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



brisbane development

brisbane development

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

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 QuarterQueen’s Wharfcasino 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 per cent increase in international tourist visitor nights in the next decade, leading to over 105 million visitor nights in 2026-27.

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 city

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.

The Edward Street plans detail a reduction of the four-lane road to just three lanes, as well as the widening of footpaths and the introduction of more pedestrian crossings.

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.

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 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.

Artists’ impression of the Cultural Centre precinct following Brisbane Metro alterations.

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’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.

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Brisbane and interstate investors drawn to up-and-coming King Street precinct



Brisbane and interstate investors drawn to up-and-coming King Street precinct
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QIC Consolidates Four Sites for Major Brisbane Development



QIC Consolidates Four Sites for Major Brisbane Development

A proposal for the refurbishment of three buildings and construction of a 39-storey tower has been submitted to the Brisbane City Council by Cardno on behalf of the Queensland government’s investment arm QIC.

QIC are proposing the construction of a new 39-storey commercial tower at 62 Mary Street, as well as the refurbishment of 111 George Street, 33 Charlotte Street and 54 Mary Street – which will adjoin the new tower and have been named the “QIC Triplets”.

The development sites at 54 Mary Street and George and Charlotte Streets were acquired by QIC in April 2013 from the state government in a multi-sale deal worth $455 million.

QIC later acquired the 62 Mary Street site for $7.6 million in June 2014.



The site currently accommodates 6,000 employees across three buildings. When the full masterplan is complete, the number is expected to rise considerably – adding confidence to Brisbane’s current positive commercial market sentiment.

In its proposal to council, QIC has outlined the precinct’s potential as a gateway, linking the Queens Wharf redevelopment and a future key Cross River Rail stop with 12 new retail spaces and landscaped public areas.

The application referenced a Hornery Institute prediction that by 2019 there will be in excess of 6,000 people living within 500 metres of the site.

The Albert Street underground Cross River Rail may be developed by QIC, who were last week shortlisted for the $5.4 billion infrastructure project.


Designed by architects Bureau Proberts – who’ve teamed with Architectus to deliver the complete masterplan – the new tower will have a gross floor area of 42,319 square metres and stand 189 metres tall.

The full proposal will be delivered across four stages with the first being the demolition of an existing three-storey commercial building at 62 Mary Street which currently sits vacant and will make way for the new tower.

Following the construction of 62 Mary Street, stages two, three and four will be centred around upgrading the ground and plaza levels of the triplets with the intention of “providing an active and vibrant commercial precinct”.


According to the proposal, ground plane activation plays a pivotal part in the regeneration of the block with the architects looking to create new laneway linkages utilised by cafes, restaurants, retail, conference facilities and possibly a child care centre.

“[The proposal is] driven by a social imperative to provide strong connections between the workplace and public spaces that are engaging and accessible to the city worker along with visitors, while becoming a vital part of a diverse city fabric.”

Architect Bureau Proberts

QIC’s application follows several other recent commercial tower proposals in Brisbane’s CBD, such as Mirvac’s Ann Streetdevelopment and Morris Property Groups 343 Albert Street and Wharf Street towers.

The application awaits further assessment from the Brisbane City Council.

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Jump in Settlements Lifts Sunland’s Profit 314%



Jump in Settlements Lifts Sunland’s Profit 314%
Brisbane-based property developer Sunland Group has reported a substantial lift in the number of settled properties for the reporting period, delivering a $20.7 million net profit.

The profit result was up 314 per cent on the previous corresponding period, which was largely in part to the company’s increase in the volume and value of settlements from its multi-storey and residential housing portfolios, and the ongoing contribution from the Sunland’s retail holdings.

“We remain in a mode of focused delivery as we enter the second half of the 2018 financial year, with 14 residential housing and multi-storey developments at various phases of the construction cycle,” Sunland managing director Sahba Abedian said.


Sunland generated $191.6 million in revenue from 238 settlements during the second half of 2017, having achieved $95.4 million from 204 settlements in the first.

Major contributors to first half earnings include residential housing settlements at Queensland’s Magnoli Residences, The Terraces, The Heights, and Ancora.

Sunland entered 2018 with 408 contracts in hand with a combined value of $328 million, providing solid earnings visibility in the short to medium-term while their portfolio continues to replenish itself thanks to the site acquisition in Chapel Hill, seven kilometres west of Brisbane, for $5.5 million.

Hedges Avenue

Determined not to focus on boasting about the company’s financial success, Abedian said the profit gain will become a solid backing for new development in prime areas.

Sunland plans to launch up to six new projects during the second half of this year’s financial year, including the 44-storey 272 Hedges Avenue residential tower in Mermaid Beach, and a terrace home collection at The Hills Residences in Brisbane, which have both received development approval.

Sunland’s portfolio comprises approximately 5,138 residential housing, urban development, and multi-storey products and an emerging retail portfolio, with a total end value of $3.9 billion, providing a healthy pipeline of premium projects to be delivered over the course of the next eight years.

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