Brisbane's $2.5bn Waterfront Project Pushed Back to 2029

Brisbane's most prominent riverfront development has slipped another year, with Dexus now expecting the $2.5 billion Waterfront Brisbane project to be completed in late 2029 — a full two years later than originally promised when construction began in 2023.

The development occupies the former Eagle Street Pier site, once one of the city's best-known riverside dining precincts before it closed in July 2022. Demolition began in early 2023 to clear the way for what Dexus describes as more than a pair of office towers: the plans include riverfront restaurants and shops, landscaped plazas, commercial boat moorings and a future CityCat terminal.

The completion date has moved steadily — from 2027 to early 2028, then late 2028, and now to the end of 2029. Dexus attributes the latest delay to the complexity of the build and the impact of previous adverse weather events, with builder John Holland's current construction program underpinning the revised estimate. The company says it expects greater certainty once the structure reaches Level 5 later this financial year.

The delays are also beginning to bite financially. Earlier slippages were expected to be absorbed within provisions in the fixed-price construction contract, but the most recent extension exceeds what that arrangement can cover, adding costs mainly through additional interest and leasing incentives. Dexus has not disclosed the size of that increase, though the company maintains the project will remain profitable, with its expected yield on costs still within a range of five to six per cent.

Leasing activity continues despite the setbacks, with 71 per cent of the North Tower now committed. Confirmed tenants include Deloitte, DLA Piper, Allens, Minter Ellison and Colliers. What remains unclear is exactly which elements of the broader development — the dining precinct, moorings and transport infrastructure — are covered by the late 2029 deadline, and whether any components could open ahead of that date. Questions put to Dexus on those points, as well as on tenant occupation dates and updated project costs, had not been answered at the time of publication.

One component has already been delivered: the $42 million Riverwalk upgrade reopened in February, restoring a 250-metre continuous pedestrian and cycling link between Alice Street and the Story Bridge to City Botanic Gardens corridor. Dexus says the Riverwalk was completed on schedule, even as the larger development it borders continues to fall behind.

A few blocks inland, a different kind of urban project has finally emerged. A 102-metre section of Albert Street between Elizabeth and Charlotte Streets reopened last week as a pedestrian-priority shared zone, ending nearly seven years of closures during construction of the underground Cross River Rail station beneath it. The new boulevard includes 26 trees, 12 benches, drinking fountains, bike racks and garden beds planted with more than 40 subtropical species.

The opening marks the first visible stage of Brisbane City Council's planned green spine — an ambitious tree-lined corridor intended to eventually connect the City Botanic Gardens with Roma Street Parkland. When the remaining works are finished, the full Albert Street section will stretch 245 metres, with more than 70 trees and around 5,800 plants, along with outdoor dining areas integrated into the streetscape.