Elevating City Skyline: Dexus boosts office space at waterfront Brisbane

Dexus, a leading Australian property group, has recently unveiled revised plans for its ambitious Waterfront Brisbane twin tower development.

These revisions promise not just a higher profile on the CBD skyline but also a substantial increase in floor space, enhancing the project’s significance within Brisbane’s architectural landscape.

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The revised plans, which have been filed for approval, aim to add more than a hectare of extra floor space to the already impressive $2.5-billion riverfront development. This move underscores Dexus’ commitment to delivering a cutting-edge and expansive commercial hub in the heart of Brisbane.

The proposed amendments outlined in the change application are set to introduce a series of enhancements to the project’s design. One notable change includes raising each of the north and south commercial towers by an additional level, reaching impressive heights of 50 and 44 storeys, respectively, above a four-storey podium.

This adjustment will result in a significant increase in the project’s gross floor area, soaring from 150,834 square meters to an impressive 161,717 square meters. The additional 10,883 square meters of floor space will be distributed across the commercial tower levels and a bolstered shared podium, with an extra 9793 square meters allocated to the towers and 1790 square meters to the podium.

Dexus’ decision to amplify the yield at Waterfront Brisbane couldn’t come at a better time, considering the dwindling pipeline of new office spaces in Queensland’s capital. Recent reports from the Property Council of Australia highlight Brisbane’s position with the lowest level of future office supply among Australia’s major cities.

Earlier this month, Property Council Queensland executive director Jen Williams said available office space in Brisbane would likely remain limited for the foreseeable future. “While there is some new office space in the development pipeline, 70 percent of the stock set to be delivered in Brisbane up until 2026 is already pre-committed.”

As in all sectors, she said, the construction crisis was challenging new projects. “Unfortunately, the reality is that it is difficult to see how new office projects will stack up financially in the current market,” she said. “As such, supply will likely remain limited for the foreseeable future.”

With no new supply anticipated until 2025, when projects like 360 Queen Street and 205 North Quay are slated for completion, Dexus’ accelerated development timeline for Waterfront Brisbane is poised to fill a crucial gap in the city’s commercial real estate landscape. The first tower of the revamped Waterfront Brisbane project is expected to be completed by 2028, marking a significant milestone in Brisbane’s urban evolution.

As construction progresses on the Eagle Street site within the city’s golden triangle precinct, these revisions signify Dexus’ unwavering commitment to delivering a world-class commercial destination that will redefine Brisbane’s skyline and bolster its status as a vibrant business hub.

Images via The Urban Developer

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