Dexus bets on office recovery with $2.1bln Brisbane development

The massive plans have received development approval from Brisbane City Council and Dexus wants it to become one of the key business and tourist destinations, capitalising on the prime riverside location.

The Darren Steinberg-led group remains a big believer in offices even in the wake of the pandemic and has finished off the $1.4 billion 80 Collins Street project in Melbourne and is also planning a major skyscraper near Sydney’s Circular Quay.

Rival developers are also active with Charter Hall winning Amazon to anchor a tower in a $1.5 billion Melbourne CBD project and US company Hines proposing a skyscraper of similar size nearby.

Brisbane has been quieter although Mirvac is developing a new headquarters for Suncorp and the Queen’s Wharf precinct is progressing. The Dexus design in Brisbane includes two new towers, a retail precinct and open plazas to draw in crowds mid-decade once the pandemic has passed.

Dexus chief investment officer Ross Du Vernet said Waterfront Brisbane would unlock the “considerable potential” of the Brisbane CBD gateway site which had remained underdeveloped for almost three decades.

“The project’s scale and central riverfront location will firmly establish Waterfront Brisbane as a world class destination and is set to reshape the daily experience of the many people who visit and work there,” Mr Du Vernet said.

Brisbane City Council city planning and economic development chair Krista Adams said the precinct would be revived to include new public realm, a new river walk and new eateries and bars, following Brisbane City Council’s approval to Dexus.

“This approval follows six months of working with the applicant on their plans to enhance the existing riverside destination and deliver a better experience for residents and visitors,” Cr Adams said.

“The Eagle Street Pier precinct was established as a dining precinct more than 30 years ago and this refresh will ensure it continues to provide dining, entertainment and spectacular riverside experiences for future generations.

A new 280-metre river walk connecting Waterfront Place to the Riparian Plaza will be built. “The new river walk will be funded by council and delivered by Dexus, with construction set to begin in 2022,” Cr Adams said.

The first tower is expected to be completed in 2026 with the overall Waterfront Brisbane to comprise two towers of 49 and 43 floors on the Eagle Street Pier site. There will be a football field of riverside public open space and expansive terraces.