After a drawn out legal battle to stop its development, the $2.5 billion Waterfront Brisbane project has begun construction on a five-year build that promises to transform the corporate epicentre of the CBD.
The Eagle St project, developed by commercial real estate investment kingpin Dexus, will see two new office buildings rise from the former Eagle St Pier restaurant precinct, surrounded by what the company promises will be a thriving leisure destination boasting ample pubic space linking the city with the river.
Builder John Holland has arrived on site, which has stood largely idle since the Eagle St Pier precinct shut down before Christmas, closing some of Brisbane’s better-known upmarket eateries with it.
It marks victory in a two-year court battle with residents of the neighbouring Riparian Plaza building worried about their access and complaining about how it was approved by Brisbane City Council. The Planning and Environment court dismissed the appeal against the council’s approval in December.
However, the development has the potential to disrupt traffic and movement in the city while it is being built, with one lane on Eagle St between Riparian and Naldham House to be closed during weekdays during construction hours.
The riverwalk, popular with pedestrians and cyclists, will also be closed around the site in coming weeks.
“Waterfront Brisbane will revitalise the Eagle Street precinct as a thriving retail and leisure destination and create public space with river views and generous green spaces leading up to the river’s edge,” Dexus said in a statement.
“The Eagle Street Pier restaurant complex will make way for two new office buildings (52 and 44 storeys) and premium riverfront retail, creating an iconic riverside destination that includes a new, wider section of riverwalk and improved links between the river and the city streets.”
The company said the project was attracting “strong interest” from prospective commercial tenants.
”Leading professional services firms Deloitte, Minter Ellison, Gadens and Colliers have already identified Waterfront Brisbane as their future home, with 45 per cent of the first tower’s office space (by income) now committed,” it said.
Article source: Queensland Property Investor