With the popularity of Brisbane increasing dramatically during the past year, we are seeing a level of confidence in the Brisbane property market that hasn’t been experienced for a long while now.
Some of the things that are happening at the Brisbane City Council Level.
Brisbane Lord Major Adrian Schrinner says residents should prepare for change as major projects in the city forge ahead.
Green bridges at Kangaroo Point and Breakfast Creek are being fast-tracked to begin by the end of the year. Those projects alone will support more than 400 jobs.
Work on the Brisbane Metro continues, with Victoria Bridge set to be closed to traffic and construction of the Rochedale depot due to begin this year.
There is also work on and around the Brisbane River, with CityCats being upgraded, new ferry terminals being built at the Howard Smith Wharves and South Bank, and the Indooroopilly Riverwalk adding to the outdoor facilities available to residents and visitors alike.
“This year we have major works happening right across the city from breaking ground for green bridges, Brisbane Metro and Victoria Park alongside the delivery of several other major projects,” Schrinner said.
“The delivery of infrastructure is a sure-fire way to boost the economy and this year we will see big progress and big changes as we get on with delivering these projects for the residents of Brisbane.
“In 2021 residents will see both small and large changes in Brisbane, from suburban intersection upgrades which use local materials and support dozens of jobs to work set to continue and start to ramp up soon on the Brisbane Metro Project, which will support 2600 jobs.”
Schrinner described Brisbane as “a city that is built for Brisbane, by Brisbane”.
“Keeping Brisbane industry and construction moving is essential to ensuring a strong economy, and to see some pretty major projects starting to take shape will serve as a tangible reminder of how far we’ve come, particularly off the back of last year,” he said.
“These projects have a positive flow-on impact for local business, with materials like piling liners from Wacol, concrete resources from Kelvin Grove to signage at Coorparoo being sourced locally as part of these works happening 2021.”
What about the development projects approved in the CBD?
Brisbane’s city skyline will continue to transform with a wave of major development projects receiving the official tick of approval.
Superfund developer Cbus Property, Neilson properties and the Raniga family are advancing plans for a $600 million commercial tower in Brisbane’s North Quarter precinct.
While Dexus’ $2.1 billion Waterfront office development, comprising two towers to stand 49-storeys and 43-storeys, was given the nod in December.
Council’s decisions reflect major development taking place in Brisbane CBD, with the $3.6 billion Queen’s Wharf well underway, and its core integrated resort development slated to open next year.
Dexus’ expansive Eagle Street Pier and waterfront place precinct, designed by FJMT and Arkhefield, is slated to start work in 2022 with the first tower expected to be completed in 2026.
The country’s biggest office landlord lodged plans for the 9,000sq m riverfront site in June last year, with council announcing its approval days before Christmas.
In Brisbane’s fast-growing North Quarter precinct, Cbus Property, Brisbane-based Neilson properties and the Raniga family lodged their development application to council in July last year.
Existing buildings on the site will be demolished to make way for a 38-storey A-grade tower on the prime 2,963sq m riverfront site following council’s December approval.
The Hassell, REX and Brisbane’s Richards & Spence designed plans involve 50,000sq m of office space, a child care centre, a whole-floor wellness centre, 25-metre lap pool, function space, outdoor terraces, retail, along with tHicks Real Estatee levels of basement parking comprising 116 car spaces.
The tower, at 205 North Quay and 30 Herschel Street, will cover approximately 69 per cent of the site.
The construction super fund’s property arm partnered with local group Nielson Properties to develop the tower in 2019.
Nielson Properties, also behind the 22-storey twin tower Mondrian Gold Coast development, owns the near 3,000sq m prime Brisbane site, having acquired 205 North Quay in 2002 and Herschel Street in 2005.
Last week, listed developer Charter Hall lodged two sets of Blight Rayner-designed plans for its own riverfront site in the North Quarter precinct.
The dual proposals involve a single commercial tower, comprising 50,000sq m of office space, or two smaller commercial towers, comprising 23,000sq m and 36,000sq m respectively for the 309 North Quay site.
And in December, the state government announced Mirvac as the successful proponent for the $670 million redevelopment of 200 Turbot Street.
The agreement gives Mirvac exclusivity to secure a leasing pre-commitment for a new commercial office tower of the 200 Turbot Street address, formerly leased to The University of Queensland Dental School.
There is a major Tech Hub planned for Petrie
Tech giants could move into the Moreton Bay region for a slice of southeast Queensland’s answer to Silicon Valley.
Moreton Bay Regional Council launched its Regional Economic Development Strategy this afternoon with the 460ha site at The Mill, a key piece of greenfield development, earmarked for an innovation and tech precinct.
Moreton Bay Mayor Peter Flannery said the area was a “sleeping giant about to awaken”.
“This 460ha site holds untold potential as the largest greenfield innovation precinct in Australia,” Flannery said.
“The site includes the Petrie Town Centre, Petrie Rail Station and the former Amcor Petrie Paper Mill Site, and from a council perspective, an area totaling 65ha of greenfield development potential.
“That’s a developable space twice the size of the Brisbane CBD … we are going to build a tech and innovation hub twice the size of Brisbane’s CBD.”
The mayor said The Mill was expected to deliver 8600 ongoing jobs and add $813 million into the regional economy per year on average, once fully developed.
The council’s “Bigger, Bolder, Brighter” vision for the region also acknowledged the huge impact the construction industry had on the local economy and signaled further residential, commercial and industrial development into the future.
The construction industry is the largest contributor to the region’s gross regional product and the third largest employment sector.
“From future residential land to industrial land as well as areas for commercial and retail development, the region can accommodate just about any business.
“Our access to markets is enviable with easy road and rail access to the Brisbane CBD.”
The report also highlighted five “region-building projects” that would put Moreton Bay on the map for innovation, freight, and the marine industry.
The projects included The Mill, a Southeast Queensland Northern Freight Terminal, Wamuran Irrigation Scheme, North Harbour PDA, and Scarborough Harbour Masterplan.
With all of these job creating projects happening and the confidence shown by government and the business sector, the future is looking very bright for Brisbane.
House prices are on the rise. Find out the value of your property now.
Get a free online property report from Hicks Real Estate. It takes seconds.