7 Major Projects Add $12 Billion To Brisbane’s Economy

7 Major Projects Add $12 Billion To Brisbane’s Economy

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A wave of major development and infrastructure projects coupled with an improving economic outlook in Brisbane promises to create increasing employment, tourism and commercial real estate opportunities in Queensland’s capital.

Brisbane

Since the global financial crisis, Brisbane’s commercial real estate market has been in a state of healing and, according to a new report, there are brighter days ahead.
Commercial real estate services firm Cushman and Wakefield have forecast that the greater Brisbane economy will grow by 16 per cent over the next half-decade.

National head of research and co-author of the report Dominic Brown said that despite some stormy weather since the GFC, in 2018 and beyond a wave of major development and infrastructure have the potential to entirely alter Brisbane’s CBD. Specifically, seven major projects totalling $12.4 billion, have been identified in the report, Brisbane 2021.

Projects approved and under construction are the Edward St revitalisation, Howard Smith Wharves redevelopment, the Brisbane Quarter, Queen’s Wharf casino precinct and the Cross-River Rail. The Brisbane Metro transport system and Brisbane Live entertainment precinct are yet to be approved.

At the industry sector level, four of the top five industry sectors are forecast to show stronger growth, especially for IMT and professional services.Jobs are also expected to increase in the CBD and fringe markets, with an estimated 65,000 jobs over the next decade.

Brisbane is also expected to benefit from a 70% increase in international tourist visitor nights in the next decade, leading to over 105 million visitor nights in 2026-27.

Brisbane

Brisbane’s Major 7

Proposed development and infrastructure projects targeting Brisbane CBD over the next 10 years are valued at over $12.4 billion, part of over $20 billion in projects across the city. “Together they will help deliver the Council’s vision of establishing Brisbane as a ‘new world city’,” Brown said.

Queens Wharf

At $3 billion the project will deliver over 1,000 hotel rooms across five hotels, a residential precinct of 2,000 units, a 100 metre sky deck, 50 bars and restaurants and a pedestrian bridge connection to Southbank.

Brisbane

Edward Street Vision

Due in 2018 and valued at $11.4 million, this Brisbane City Council led project covers the entire length of the street with the retail strip bookended by “green gateways”. The initiative is to cement the precinct as a world class retail environment characterised by a broad, tree-lined boulevard.

Brisbane

Howard Smith Wharves

Due in 2018 and valued at $110 million, the redevelopment of this 3.4 hectare site will include a 5-star “Art Series” hotel, exhibition space, restaurants and a new riverside parkland.

Brisbane

Cross River Rail

By 2036, forecasts expect 90,000 people travelling to work each day in the morning peak hours, so the $5.4 billion project will deliver a 10.2 kilometre rail link from Dutton Park to Bowen Hills, with 5.9 kilometres of tunnel under the Brisbane River and CBD, connecting to both northern and southern rail networks in and out of the CBD.

Brisbane Quarter

This will be Brisbane CBD’s first integrated, mixed-use precinct incorporating office, retail, hotel and residential uses. Valued at $1 billion, it will include Australia’s first purpose-built W Hotel, two-storeys of retail beneath a 40-storey office tower and an 82-storey residential tower, due in 2019.

Brisbane

Brisbane Metro

Still under the approval and funding processes, this $944 million development initiative proposes a high frequency, high capacity public transport system along a 21km route servicing 18 stations.

Brisbane

Brisbane Live

Approval is yet to be received for the $2 billion development of an entertainment precinct located on top of the Roma Street rail interchange hub. Facilities include a $450 million, 17,000-seat arena along with multiplex cinemas, an amphitheatre and proposed commercial, residential and hotel towers.

Brisbane

Brisbane’s commercial real estate markets have languished over recent years as the negative impacts from the end of the resources boom rolled through the economy. Brown is confident the worst is now over and Brisbane has a bright future ahead.

“As we have seen in other cities, these projects should reinvigorate the Brisbane market and provide opportunities going forward. Within the CBD there could be opportunities to expand the city’s retail offering beyond its core in Queen Street mall along with redevelopment and repositioning opportunities for assets along Mary, Charlotte and George Streets.

Outside of the CBD, rapid transport projects are likely to make suburbs along the routes viable locations for future mixed use development projects as they become more sought after residential locations.”

Investment into Brisbane commercial property during the third quarter continued to strengthen, rising 35 per cent to $4.1 billion. This was driven by $1.9 billion in investment into the office sector reflecting more than 100 per cent increase over the June quarter.

Thanks to the Urban Developer for this awesome insight into Brisbane’s future!

Brisbane – Australia’s next ‘World City’

Brisbane – Australia’s next ‘World City’

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It’s Queensland’s metropolitan jewel and has hopes of soon stepping onto the international stage as Brisbane – Australia’s next ‘World City’

There are a number of development projects announced or underway in Brisbane that are projected to be up and running by 2022, each bringing its own unique quality to the city.

Below are some featured projects that will help make Brisbane – Australia’s next ‘World City’

Queen’s Wharf

Brisbane Australia's next 'World City'

Queen’s Wharf Brisbane is set to attract new visitors and investment as it reconnects the activity of Brisbane’s defining parts of the city like the Botanic Gardens, the Queen Street Mall, the Cultural Precinct, South Bank, the Parliamentary Precinct and the Brisbane River.

