Consolidated Properties has put 550 Queen Street up for sale. It has frontages to Queen St, Ann St and Clark Lane. The land has development approval for a 20,000 sqm tower. The AFR reported on Thursday (8/2/14, p. 45) that there was strong interest from residential development companies. (The article also states that 4000 residential apartments are currently under construction in Brisbane, with up to another 3000 that could complete by 2015/16. There is a risk of oversupply.)
This proposed development will have a negative impact on Willahra Tower, at 540 Queen Street. Willahra Tower is an apartment building that has short term rentals. (Bad reviews on TripAdvisor.) Small apartments, with a two bedroom less than 75sqm internal. Apartments are advertised as "cheap", and there is a reason for this. My advice -- avoid!