THE Destination Brisbane Consortium last week entered into development agreements with the Queensland Government for the delivery of the Queen's Wharf Brisbane project, following the selection of the consortium as preferred proponent for the multi-billion project earlier this year.
Premier Annastacia Palaszczuk said the final deal on the $3 billion Queen's Wharf Brisbane development will deliver more than $1 billion to state government and also support more than 2,000 construction jobs and 8,000 operational jobs.
"The benefits will start to flow soon, with the first instalment of the $272 million to be paid to the state today," Ms Palaszczuk said last Monday. "Another guaranteed $880 million will follow from casino taxes over the first 10 years of DBC's operations from 2022."
The development of Queen's Wharf Brisbane remains subject to the planning approvals process and the granting of all necessary planning and development approvals, as well as the passing of legislation to establish the Queen's Wharf Brisbane Casino Agreement under which a Casino Licence may then be issued by the State of Queensland.
The Queen's Wharf project includes:
- A $2 billion integrated resort and entertainment precinct with over 1,100 premium hotel rooms and a sky deck;
- A $900 million residential precinct of approximately 2,000 apartments;
- Public infrastructure, including a pedestrian bridge, and development of public area spaces largely along Brisbane's riverfront and repurposed Treasury Casino & Hotel buildings; and
- Investments in improved connectivity solutions for the City of Brisbane.
The Destination Brisbane Consortium involves the owner of Brisbane's existing Treasury Casino, Echo Entertainment Group (now known as The Star Entertainment Group), as well as Hong Kong-based organisations Chow Tai Fook Enterprises Limited and Far East Consortium (Australia).
Construction is anticipated to commence in 2017 and the new resort is due to open in 2022.
Images: Artist's impressions of Queen's Wharf development / Destination Brisbane Consortium.