The Newman Government’s vision for the transformation and revitalisation of the parliamentary end of George and Williams streets is a step closer to reality.
Acting Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney and Treasurer Tim Nicholls today announced Cbus Property had secured the contract to develop the $653 million 1 William St project.
The William Street tower is the first step in a process that will eventually enable the entire George Street government precinct to be redeveloped.
Once the tower is underway, early next year the government will engage with the community to begin the planning exercise to transform the precinct – a substantial part of the Brisbane CBD.
Mr Nicholls said the 75,000 square metre office tower, which will become the home of Queensland’s public service, will not only invigorate the precinct but also stimulate the state’s construction industry.
“This development will be fully funded by the private sector, will support approximately 1,000 direct jobs and have positive flow-on effects right across the state’s economy,” Mr Nicholls said.
“This project is all about driving growth and investment in the construction industry that is the backbone of the Queensland economy.
“Cbus Property’s proposal uses the latest technology and design intelligence to create a building that will stand the test of time and provide a highly productive environment for the Queensland Public Service, allowing it to focus on achieving the best outcomes for the people and businesses of Queensland.”
Mr Seeney said the development of the 1 William St site was long overdue.
He said the Newman Government was determined to use the space in a way that delivered outcomes for Queensland taxpayers.
“The site at 1 William Street has been a dusty carpark for years and has been designated for government office development since 1974,” Mr Seeney said.
“Cbus Property’s development will revitalise the site and is the first stage in delivering a mixed-use precinct that will facilitate greater community use of the northern bank of the Brisbane River.
“The 1 William Street development, with its modern fit-out and reduced space requirements, will rationalise the Government’s CBD office portfolio and save taxpayers about $60 million each year.”
With 13 expressions of interest received for the project, Mr Nicholls said it was obvious private industry was interested in forging partnerships with the Government that stimulate the economy.
“This project is the first major private sector development delivered by this Government through Projects Queensland and took just five months from registration of interest to announcement,” he said
“The success of the 1 William St procurement demonstrates Project Queensland’s ability to fast track projects for the benefit of the public and private sectors.
“Work on the site will start immediately in the New Year and the building is expected to be completed by the end of 2016.”
Cbus Property CEO Adrian Pozzo said his team was thrilled to have been selected to develop 1 William Street project- an iconic development for the people of Queensland.
“The opportunity to partner with the Queensland Government in the revitalisation of the precinct demonstrates our long term commitment to the state,” Mr Pozzo said.
“This project will also deliver on one of our important business strategies of directly investing in our members’ industry.”