BUILDING OUR FUTURE: Part 6 (THE SERIES)

PART 6: The queen of all developments

Recently we launched a new series called Building Our Future. This is an ongoing series that explores the latest and greatest development projects for the city of Brisbane. Throughout the series we breakdown each infrastructural development by asking questions such as: Why does it benefit Brisbane? Why is it needed? What does it mean for local real estate, and investors alike?

This week we put Queen’s Wharf under the spotlight.

What is the project?  

We are sure almost everyone has heard of the Queen’s Wharf by now - a major development underpinned by experts who believe it will totally transform Brisbane as we know it! Completely reshaping George Street to the river; stretching 10 blocks across the far end of the city, from Queen Street to Alice Street.

Unlike anything Brisbane (or Australia for that matter) has ever seen, the development of Queen’s Wharf Brisbane is set to include an underground shopping mall, a sky-deck containing multiple restaurants and bars with stunning views of the Brisbane River and skyline, five new hotels (three of which will be six stars) including the world renowned Ritz-Carlton and Rosewood brands, a new Lyric Theatre at South Bank and a cross-river bridge to access it.

Think infinity resort pool overlooking the Brisbane River and Southbank. Think moonlight rooftop cinema. Think 12 football fields of public event space! - This milestone project is said to deliver an iconic redevelopment at the city’s heart that invigorates the entire precinct and delivers striking landmark architecture as part of the best integrated resort in Australia.

For more information on the project, head to  http://www.destinationbrisbaneconsortium.com.au/ 

Why is the development needed?

Really this question is a no-brainer but we will answer it anyway.

 There are so many reasons why this project is pivotal, starting with a rise in revenue to the state. Premier Annastacia Palaszczuk said the project would have a significant effect on Queensland, including a guaranteed $1 billion in revenue.

"It does mean there is a huge injection of cash that is going directly to pay down debt on our state budget,” said Annastacia Palaszczuk.

Furthermore, Palaszczuk said the project would create 2000 construction jobs and 8000 operational jobs.

"We will see overall some 10,000 jobs over the coming years".

But boosting employment is just the beginning. Did you know the Queen’s Wharf is expected to generate an estimated additional 1.39 million tourists a year, creating an extra $1.69 million in tourist spend a year?

Talk about put Brisbane on the map! With projects like this underway, we could not be prouder to call Brisbane home.

The benefits to Brisbane

In terms of jobs, the development alone is tipped to inject 10,000 employment opportunities from construction through to project completion! That is a massive plus to the city of Brisbane.

But as we know the project is about much more than a boost to our local job numbers.

Overall, the Queen’s Wharf is set to deliver a truly place-defining precinct with significant transformational impacts on Brisbane’s economy, tourism, visitation, liveability, image and (of course) jobs.

The good news for investors

Okay, so first let us look at employment… more city jobs equal more city tenants; meaning thousands of people that will want to live closer to work. Thus, as construction unfolds, we can expect to see an intense upswing of new city tenants looking for places to live.

Once the Queen’s Wharf is fully functional, it is anticipated that Brisbane’s new mega-resort is set to make our city increasingly more desirable to buyers and investors alike, thus creating a newfound confidence in our city’s local market.

It is believed this anticipated appeal will have unprecedented effects on the local Brisbane real estate market, with a heightened influx of interest of buyers interested in the CBD… of course, as buyers and demand increases so do property prices.

This is certainly good news for any Brisbane buyer - new or existing.

With so many opportunities on the rise, like the Queen’s Wharf, now is the perfect time to start seriously thinking about buying property in the Brisbane CBD. To discuss all the current opportunities available contact Hannah and the HSBP team on 0419 782 133.