Australian real estate investment trust Dexus has received approval from the state government of Queensland, Australia to go ahead with the second stage of its proposal to transform Brisbane’s Eagle Street Pier into a business and leisure destination.
With this approval, Dexus will progress to a full feasibility study of redeveloping the complex and surrounds into a new Waterfront Precinct under the Market-Led-Proposal (MLP) programme.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said that the proposal includes a precinct featuring two new towers on the Eagle Street Pier site for commercial use, residential apartments, a hotel and retail spaces.
MLPs are private sector proposals for exclusive commercial arrangement with government to deliver a service or infrastructure to meet community need. The MLP framework comprises four stages: preliminary assessment, initial proposal, detailed proposal and final binding offer.
Dick said: “Our government is supporting this proposal because we support jobs, and this project would represent a AUD1.4bn ($1.08bn) investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction.
“Construction is the third largest employment industry in Queensland, and we know projects like this one will help support tradies and their families across the South East.”
The Waterfront Precinct will be pedestrian and cyclist-friendly with many community benefits, including 1.5 hectares of riverside public open space; traffic-free precinct; safer walking and cycling; more restaurants and casual eateries; better access to and views of the river; seven-day a week activation; and widened and upgraded Riverwalk.
The precint will also offer expansive, shaded terraces; lush sub-tropical landscaping; renovated heritage-listed Naldham House; and enhanced worker and visitor experience.
The proposal includes closure of a section of Eagle Street to traffic to create a shaded, pedestrian and cyclist-friendly environment.
Dexus will work with the Brisbane City Council and TransLink to consider the feasibility of the proposal.
Dexus CEO Darren Steinberg said that the company’s vision for the Waterfront Precinct aligned with Brisbane City Council’s New World City Action Plan and supported the Queensland government’s economic development agenda.
The Palaszczuk government is working with Dexus to explore the feasibility of the proposal, which will include early stakeholder consultation with the wider Brisbane community and other stakeholders.