It’s official, the next Brisbane BOOM will be kick started by the expansion of our biggest employment hub – the Brisbane CBD.
The $3billion Queens Wharf Project and a number of other projects within the CBD will be like a stone in a pond that sets off a ripple effect throughout the rest of Brisbane.
The projects are set to deliver more than 12 football fields of new development that will create a net increase of 11,500 jobs in this precinct alone.
Early construction works commenced earlier this year, with the Queens Wharf site due for completion in approximately 2022.
Not only will the project deliver thousands upon thousands of jobs, but it will also see a huge windfall for the state government after are economy stalled due the mining downturn.
The project is set to deliver 5 new hotels, including a new 6 star hotel form the iconic hotel brand – W Hotels.
There will be 3 residential towers and a choice of over 50 food and beverage outlets that will also encompass a huge Skydeck as the highlight with an outdoor cinema.
A new pedestrian bridge will also link this precinct to South Bank and beyond.
The Queens Wharf project will also incorporate and replace the existing Treasury Casino with a new purpose built facility known as the Brisbane Integrated Resort Development.
In what we will be a large project, the actual gaming floor will be less than 5% of the overall development.
It is also set to hand the State Government millions and millions of dollars in casino taxes alone!
300 George Street
Another huge development that will complete the puzzle, will be 300 George Street.
This huge project will include an 82 level residential tower consisting of 428 apartments and 39 storeys of office space.
There will be another 5-Star hotel with a large retail shopping mall and even more restaurants, bars and cafes.
The top level will feature a podium level with modern lifestyle amenities including a playground, amphitheatre, BBQ and outdoor space.
Our State Government will also benefit greatly out of these developments to our CBD.
There will be the initial boost to tourism in Brisbane, estimated to bring in approximately $1.69bil.
Then there is the $272mil of staged payments from the Consortium and guaranteed Casino Taxes for the first 10 years of approximately $880mil.
This will see some much-needed funds flowing into the state’s coffers to enable future development of our great city.
In a recent interview, I discussed these major projects with Sam Degn from Colliers International. You can watch it below:
It has become apparent that Brisbane is building another small city within their CBD the size of 12 football fields
This will create a huge amount of jobs, not only upon completion, but also during the design and construction phase as our economy transitions from mining to the services industry.
It will also transform Brisbane from that sleepy country town to a major international city and draw tourists from around the world.
The money will also flow into the hands of state government that will enable further expansion and development of Brisbane and beyond.
This is great news for property investors as there will be a lot more jobs, wages will start increasing again and the flow on effect will see an increase in capital growth.
It will a positive 4-5 years in the lead up to these projects being completed and exciting to see the finished product.
A bright light is on the horizon for Brisbane… at last!