Artist’s impression for illustrative purposes only

Project Vision

The Waterfront Precinct is a unique opportunity to transform Brisbane’s Eagle Street and surrounds into a leading premium business and lifestyle destination.

The Waterfront Precinct proposal is a unique opportunity to transform Brisbane’s Eagle Street and surrounds into a leading premium business and lifestyle destination.

The proposal presents the opportunity to create a revitalised precinct: with a new and improved Riverwalk, more riverfront access and enhanced public open space and amenity.

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.

Fact Sheets

A new community riverside destination

The city’s river gateway

A new traffic-free precinct

The Market-Led Proposal Process

Artist’s impression for illustrative purposes only

Dexus’s ownership of five significant Eagle Street properties provides a unique opportunity to transform the precinct.

The Precinct

The Waterfront Precinct proposal incorporates a mixed-use precinct including two new towers and riverfront dining and retail outlets on the Eagle Street Pier site, complemented by 1.5 hectares of accessible public and riverfront open space.

There is a unique opportunity to reconfigure the way vehicle and pedestrian traffic currently move through the precinct.

A section of Eagle Street is proposed to be closed to traffic to create a shaded, pedestrian and cyclist-friendly environment.

One option under consideration is to reroute traffic via Charlotte Street (part of the street reverting to two-way) and Market Street (reverting to two-way) with Dexus contributing land to widen Market Street.

The opportunity to create a vibrant new precinct is made possible by Dexus’s significant land holdings in Eagle Street.

Any proposed changes to Eagle Street and the associated road network would be considered through detailed investigations and direct consultation with the Brisbane community prior to any decision.

Final approval for such a decision depends on a Traffic Management Study and would be subject to approval by the Brisbane City Council and Queensland Government.

If the proposal is approved, any changes to traffic routes or public transport would be communicated extensively to motorists and public transport commuters prior to taking effect.

Click to enlarge

The Benefits

The Waterfront Precinct would be a pedestrian friendly precinct with many community benefits including:

Public Open Space

1.5 hectares of riverside public open space

Traffic-free precinct

Pedestrian friendly

Walking and Cycling

A widened and upgraded Riverwalk
Safer walking and cycling

Dining

More restaurants and casual eateries

Access and Views

Better access to and views of the river

Activation

7-day a week activation

Subtropical

Expansive, shaded terraces
Lush, subtropical landscaping

Heritage

The renovated heritage-listed Naldham House

Visitor experience

An enhanced worker and visitor experience

The Process

The Waterfront Precinct is being progressed by Dexus under the Queensland Government’s Market-Led Proposal (MLP) program.

An MLP is a private sector initiative seeking an exclusive commercial arrangement with government to provide a service or infrastructure to meet a community need.

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.

There are four stages to the MLP process and an assessment is completed at each stage before a proposal can progress.

Dexus’s Waterfront Precinct proposal is currently at Stage 2: Detailed proposal, which means that the government is working with Dexus to explore the feasibility of the proposal.

As part of these detailed investigations Dexus will:

  • develop a detailed traffic and transport strategy that considers the precinct and the broader CBD
  • consult with the community and precinct stakeholders about the traffic and transport strategy and the broader plan for the precinct
  • develop a detailed masterplan for the precinct that takes into consideration the outcomes of the transport strategy and the views of the community

Once Dexus has completed these steps it will submit a detailed proposal to government for its consideration and assessment against the MLP criteria. Approval for the project is at the government’s discretion.

Artist’s impression for illustrative purposes only

Community Consultation

The community and stakeholders will be consulted early in the process about the proposed plans for the Waterfront Precinct and the potential changes to the road network changes and alternative public transport arrangements.

Engagement is expected to occur between March and September 2018, with Dexus creating and widely publicising a range of opportunities for community members to learn about the project and engage with the project team.

Timeline

(Indicative Only)

Click to enlarge

Historical map of Brisbane covers the areas of Spring Hill, West End, Kangaroo Point, and the Central Business District. ca. 1863 (ISBN: PODMA001, SLQ)

Click to enlarge

Eagle Street Wharves, Brisbane, Queensland, ca. 1880 (image 185472, SLQ)

Buildings and wharves off the Town Reach of the Brisbane River ca. 1880 (image 185473, SLQ)

Buildings and wharves off the Town Reach of the Brisbane River ca. 1880 (image 185473, SLQ)

Precinct History

The precinct has had a colourful history and acted as a key gateway to the city and centre for trade over the past 150 years.

Eagle Street’s earliest incarnation was as the shipping wharves where many coastal passenger and cargo ships would come in to Brisbane, right up until 1960 when they fell into disuse.

