Brisbane's tallest tower is to be built by the UK's largest privately owned construction firm, Laing O'Rourke.
Property developer APH Capital Partners on Wednesday announced Laing O'Rourke as its preferred design and construct contractor for the building, at 480 Queen Street in the Brisbane CBD.
The parties have entered into the first stage agreement of what will become a design and construct contract valued at more than $300 million.
The development, to cost around $700 million, is a 265-metre high, 70-level tower comprising commercial offices, luxury residences and a five-star hotel.
APH managing director John Wilson said it was vital that a project of the magnitude of 480 Queen St was constructed by a firm with the reputation and international experience of Laing O'Rourke.
Laing O'Rourke chairman Andrew Wilson said 480 Queen St would herald a new chapter in Brisbane construction.
"Every construction firm wants to work on high-profile developments, and there's no doubt this is arguably Brisbane's most high-profile in recent times," he said.
APH has received approval for the major components of the tower - 30,000 square metres of office space, 192 hotel apartments and 109 premium residential apartments.
The office component of the building will be released to the market first, followed by the hotel and residential components.
APH settled the $32 million purchase of the 480 Queen St property - formerly known as the Red Cross building - in July 2006, and acquired the adjoining 828 square metre Dome Niteclub site to incorporate into the tower plans.
Demolition works are due to start in the new year, with construction to begin in March 2008.
Completion of the project is forecast for late 2010.