2 potential projects that could transform Brisbane
Like many parts of Queensland, the Brisbane region has been a hotspot for a multitude of developments throughout 2014.
From the announcement of the Moreton Bay Rail Link to multiple upgrades to the major Bruce Highway and various residential developments, there has been a lot happening in the Sunshine State's capital this year.
Queensland property investors keeping an eye on Brisbane will be glad to know the city shows no sign of slowing down next year. Currently, there are two major projects in the discussion phase that could be a major boon to the economy if construction takes off in 2015.
Herston Quarter redevelopment
This 4.8 hectare site located in a thriving precinct filled with health institutions could see redevelopment by the government. If plans go ahead, the site of the Royal Children's Hospital, 2 kilometres from Brisbane's CBD, could be transformed into a mixed-use development. This is expect to consist of features like accommodation for hotel or residential purposes, education and research facilities, or retail and office space.
The project will not only provide jobs through the construction phase, but will also play a part in attracting skilled and professional workers in the medical field in the future.
"Queenslanders in need will benefit from a world-class health precinct and local residents will benefit from a vibrant hub in their community," noted Queensland Treasurer Tim Nicholls in a statement.
"Revitalising this site will provide new services for families and has the potential to feature residential and hotel accommodation, commercial and retail spaces, medical and complementary health services and new research and education facilities."
Margaret Street tower
Brisbane's skyline will see a new addition in coming months, thanks to the approval of a giant twin tower on Margaret Street. Made up of over 1,000 apartments for residential use, this project is expected to be the equal tallest building with another construction elsewhere in the city on George Street.
Dubbed as "one of the most sought after locations in Brisbane" this part of the region will become a hotspot for both hotel guests and long-term city residents. While it's being built, 800 jobs will be up for grabs, in addition to well over 500 ongoing positions when the spaces are in operation.
"The ground floor levels will feature retail, restaurant and bar tenancies, boosting the area's daytime economy and benefiting residents, hotel guests and CBD workers," said Brisbane Mayor Graham Quirk.
With more than $200 million put toward infrastructure in the Brisbane 2014-15 budget, owners of rental properties can expect lots of construction in the new year.