In their final years, the redundant Eagle Street piers were used for car parking and eventually demolished to make way for new development.

The area underwent a renaissance when Eagle Street Pier was built in 1989, transforming it into Brisbane’s premier riverfront dining and entertainment precinct.

The Waterfront Precinct would celebrate the heritage of the site through the heritage-listed Naldham House, currently under renovation, and through recognition of the history of the site as the early wharves and produce markets for Brisbane.

Q & A

The Proposal

What is the Waterfront Precinct proposal?

The Waterfront Precinct proposal is a unique opportunity to transform Brisbane’s Eagle Street Pier and surrounds into a leading premium business and leisure destination that prioritises people over cars.

Dexus proposes a significant private sector investment to revitalise this key Brisbane riverside destination with a new and improved Riverwalk, more trees, and more access to public open space and amenity.

The aim is to give the waterfront back to Brisbane, 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.

The proposal includes a mixed-use precinct, incorporating two new towers on the Eagle Street Pier site, with the potential for commercial use, residential apartments, a hotel and retail spaces.

To complement the commercial development, it is proposed that a larger civic space be created.

A new Riverwalk section would create more public space at, rather than above, the level of the Brisbane River, that would continue the alignment along the river with the recently announced botanic gardens Riverwalk project.

The Waterfront Precinct proposal is all about opening up more public space for pedestrians and creating a destination area along the river for business people and tourists. To achieve this, it is proposed that a section of Eagle Street, between Market Street and Charlotte Street, would be closed to vehicle traffic.

Potential solutions and detail relating to traffic flow as a result of the proposed closure of a section of Eagle Street are something that Dexus will work through with Brisbane City Council, Translink and other stakeholders over the next few months.

There will be consultation about any proposed changes to public transport routes before a final decision is made about the proposed road closure.

Dexus will work collaboratively alongside key stakeholders to develop more detailed plans.

What buildings does the proposal include?

Dexus proposes to construct two new buildings and retail pavilions including:

  • Two new towers (across 75,000 sqm and 100,000 sqm) with potential office, residential apartment or hotel use on the existing site of the Eagle Street Pier restaurant complex, designed to global benchmarks of sustainability and amenity
  • 8,000 to 10,000 square metres of additional restaurant and retail space

The footprints of any new building would be set back from the river, enabled by the closure of a part of Eagle Street, and create some wonderful riverside public space. The aim of the proposal is to give back the waterfront to the Brisbane community and create a place that celebrates Brisbane’s sub-tropical climate.

How tall would the new buildings be?

The buildings proposed are likely to be up to 70 storeys. This is consistent with existing buildings in the CBD area and Brisbane City Council City Centre Neighbourhood Plan zoning.

Would the heritage building, Naldham House be protected?

Naldham House is currently under renovation, with plans to retain it as an integral part of the Waterfront Precinct. The building celebrates the heritage of the site as a key gateway to the city and centre for trade over the past 150 years, recognising the site’s history as the early wharves and produce markets for Brisbane.

Would any buildings be demolished to make way for the development?

The existing Eagle Street Pier restaurant complex would be demolished to allow the construction of public terraces, the new Riverwalk and the two new buildings and associated retail pavilions.

Why is the Eagle Street Pier restaurant complex being demolished?

The Eagle Street Pier building and surrounds was constructed to be a temporary offering and has well and truly outlived its original intent. Eagle Street itself looks awkwardly into the back-end operations and loading bays of the restaurant precinct.

Its location and the way it provides access to its greatest asset, the river, needs improvement. The Boardwalk is cramped with pedestrians, cyclists and runners; the view to the river is obstructed by ramps, steps and walls; and the open spaces are not user friendly.

The proposed Waterfront Precinct would open up the river with beautiful spaces and walkways, along with enhanced dining and shopping destinations. The design of the public spaces would reflect the site’s history as the trading centre of early Brisbane and the sub-tropical climate we live in.

What would happen to the restaurants, bars and cafes that operate at Eagle Street Pier?

Eagle Street Pier is well known and loved, and continues to be a successful destination 29 years after it was opened, however is in need of renewal to ensure that Brisbane remains a globally competitive destination.

The existing precinct would be rejuvenated as Brisbane’s premier riverfront destination, with enhanced dining and convenience retail options. Dexus is working closely with the existing retailers regarding future options.

Would you be building out into the river?

A key purpose of the proposal is to re-prioritise the riverfront access for the community. The proposal envisages an enhanced, wider Riverwalk to continue the alignment along the river with the recently announced Botanic Gardens Riverwalk project. There may be some areas of the new Riverwalk where a supporting structure would be built out into the river to match the alignment of the Botanic Gardens Riverwalk project.

