Fate of $2bn Eagle Street Pier redevelopment revealed

Developers behind a bold push to revitalise Brisbane’s premier waterfront precinct has revealed its plans after COVID-19 battered the CBD.

Australian mega-developer Dexus has declared it will push ahead with its $2.1bn Eagle Street Pier redevelopment despite Brisbane’s ‘ghost town’ CBD struggling to recover from its COVID-19 battering.

Dexus, which has a development application with Brisbane City Council, insists it will build two new office towers and revitalise the waterfront dining precinct despite a recent report revealing the CBD’s commercial and residential vacancy rates had jumped as workers stay at home and international students remain barred.

Dexus Waterfront includes two new towers, riverfront dining, retail outlets and public plazas with a widened and upgraded Riverwalk for pedestrians and cyclists.

A spokeswoman for Dexus revealed the project remains on track.

“Waterfront Brisbane is a $2.1 billion investment that will deliver a significant number of jobs as the economy recovers and is estimated to provide a $5.7 billion boost to the Queensland economy over the next 40 years,” she said.

“Subject to Dexus securing the relevant approvals, construction on the Eagle Pier site is expected to commence in 2022 and the first tower to be delivered in 2026.”

This month a Courier-Mail investigation uncovered a city battling for survival, with soaring vacancy rates and a growing number of stay-at-home workers throwing the future of the Brisbane CBD into uncertainty.

Dexus has lodged plans for a $2.1 billion transformation of Eagle Street Pier with Brisbane City Council. Picture: Artist impression/supplied

A 2020 Inner City Vitality Report, commissioned by the Committee For Brisbane, found the CBD had fallen in all five key economic indicators – commercial and residential vacancies, tourism, retail and education.

Committee for Brisbane CEO Barton Green said it was vital governments and businesses develop a plan – such as subsidised public transport and improved work spaces – to lure staff back into the city.

“The big challenge is with commercial leasing in town where it’s likely that the work-from-home option is now ­permanent,” he said.

“People may be in the office two days a week and at home three and if that is the case, we are going to have a significant reduction in commercial leasing in Brisbane.”

About 122,438 workers are employed in CBD according to the 2016 Census.

By 2041 that number is tipped to grow to 218,000.