This was published 2 years ago
‘City-shaping’ waterfront project held up in court as costs soar
By Sean Parnell
The cost of the massive Waterfront Brisbane project has increased by $100 million for every year it has been stuck in the planning phase or fighting court challenges.
The project involves two towers of 49 storeys and 43 storeys, to be built on the site of the 30-year-old Eagle Street Pier. Restaurants, cafes and stores would sit on the reconfigured bank of the Brisbane River, and the riverwalk would close for two years during construction.
An artist’s impression of Waterfront Brisbane, shown to the left of the existing Waterfront Place.
The company behind the project, Dexus, declared its intentions for the site three years ago. At the time, Australia’s largest office landlord expected to spend $1.6 billion on the works, but sought to consult stakeholders first.
When Dexus unveiled plans for Waterfront Brisbane in 2020, it put the cost of the two towers at $2.1 billion, and last year it told the market the project would likely cost $2.2 billion.
On Tuesday, in a market update, Dexus put a dollar figure of $2.3 billion on the project, and pushed the start of construction into next financial year. The company remains confident it will proceed.
Dexus has already signed up potential tenants for 19,300 square metres of office space and told existing tenants in the pier to prepare to vacate.
Eagle Street Pier tenants have been told to prepare to vacate.
Chief investment officer Ross Du Vernet on Tuesday described Waterfront Brisbane as a “city-shaping office project”, and said construction was expected to start before the end of 2022.
Waterfront Brisbane has the backing of the Queensland government, which provided land and regards the project as a post-pandemic economic stimulus that will create jobs and investment opportunities.
Dexus was also granted development approval from Brisbane City Council but continues to fight a legal challenge from the companies and residents behind the neighbouring Riparian Plaza, who are critical of the project’s scale and bulk.
The Planning and Environment Court has scheduled two weeks of hearings in March to decide the project’s fate.