THE Queensland Government last week announced the start of construction on the $850 million masterplanned community at Yeerongpilly Green, which is located approximately 8 kilometres south of Brisbane's CBD and adjoining Yeerongpilly railway station.
The project will create 6,600 direct and indirect jobs during its 10 year construction programme, with 1,200 apartments and townhouses being built on 14-hectare site along the Brisbane River.
The development will also include a retail and commercial precinct with boutique coffee shops, bars and restaurant, a major supermarket, 100 bed hotel and a number of commercial office buildings.
Queensland company Consolidated Properties, in a joint venture with LJCB Investments, is developing the project in two phases, with the final phase being completed in 2024. Construction will be handled by Hutchinson Builders.
Deputy Premier and Minister for Infrastructure Jackie Trad described the project as a great example of the Queensland Government and the private sector working together to deliver great facilities for the community.
"There will be more than a hectare of parkland with walkways and community facilities as part of the masterplan. This prime land is currently sitting vacant and by working together we have delivered a thriving community hub."
Executive Chairman of Consolidated Properties Don O'Rorke said the development will provide a range of benefits for the community in terms of jobs and amenities but it will also provide a financial boost to the Queensland Government through a structured development agreement.
"This agreement provides a much greater financial return on the land to the government and allows them to remain actively involved in creating the new community," Mr O'Rorke said.
"We look forward to creating a community that will set new benchmarks in town planning, building design and sustainability. We have a proud history of delivering high quality development and creating homes and communities that people love."
The development will be undertaken in a joint venture between Consolidated Properties, CVS Lane Capital Partners and LJCB Investment Group.
The commercial terms are governed by a 10 year deed of agreement which was recently signed, allowing for construction to now start with site preparation, earthworks and the removal of redundant cables.