Work starts on the $3 billion Queen’s Wharf development

There’s exciting news for Brisbane as work has now started on the major transformation of the inner-city with the new $3 billion Queen’s Wharf development underway.

Queen’s Wharf Brisbane will house a brand new casino as well as stunning resort complex alongside a new pedestrian bridge to South Bank. Star Entertainment and its venture partners make up the Destination Brisbane Consortium, which won the right to build the multibillion entertainment precinct back in 2015.

Queen’s Wharf Brisbane will introduce a sense of modernity and vibrancy to the local area, and will reconnect the Brisbane CBD with the river and surrounding areas. The heritage buildings in the precinct, which are some of Brisbane’s oldest remaining buildings will still be preserved. Some of these heritage buildings include the old State Library, old Immigration Building and the Commissariat Store building. The new precinct will actually pay tribute to the birthplace of the original penal settlement of Brisbane.

According to project director Simon Crooks, "All heritage buildings within the site will remain protected and secured, ready to be restored and repurposed as part of the future development under the Queen's Wharf Brisbane Priority Development Area Development Scheme.”


Queen’s Wharf Brisbane Key Features

So what will Queen’s Wharf bring to the city? Locals and visitors alike will soon be able to enjoy:
  • An iconic signature “Arc” building, including a spectacular feature Sky Deck, with restaurants and bars fully accessible to the public;
  • A riverfront moonlight cinema;
  • Five new premium hotel brands - including the Ritz Carlton and Brisbane's first 6-star hotel;
  • Three residential towers;
  • A new pedestrian bridge linking South Bank;
  • Over 12 football fields of redeveloped and enhanced public realm;
  • A new department store;
  • Approximately 50 food and beverage outlets;
  • A Queensland Hotel and Hospitality School partnership with TAFE Queensland.
Queen’s Wharf Brisbane is also set to have to a positive effect on the economy including:
  • $272 million payments to the State;
  • A guarantee of $880 million in casino taxes for the first ten years of operations;
  • $1.69 billion annual increase in tourism;
  • 1.39 million additional tourists per annum;
  • $4 billion to the Gross State Product.
William Street is now closed for six years as demolition work and construction takes place with the casino and hotel components to be completed by 2022. More than 2,000 construction jobs will be created alongside another 8,000 jobs once operational, attracting more residents to the local area.

Once complete, Queen’s Wharf Brisbane is anticipated to attract an additional 1.39 million tourists a year, $1.69 billion annual increase in tourism and $4 billion to the Gross State Product.

Buying a property in Brisbane today, whether as an investor or owner occupier is still a great move. Interest rates still remain low, property prices are still very affordable in comparison to the city’s east coast rivals Sydney and Melbourne and there are still plenty of great opportunities in the market to take advantage of. Plus, additional housing will be required to house these new workers both now and in the future.

If you’re looking at buying property within the inner-city Brisbane area then we have a number of off the plan apartments available to buy, whilst there are plenty more apartment opportunities within Brisbane’s middle ring suburbs which can still enjoy fast access to the city via train and bus.

Brisbane is also on its way to becoming Australia’s next New World City and aims to achieve this status by 2022. This is another great reason why investors should not overlook this mid-sized city. Brisbane is certainly on the rise, and with other major infrastructure developments underway including Brisbane Airport’s redevelopment, Northshore Hamilton and the $2 billion Brisbane Live Entertainment Precinct, Brisbane really is set to shine.

Find out more today about why Brisbane is worth investing in and what new properties are available to buy, by contacting the iBuyNew team. Give us a call on 1300 123 463 to learn more.
Published on 25th of January 2017 by Marty Stanowich
Marty Stanowich
Marty Stanowich

DID YOU LIKE THIS ARTICLE?

Sign up to the iBuyNew newsletter to receive more article and property news straight to your inbox

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

RELATED ARTICLES