Waterfront
Brisbane

Waterfront Brisbane is a Dexus project approved by Brisbane City Council to transform Brisbane’s Eagle Street Pier and surrounds into a leading premium business and leisure destination.

Dexus is making a significant private sector investment to revitalise this key Brisbane riverside destination with the new and improved City Reach Riverwalk, more greenery, and more access to public open space and amenity.

The $2.5 billion transformation of the Eagle Street Pier and Waterfront will deliver a global-standard business and tourist destination that aims to maximise its prime riverside location with enhanced open spaces and amenity and a revitalised premier waterfront dining hub. The project comprises two new office towers, a riverfront retail precinct and expanded public space, including the widening of the riverwalk and a new destination dining experience at Naldham House. Waterfront Brisbane is co-owned by Dexus and Dexus Wholesale Property Fund.

To complement the commercial development, up to 7,000 square metres of new and revitalised public realm spaces will be created for workers and visitors to enjoy. Upgrades to the existing private jetty facilities will support river tourism and the delivery of a new CityCat terminal will enhance public transport connections.

A new, wider Riverwalk section with improved links from Eagle Street, will create a vibrant active river level destination with unrivalled views of the Storey Bridge.

Waterfront Brisbane is all about creating a destination area along the river for business people, locals and visitors.

Dexus will construct two new buildings and retail pavilions including:

• Two new towers (a combined 120,000 square metres of office space) on the existing site of the Eagle Street Pier, designed to global benchmarks of sustainability and amenity
• Approximately 7,000sqm of riverfront dining, cafes and convenience retail

The footprints of the new towers will be set back from the river, with low-rise retail pavilions along the river edge. The aim is to give back the waterfront to the Brisbane community and create a place that celebrates Brisbane’s sub-tropical climate.

Waterfront Brisbane does not require the closure of Eagle Street. Pedestrian amenity will be improved by the creation of wider footpaths, enhanced landscaping and awnings, together with additional kerbside pick-up and drop-off facilities.

Brisbane City Council has approved the towers to be 52 and 44 storeys.

Naldham House is a beloved Brisbane landmark.

Waterfront Brisbane celebrates the heritage of this site as a key gateway to the city and centre for trade over the past 150 years. It’s an integral part of Waterfront Brisbane as a home for destination dining. Dexus partnered with one of Brisbane’s leading hospitality groups, DAP&CO, to re-invigorate this historic building, which reopened in 2024. DAP&CO is the award-winning hospitality group behind Walter’s Steakhouse & Wine Bar, The Gresham Bar and Popolo Italian Kitchen and Bar.

The old Eagle Street Pier restaurant complex was deconstructed to make way for the construction of public terraces, the new Riverwalk and the two new office buildings and associated retail pavilions.

The Eagle Street Pier building and surrounds was constructed to be a temporary offering and has well and truly outlived its original intent.

Eagle Street itself looks into the back-end operations and loading bays of the restaurant precinct and the location of the building and the way it provides access to its greatest asset, the river, needs improvement.

Waterfront Brisbane will open up the river with beautiful spaces and walkways, along with enhanced riverfront dining. The design of the public spaces will reflect the site’s history as the trading centre of early Brisbane and the sub-tropical climate that Brisbane is known for.

Waterfront Brisbane’s office towers, retail and dining precincts will not exceed the footprint already established by the existing Eagle Street Pier basement and retail tenancies. The new Riverwalk will be widened in places to enhance activation, amenity, and connection to the Brisbane River.

The master plan includes Dexus’s existing riverbed lease areas, with no increase of area required.

The Queensland Government has agreed to convert part of Dexus’s long-term leasehold interest (about 1,800 square metres) to freehold to allow delivery of the masterplan. The 1,800 square metres of land reflects a 12-metre extension of the current freehold boundary and remains under the existing Eagle Street Pier basement structure.

The balance areas of the existing riverbed leasehold interest remain unchanged.