Will there be any adjustments required to Dexus’s leases on the riverbed?

The proposal’s masterplan includes Dexus’s existing riverbed lease areas, with no extension of area required.

Dexus will be seeking to renegotiate the terms of these leases with the Brisbane City Council and Queensland Government to facilitate the improved section of the Riverwalk.

Is the project being built on principles of sustainability?

Yes. The Waterfront Precinct would be constructed to global benchmarks of sustainability delivering 1.5 hectares of walkable public spaces and sub-tropical design that appeals to the health and wellbeing of its users.

The Waterfront Precinct would be an active and green transport hub with facilities for cyclists and pedestrians, including end of trip facilities, electric car charging and car share facilities.

Dexus has a strong track record in delivering buildings that are environmentally sustainable including internationally recognised 1 Bligh Street in Sydney, which set a benchmark in innovation and environmental design, and 480 Queen Street in Brisbane, featuring the first in-building public park within an office development in the Southern Hemisphere.

Dexus continues to be recognised for its leading performance across Environment, Social and Governance (ESG) surveys and benchmarks including GRESB – the global ESG benchmark – RobeccoSAM, and the United Nations Principles of Responsible Investment. Dexus is also recognised as a climate change leader by CDP, acknowledging its sustained focus on energy efficiency and reducing carbon emissions.

Will there be measures to mitigate the area from the potential of flooding?

Yes. The project would be built in accordance with the new Regional Flood Model and designed to mitigate the impacts of flooding, vastly improving resilience of the site to flooding. Further studies would be undertaken as a part of the detailed planning to ensure that appropriate measures are taken in the construction and operation of the Waterfront Precinct.

How would you manage flooding during construction and operation?

The recently released Regional Flood Model and the Brisbane River Catchment Flood Study have been considered during the preliminary design stages of Waterfront Precinct and further detailed studies would be undertaken as part of the Market Led Proposal process. All of the Waterfront Precinct, including existing and new buildings, would be designed and constructed to increase the resilience of the site to flooding.

Construction period

How long would the Waterfront Precinct take to develop?

The timing is subject to securing required agreements with the Queensland Government and Brisbane City Council, and then gaining approval of the development application. The construction is likely to be staged over a six-year timeframe between 2020-2026 to assist in minimising disruption to neighbours and the community. If all the above occurred, the earliest construction could start would be 2020.

The Benefits to Brisbane

What would the Waterfront Precinct deliver to the community?

The Waterfront Precinct presents a vote of confidence in Brisbane and Queensland as a place to do business while strengthening the city’s attraction as a tourist destination.

It would open up the river with beautiful spaces and walkways, along with new dining and shopping destinations. The design of the public spaces would reflect the site’s history as the trading centre of early Brisbane and the subtropical climate we live in.

The Waterfront Precinct is a unique opportunity to transform Brisbane’s Eagle Street area into a new premium business and leisure destination where pedestrians and cyclists will be prioritised over vehicles and our river city address is celebrated.

The riverside destination will include a new, improved Riverwalk – at the level of the Brisbane River, rather than above it – bikeways, and the conversion of a section of Eagle Street from traffic to open space.

The aim is to give waterfront back to Brisbane, with more fine dining, more green space and to celebrate Brisbane’s sub-tropical climate with a larger civic space built for people not cars.

How much public space would there be?

The Waterfront Precinct would create 1.5 hectares of accessible open public space that would take visitors to the riverside, adding to the 0.9 hectares of existing public space. This would open up 60% more of walkable space to the public. Its design will reflect the site’s history as the trading centre of early Brisbane and its subtropical climate.

How many jobs would Waterfront Precinct create?

The construction of the Waterfront Precinct would create about 1,200 direct jobs and another 1,800 indirect jobs. Initial projections have identified that the project would add $[1.46] billion to Queensland’s Gross State Product during the development stage. When completed and tenanted, Waterfront Place would create [4,566] direct jobs and [8,553] indirect jobs, adding $[1.28] billion per annum to Queensland’s Gross State product.

What are the benefits to business?

For the retailers, the aim is to create a seven day a week destination venue to improve the viability of the businesses located there.

Creating a destination with strong river connectivity, more public open space, and a shady, subtropical environment will increase the vibrancy of the precinct and encourage people to stay longer.

Other businesses in the area will enjoy the benefit of a better work environment, making it easier to attract and retain staff.

What are the benefits to tenants in surrounding buildings?

