Victoria Park pivot sparks a rethink of development plans in the former Gabba Olympic precinct

The Queensland Government’s decision to move the Olympic precinct has seen developers rethink large-scale plans for Woolloongabba, with one large site already up for sale.

An artist impression of Brisbane Stadium in Victoria Park for Brisbane 2032 Olympics. Source: Queensland Government.

Developers who rode into Woolloongabba with multi-billion dollar plans when it was designated the Olympic precinct are rethinking their future after the Queensland government announced the main stadium’s move to Victoria Park in Brisbane’s inner north.

In the four years since the 2032 Games were announced, Woolloongabba enjoyed above-average office and residential vacancies and in turn higher rental rates and capital values.

House prices rose 24 per cent between 2021 and 2022, outpacing Greater Brisbane’s 14 per cent increase over the same period.

However, while the pressure of rising costs and a labour shortages has put the brakes on the race to build in the Gabba Olympic precinct.

While many developers are still weighing their futures, some have binned their ambitious plans, including Trenert, which recently put up for sale its giant Station Square site fronting Stanley, Reid and Hubert streets, that was earmarked for a $1.2bn mixed use development.

A render of Trenert’s proposed $1.2bn mixed-use development project on a 9000 sqm site in Woolloongabba which is now on the market.

In contrast, apartment developer Sarazin Property is in for the long haul.

Owner and managing director Darren Dougan said Woolloongabba has plenty going for it with the long awaited - albeit delayed - Cross River Rail, its inner city location, the general South East Queensland growth story and the promise of the post Olympics demolition of the Gabba and building of entertainment arena opposite the old stadium.

“It’s an up-and-coming area and there’s plenty of sites to develop at the moment. But it’s

construction costs and the feasibility factors that the real issues, not losing the Olympics,” he said.

Sarazin has already built Silk One across the road from the Gabba stadium and two sites next to that while it has committed tens of millions securing a good portion of nearby Wellington Rd.

It has already started construction it 27-storey Mucia Residences apartment tower and Mr Dougan said there was more in the pipeline.

He described the government’s announcement a couple of months of the move to Victoria Park and the fate of the Gabba stadium as a positive, especially having the entertainment arena on the Cross River Rail site.

“From our point of view from the events of last month or so is a positive, especially having the arena on the Cross River Rail site,” he said.

“But first of all the Cross River Rail is really the transformational piece of infrastructure and the arena will become a retail entertainment precinct as well and that’s even better.

“The Gabba stadium will be there until 2032. We will have the Lions and cricket there until 2032 and after that there are still questions around what will happen. But what we would like to see there is a park on the site. It's a once in a generational opportunity.”

An artist's impression of The Murcia Residences on Wellington Rd, East Brisbane

According to research from commercial property agency Colliers, the Games will still bring “Golden Rings” of opportunity but on the northern side of the river.

These strategic rings connect the new 63,000-seat Victoria Park Stadium in Herston, the Athletes’ Village in Bowen Hills, the National Aquatic Centre in Spring Hill and the surrounding precincts.

Colliers Queensland chief executive Simon Beirne said in-line with the experiences of previous Olympic cities as well as the past announcement that Woolloongabba would host the main stadium, there will be a surge in investment and development.

“The Victoria Park precinct and surrounding suburbs are likely to see similar trends as investors position themselves ahead of major infrastructure rollouts,” he said.

“Rising demand for housing, retail, and office space will drive above average capital growth, making these precincts key hotspots for developers, investors, and businesses.

“The 2032 Olympics are set to be more than just a sporting spectacle, they’ll reshape Brisbane’s inner city with world class infrastructure, better public transport, and an increase in investment.

“Areas like Herston, Spring Hill, Bowen Hills, Fortitude Valley, and Roma Street will feel the biggest impact, as limited space in the CBD pushes new commercial and residential projects into these growing precincts.”

According to the report, key developments driving the transformation include:

• Exhibition Station upgrade, funnelling increased foot traffic into Fortitude Valley and Bowen Hills. Enhanced accessibility through upgraded Fortitude Valley Station and new pedestrian links to Victoria Park.

• Retail growth corridors emerging along Anderson Street, St Pauls Terrace, Warry Street, and

Gregory Terrace. Revitalisation of Spring Hill, with Boundary Street to get a boost to be the heart of Spring Hill and Astor Tce with the potential to evolve into a dining precinct. Roma St precinct upgrades, spurring demand for office and retail space through improved connectivity.

• Strategic growth in Herston, supporting higher-density residential and medical-oriented

commercial uses.

Brisbane's Golden Rings in the leadup to the 2032 Olympics.

Mr Beirne said these once overlooked areas will experience unprecedented activation, evolving into high density, highly connected urban hubs.

“There will be a significant amount of focus from the government and Brisbane City Council on connecting the precincts and linking Victoria Park to Suncorp Stadium and South Bank, providing many further commercial opportunities,” he said.

“Brisbane’s industrial and commercial property markets will also see significant growth. The Games will drive demand for logistics, warehousing, and last-mile distribution centres, especially in key fringe areas where transport links are improving.

“The Games will leave a lasting mark, making Brisbane a more connected, liveable city with

revitalised precincts and a more competitive property market for years to come.”

Originally published as Victoria Park pivot sparks a rethink of development plans in the former Gabba Olympic precinct