It is being delivered by Star Entertainment Group , Far East Consortium (Australia) and Chow Tai Fook Enterprises in order to facilitate the planning and delivery of the Queen’s Wharf Brisbane Integrated Resort Development, and is expected to create more than 2000 construction jobs and 8000 ongoing employment opportunities when the Integrated Resort Development is operational in 2022.

Queen’s Wharf will include:

  • Five new hotels– including premium brands like the Ritz-Carlton
  • Three residential towers
  • A new department store
  • About 50 food and beverage outlets
  • A riverfront moonlight cinema
  • A Queensland Hotel and Hospitality School in partnership with TAFE Queensland.

The development is expected to deliver $1.69 billion annual increase in tourism and 1.39 million additional tourists per annum, along with $4 billion to the Gross State Product.

Northshore Hamilton

Owned by Economic Development Queensland (EDQ), Northshore Hamilton is Brisbane’s largest urban renewal precinct, spanning 304 hectares and will have an important role to play in helping the city position itself for the future.

In the next 20 years, Northshore’s primarily industrial area will be transformed into a $5 billion vibrant riverside precinct. It will cater for 15,000 residents and become an employment hub for an additional 15,000 workers in retail precincts and office parks.

Screen Shot 2016-08-24 at 11.47.20 AM

Northshore will include 2.5km of dedicated riverfront, with a mixture of parkland and community space. These spaces will complement the combination of residential, retail and commercial opportunities on site.

The initial works on this project have included 700 apartments across five towers and also include retail and commercial space.

Brisbane Airport Redevelopment

Brisbane Airport Australia is currently on the way to delivering the country’s best runway system with the $3.8 billion New Parallel Runway Project (NPR) for Brisbane Airport. While the airport has about 100 other projects in the works for the next 10 years, this NPR is considered the biggest aviation project in Australia.

Building the NPR will involve utilising 360 hectares of marshland by pumping 11 million cubic metres of sand onto the site. Over time and with the help of 330,000 wick drains funnelling the water to the surface, the weight of the sand will create a solid base for construction on the runway.

Brisbane - Australia's next 'World City'

Brisbane Airport’s new runway is currently under construction.

The runway’s pavement will be 3.3km long, 60m wide and will have 12km of taxiways. It will create 2700 construction jobs to complete by 2020.

Howard Smith Wharves

The Howard Smith Wharves project covers a 3.43 hectare riverside precinct that will connect the New Farm Riverwalk and the CBD and revitalise Petrie Bight

The project is intent on respecting the area’s heritage and will incorporate the heritage-listed buildings into the redevelopment. The new parkland will also enable a pedestrian and cycle connection through the site to link the city centre with Riverwalk at New Farm.

Brisbane - Australia's next 'World City'

Events such as cultural and food festivals will be hosted at the exhibition complex, which will include restaurants and bars.

The Howard Smith Wharves project’s key features include:

  • A dining, retail and tourism centre utilising the existing heritage-listed buildings
  • New public open spaces that may be used for markets and festivals
  • A 64-room, five-star Art Series boutique hotel
  • A hotel facade that blends into the cliff face with natural tones and textures to keep the iconic Story Bridge as the main focus
  • Underground carpark for about 350 vehicles
  • A 1500sqm exhibition space.

 Brisbane Quarter

Brisbane - Australia's next 'World City'

Located at 300 George Street and developed by Taiwan’s Shayher Group, Brisbane Quarter is the city’s first integrated, world-class mixed use precinct.

Brisbane Quarter encompasses a complete city block with Brisbane River views and will include Australia’s first purpose-built W Hotel, two levels of riverside dinning and luxury retail shopping beneath a 40 storey Prime Grade office tower, as well as an 82 storey luxury residential apartment building.

Tenants of the hotel will have direct access to Brisbane Quarter’s food and beverage precinct with alfresco dining overlooking the Brisbane River, some of Brisbane’s most exciting bars and restaurants, spa facilities and a rooftop park land.

The retail portion of Brisbane Quarter will likely attract international and interstate visitors and become a high-profile location opportunity for locals looking for a signature destination.

Brisbane Metro

While still in its early stages, the Brisbane Metro Subway system was a commitment by Brisbane City council to provide a reliable high-frequency transport system that will reduce CBD bus congestion, cut travel times and allow for the redirection of busses to improve services in the suburbs.

Brisbane - Australia's next 'World City'

Brisbane Metro would run on a dedicated route linking Woolloongabba to Herston, utilising sections of the South East and Inner Northern Busways, and would remove up to 200 busses per hour in the morning peak from the Victoria Bridge.

When complete, the metro would be able to carry up to 30,000 passengers per hour and will run every two minutes, providing seven kilometres of safe, reliable, smooth and quick travel from Herston to Woolloongabba.

Brisbane Live

Brisbane Live is Australia’s response to New York’s Madison Square Garden in New York City, as a 17,000 seat world class arena which will showcase international superstar concerts and performances as well as world sporting events.

The complex will be built above Roma street rail lines and would make use of public transport facilities making it accessible to everyone in Brisbane.

Brisbane - Australia's next 'World City'

Brisbane Live’s master-plan, which belongs to AEG-Ogden, a subsidiary company of AEG and the world’s largest entertainment venue operator, revealed that it will feature a sliding front wall that opens to reveal live acts on stage, and the $450 million arena will also include a 4000-capacity rock club and be surrounded by multiplex cinemas, restaurants and bars, and a giant screen and amphitheatre catering for around 15,000 people.

Content Sourced from The Urban Developer.

For further information on any of these developments or Brisbane – Australia’s next ‘World City’ drop us an email on info@bluewaveproperty.com.au