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One step closer for massive $1.4B CBD waterfront precinct

Property group, Dexus have been given the green light by the Palaszczuk Government to progress to the next stage of a huge proposal to transform the Eagle Street Pier area, reports


The development is now in the second of four stages in the State Development Market-Led Proposals (MLP) framework.


The current plans for the Waterfront Precinct would see up to 1.5 hectares of open riverside and public space, two towers on the Eagle Street Pier site which will have mixed-use potential including, commercial, residential, retail and a hotel. Dexus say “the Waterfront Precinct is a unique opportunity to transform Brisbane’s Eagle Street and surrounds into a leading premium business and leisure destination in the heart of the CBD.”


Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick says the government will be supporting the proposal as Eagle Street Pier is such an important location in Brisbane, and the job creation on-flow is a key factor as the project is estimated to sustain around 740 jobs annually for the duration of construction.


“Should this project reach final approval, this will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart,” Mr Dick said.


Lord Mayor Graham Quirk said Brisbane City Council echoes the support of the State Government, as they “recognise the many economic, lifestyle and leisure opportunities such a project would bring to our New World City.” 


“The proposal is a vote of confidence in Brisbane as a place to do business and reinforces our attraction as a tourist destination,” he said.


The next step in the process is for Dexus is to work with Translink and the Brisbane City Council to deem the feasibility of the proposed development.


An article in The Australian by journalist Ben Wilmont states that the Dexus group have $4.2 billion worth of projects in the pipeline as the “property cycle is running hot.” Dexus Chief Executive, Darren Steinberg said the company has 85% of assets in Australia, and the world was “just one-third through a 100-year cycle of urbanisation.”


Dexus Executive General Manager Ross Du Vent said "In terms of urban place making we think this will be one of the top developments globally."


Hannah Schuhmann said this is an exciting proposal, especially for the ‘Felix’ apartment building, which is in an ultra prime position to take advantage of both the residential accommodation that will be needed for workers during the construction phase, and for residents to utilise this spectacular “Darling Harbour feel” development which will be of global standard upon completion.


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