Dexus announced this week that it will press ahead with a $2bn-plus twin tower proposal on Brisbane's Eagle Street Pier site, demonstrating the groups confidence in the Brisbane office market.
Dexus have struck a facilitation agreement with the state government on a proposed $2.1bn Waterfront Brisbane concept masterplan which will see the tired Waterfront dinning precinct transformed into two premium office and mixed-use towers on the Eagle Street Pier site with a variety of restaurants, casual eateries and shops below. A new market square and steps, urban veranda terraces, and an extension of the City Reach Riverwalk will become a focal point for workers and visitors to the city.
Brisbane's office market has been the focus of much attention in 2019 with a series of major purchases eager to meet demand from both government and private sector tenants that are growing in the city. Dexus expects to start construction on stage one of the project in 2022, with the first tower delivered in 2026 and the second subject to demand. The project will compete with other proposals from Ashe Morgan, Charter Hall, Investa and ISPT who each have have towers planned for the city.