Brisbane’s CBD residential, office and retail space are all set to take an injection under a new masterplanned renewal of the area, recently announced by Queensland premier Campbell Newman and housing public works minister Bruce Flegg.
The rejuvenation of the city space will be driven by the government, and will also open the CBD up from the private sector as well, encouraging registrations of interest for the construction of up to 60,000sqm of office space.
“It will give the local building industry a much needed shot in the arm and will allow for the rationalisation and improved efficiency of government office accommodation within the Central Business District,” Mr Flegg said.
“It’s also the perfect opportunity to improve the traffic flow around the precinct.
“The sale of prime real estate also opens up significant opportunities for private sector investment in commercial office space, retail and residential sites,” he said.
The first stage of the plan is a redevelopment of the Government Administrative Precinct, and this will act as a catalyst to stimulate the construction industry, Mr Newman said.
Mr Newman said the plan would act as a catalyst to stimulate the construction industry.
“The Precinct Master Plan is expected to provide around 18,000 jobs over five years and will be delivered at no additional cost to taxpayers,” Mr Newman said.
“The plan calls for the strategic redevelopment of key sites in George and William Streets with a focus on mixed use functionality including commercial, retail, residential, hotel and cultural amenities.
“Importantly, it will protect and celebrate the heritage buildings in the area including the old printing buildings, Harris Terrace and the Mansions in George Street.”
This mixed-use development site has long been waiting for a fresh update, since the last documented plan for the precinct was in 1974.
Discussed plans include a new pedestrian plaza, a riverside boardwalk, leisure and entertainment facilities and a cultural centre.
It also offers the potential for new hotels, casinos, commercial buildings and retail outlets from private investors.
The announcement has also come to the support of the Master Builders Queensland branch, with executive director Graham Cuthbert explaining that it will help industry figures overall.
“While we’ve acknowledged the housing sector is on the verge of a slow recovery, the construction sector is another story, with the industry anticipating challenging conditions for at least another 12 months,” said Mr Cuthbert.
“Minister Flegg also outlined further promises to cut red tape and some additional projects in the pipeline that will provide further stimulus for the housing and construction sectors.
“Master Builders is looking forward to hearing more of those plans,” he said.