Green light for $850m mixed-use tower near Brisbane CBD after planning hurdles cleared

A significant mixed-use development has won planning approval near Brisbane's CBD, marking a turning point in the city's post-pandemic construction pipeline and reinforcing investor confidence in Southbank's evolution as a residential hotspot.

The 45-storey tower, approved for a prominent site between Grey and Melbourne Streets, will deliver approximately 380 residential apartments alongside ground-floor retail and hospitality spaces. At an estimated $850 million, the project represents one of the largest approvals granted in the inner-city precinct this year—a notable win given the property market's recent volatility and stricter lending conditions facing developers.

The approval, granted by Brisbane City Council's planning committee last week, follows a 14-month assessment period and two rounds of community consultation. While specific design modifications remain confidential pending formal conditions, industry observers note the decision reflects council's strategic push to increase housing supply within walking distance of the CBD and South Bank Parklands.

"This approval demonstrates there's still substantial appetite for quality residential product in accessible, amenity-rich locations," says a spokesperson for the Urban Development Institute of Australia (Queensland branch). "Southbank's proximity to employment, education, and lifestyle infrastructure makes it increasingly attractive to interstate migrants moving to Brisbane."

The timing is significant. Queensland's median property price sits around $780,000, while Brisbane's inner-south continues to outpace broader market growth. Recent comparable sales in the Southbank precinct have recorded apartments in the $600,000–$950,000 range, depending on size and aspect. For context, that positions new apartments in this development competitively against established stock while offering modern finishes and inclusion in a mixed-community environment.

The development's approval also aligns with broader infrastructure investment tied to the 2032 Olympic Games. Enhanced public transport connections, pedestrian networks, and waterfront activation projects across South Bank are expected to support long-term value retention in the precinct.

The project's retail and hospitality component—approximately 3,500 square metres—is expected to activate street frontages and complement the existing dining and cultural venues anchoring the precinct. This mixed-use model has become increasingly central to Brisbane City Council's planning strategy, moving away from single-use residential towers toward integrated neighbourhoods.

Construction is anticipated to commence in mid-2027, with practical completion targeted for 2030. The development is expected to generate approximately 1,200 jobs during the construction phase and create permanent employment across retail and hospitality operations.

This article was compiled by AI from the sources linked above and screened before publishing. See our editorial standards.