Queen’s Wharf Brisbane gets final green light
The Queensland Government has signed off on Destination Brisbane Consortium’s much-lauded $3 billion Queen’s Wharf Brisbane development that is set to reshape Brisbane’s CBD.
The development, which includes an iconic Arc building with a sky deck of restaurants and bars, has been dubbed transformational for Brisbane, with State Development Minister Anthony Lynham saying “it will do what South Bank did for Brisbane 30 years ago”.
Premier Annastacia Palaszczuk says the development will deliver more than $1 billion to state coffers, while also providing the equivalent of 12 football fields of enhanced public open space, a new pedestrian bridge from the CBD to South Bank and more than 2000 construction jobs and 8000 operational jobs.
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“The benefits will start to flow soon, with the first instalment of the $272 million to be paid to the state (this week),” Palaszczuk says.
“Another guaranteed $880 million will follow from casino taxes over the first 10 years of DBC’s operations from 2022.”
“The DBC partners are now officially the contractor and, with government, we can all move on with development approvals, legislative changes, vacant possession of precinct buildings and the associated casino licence changes.”
The redevelopment area is state-owned land, largely located between the Brisbane River and George St, and between Alice and Queen streets.
The area currently contains significant heritage buildings, a number of under-utilised government buildings, as well as neglected riverfront land under the Riverside Expressway.
It will do what South Bank did for Brisbane 30 years ago
As part of the plans, the nearby heritage-listed Treasury Casino will be transformed into a high-end department store, while five new premium hotels, three residential towers, about 50 food and beverage outlets and a riverfront moonlight cinema will be constructed.
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Lynham says his department is already working with businesses to maximise the flow-on.
“My department has already run its first workshop with 300 businesses at the Sunshine Coast wanting to get on board,” he says.
“The Queensland Investment Corporation estimates that, with flow-on effects, the final net increase in jobs to be more like 11,500.”
It is envisaged the development will result in a $1.69 billion annual increase in tourism spend and 1.39 million additional tourists per year.
DBC is a consortium of The Star Entertainment Group (formerly Echo Entertainment Group), Far East Consortium and Chow Tai Fook Enterprises.
The Star Entertainment Group also operates Jupiters Hotel and Casino on the Gold Coast, which is also undergoing a $345 million transformation that includes a new six-star, 17-storey hotel tower at the front of the property.
In a further boost for the region, Palaszczuk also announced that the State Government would commission a $1.3 million business case for a 1500-seat theatre, to report back in 12 months.
“My government is committed to delivering a second theatre, but first we need a thorough study into the best location, size, and management model,” Palaszczuk says.
“We also need to factor in this year’s heritage listing of the Cultural Precinct. A 12-month business case will give us the information we need to determine the best option.”