Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melbourne-based builder John Holland is slated to develop the first stage of Waterfront Brisbane later this year – a $2.1 billion business and tourism project at Eagle Street Pier.

John Holland will lead the construction of the project’s 49-storey north tower - which will feature 72,500sqm of office space - in addition to a new riverside walk and integrated retail areas.

The builder will close the Riverwalk when construction commences and employ up to 650 workers during the peak of the project’s development. John Holland expects to complete the first tower by 2027.  

The two-stage project, which was approved by Brisbane City Council in December 2020, includes two new office towers, riverfront dining, enhanced retail offerings and public spaces, with a widened and upgraded riverwalk for pedestrians and cyclists.

“This project will deliver an outstanding commercial and entertainment precinct for Brisbane as it emerges as one of Australia’s future cities,” John Holland CEO Joe Barr said.

“We look forward to creating an iconic precinct that will breathe new life into this prime riverside location, while attracting new investment and local and international tourists.”

The announcement comes after both firms worked together on 180 Flinders Street, which is an A-grade office space located in Melbourne’s CBD. After the completion of the project in August 2020, John Holland became a core tenant and took up three floors for its own HQ.

Other projects in the company’s pipeline include the construction of the Victorian Heart Hospital in Melbourne’s south-east, five new metro tunnels across Melbourne’s CBD and the redevelopment of Sydney Football Stadium.

The Brisbane Waterfront project will target a 6-Star Green Star Buildings V1 rating, NABERS rating targets of 5.5- Star Energy, 4.5-Star Water and 4-Star Waste, in addition to WELL Core Gold certification and a Climate Active Carbon Neutral Building certification.

“Our clients trust us with the complex and unconventional,” John Holland Executive general manager building & development David Lehmann said.

“We provide Dexus with a combination of marine and building construction expertise supported by a team that knows live operational environments through working on major CBD projects across our building, rail and infrastructure businesses.

“We invest in our client’s success, and from the very beginning our team has taken the time to understand what is important to Dexus.”

Four months ago, Dexus announced it exchanged binding transaction documents to fund, develop and invest in a 40-storey office building on 8-10 Lee Street in Sydney, which is set to become the new HQ for tech giant Atlassian.

The Sydney-based property investor saw profits soar by 82 per cent to $803.2 million in the 1H22 period, driven by the net revaluation gains of investment properties. The company's revenue dipped by 17.8 per cent to $514.9 million.