Development giant Lendlease (ASX: LLC) has been handed a major urban renewal mandate after the Queensland Government selected the company as its preferred partner to redevelop a 7.1-hectare former glass recycling and manufacturing site on South Brisbane's riverfront into a mixed-use precinct delivering more than 4,000 homes.
The project, spanning the former Visy site located 1.3km from the Brisbane CBD between South Bank and West End, will include 1.2ha of public open space, riverfront promenades and a mix of residential, retail and community uses.
Early works are anticipated from April 2027, with the first homes targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.
The site was declared a Provisional Priority Development Area last month to streamline the approvals process, and community consultation on the proposed masterplan is planned for early 2027.
Deputy Premier Jarrod Bleijie says the project represents a sharp departure from the previous government's plans for the site which was earmarked to become the broadcast centre for the 2032 Olympics.
"This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits - thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games," he says.
“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes.
“The Crisafulli Government is delivering more places to call home, more jobs and more places for all Queenslanders to enjoy.”
Lendlease says that as one of Brisbane’s last remaining industrial riverfront sites, the project represents a significant urban renewal opportunity that is expected to support more than 3,000 jobs across planning, construction and ongoing operations.
“The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane’s most significant riverfront locations, deliver thousands of much needed homes, and create long term legacy," says Lendlease Development CEO Claire Johnston.
“In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane’s growth and how people experience the city for decades to come.
“This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."
Lendlease has a solid track record of large-scale urban renewal projects, including Barangaroo South in Sydney, Melbourne Quarter and its international portfolio of mixed-use precincts.
Spanning more than seven hectares, the precinct will include new riverfront promenades and boardwalks, plazas and amphitheatre-style spaces, parkland and shared pedestrian and cycling routes to create a highly connected riverside neighbourhood.
Business South Bank CEO Janine Watson has welcomed the decision to offer the site to a single proponent.
“This is one of the most important urban renewal opportunities in inner Brisbane, and it needs to be approached with the care and ambition that a site of this significance deserves,” says Watson.
“As more residents, workers and visitors are welcomed into this part of the city, it will be essential that supporting infrastructure keeps pace.
"That includes public transport, school capacity, walking and cycling connections, green and open space, and the social and cultural infrastructure needed to support a complete community.”
No financial terms have been disclosed, including the project's end value.
The arrangement is structured as a master development partnership, with Lendlease to lead masterplanning, design and staged delivery of the precinct.
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