Yes. Waterfront Brisbane will deliver market-leading sustainability outcomes targeting 6-star Green Star, 5.5-star NABERS rating, Gold WELL V.2 Core and a circular economy precinct commitment.

The project has already set new sustainability benchmarks by achieving a 98% recycling rate onsite during the deconstruction phase. The old Eagle Street Pier precinct was carefully dismantled, the waste was meticulously sorted, processed and put to use in other construction and infrastructure projects across the City.

Waterfront Brisbane will be an active and green transport hub with facilities for cyclists and pedestrians, including end-of-trip facilities, electric car charging and car share facilities.

Dexus’s sustainability approach and achievements have been globally recognised. Dexus has consistently been named the most sustainable real estate company in the world according to the Dow Jones Sustainability Index and has regularly achieved leading results in other benchmarks such as the GRESB, the Principles for Responsible Investment, and CDP’s Climate Change A-List.

Some Dexus sustainability portfolio highlights include:

• Achieved Net Zero for building operations across the group managed portfolio
• 5.0 NABERS Energy average rating across group office portfolio
• 4.7 NABERS Water average rating across group office portfolio
• 4.9 NABERS Indoor Environment average rating across group office portfolio
• 100% of electricity sourced from renewable sources in FY22 across our group managed portfolio

The project has been designed and is being built in accordance with the current legislative requirements and best practice accounting for the current Regional Flood Model and includes measures to mitigate the impacts of flooding.

Features include elevated building entrances, two types of flood barriers, watertight basement walls, limited openings and no service penetrations.

Stage 1 of the construction program will be delivered over five years and includes the basement, riverwalk, public realm, retail pavilions, common podium and the north tower.

The first phase of Stage 1 will take two years to complete and focuses on the deconstruction of existing structures, reclamation and in -round foundation works. The first tower (North Tower) is due for completion in 2028. The second tower (South Tower) is likely to be built at a later stage.

The delivery of the Waterfront Brisbane scheme will require closure and diversion of the Riverwalk. The new Riverwalk will be up to 15 metres wide in some areas and will open with temporary finishes in early 2026 with full completion due in early 2028.

Dexus has provided an alternate route for pedestrians and cyclists during the construction.

Waterfront Brisbane sets new benchmarks for workplace amenity and vibrant placemaking in Brisbane, revitalising and transforming Waterfront Place and the Eagle Street area into a premium business, retail and leisure destination.

The project enhances Brisbane’s connection to its iconic River, with beautiful spaces and walkways, a new dining destination, and a new, improved Riverwalk including a six-metre shared promenade – at the level of the Brisbane River, rather than above it.

The design of Waterfront Brisbane’s public spaces will reflect the site’s history as the trading centre of early Brisbane and the subtropical climate that Brisbane is known for.

Waterfront Brisbane delivers approximately 7,000sqm of retail including riverfront dining, casual cafes, convenience retail and fine dining. This is complemented by the creation of more than 1 hectare of new and revitalised public space including beautifully landscaped, tiered lawns and multiple green, open areas for workers, the community and visitors to enjoy.

Upgrades to existing private jetty facilities will support river tourism along with an opportunity to deliver a new CityCat terminal to further enhance public transport connections. Discussions with Council about this opportunity are ongoing.

Waterfront Brisbane will enhance active transport through construction of a new, improved Riverwalk. The section of Riverwalk in front of Eagle Street Pier will be widened from two metres to a minimum of six metres and up to 15 metres wide in places.

Multiple ramp access points near Riparian Plaza and at Waterfront Place will allow cyclists to ride between Eagle Street and the river. It will remain a zone that is shared by pedestrians and cyclists.

Waterfront Brisbane creates a vibrant precinct that supports the local economy and small businesses. It is estimated that the project will support over 1,000 construction jobs over the next decade, with an additional circa 900 operational support jobs once construction has completed.

For the retailers, the aim is to create a seven-day-a-week destination venue to improve the viability of the businesses located there.

Creating a destination with strong river connectivity, more public open space, and a shady, sub-tropical environment will increase the vibrancy of the precinct and encourage people to stay longer.

