Construction has started at Yeerongpilly Green, an $850 million masterplanned community 5.5 kilometres from the Brisbane CBD.
The project will create 6,600 direct and indirect jobs during its 10 year construction program, with 1,200 apartments and townhouses being built.
It will include a retail and commercial precinct with boutique coffee shops, bars and restaurant, a major supermarket, 100 bed hotel and a number of commercial office buildings.
Deputy Premier and Minister for Infrastructure Jackie Trad said the creation of 6,600 jobs was great news for Queensland’s economy.
“Not only will we see 6,600 new jobs created - and this includes 335 apprentices as part of the workforce - but once completed Yeerongpilly Green will also see 1,000 people with long term employment,” Ms Trad said.
“This is a great example of the Queensland Government and the private sector working together to deliver great facilities for the community.
“There will be more than a hectare of parkland with walkways and community facilities as part of the masterplan. This prime land is currently sitting vacant and by working together we have delivered a thriving community hub.”
The site spans 14 hectares along the Brisbane River between the Queensland Tennis Centre and Yeerongpilly Railway Station.
Executive Chairman of Consolidated Properties Don O’Rorke said the development would provide a range of benefits for the community in terms of jobs and amenities but it would also provide a financial boost to the Queensland Government through a structured development agreement.
“This agreement provides a much greater financial return on the land to the government and allows them to remain actively involved in creating the new community,” Mr O’Rorke said.
“We look forward to creating a community that will set new benchmarks in town planning, building design and sustainability. We have a proud history of delivering high quality development and creating homes and communities that people love.”
The development will be undertaken in a joint venture between Consolidated Properties, CVS Lane Capital Partners and LJCB Investment Group.
The commercial terms are governed by a 10 year deed of agreement which was recently signed, allowing for construction to now start with site preparation, earthworks and the removal of redundant cables.