Dexus secures $2.1 billion redevelopment of Brisbane's Eagle Street pier
19 December 2019, Written by Business News Australia
Two sparkly new office towers, a variety of restaurants and shops, a green open space, and enhanced riverbank facilities are on the cards for a $2.1 billion Brisbane waterfront master plan.
Announced this morning by the Queensland Government the development will be helmed by property group Dexus who will transform the city's Eagle Street Pier into a premium business and leisure destination.
The property developer estimates 1120 annual construction jobs will be created over the next 10 years, with an additional 916 operational jobs supported once construction has completed.
In addition to the office towers and the riverfront restaurant and shopping precinct is a new and revitalised public space.
The space will feature around 7900 square meters of open space, incorporating a market square and steps, urban veranda terraces, the extension of the City Reach Riverwalk, and a new 'green' corridor connecting Eagle Street to the riverbank.
An artist's impression of the redeveloped Eagle Street office precinct
Minister for State Development Cameron Dick says the project will not only beautify the Eagle Street precinct but be a major boost to the city's economy.
"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 and add to our state's construction and professional services sectors," says Dick.
"The Waterfront Brisbane proposal is a city-shaping development for Brisbane's CBD and one that the Palaszczuk Government is proud to facilitate with Dexus for the benefit of the Brisbane and Queensland community."
An artist's impression of the Eagle Street riverbank precinct
Dexus chief investment officer Ross Du Vernet says the Eagle Street precinct has been ignored for too long.
"This is a significant milestone that unlocks the considerable potential in this Brisbane CBD gateway site which has set under-developed for almost 30 years," says Du Vernet.
"It's scale and central riverfront location provide a truly unique opportunity to create a world-class destination for city workers, residents and tourists."
Construction on the site is expected to commence in 2022, with the first tower to be completed in 2026.
An artist's impression of the Eagle Street redevelopment
Business News Australia
Author: Business News Australia