Newman's billion dollar masterplan unveiled for Brisbane's CBD

Queensland Premier Campbell Newman has today announced a new Master Plan proposal that will release several significant land parcels for redevelopment within the Government Administrative Precinct.

Under the plan, the Government is now calling for Expressions of Interest for the redevelopment of 1 William Street for the construction of up 60,000 square metres of commercial office space.

The State Government would underpin the redevelopment by remaining a major tenant in the Precinct.

The vacant site is currently being used as a carpark and has been earmarked for redevelopment since 1974.

Mr Newman announce that selling off land and leasing back from private sector is said to be a cheaper alternative to Government redevelopment. It is also expected to generate thousands of jobs and billions of dollars of investment from the private section.

“The Precinct Master Plan is expected to provide around 18,000 jobs over five years and will be delivered at no additional cost to taxpayers,” Mr Newman said.

Government costs would be met through the 'rationalisation' of redundant properties and reducing overall office space from 420,000 square metres to 320,000 square metres, saving $60 million a year.

The Government will also seek Expressions of Interest for the redevelopment and enhancement of 80, 100 and 102 George Street, providing up to an additional 60,000 square metres of additional office space.

The LNP leader announced the Precinct Master Plan in conjunction with Minister for Housing and Public Works Bruce Flegg as part of a plan to rationalise the Government’s office portfolio and revitalise the predominantly Government precinct with mixed-use development.

Housing and Public Works Minister Bruce Flegg said the Precinct Plan was an unprecedented opportunity to enhance Brisbane’s reputation as a vibrant city with modern architecture set in a well-planned urban environment.

“It will give the local building industry a much needed shot in the arm and will allow for the rationalisation and improved efficiency of government office accommodation within the Central Business District.

Other features of the proposal include:

• A new pedestrian plaza in front of State Parliament House

• A new riverside boardwalk with leisure and entertainment facilities

• A cultural hub built under and over the Riverside Expressway

• Billions of dollars in private capital for new hotels, a potential new casino, commercial space, residential space, cultural facilities, entertainment, recreational and retail space

The Property Council and construction unions have welcomed the plans.