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LaSalle Investment Management wins consent for apartment scheme in Australia

LaSalle Investment Management is progressing with its A$500 million development in Brisbane's Fortitude Valley, Australia, after it received approval for a 30-story apartment scheme facing Alfred Street.

The 207-unit building is the second project under the wider development to receive an approval from the Brisbane City Council, following its approval for a 23-story commercial tower near the site, on which construction work is expected to start in the next 12 months.

LaSalle Investment Management's Fortitude Valley project aims to transform the Valley Railway station precinct into a residential, retail and business hub, the company said in a release.

Moreover, the project is conditional upon the completion of long-running negotiations with Queensland Rail, regarding the tenure of the retail precinct above the station. The company's fourth pan-Asia opportunistic fund holds a lease on the existing retail space, which expires in 2071 and is negotiating for a freehold tenure.

As of June 9, US$1 was equivalent to A$1.33.