This article is from the Australian Property Journal archive
The Queensland State Government has awarded Multiplex the job to develop Stage 1 of the North Bank project in Brisbane?s CBD.
The $1.5 billion North Bank project will revitalise the riverfront land from the William Jolly Bridge to the Goodwill Bridge on the city side of the Brisbane River.
Stage 1 is the stretch from Victoria Bridge to Alice Street.
Premier Peter Beattie said yesterday it was a Queensland Government’s requirement that the North Bank project be developed at no cost to Queensland taxpayers or not at all.
“Multiplex has offered a first-rate concept design as the basis for further negotiations with the Queensland Government. However, it is substantially different to the preferred strategic plan that was made public in 2004/05 as Multiplex has put forward a much larger development than originally envisaged.
“After testing the market it is clear that the redevelopment can only be achieved at no cost to taxpayers if significant high-rise development is included. This North Bank project, given it gets the final go ahead, could breath new life into a forgotten part of the city.” Beattie said.
The project includes a new covered pedestrian walk (supported by the Victoria Bridge), public open spaces, public swimming pool, shops, restaurants, riverfront promenade, a new hotel, commercial and residential buildings, as well as a dramatic entry building from Queen Street to the new development, linking it directly to the heart of the CBD.
Deputy Premier Anna Blight said the announcement should not be seen as a Government endorsement of the Multiplex proposal – rather as an indication that the government wants to test its public acceptability.
Bligh said if there was public support for the project, Mulitplex intended to start construction next year and finish the development with in 10 years.
“This period does not replace a full public consultation process, which will be conducted when the final design is being developed.
“If it were to go ahead, the project would see Multiplex invest more than $1.5 billion and create up to 1220 jobs during construction over the next 10 years,” Bligh concluded.
Australian Property Journal
