an experienced developer like Walker bring forward a great proposal that will grow the Valley's workforce population and boost the 24-hour economy in the next few years."
The proposal for the commercial tower would have 46,659 sq m floor area for commercial and retail space and 386 sq m of retail space on the ground level on McLachlan Street.
The tower would also have conference facilities for the building tenants and storage for 350 bikes and 506 lockers.
Mr Saba said 801 Ann Street would significantly expand Walker's presence in Queensland.
"We have been looking for the opportunity to deliver a significant commercial building in Brisbane," Mr Saba said.
"This site is the perfect location with James Street and the Fortitude Valley Train Station on the doorstep.
"The area offers all the amenities companies need, while embodying the unique feel of the Valley."
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