The Waterfront Precinct would be a pedestrian-friendly precinct with many community benefits including:

  • 5 hectares of riverside public open space
  • a traffic-free precinct
  • safer walking and cycling
  • more restaurants and casual eateries
  • better access to and views of the river
  • 7-day a week activation
  • a widened and upgraded Riverwalk
  • expansive, shaded terraces
  • lush sub-tropical landscaping
  • a renovated heritage-listed Naldham House (Polo Club)
  • enhanced worker and visitor experience.

More public open space, better connectivity to the river and a safer Riverwalk will make the Waterfront Precinct a more desirable place to work.

Traffic and Transport Changes

What road changes are proposed?

This development is about opening up more public space for pedestrians and creating a destination area along the river for business people and tourists. To achieve this, it is proposed that a section of Eagle Street, between Market Street and Charlotte Street, would be closed.

One option under consideration is to re-route traffic via Charlotte Street (part of the street reverting to two-way) and Market Street (reverting to two-way) with Dexus contributing land to widen Market Street.

Incorporating this part of Eagle Street into the Waterfront Precinct would contribute to the creation of a traffic-free community precinct including 1.5 hectares of accessible public space in the heart of the city and on the banks of the Brisbane River.

However, it is acknowledged that the closure of this section of Eagle Street would impact on motorists and public transport users who use this route. Identifying a viable alternative that minimises disruption to traffic will be a key part of Dexus’s detailed planning and a key consideration for government when assessing the feasibility of the proposal.

If you would like to be kept informed about the project and the public transport consultation, please email info@waterfrontprecinct.com.au or call 1800 957 850.

What will be the impact on traffic from the closure of Eagle Street?

Incorporating a part of Eagle Street into the Waterfront Precinct would enable the creation of a traffic-free community precinct including 1.5 hectares of civic space in the heart of the city and on the banks of the Brisbane River.

However, it is acknowledged that the closure of this section of Eagle Street would impact on motorists and public transport users who use this route. Identifying a viable alternative that minimises disruption to traffic will be a key part of the detailed planning process.

Traffic studies will be carried out as part of the detailed planning to determine the impact of traffic from the potential closure of Eagle Street.  Any decision about how traffic around the site would work would consider the broader CBD road network and the impacts of Queen’s Wharf, Cross River Rail and the Brisbane Metro and would be examined as part of the detailed planning process.

The viability of alternative routes will be a key consideration for the Brisbane City Council and Queensland Government when considering the feasibility of the proposal.

If Market Street is widened, would any businesses be affected?

No. If Market Street is widened to create a viable alternative traffic route, no businesses would be affected.  This option is for Market Street to be reinstated to a two-way street. Should additional widening be required, this would be accommodated on land owned by Dexus.

How would public transport around the area, including bus routes and the ferry terminal, be affected?

Enhancing public transport is a priority for the Waterfront Precinct project proposal.

The precinct will be only two blocks from the new Cross River Rail station in Albert Street, providing additional public transport options for workers and visitors to the area.

The proposed closure of part of Eagle Street would require the relocation of bus stops. The development of feasible alternatives will be developed with Brisbane City Council and Translink over the next few months.

There is a possibility that the Eagle Street Ferry Terminal would be temporarily moved to accommodate construction of the new Riverwalk.

Any potential changes to public transport following the consultation and assessment period, and if approved, would be communicated extensively to motorists and public transport commuters prior to taking effect.

How would I be advised of public transport and traffic changes?

Any potential changes to public transport following the consultation and assessment period, and if approved, would be communicated extensively to motorists and public transport commuters prior to taking effect.

How would cyclists using the Riverwalk be affected by the development?

Detailed traffic studies need to be carried out, but it is believed the option to use Market Street and Charlotte Street would work. The Queensland Government and Brisbane City Council agree, acknowledging the opportunity to create a new civic space is an important public benefit.

Any decision would consider the broader CBD road network and the impacts of Queen’s Wharf, Cross River Rail and the Brisbane Metro and would be examined as part of the consultation process.

The plans for the Waterfront Precinct would greatly improve the existing experience for cyclists, allowing cyclists and pedestrians to co-exist more comfortably through a new wider Riverwalk, and enhancing connectivity to the recently announced Botanic Gardens Riverwalk upgrade and the city cycle network.

The Waterfront Precinct would be an active and green transport hub with facilities for cyclists and pedestrians, including end of trip facilities, electric car charging and car share facilities.

Proposed changes to access the Riverwalk for cyclists and pedestrians would be informed by direct consultation with the community as part of the detailed planning that is yet to be conducted.

The Market-Led Proposal Process

What is the Market-Led Proposal process?

