Property group Devine has secured a 120-year lease over the land at 145 Ann St in central Brisbane for a commercial building it will call Westminster Hall.

It comes as the group announces its continued push into the commercial market with a new $75 million A-grade commercial development, ICB Central, at 15 Butterfield St, Herston, in inner Brisbane.

Managing director David Devine revealed yesterday the group intended at this stage to on-sell both buildings.

At Anne Street, the lease is subject to Devine gaining a development approval for the site.  It has already lodged plans with the Brisbane City Council.  The Heritage listed Anne Street Presbyterian Church will be preserved.

The A-grade office tower will offer a net lettable area of about 33,000sq m and 174 car parking spaces.

Mr Devine said the development would combine a building of distinctive heritage with a contemporary office tower.

In addition to a confidential payment for the lease, the church will be allocated the first level of the new building and given at least 12 permanent car parks.

Parishioners will also have access to parking in the building on Sundays.

An existing office will also be refurbished during the development.

“We actually negotiated this over a two-year period” Mr Devine said.

“It was the vendor’s request that it be leasehold.

A 120-year lease will not affect the value of the site and we are very happy with the outcome.”

It is hoped that work will start on the building mid way through next year and be completed by 2011.

“But construction won’t start until it is substantially leased.” Mr Devine said.