The State Government has appointed property group Dexus to undertake a full feasibility study in order to redevelop the waterfront Eagle Street Pier, a key entertainment and business precinct in Brisbane City. Set to transform into a new business and leisure destination, the Palaszczuk government announced the decision to progress to the next stage of Dexus’ proposal on Friday.
The proposal outlines how up to 1.5 hectares of public and riverfront open spaces will come into fruition, including a new, wider Riverwalk section, two new towers with the potential for commercial use, residential apartments, a hotel, additional retail spaces, and shaded public terraces stepping down to the river.
To do this, parts of Eagle Street will be demolished to make more space for cyclists and pedestrians. This will be disruptive for those living and working in the area, however it is expected that any disruptions will be dealt with so that residents and workers can continue on without too much disruption.
Planning Minister Cameron Dick says the project will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart: “Our government is supporting this proposal because we support jobs, and this project would represent a $1.4 billion investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction.” In short, the development is a long-term investment in the area, and the addition and up-scaling of the precinct will really revitalise the area.
The Dexus waterfront precinct proposal has completed stage one of the planning process, and will now move into stage two of the market-led proposal (MLP) program.
A timeframe has not been announced, but the developers are aiming for a 2020 start on construction.
It is an exciting development which will add to the appeal of inner city Brisbane living, which in turn will drive property prices. Key inner city projects that will benefit from this include 443 Queen Street, The Coterie, Spire and Brisbane Skytower.