Other businesses in the area will enjoy the benefit of a better work environment, making it easier to attract and retain staff.

Customers will benefit from being part of a precinct that provides an enhanced experience for their employees and visitors. More public open space, better connectivity to the river and a safer Riverwalk will make Waterfront Brisbane a more desirable place to work, shop, dine and recreate including:

• 7,000 square metres of riverside retail and restaurant space
• Fresh and convenient mix of dining options
• 7-day a week activation
• Improved access to and views of the river
• A widened and upgraded Riverwalk
• Safer walking and cycling
• Lush sub-tropical landscaping accentuating tiered lawns and open spaces; and
• Destination dining experience at Naldham House

The following vehicle, pedestrian, and cyclist access changes will occur as part of construction activities:

• Changed traffic conditions on Eagle Street with a south-bound lane closure. Traffic control conditions will be in place during lane closures.
• Changed pedestrian access conditions along Eagle Street
• Closure of the Riverwalk in front of the site
• Changed pedestrian crossing conditions at Felix Street intersection
• Vehicle access to and from Riparian Plaza and One Eagle will be maintained at all times

Once constructed, Waterfront Brisbane will greatly improve the existing experience for cyclists, allowing cyclists and pedestrians to co-exist more comfortably through a new wider Riverwalk, and enhanced connectivity to the Botanic Gardens Riverwalk upgrade and the CityCycle network.

These improvements mean the Riverwalk section from the Stamford Hotel to Riparian Plaza will be closed for up to two years. Safe and signed redirections will guide pedestrians and cyclists and off and back onto the Riverwalk, around the construction zone.

On completion, Waterfront Brisbane will be an active and green transport hub with facilities for cyclists and pedestrians, including end-of-trip facilities, electric car charging and car share facilities.

You can stay up to date with the project by downloading the Waterfront Brisbane App via the Apple App Store or Google Play store. You can also email info@waterfrontbrisbane.com.au or call 1800 957 850.

Waterfront Brisbane’s office towers, retail and dining precincts will not exceed the footprint already established by the existing Eagle Street Pier basement and retail tenancies. The new and improved Riverwalk will be widened in places to enhance activation, amenity, and connection to the Brisbane River.

The Dexus proposal announced in March 2018 included 3.4 hectares of Dexus’s land holdings and the proposed closure of portion of Eagle Street. The revised concept, approved by Council, does not include a closure of Eagle Street and is focused on revitalisation of the existing Dexus’s land holdings at Eagle Street Pier and Waterfront Place. The reduction in the site area and exclusion of the road closure reduced the overall area of the masterplan.

The Queensland Government facilitated the creation of extra public open space by converting long term leases and providing the opportunity for Dexus to position two new towers on the existing Eagle Street Pier site.

Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $54.5 billion. The Dexus platform includes the Dexus investment portfolio and the funds management business. We directly and indirectly own $14.8 billion of office, industrial, retail, healthcare, infrastructure and alternatives. We manage a further $39.7 billion of investments in our funds management business which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering performance and benefit from Dexus’s capabilities. The platform’s $16.1 billion real estate development pipeline provides the opportunity to grow both portfolios and enhance future returns. We believe that the strength and quality of our relationships will always be central to our success and are deeply connected to our purpose Unlock potential, create tomorrow. Our sustainability approach is focused on the priority areas where we believe we can make significant impact: Customer Prosperity, Climate Action and Enhancing Communities. Dexus is supported by more than 37,000 investors from 23 countries. With four decades of expertise in real estate and infrastructure investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 30, 50 Bridge Street, Sydney NSW 2000

Dexus manages and has ownership in 480 Queen Street, 123 Albert Street and 145 Ann Street and the buildings that will be directly impacted by the Waterfront Brisbane project including One Eagle and the heritage-listed Naldham House – all of which will be retained for the Waterfront Brisbane development – and Eagle Street Pier which will make way for two new towers.