Brisbane CBD set for billion-dollar boost

22 December 2020

Two redevelopments worth almost $3 billion collectively and set to transform Brisbane city have reached significant milestones today.

The Queensland Government has secured a conditional agreement with property group Mirvac for the proposed $670 million redevelopment of 200 Turbot Street.

The $2.1 billion Waterfront Brisbane development of the Eagle Street Pier and Waterfront Place precinct has also received development approval from Brisbane City Council.

Deputy Premier and Minister for State Development Steven Miles said plans for a proposed $670 million redevelopment of 200 Turbot Street in Brisbane’s CBD are one step closer.

Queensland is getting on with our economic recovery by supporting job-generating projects,” Mr Miles said.

“Following a competitive bidding process, the Queensland Government is pleased to have secured a conditional agreement with property group Mirvac for the redevelopment of 200 Turbot Street.

“The major redevelopment is estimated to support about 360 jobs per year over a proposed three-year construction phase.

“Redevelopment of the site is conditional on Mirvac securing arrangements that will ensure the site becomes a vital part of Queensland’s commercial sector and stimulates construction activity.

Member for McConnell Grace Grace said both projects were a major win for Brisbane’s CBD.

“Thanks to our fantastic health response, Queensland has been able to get back on our feet quicker than other parts of the world,” Ms Grace said.

“Our message is clear; Brisbane is open for business and we welcome the investment.

“These projects, along with the Queens Wharf development will really change the face of Brisbane and bring many jobs to our city.

“This kid of investment is keeping Queenslanders in jobs and supporting our communities as we Unite and Recover for Queensland Jobs.”

Mirvac’s Chief Investment Officer, Brett Draffen said that the agreement enables Mirvac to develop a world-class workplace precinct that, along with its 80 Ann Street development for Suncorp will enhance the quality of the group’s office portfolio under a capital-efficient structure that minimises risk.

“200 Turbot offers the exciting potential to deliver a premium office development for Brisbane,” Mr Draffen said.

“We expect a building of this quality, in this unique CBD location, together with the opportunity for large floor plates, to attract a high calibre of tenants.

“The building will also benefit from significant government investment in local infrastructure including Cross River Rail, Brisbane Metro and Brisbane Live.

“We look forward to working with the Queensland Government, Brisbane City Council and our future occupants to co-create a next generation workplace that responds to the needs of a post-COVID-19 workforce and enhances the Brisbane CBD.”

The Deputy Premier said he was pleased Waterfront Brisbane has received development approval from Brisbane City Council.

“The Waterfront Brisbane development has the potential to create more than 1000 construction jobs over the next decade,” Mr Miles said.

“We’re backing infrastructure and businesses across the state to deliver an economic recovery for Queensland.

“The government has been working with Dexus and this is a major step, for a major project, potentially creating thousands of jobs and reinvigorating the key section of the city’s much-loved riverside.

“We’re delighted that Dexus remains committed to progressing this major project in what has been a difficult time for many businesses.”

ENDS

 

200 Turbot Street

200 Turbot Street was formerly leased to The University of Queensland Dental School which has relocated to Herston as the UQ Oral Health Centre.

The redevelopment of the site could also create options for the renewal of the neighbouring heritage-listed former Brisbane Dental Hospital at 168 Turbot Street, also owned by the Queensland Government.

The agreement provides Mirvac with exclusivity to secure a leasing pre-commitment for a new commercial office tower.

The terms of the agreement are commercial-in-confidence.

Waterfront Brisbane

Waterfront Brisbane will provide a boost to the economy, creating more than 1000 construction jobs over the next decade, with an additional circa 900 operational support jobs once construction has completed.

The project is estimated to provide a $5.7 billion boost to Queensland’s Gross State Product over the next 40 years, including $230 million in value added to the state’s construction and professional services sectors.

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 approved design incorporates:

Construction on the Eagle Street Pier and Waterfront Place site is anticipated to commence in 2022, with the first tower expected to be completed in 2026.

 

--ENDS--

 

Source:  Queensland Government - www.statements.qld.gov.au

Date of Original:  18 December 2020

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