Australian real estate investment trust Dexus has unveiled new designs of its Eagle Street Pier waterfront redevelopment following a change in direction from the original concept.
The original concept design involved the complete closure of Eagle Street to vehicle traffic and a wider riverfront boulevard, however, the idea of the road closure was knocked back by the Brisbane City Council.
Under the proposal, Eagle Street Pier will be renamed to ‘Waterfront Brisbane’ and involves the construction of two commercial towers located where the current Eagle Street Pier restaurant precinct resides as well as new restaurants and a waterfront promenade.
As the site involves areas that are state-owned land, the Queensland Government has given Dexus the green light through the government’s new Investment Facilitation and Partnerships framework.
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The development value is estimated to be in the vicinity of $2.1 billion and would provide around 7,900 square metres of open space, with around 3,900 square metres being around the Eagle Street Pier area.
Eagle Street Pier was originally built for Expo 88 and is the last remaining slice of riverfront land to be redeveloped since the expo over 31 years ago.
Dexus chief investment officer Ross Du Vernet said Waterfront Brisbane was arguably a missed opportunity for the past 30 years.
“The amenity, the public realm, the access to the riverfront is all going to be transformed to create a world-class tourism and leisure destination,” Mr Du Vernet said.
Now that the Queensland Government has given the go-ahead, it is anticipated that Dexus will begin to submit the actual development applications required next year, with construction slated for 2021 and total completion by 2026.
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The Dexus plans are separate from the Brisbane City Council’s draft City Reach Waterfront Master Plan which it unveiled last month, involving the redevelopment of the 1.2 kilometre waterfront stretch of the Brisbane River from Howard Smith Wharves to the new proposed Kangaroo Point pedestrian bridge.
The draft Council plan promotes more green space and trees, public art, decorative lighting, highlighting heritage features and increasing the width of the popular promenade.