The Queensland Government has signed off on Echo Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises' $3 billion Queen’s Wharf Brisbane development.
Queensland Premier Annastacia Palaszczuk said the project would deliver more than $1 billion to state coffers.
“The benefits will start to flow soon, with the first instalment of the $272 million to be paid to the state today," Ms Palaszczuk said.
“Another guaranteed $880 million will follow from casino taxes over the first 10 years of DBC’s operations from 2022."“This is a key and exciting milestone because the DBC partners and government can now get this project moving,” Ms Palaszczuk said.
“The DBC partners are now officially the contractor and, with government, we can all move on with Development Approvals, legislative changes, vacant possession of precinct buildings and the associated casino licence changes.”
State Development Minister Anthony Lynham said his Department was already working with businesses to maximise the flow-on.
“Queen’s Wharf Brisbane is all about jobs and opportunities for Queenslanders and Queensland businesses,” he said.
“The project will create thousands of jobs, but on top of that the flow-on economic benefits are estimated to be in the billions.
“My department has already run its first workshop with 300 businesses at the Sunshine Coast wanting to get on board.
“We’ll be working with businesses around the state to maximise the opportunities for them to supply goods and services.
“The Queensland Investment Corporation estimates that, with flow-on effects, the final net increase in jobs to be more like 11,500,” Minister Lynham said.
[urbanRelatedPost][/urbanRelatedPost]The extra big-picture gains include a $1.69 billion annual increase in tourism spend and 1.39 million additional tourists per annum.
“This will dovetail perfectly with the opening of Brisbane Airport Corporation’s New Parallel Runway, planned for 2020, and the aim for Brisbane to be a leading inbound or exit point for Australia’s international travel,” Mr Lynham said.
He said the project would also deliver: 12 football fields of enhanced public open space; a new pedestrian bridge from the CBD to South Bank; more than 2000 construction jobs and 8000 operational jobs; an iconic signature Arc building, including a feature Sky Deck, with restaurants and bars; five new hotels ranging from four to six-star - Brisbane’s first six-star hotel; three residential towers; around 50 food and beverage outlets; a riverfront moonlight cinema; a Queensland Hotel and Hospitality School partnership with TAFE Queensland the head office of DBC partner, Star Entertainment Group, who are relocating more than 300 staff from Sydney to Queensland.
Premier Palaszczuk also announced that the State Government would commission a $1.3 million business case for a 1500-seat theatre, to report back in 12 months.
“My government is committed to delivering a second theatre, but first we need a thorough study into the best location, size, and management model,” Ms Palaszczuk said.
“We also need to factor in this year’s heritage listing of the Cultural Precinct. A 12-month business case will give us the information we need to determine the best option.”