The recently appointed Labor Government has rattled the Brisbane property industry by announcing an unexpected halt to $40 million sale plans of the Turbot Street Dental School site.
The new Palaszczuk government has also revealed changing plans regarding government land sales, including revising the Kurilpa Riverside site.
The draft development plans for the Kurilpa site includes high rise residential buildings that is set to accommodate 8,000 residents and 11,000 workers.
Deputy Premier Jackie Trad told
The Australian that they will be withdrawing these plans for further review.
“This is land that could go into building something like (a transit-orientated development), building a major renewal project. One that is associated with public transport, one that will accommodate the needs of a growing city,” Ms Trad said.
Other developments also under consideration of withholding plans include the former Fortitude Valley State School, the Gold Coast Hospital at Southport, and the redevelopment of the Brisbane Transit Centre.
Development companies such as David Devine’s Metro Property and QIC were reportedly involved with these sites before the Government’s announcement.
Mr Devine told The Australian that the Kurilpa plans opened up opportunity for a range of developments and the site allowed for open spaces within the area.