$10b in Construction Projects Despite Impact of COVID-19

$10b in Construction Projects Despite Impact of COVID-19

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Work continues on billions of dollars worth of building developments across Brisbane, employing thousands of Queenslanders despite the covid shutdown and its impact on the economy.

A survey by The Courier-Mail of 25 Brisbane high-profile building projects across all sectors revealed an end value of more than $10 billion which will generate over 15,000 jobs.

Rider Levett Bucknall director Paul Megram said the projects already committed and under construction were continuing despite concerns over the covid pandemic.

“To our knowledge in Queensland there have been no sites that have had incidents and have closed,” he said.

“But our concern is the pipeline going forward, particularly from the private sector because we’ve seen that the government will introduce stimulus into the economy and increase their level of activity.

“I think a lot of people are sitting back to see what the post-covid environment will be.”

Property Council Queensland executive director Chris Mountford said the building construction industry in Brisbane going forward was a “mixed bag” with some sectors doing better than others.

He said greenfield residential land developers had benefited from the Federal Government’s $25,000 new homeowners grant, while there was nothing at the moment to drive new apartment construction.

“I think retail and office there will be a bit of a wait and see period but on the flip side in the industrial area there is a lot of positivity,” Mr Mountford said.

 

25 CURRENT MAJOR BRISBANE CONSTRUCTION PROJECTS

MIXED USE

* The construction of the $3.6 billion Queen’s Wharf development in the CBD is well under way. The Queens Wharf precinct will include four new luxury hotels, more than 50 new bars and restaurants, along with 2000 residential apartments. There will be 2000 jobs created during construction and the core integrated resort development is expected to be completed in 2022, with other parts of the project to open later.

An artist’s impression of Queens Wharf.
An artist’s impression of Queens Wharf.

* Sekisui House’s $800 million heritage focused West Village on a 2.6ha in West End site will feature up to 1250 apartments, 18,500sq m of retail and commercial space as well as public space. Stage 3 has started and will deliver a new supermarket, fresh food marketplace, gym, specialty retail, restaurants and a 450 space commercial underground car park. During construction it will create 2400 construction jobs.

* Pradella’s $175 million Montague markets in West End started construction two years ago and the first stage is due to be completed by late this year. It consists of a full-line Woolworths supermarket. specialty retail across 15 tenancies, alongside 1200sq m of landscaped public plaza, central arcade and alfresco dining zone. Other stages includes office spaces and apartments.

An artist’s impression of Montague Markets & Residences.
An artist’s impression of Montague Markets & Residences.

* The $850 million Yerongpilly Green masterplanned development on completion will have 3000 residents, 5000sq m of retail, a restaurant precinct, a boutique hotel and park land. Developed by Consolidated Properties it will generate more than 6600 direct and indirect construction jobs on the 14ha site and is scheduled for completion in 2028.

OFFICE

* The $175 million Midtown Centre development in the CBD as merged two former government buildings to create a 26-storey A-grade tower. Developed by DMANN Corporation and Ashe Morgan, the project has created 450 jobs. It will be Rio Tinto’s Queensland headquarters and will be completed in 2021

An artist's impression of the Midtown Centre.
An artist’s impression of the Midtown Centre.

* Construction has just started on the 27-storey office tower at 152 Wharf St in Spring Hill that will house the ATO. Developed by Morris Property it is scheduled to be completed in 2023.

* The Mirvac developed $836 million and newly christened Heritage Lanes in the CBD will be Suncorp’s new headquarters. The 32-storey tower at 80 Ann St in the CBD is expected to be completed by September 2022.

An artist's impression inside Heritage Lanes at 80 Ann St in the Brisbane CBD.
An artist’s impression inside Heritage Lanes at 80 Ann St in the Brisbane CBD.

* Silverstone Developments is building a $26 million 10-storey office building in Stratton St, Fortitude Valley. It has provided about 200 construction jobs and is expected to be finished by early 2021.

* The Kais family developed $200 million 12-storey MOBO tower at Tribune St, South Brisbane is expected to be finished by September 2021. The project will generate 350 jobs.

* The 14-storey Jubilee Place office tower in Bowen Hills is under construction and Credit Suisse Asset Management pre-purchased the development at 470 St Pauls Tce, through a forward funding transaction for an estimated $200 million. Developed by JGL Properties, includes the preservation and refurbishment of the existing historic Jubilee Hotel along with the construction of an A-Grade commercial office tower.

RETAIL

* Construction has started on the $45 million Coles Moggill Village at 3366 Moggill Rd which will have a supermarket, 18 speciality shops and a first floor office component. It will create 200 construction jobs. Construction is expected to be completed by mid 2021.

