Construction Begins on Dexus’ $2.5bn Waterfront Brisbane

The first stage of construction has begun on Dexus’s $2.5-billion Waterfront Brisbane development. 

After being appointed last year, John Holland Group is now on the site of the project that aims to “deliver a global-standard business and leisure destination”. 

The latest milstone follows the dismissal by Brisbane Planning and Environment Court of a challenge to the development by neighbours at the 53-storey, Harry Seidler-designed Riparian Plaza at the end of last year that threatened to delay the project.

Building work for the first phase includes two towers of 52 and 44 storeys, the larger containing about 72.500sq m of office space. It is slated for completion in 2027.

The FJMT Studio-designed Eagle Street Pier development will enhance open public spaces and create a “revitalised premier waterfront dining hub”, according to the developers. 

While there have been reports of cost blow outs, tenants have already signed up, including professional services firms Deloitte, Minter Ellison, Gadens and Colliers.

Forty-five per cent of the first tower’s office space is now committed, Dexus said.

The five-year stage one construction program will deliver the basement, riverwalk, public realm, retail pavilions, common podium and the north tower.

One south-bound lane on Eagle Street (between Riparian and Naldham House) will close on weekdays during construction hours but remain open outside of those construction hours on weekdays and weekends.

John Holland Group said it was attempting to recover 90 per cent of the material from the site for recycling by sorting timber, metals and concrete. 

Dexus Property Group and Dexus Wholesale Property Fund acquired Waterfront Place and Eagle Street Pier in Brisbane for $635 million in 2015, taking an equal stake. 

At the time, Dexus chief executive Darren Steinberg said it was an “excellent long-term core investment” for the joint-venture pair. 

The developer also has a $3-billion, two-tower project in the works at Central Place Sydney—touted as Sydney’s “most significant” in a decade.