Seymour Group and Dexus’ battle over Newstead Green resolved after new conditions imposed

The stoush between property developer Kevin Seymour and ASX-listed Dexus has been resolved paving the way for the construction of the $1.5bn plus Newstead Green urban renewal project .

An artist's impression of Newstead Green from Byres St.

The stand off between property giant Dexus and billionaire Kevin Seymour over his Newstead Green urban renewal project in Brisbane’s inner city has been resolved before going to court.

While the major parts of the original approval remains, Dexus won concessions from the Seymour Group, ensuring the $1.5bn plus 15-storey development would go ahead.

Daniel Farquhar, Mr Seymour’s grandson, who is managing the project, said the development of the urban village remained “very similar” to what was approved by the Brisbane City Council in 2023.

“We have a court approved settlement with conditions,” he said.

“As far what those conditions are, I’m bound by confidentially at this stage. But the new DA conditions will be made public in coming days.

“We’re still looking to proceed with a retail centre, with a Coles and Harris Farms type development, and more than 800 apartments and eight towers sitting on top. It will be a true mixed use development.”

Mr Seymour had held the site, formerly an 1.8h Eagers Automotive site, for almost five years before getting the mixed-use development approved and build-ready.

Veteran Queensland developer Kevin Seymour.

However, the project was in limbo after Sydney-based Dexus appealed the decision.

The company cited the impact of the proposed development on its Gasworks Plaza asset – a few minutes from Newstead Green – claiming in its notice of appeal, that retailers lose more than 15 per cent in sales if the project went ahead in its present form.

“These impacts will seriously erode the viability and vitality of the retail tenancies at Gasworks Plaza, thereby compromising the function of Gasworks Plaza,” the company said.

Mr Seymour hit back at the time claiming Dexus’ stance was anti-competitive.

Mr Farquhar said they will start work on new plans for the site.

“We will have to get back into the detailed design for the retail and apartments, so that will take a little time, and then get the subsequent approvals,” he said.

“We will then hit the ground after a marketing campaign.

“We’ve had people knocking on the door to see if they can partner with us and its time to dust all of that off and get back into the detail and get cracking”