Hope you’ve had a great week!
There was a great article that came through from Queensland Economic Advocacy Solutions earlier this week, showing that :
Over the next five years Brisbane will experience a once in a generation level of investment in new major projects on a scale that no-one will have seen before not even for Expo 88.Between now and 2025, Queensland’s capital city will be transformed by major construction projects worth approximately $30 billion including:
- Brisbane Live;
- Brisbane Metro;
- Millennium Square;
- Brisbane Showgrounds:
- Cross River Rail;
- Brisbane Quarter;
- Queens Wharf;
- South Bank Southpoint;
- Howard Smith Wharves;
- Waterfront Precinct;
- Brisbane Airport’s Second Runway
- Northshore Hamilton;
- International Cruise Ship Terminal;
- Gabba Precinct; and
- Herston Quarter.
At no time in this state’s history have such significant projects been undertaken at a similar time that will redefine the visitor and living experience in Queensland’s capital city.
Individually each of these projects is impressive but collectively they represent a once in a generation level of investment coming on line within a narrow window of our capital city’s history. Each of these projects will represent enormous opportunity to their respective supply chain but will also cascade considerable benefit as anchor points to surrounding businesses. Employees will spend their hard earned wages throughout the suburbs of Brisbane further spreading the economic boon.
Arguably Brisbane’s current economic profile relies heavily on locally generated revenues and opportunity but these projects regear our capital city for the global marketplace thereby offering a buffer or hedging opportunity to commodity prices and global demand for our resources.
An overview of each project is provided below:
BRISBANE LIVE – $2 billion, 2018 – 2022: Brisbane Live is a $2 billion arena-centred entertainment precinct at Roma Street, Brisbane with a Madison Square Garden-style 17,000 seat entertainment arena as its centrepiece, along with outdoor amphitheatres, cinemas, restaurants, bars, hotels, and residences.
BRISBANE METRO – $1 billion, 2017 – 2023: The Brisbane Metro is a high frequency rapid transit transport system along 21km of existing busway from the Royal Brisbane and Women’s Hospital to Eight Mile Plains. It includes 18 stations, including 11 interchange stations, two of which will link with Cross River Rail.
MILLENNIUM SQUARE – $2 billion, 2018 – 2021: Millennium Square is touted as Australia’s first ‘mediapolis’, co-locating new knowledge media businesses in a world class workplace within a vital and vibrant urban precinct. The project’s major features include a 44,000sqm commercial office building, a media innovation centre, high quality retail centre of up 42,000sqm, up to 1700 rooms across seven apartment towers and a 187-room hotel and public plaza.
BRISBANE SHOWGROUNDS – $2.9 billion, 2017 – 2018 (stage 3): The regeneration of the Brisbane Showgrounds is transforming more than 22 ha on the Ekka site into a vibrant year round destination. It includes 340,000sqm of residential, commercial and retail buildings, together with an additional 76,000sqm of new development on RNA retained land.
CROSS RIVER RAIL – $5.4 billion, 2017 – 2024: Cross River Rail is a 10.2km rail line between Dutton Park and Bowen Hills that includes a 5.9km twin tunnel under the Brisbane River and the CBD. The project includes four new underground stations at Boggo Road, Woolloongabba, Albert Street, Roma Street and redevelopment of two existing over ground stations at Dutton Park and the Exhibition which will be used by 164,000 passengers daily. Each new station will generate unique opportunities for property development and economic growth and revitalisation of these inner-city precincts.
BRISBANE QUARTER – $800 million, 2016 – late 2019: Brisbane Quarter at 300 George Street includes Australia’s first purpose-built W Hotel, two levels of riverside dining and luxury retail shopping beneath a 40 storey state-of-the-art Prime Grade office tower and an 82-storey luxury residential apartment building.
QUEEN’S WHARF – $3.6 billion, 2017 – 2024: Queen’s Wharf is an integrated resort development covering more than 26 ha. The project includes five new hotels, including The Ritz-Carlton Brisbane and the six Star Rosewood, which will provide more than 1000 hotel rooms.
SOUTH BANK SOUTHPOINT – $600 million, 2016 – 2018: Southpoint is home to Brisbane’s second luxury boutique Emporium Hotel plus three towers comprising 413 residential apartments, commercial office space, and an estimated $40 million, 4500sqm retail and dining plaza.
HOWARD SMITH WHARVES – $110 million, 2017 – late 2018: The Howard Smith Wharves are being transformed into a world-class 2.7 ha riverside recreation, lifestyle, event and tourism precinct with access to and from the Brisbane River.
WATERFRONT PRECINCT – $1.5 billion, 2020 – 2026: A new waterfront precinct which includes parkland, retail, hotel and commercial space over 3.2 ha of prime waterfront CBD at Eagle Street Pier, Eagle Street (gold tower), 12 Eagle Street (blue tower) and Naldham House (Brisbane Polo Club).
BRISBANE AIRPORT SECOND RUNWAY – $1.35 billion, 2017 – 2020: Brisbane Airport’s second runway will cater for an increase of about 28 million annual passengers by 2034. The second runway will be 3.3km long, 60m wide, located 2km west of and parallel to the existing runway.
NORTHSHORE – $5 billion, 2020 – 2035: Northshore is the largest waterfront urban renewal project in Queensland with luxury riverside apartments, commercial space, boutique retail shops, restaurants and bars. Up to 20 per cent of the site is green space with landscaped parks and swimming pools.
INTERNATIONAL CRUISE TERMINAL – $160 million, 2018 – late 2019: Brisbane’s first mega-cruise ship terminal at Luggage Point will be able to cater for vessels longer than 270m. The terminal building will be 9300sqm set over two levels and connected to a 200m long wharf with two air bridges for passengers. There will also be public open spaces, parking, plus extensive landscaping across the site.
GABBA PRECINCT UPGRADE – TBC, TBC: The Gabba’s 10-15-year ‘master plan’ includes a new “grand entrance” to the stadium, landscaped public gardens with big screens, and walkways over Main, Vulture and Stanley streets.
HERSTON QUARTER – $1.1 billion, 2018 – 2028: Two kilometres north of the Brisbane CBD, the Herston Quarter – located within Queensland’s Herston Health Precinct – is planned to undergo $1.1 billion development. Comprising approximately five-hectares adjacent to the Royal Brisbane and Women’s Hospital, the site will provide access to leading health, hospital and aged care services. Over the next 10 years, the planned $1.1 billion development will involve multiple integrated buildings, including a new specialist public health facility, a new private hospital, aged care and retirement living, residential and student accommodation, childcare, car parking and an array of public spaces.
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Have a great weekend and catch you next week!
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Have a great weekend and catch you next week!