Strong population growth in Brisbane is resulting in more development and investment opportunities. The city is now amid billion-dollar worth of development projects to improve transportation, commercial precincts, economic hubs, and residential.
Here are game-changing development projects along the pipeline and recent updates on their progress.
Brisbane Live – $2 billion
This 65,000m2 entertainment arena can accommodate 17,000 people once completed. The arena will be part of the wider Roma Street Cross River Rial precinct. Last February, the demolition of the original Brisbane Transit Centre commenced with three buildings taken apart to make way for Brisbane Live.
Queen’s Wharf – $3.6 billion
Construction for the Queen’s Wharf, known as the largest private sector development in the state of Queensland is underway since December 2019. The mixed-used development will be divided into four precincts and is projected to cover a gross floor area total of 390,000m2. The project got a 6-star Green Star Communities rating and is projected to finish by late 2022.
Cross River Rail – $5.4 billion
Since January this year, construction for Queensland’s biggest infrastructure project is now underway. The 10.2km rail will run from Dutton Park in the south to Bowen Hills in the north. The project also includes four new underground stations at Roma Street, Boggo Road, Woolloongabba and Albert Street.
This transport project will complement other mega projects including Brisbane Live. This project is tipped to create 7,700 construction jobs at its peak in the entire South East Queensland. The first stage of tunneling is expected to start in August from Woolloongabba to Boggo Road. The region is hoping for the first train trips to be running/operating in 2024.
Eagle Street Pier (Waterfront Brisbane) – $2.1 billion
The final concept for plans for this waterfront project is under development before pushing the council application process through. Construction is tipped to start this year and done by 2026 with two mixed-used towers, 7,900m open space, upgraded riverwalk and wharf facilities. The project is tipped to inject over $5.7 billion into Queensland’s gross state product over the next 40 years.
Millennium Square – $2 billion
The revamp of the existing Millennium Square in Bowen Hills will deliver a state-of-the-art multi-used and multimedia hub in the region. The project will have two stages. Upon completion, Millennium Square will be composed of 42,000m2 of retail and residential and 44,000m2 for commercial space.
The urban redevelopment will also have a parkland, restaurants, recreation centres and lifestyle spaces.
There are more mega projects along the line including the Brisbane Racing Club ($1.2 billion), RNA Showgrounds ($2.9 billion), Brisbane Quarter ($1 billion), Brisbane Metro ($944 million) and the 80 Ann Street tower ($840 million). Earlier this year, the masterplan for the Victoria Park revamp was revealed and the Albion Exchange redevelopment ($750 million) got the go signal.
Property Investment in Brisbane
Smart investors are now looking for opportunities to enter the market, especially with progressive market conditions. One, in particular, is the decision of the RBA to cut the cash rate down to a new record low .50 per cent.