$1.4bn transformation proposed for Brisbane's Eagle Street Pier

Dexus has been given the green light to progress to the next stage their $1.4 billion proposal to transform Brisbane’s Eagle Street Pier into a new business and leisure destination. This means that Dexus can begin a full feasibility study on the project.

This project is being developed under a Market-Led Proposal (MLP), which is a proposal from a private sector that seeks an exclusive commercial arrangement with government in the delivery of an infrastructure or service that will meet the community’s needs.

“Should this project reach final approval, this will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart.

“Construction is the third largest employment industry in Queensland, and we know projects like this one will help support tradies and their families across the South East,” Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said.

The MLP framework has four stages, namely the preliminary assessment, initial proposal, detailed proposal and final binding offer. Dexus’ proposal for the Eagle Street Pier redevelopment has already completed the first stage and is now moving to Stage 2.

For the second stage of the MLP, Dexus will be working with the Brisbane City Council and Translink to consider the proposal’s feasibility.

Artist impression (source: Dexus)

According to Minister Dick, the project proposal from Dexus includes two new towers on Eagle Street Pier which can be utilised for commercial use, residential apartments, retail space or a hotel.

The project will also involve 1.5 hectares of public and riverfront open space, including shade public terraces that step down to the river as well as a new, wider Riverwalk section that will continue the alignment along the river with the announced botanic gardens Riverwalk project.

The redevelopment will close a section of Eagle Street from vehicle traffic to make way for a shaded, pedestrian and cyclist-friendly environment. This will provide an opportunity to reconfigure the way pedestrians and vehicle traffic that currently flows through the precinct.

“Eagle Street Pier is an important, much utilised and much loved location in our city, and our government supports this proposal moving forward because we want to see it continue to thrive, as well as improve access to the Brisbane River from the Brisbane CBD,” Mr Dick said.

Dexus Chief Executive Officer Darren Steinberg said that plans are still being developed for a revitalised business and leisure destination that will prioritise access to the river as well as the precinct from the city.

“The ambition of the proposal is to revitalise Brisbane’s premier dining hub and give back the waterfront to the Brisbane community, creating a place that celebrates Brisbane’s sub-tropical climate and delivers a global-standard business address and tourist destination in the heart of the CBD,” Mr Steinberg said.

The Eagle Street Pier redevelopment is expected to support up to 740 jobs annually during the construction phase.

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Source: Queensland Government, ABC News, Dexus