150 Toohey St, East BrisbaneView
Brisbane's New World City transformation is well and truly underway, with a once in a generation level of major infrastructure investment that will completely redefine its visitor and living experience.
Between now and 2025, Brisbane is being transformed by major construction projects worth approximately $30 billion. This is the first time in the Queensland capital’s history that such a high volume of game-changing investments have been undertaken at a similar time, further amplified by their proximity and the incredible mutual benefit they are set to deliver to one another.
It will undoubtedly define Brisbane as a destination of choice in Australia, with astute local, interstate and international investors understanding the exceptional opportunity it presents.
A powerful combination of strong employment and population growth, declining apartment supply and record infrastructure investment provide the perfect conditions to maximise the ‘effortless advantage’ in residential property investment and deliver strong value-uplift.
An overview of the key infrastructure projects is provided below:
Cross River Rail is a 10.2km rail line between Dutton Park and Bowen Hills that includes a 5.9km twin tunnel under the Brisbane River and the CBD. The project includes four new underground stations at Boggo Road, Woolloongabba, Albert Street, Roma Street and redevelopment of two existing overground stations at Dutton Park and the Exhibition which will be used by 164,000 passengers daily. Each new station will generate unique opportunities for property development and economic growth and revitalisation of these inner-city precincts.
Major milestones are being achieved with demolition, tunnelling, and new stations all on track. The existing site in Woolloongabba is well-underway, and demolition in the heart of the CBD is well advanced.
The Woolloongabba Masterplan concept incorporates the Cross River Rail Woolloongabba Station precinct which will be transformed into a vibrant mixed-use hub, linking commercial, residential and retail development with access to world-class public transport and one of Australia’s most iconic sports stadiums. Set just 2km south of Brisbane’s CBD, The Woolloongabba Masterplan includes a stadium upgrade and the revitalisation of the 11-hectare site to include landscaped public gardens with big screens, and walkways over Main, Vulture and Stanley streets.
This historic 26ha integrated resort development will include four luxury hotels, more than 50 new bars, and restaurants and 2,000 residential apartments. The 500m foreshore includes a newly created Mangrove Walk and updated Bicentennial bikeway which opened in October 2019. The public space is integrated into the design and is equivalent to 12 football fields. With a 6-star Green Star Communities rating, the entire wharf precinct is scheduled to open in late 2022.
Construction is advancing well, with five levels of basement completed and construction expected to reach street level around mid-April 2020.
A $2 billion arena-centred entertainment precinct at Roma Street, Brisbane with a Madison Square Garden-style 17,000 seat entertainment arena as its centrepiece, along with outdoor amphitheatres, cinemas, restaurants, bars, hotels, and residences.
Touted to be one of Australia’s most iconic parks, the Victoria Park redevelopment is now one step closer, with Brisbane City Council releasing the draft vision. Budgeted at just under $1 billion for the new parkland infrastructure, Victoria Park Golf Course will be transformed into a 45-hectare sanctuary, and its proximity to the city and the Brisbane Metro will further drive national and international tourism to Brisbane.
The parkland masterplan includes a 1.4 ha water activity lake, wetlands with boardwalks and trails, an all abilities high ropes course, mountain bike trails, children’s water park, skate park, tennis courts, sports fields, golf skills green and cricket nets. Also included will be a Cultural Hub with installations, indigenous art, and sculpture park, and a large community garden and urban farm.
The $1 billion Brisbane Metro project will provide a 21km service that connects 18 stations along dedicated busways, creating a more integrated transport network of Metro, bus and train services. The high-frequency public transport system will cut travel times, reduce CBD bus congestion and improve services to the suburbs. By fixing critical bottlenecks in the inner-city, and introducing new, high-capacity electric metro vehicles, it will provide a cost-effective and sustainable solution to Brisbane’s bus congestion issues. Early works have commenced this year and the first stage is underway, with services scheduled to commence from 2023.
“Waterfront Brisbane” is the newly redesigned $2.1 billion Eagle Street Pier precinct redevelopment recently released by Dexus. The scale and central riverfront location of the Brisbane precinct will create a world-class tourism and leisure destination. The new development will see two mixed-use towers built on the Eagle Street Pier site along with 7,900sqm of open space, upgraded wharf facilities, and an enhanced riverwalk. This landmark 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 add to Queensland’s construction and professional services sectors. Construction is expected to commence in 2022.
Recently completed, this 2.7ha riverside precinct showcases world-class recreation, lifestyle, event and tourism offerings.
In addition to these exciting transformative projects, the Queensland Government will spend a further $6 billion on statewide infrastructure for transport upgrade projects in 2020 that will generate 5,200 jobs.
Brisbane will directly benefit from over $1.7 billion of these upgrades, which will ease congestion and shorten travel time via busways linking suburbs to the CBD, and major highway upgrades to both the Gold and Sunshine Coasts.
Brisbane will soon be claiming its place as one of the world’s most liveable cities. If you’re thinking about investing, then this is the city that you need to seriously consider, and fast.