Dexus plans Waterfront Precinct transformation
28 March 2018
Dexus: The
Queensland Government has given a green light to Dexus to progress
to the next stage with their proposal to transform
Brisbane’s
Eagle Street Pier into a premium business and leisure
destination.
This decision means the government has approved Dexus to move to a full
feasibility study of redeveloping the complex and surrounds into a new
Waterfront Precinct under the
Market-Led-Proposal Program.
Minister for State Development, Manufacturing, Infrastructure and
Planning Cameron Dick said the proposal – which will now proceed to
Stage 2 of Market-Led Proposal assessment - includes a visionary
precinct featuring two new towers on the Eagle Street Pier site with the
potential for commercial use, residential apartments, a hotel and retail
spaces.
Market-Led Proposals are proposals from the private sector seeking an
exclusive commercial arrangement with government to deliver a service or
infrastructure to meet a community need.
There are four stages of the MLP framework - preliminary assessment,
initial proposal, detailed proposal and final binding offer. The Dexus
Waterfront Precinct proposal has completed stage one, and is today
moving to stage two.
“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,” Mr Dick said.
“Our government is supporting this proposal because we support jobs, and
this project would represent a $1.4 billion investment in Brisbane with
the potential to support around 740
jobs per annum over the life of
construction.
“This proposal isn’t without complexities, but we know we need this sort
of investment to grow jobs for Queenslanders, which is a key priority
for our government and for me in my role as part of a key Ministerial
team driving our state’s economy.
“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.”
Mr Dick said the proposal would see up to 1.5 hectares of public and
riverfront open space, including shaded public terraces stepping down to
the river and a new, wider Riverwalk section that would continue the
alignment along the river with the recently announced botanic gardens
Riverwalk project.
“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,” he said.
The Dexus proposal includes a section of Eagle Street to be closed to
vehicle traffic to create a shaded, pedestrian and cyclist-friendly
environment, providing an opportunity to reconfigure the way vehicle
and pedestrian traffic currently moves through the precinct.
Mr Dick said as part of moving through Stage 2: Detailed proposal, Dexus
would work with the
Brisbane City Council and Translink to consider the
feasibility of the proposal.
Lord Mayor Graham Quirk said Council was supportive of the proposal for
the City Reach precinct which was a key commercial and employment hub
for the city’s financial sector.
“While ultimate approval of the proposal rests with the Queensland
Government, Council has expressed its initial support of this Market-Led
Proposal, recognising the many economic, lifestyle and leisure
opportunities such a project would bring to our New World City,” he
said.
“The proposal is a vote of confidence in Brisbane as a place to do
business and reinforces our attraction as a tourist destination.”
Cr Quirk said the draft MLP included a proposal to permanently close
Eagle Street to all traffic from the corner of Market Street to the
corner of Charlotte Street, which would be assessed by a joint working
group of key stakeholders including Council and TransLink.
“Dexus will now conduct detailed planning, including traffic impact
modelling on the proposed permanent road closure at Eagle Street,” he
said.
“Council will carefully consider and weigh up any potential impacts of
the project against the proposed benefits to ensure the best possible
outcome for Brisbane residents and businesses and our city’s road,
pedestrian, cycle and public transport network.”
As the owner and manager of the largest consolidated private sector
landholding in the Brisbane CBD, which includes the Eagle Street Pier
and surrounds, Dexus is in a unique position to deliver the proposed
project.
Dexus Chief Executive Officer Darren Steinberg said plans were still
being developed but the opportunity was for a revitalised business and
leisure destination which prioritises access to the river and 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,” he said.
“The proposal is consistent with our strategy of enhancing the CBD
assets owned by Dexus and our funds management clients through
development and creating engaging workplaces and spaces for our
customers and the community.”
He said the vision for the Waterfront Precinct aligned with Brisbane
City Council’s New World City Action Plan and supported the Queensland
Government’s economic development agenda.
Mr Dick said the Palaszczuk Government was working with Dexus to explore
the feasibility of the proposal.
“This will include early stakeholder consultation with the wider
Brisbane community and other stakeholders.”
KEY FACTS
Who is Dexus?
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Dexus is a long term owner and manager of Australian real estate with $26.5 billion of assets under management
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It is the nation’s largest owner and manager of prime grade commercial property, including over $4.2 billion of investments across the office, retail and industrial sectors in Queensland
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Dexus manages and has ownership in the buildings that are part of the area incorporated in the Waterfront Precinct proposal including 10 Eagle Street (Gold Tower), 12 Eagle Street (Blue Tower), Waterfront Place and the heritage-listed Naldham House – all of which would be retained for the Waterfront Precinct development – and Eagle Street Pier, which would make way for two new towers
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As an owner and manager of real estate for the long term, Dexus is committed to creating engaging workplaces and spaces for its customers and the community
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Dexus has a strong capability and track record of developing some of Australia’s premier buildings, including Brisbane’s 480 Queen Street and 123 Albert Street
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The group is committed to sustainable development outcomes, delivering 6 star Green Star office buildings including the internationally acclaimed 1 Bligh Street in Sydney
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Every aspect of their developments is designed to optimise sustainability and customer amenity
Waterfront Precinct project
The Waterfront Precinct would be a pedestrian and cyclist-friendly precinct with many community benefits including:
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1.5 hectares of riverside public open space
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a traffic-free precinct
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safer walking and cycling
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more restaurants and casual eateries
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better access to and views of the river
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7-day a week activation
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a widened and upgraded Riverwalk
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expansive, shaded terraces
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lush sub-tropical landscaping
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a renovated heritage-listed Naldham House
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enhanced worker and visitor experience
Market-Led Proposals
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The Market-Led Proposal framework is a pathway for businesses and government to work together on proposals that can harness good ideas and private sector funding to deliver projects that benefit Queenslanders by contracting exclusively with proponents
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A Market-Led Proposal (MLP) is a proposal from the private sector seeking an exclusive commercial arrangement with government to deliver a service or infrastructure to meet a community need
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MLPs always include a role for government such as access to government land, assets, information or networks. In return, MLPs are expected to provide benefits to government and/or the Queensland community
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A successful MLP will result in government contracting directly with a proponent so there must be a clear justification that doing so is in the public interest
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Proposals are assessed against robust criteria and progress through a staged assessment process
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There are four stages to the MLP framework:
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Preliminary Assessment
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Stage 1: Initial Proposal
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Stage 2: Detailed Proposal
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Stage 3: Final Binding Offer
-
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A dedicated LP team in the Department of State Development, Manufacturing, Infrastructure and Planning works with proponents throughout the process
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The Dexus Waterfront Precinct proposal has completed Stage 1: Initial Proposal, and is today moving to Stage 2: Detailed Proposal
--ENDS--
Source: Dexus - www.dexus.com
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