In 2018 and beyond a wave of major development and infrastructure projects promise to drive economic growth and provide new commercial real estate opportunities.
A recent report authored by Dominic Brown and John Sears of Cushman & Wakefield has analysed the future growth potenital of Brisbane's tourism and commercial real estate market with the seven major projects taking place in Brisbane CBD over the next 10 years.
Together these projects will help deliver the Council's vision of establishing Brisbane as a "new world city". These projects include:
Awaiting approval; Value: $2.0bn.
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. The precinct links King George Square to the Barracks on Petrie Terrace and benefits from the Cross River Rail and Brisbane Metro projects.
Due: 2018; Value $11.4m.
This Brisbane City Council led initiative is to cement the precinct as a world class retail environment characterised by a broad, tree-lined boulevard. The project covers the entire length of the street with the retail strip bookended by "green gateways". The core precinct is already home to major international luxury brands including Hermes, Ermenegildo Zegna, Mont Blanc, Gucci and Cartier.
Due: 2018; Value: $110m.
The redevelopment of this 3.4ha site will include a 5-star 'Art Series' hotel, exhibition space, restaurants and a new riverside parkland. The heritage wharf buildings will be renovated and converted to house the restaurants.
Due: 2019; Value $1.0bn.
Brisbane CBD's first integrated mixed-use precinct incorporating office, retail, hotel and residential uses. Starwood hotels have committed to the development, with Australia's first purpose built W Hotel. In addition, there will be two levels of retail (4,200 sqm) beneath a 40 storey (48,000 sqm) office tower and an 82-storey residential tower.
Due: 2022 onwards; Value: $3.0bn.
An integrated resort development across 26ha. The project will deliver over 1,000 hotel rooms across five hotels, a residential precinct of 2,000 units, a 100m sky deck, 50 bars and restaurants and a pedestrian bridge connection to Southbank.
Due: 2024; Value: $5.4bn.
A 10.2 kilometre rail link from Dutton Park to Bowen Hills, with 5.9 kilometres of tunnel under the Brisbane River and CBD.
It will connect to both northern and southern rail networks and facilitate commuting in/out of the CBD. The project includes new, high-capacity stations at four inner-city locations and an upgrade of the Exhibition station. By 2036, forecasts expect 90,000 people travelling to work each day in the morning peak hours.
Subject to funding and approvals; Value: $944m.
Brisbane City Council led development initiative of a high frequency, high capacity public transport system along a 21km route servicing 18 stations.
The Metro 1 route will operate between Eight Mile Plains and Roma Street. Metro 2 will operate between the University of Queensland and The Royal Brisbane and Women's Hospital (RBW H). The project will connect with the Cross River Rail route at Boggo Road (Metro 2) and Roma Street (Metro 1 and Metro 2).