A Market-Led Proposal (MLP) involves a proposal from the private sector seeking an exclusive commercial arrangement with government to provide a service or infrastructure to meet a community need.

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 a world-class precinct.

The MLP process enables Dexus to partner with the Queensland Government to efficiently conduct detailed investigations on the proposal.

How does the Market-Led Proposal process work?

The Waterfront Precinct is being progressed by Dexus under the Queensland Government’s Market-Led Proposal (MLP) program. An MLP is a proposal from the private sector seeking an exclusive commercial arrangement with government to provide a service or infrastructure to meet a community need.

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.

There are four stages to the process and an assessment is completed at each stage before a proposal can progress.

Dexus’s Waterfront Precinct proposal is currently at Stage 2: Detailed proposal, which means that the government is working with Dexus to explore the feasibility of the proposal.

As part of these detailed investigations Dexus will:

  • develop a detailed traffic and transport strategy that considers the precinct and the broader CBD
  • consult with the community and precinct stakeholders about the traffic and transport strategy and the broader plan for the precinct
  • develop a detailed masterplan for the precinct that takes into consideration the outcomes of the transport strategy and the views of the community.

Once Dexus has completed these steps it will submit a detailed proposal to the Queensland Government for its consideration and assessment against the MLP criteria. Approval for the project is at the government’s discretion.

For more information on MLPs, visit the Treasury’s website: https://www.treasury.qld.gov.au/growing-queensland/market-led-proposals/

What government approvals are needed to make the project happen?

The project requires the support of the Brisbane City Council and the approval of the Queensland Government for the closure of a portion of Eagle Street, together with the approval of the Brisbane City Council for amendments to Dexus’s existing riverbed leases.

Relevant Queensland Government agencies would be involved through the planning process and Brisbane City Council is the planning assessment and approval authority for the proposed new buildings.

Once detailed planning has taken place, the Queensland Government will assess the overall project against its Market-Led Proposal criteria and make a determination about whether the project should proceed.

Community consultation

How would the community be consulted?

The community and stakeholders will be consulted early in the process about the proposed plans for the Waterfront Precinct and the potential changes to the road network changes and alternative public transport arrangements.

Engagement is expected to occur between March and September 2018, with Dexus creating and widely publicising a range of opportunities for community members to learn about the project and engage with the project team.

The community consultation will ensure:

  • community members are invited to have their say as early as possible in the process and
  • community ideas are considered and responded to

If you would like to register to be included in future consultations please email info@waterfrontprecinct.com.au or call 1800 957 850.

There may be other statutory consultation frameworks as the process progresses.

How do I find out more about the project?

If you would like to register to be included in future consultations please email info@waterfrontprecinct.com.au or call 1800 957 850.

How will I be informed about traffic changes?

Any changes to traffic routes or public transport would be communicated extensively to motorists, and bus and ferry commuters prior to taking effect.

Will the indigenous community be consulted on the proposal?

Yes, the traditional owners of the land would be consulted.

Dexus

Who is Dexus?

Dexus is an Australian Real Estate Investment Trust, with $26.5 billion of assets under management.  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.

Dexus invests only in Australia, and directly owns $13.1 billion of office and industrial properties. Dexus manages a further $13.4 billion of office, retail, industrial and healthcare properties for third party clients.

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.

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.

The group is committed to sustainable development outcomes, delivering 6 star Green Star office buildings including the internationally acclaimed 1 Bligh Street in Sydney.

Every aspect of their developments is designed to optimise sustainability and customer amenity.

Which buildings does Dexus own in the area?

Dexus manages and has ownership in the buildings that would be directly impacted by the Waterfront Precinct project 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.

Dexus also has ownership in and manages 480 Queen Street and 123 Albert Street in close proximity to the precinct.

Contact

For queries or more information about the Waterfront Precinct:

Or use this form:

Dexus is a long term owner and manager of Australian real estate, with $26.5 billion of assets under management.

Dexus 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.

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.

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.

The group is committed to sustainable development outcomes, delivering 6 star Green Star office buildings including the internationally acclaimed 1 Bligh Street in Sydney.

Every aspect of their developments is designed to optimise sustainability and customer amenity.

Disclaimer: The information provided in this website is given in good faith and is derived from sources believed to be accurate. Dexus gives no warranty or guarantee and does not make any representation or warranty as to its accuracy, timeliness, completeness or suitability. Dexus and its directors, employees and associates do not accept any responsibility arising in any way for errors in or omissions from the information in this website and do not accept any loss or damage as a result of any person relying on any information in this website, including without limitation any information provided by any third parties or for forecasts or forward-looking statements.