The Queensland Government has formalised the agreement for Queensland Investment Corporation (QIC) to deliver real estate solutions for four of the above-ground precincts of Brisbane’s Cross River Rail project.
These agreements establish QIC as the developer of the four transit-oriented precincts of Boggo Road, Woolloongabba, Albert Street and Roma Street.
QIC is manager of the Queensland Future Fund (QFF), which was established as part of the state’s strategy to ensure responsible budget management. The development rights to these four key precincts have been transferred to the QFF to extend the participation of the state and provide greater certainty to their ultimate delivery.
Development and activation of the precincts can commence as construction of the tunnel, rail and station infrastructure concludes, which is currently forecast to be in 2023 and 2024. The Cross River Rail Delivery Authority (CRRDA) will continue to be responsible for the completion of these underground tunnels, stations and rail works. QIC will continue to work with CRRDA and Economic Development Queensland in developing these assets.
The construction and infrastructure component of the Cross River Rail stations and tunnels has been separated from the real estate component of the sites. This means once the underground train lines have been built, QIC will develop the above-ground precincts.
QIC will spend the next three years (while the rail infrastructure is being developed) masterplanning the precincts while the rail lines continue to be constructed, with the Woolloongabba and Roma Street sites earmarked for Olympics focused development in alignment with delivering an enduring legacy for Brisbane.
The precincts are significant hubs that will be city-shaping, transformational developments. The vision is to deliver vibrant, personalised and connected spaces – designed for the people of Brisbane.
Priority Development Areas (PDAs) have been declared at each of these new stations, with development lots to be created throughout 2023 and 2024 as construction of the tunnel, rail and station infrastructure concludes.
QIC Global Real Estate Managing Director Michael O’Brien said QIC was proud to take on the role of precinct developer.
“This is an unprecedented opportunity for QIC to work with the Queensland Government, Cross River Rail Development Authority and Economic Development Queensland (EDQ) to refine the master plans for the above ground sites with the goal of providing Brisbane with connected city-shaping lifestyle, residential and commercial precincts,” he said.