* Construction started this year the $50 million next stage of the $500 million Valley Metro redevelopment. The retail component of LaSalle Investment Management and Partners Group’s Valley Metro redevelopment will be finished by early 2021 and include an revamp of the original food court, a Hoyts cinema and new retail amenity. The project kicked off in 2018 with the back-to-concrete refurbishment of the nine-storey Transport House the master plan includes a 23-storey commercial tower and an adjacent 30-storey residential tower.

* While work has dropped a gear or two the BNE Auto Mall remains the Brisbane Airport’s largest non-aviation project undertaken to date. Work on the 51.3ha site began in September 2017, with Brisbane Airport Corporation investing more than $85 million in major earth and civil works which are expected to wrap up at the end of next year. Construction of the AP Eagers showroom will start in the near future and be to be opened in 2022. More than 300 jobs have been created in the first stage.

Image shows artist impression of the BNE Auto Mall.
Image shows artist impression of the BNE Auto Mall.

* Also at the airport more than 175 people are being employed on the $40 million redevelopment of the Domestic Terminal Building. The work on both levels 1 and 2 will create a world-class airport environment for traveller’s reflecting a unique sense of Brisbane and Queensland. The project will result in more than 50 new tenancies including reconfigured and upgraded food halls, speciality retailers, premium bars and restaurants. It will be finished at the end of the year.

INDUSTRIAL

* Global e-commerce giant Amazon is establishing a fulfilment centre at Goodman’s Port Industry Park in Lytton. It will employ 170 people during construction and will be operational

before Christmas.

* National operator Vaughan Constructions has started work on a $40 million warehouse project in Logan’s premier industrial precinct at Berrinba. Up to 400 various construction-related contractor jobs will be required during construction and the three stage projects will be completed by June 2023.

* ASX-listed Dexus has kicked off the first stage of its $100 million Freeman Central estate at Richlands in Brisbane’s outer south, with the construction of three facilities across 34,000sq m scheduled for completion in the second half of 2020. More than 300 jobs will be created in the first stage of the project at 425-479 Freeman Rd and another two facilities will be built in the second stage with the complex totalling 55,000sq m.

* ESR Australia has started construction of the first stage of its three-stage $57 million Sherbrooke Industrial Estate in Willawong. Two speculative warehouses are expected to be completed over the next 18 months.

RESIDENTIAL

* The Cbus Property’s ultra-luxury $375 million 47-storey apartment tower at 443 Queen St in the CBD may be rumoured to be behind schedule but work continues. Originally set for completion late next year, it is expected to be finished until at least August 2021.

An artist’s impression of the Cbus developed apartment tower at 443 Queen St in the CBD.
An artist’s impression of the Cbus developed apartment tower at 443 Queen St in the CBD.

* Brisbane’s tallest building — the One — is expected to be fully completed by early 2021. Developed by The Shayher Group the $300 million 82-storey 274.3m apartment tower is part of the Brisbane Quarter development on the old Law Courts site in the CBD of which a 41-storey office tower and the 34-storey W Brisbane Hotel have been completed.

* Mirvac has started construction of the next stage of its Ascot Green community at Eagle Farm Racecourse Work has started on $77 million eight-level Tulloch House with about 1300 workers to be inducted on site throughout the construction period until late 2021. Located within the Eagle Farm Racecourse precinct, Ascot Green is the first racecourse-fronting apartment project to be delivered in Australia and forms part of Brisbane Racing Club’s $1.2 billion masterplanned redevelopment. The 10-year project has 1000.

* Chinese-backed developer Poly Global has kicked off the construction of its first Queensland residential project with the $200 million Ascot Aurora. The 234-dwelling project is due to finish in 2022 and will employ more than 2000 workers during the full life cycle of the project.

SCHOOL/HEALTH

* The $130 million Inner-City South State Secondary College in Dutton Park is expected to open its doors for the start of the school next year. The college will be the first high school built in Brisbane’s inner-south in 60 years. More than 400 jobs have been generated through construction.

* Brisbane’s first inner city high school in 50 years — the $98.7 million Fortitude Valley State Secondary College — opened its doors to Year 7 students this year but construction work continues. On the corner of Brookes St and St Pauls Tce, near the RNA Showgrounds, to project has generated up to 300 jobs.

An artist’s impression of the Fortitude Valley State Secondary School.
An artist’s impression of the Fortitude Valley State Secondary School.

* Construction of the $340 million health facility at Herston Quarter is expected to be wrapped up by the end the year. The facility is part of the $1.1 billion Herston Quarter redevelopment backed by private capital funding through Australian Unity’s Healthcare Property Trust. The nine-level public health facility will generate about 250 construction jobs.

Source: The Courier Mail

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