A $2.1 billion transformation of the Eagle Street Pier and Waterfront Place precinct into Brisbane’s premium business and leisure destination is a step closer after commercial property group Dexus lodged development plans with Brisbane City Council today.
State Development Minister Kate Jones said Waterfront Brisbane was a city-shaping development, which Dexus estimates has the potential to create more than 1000 construction jobs over the next decade and breathe new life into an aging section of the city’s much-loved riverside.
“We understand that new infrastructure is crucial to the Queensland’s economic recovery,” Ms Jones said.
“This is a major milestone in a project that will create thousands of jobs for locals in years to come.
“The government has been working closely with Dexus to make this happen.
“Lodgement of the development applications for Waterfront Brisbane is a great step in the right direction and a a vote of confidence in the Queensland economy.”
The project will now be assessed by Council in accordance with the Planning Act and Council’s vison, identified in the Council’s draft City Reach Waterfront Master Plan.
Subject to all development approvals, construction on the Eagle Street Pier site could commence in 2022, with the first tower being delivered in 2026.
Waterfront Brisbane is set to deliver a global-standard business and tourist destination that aims to maximise its prime riverside location with enhanced open spaces and amenity and a revitalised premier waterfront dining hub.
The precinct masterplan includes two commercial towers of 52 and 44 floors, a vibrant active retail area and approximately 9000 square metres of revitalised public realm including a portion of new city reach Riverwalk.
Dexus Chief Investment Officer, Ross Du Vernet said Waterfront Brisbane would unlock the considerable potential of the Brisbane CBD gateway site which had remained under-developed for almost 30 years.
“Waterfront Brisbane will be a great outcome for Brisbane with the renewal of the city’s premium business district, activation of the river and improvements to the Riverwalk,” he said.
“The project’s scale and central riverfront location will firmly establish Waterfront Brisbane as a world class destination and is set to reshape the daily experience of the many people who visit and work there.”
Brisbane is a vibrant city and the Queensland Government is proud to support world-class developments like Queens Wharf and Waterfront Brisbane that deliver contemporary spaces while supporting thousands of construction and operational jobs.
This article is republished from www.miragenews.com under a Creative Commons license. Read the original article.
Barwon secures Princess Alexandra Hospital car park
Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.
The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.
The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.
A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.
The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.
BIP invests again
Established in 2006, BIP holds a property portfolio worth $2.3 billion.
Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.
Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.
Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.
More to come.
Article source: www.realestatesource.com.au
Brisbane’s Office Market Greenlit for Business
Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.
Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.
The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.
Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.
Article source: www.theurbandeveloper.com
Developer Pitches for $130m Shop-Top Housing on Bayside
Brisbane’s bayside could be going up in the world with plans for $130-million highrise shop-top housing in the heart of the seaside suburb of Wynnum.
Brisbane-based developer Hambros has lodged plans for a 21-storey apartment tower on the vacant lot neighbouring the Wynnum Central Shopping Centre, after winning approval for an small extension to the retail centre late last year.
The development comprises a 6-storey retail and commercial podium, with a 275-apartment tower above, backing on to Wynnum Central Park.
Hambros has reportedly spent about $14 million on revamping the Wynnum Central Shopping Centre on Bay Terrace, as part of a $74-million plan to rejuvenate Wynnum, including cinemas.
According to planning documents lodged with the Brisbane City Council, the tower will be made up of 54 one-bedroom apartments, 148 two-bedroom apartments, and 67 three-bedroom apartments, with six penthouses, which will have private rooftop space and their own pools.
The building height is well in excess of the allowable five to eight storeys in the Wynnum Manly Neighbourhood Plan, but town planners Gateway Survey and Planning argued the plan was “outdated” and should be overhauled.
The six-storey podium would contain two levels of parking, a retail tenancy at ground level, a floor of retail, with two storeys of commercial space for office, healthcare and events space on levels 5 and 6.
In a statement to the council Hambros director Justin Ham said the Wynnum CBD had been left behind “with no development occurring in the last 20 years”.
“Our project is designed to put Wynnum CBD on the ‘open for business’ map,” Ham said.
“This landmark development, with a construction cost estimated at $130 million will have a huge financial and community positive impact on the Wynnum CBD and surrounding areas.
“It’s a once-in-a-lifestime opportunity to create a beautiful space overlooking the best bay in the world.”
Ham said the development would bring much-needed foot traffic to the heart of the Wynnum CBD and help bolster businesses and landowners he said were struggling to remain profitable.
Taiwanese developer Shayher Group won approval for a masterplanned retail precinct at Wynnum Plaza with plans for 184 apartments across eight residential buildings as well as boutique cinemas and increased retail space, reportedly worth more than $100 million.
Work on the Wynnum Plaza redevelopment was due to commence later this year with a completion date hedged for 2024.
Article source: www.theurbandeveloper.com
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