This article is from the Australian Property Journal archive
NEARLY $3 billion worth of projects have progress to the next stage of planning in and around the Brisbane CBD, and a consortium has been appointed to deliver the 30-year overhaul of the 42-hectare South Bank riverfront precinct.
Major infrastructure projects across the city have been cited as a key reason for the recent significant uplift in office and commercial real estate investment from domestic and offshore players. German giant Deka Immobilien has just spent $380 million on the Central Plaza Two property in the Golden Triangle precinct.
The “Future South Bank Group” is headed by Urbis and includes Cox Architecture, Arup, Cultural Capital and Complete Streets, as well as Gillespies, based in London, and Projects for Public Spaces from New York.
The South Bank 2050 master plan was announced by the Queensland government and South Bank Corporation in 2018 and currently open to public consultation. South Bank Corporation will fund the project, which will include 17 hectares of parklands.
A master plan for conversion of the inner city Victoria Park golf course into a 45-hectare public parkland was released earlier this month.
The $3.6 billion Queen’s Wharf development is on the other side of the river and is scheduled to open in 2022.
Meanwhile, at the end of last year the Palaszczuk Government and Dexus signed a facilitation agreement on the proposed $2.1 billion Waterfront Brisbane concept master plan, allowing Dexus to commence a detailed design stage and move forward with development applications.
The proposal includes two office and mixed use towers on the Eagle Street Pier site, riverfront restaurants, casual eateries and shops, about 7,900 sqm open space incorporating a market square and steps, urban verandah terraces, an upgrade and extension of the City Reach Riverwalk and a new green corridor connecting Eagle Street to the Riverwalk.
Enhanced wharf facilities will support commercial and river tourism operations, with provisions to support the delivery of a new City Reach ferry terminal.
Minister for State Development, Manufacturing, Infrastructure and Planning, Cameron Dick said, “This is a landmark project that’s estimated to provide a $5.7 billion boost to Queensland’s Gross State Product over the next 40 years, including $230 million in value add to our state’s construction and professional services sectors”.
Dexus estimates an average 1,120 annual construction jobs will be created over the next 10 years, with an additional 916 operational jobs supported once construction has completed.
Along Brisbane’s inner suburbs, Geon Property has obtained development for stage one of the $750 million Albion Exchange project after slashing 10 storeys off the height of the tower.
The 10-stage transit-oriented development is on land owned by the Queensland state government and will overhaul the area around Albion train station. Its first towers will rise a respective 20 and 19 storeys, with 253 apartments, after being cut down from the initial proposal of 30 storeys and 23 storeys with 333 units.
Meridian Property Holdings has just lodged plans with Brisbane City Council for its Lamington Markets project, on 7,333 sqm of land in Lutwyche. The concept includes two 12 level towers that will have 134 dwellings and retail, hotel, cinema and healthcare space, with an expected end value of around $150 million.
