The Brisbane Inner City Investment
Prospectus
July 2014
Invest in Brisbane City Centre
Welcome
Brisbane City Centre is defined as the Brisbane City statistical area level 2 (SA2). This area has
been identified as a key investment location within Brisbane Inner City. This supplement provides
a snapshot of key economic and investment indicators for Brisbane City Centre and has been
produced as part of the Brisbane Inner City Investment Prospectus.
Brisbane City Centre is the region’s key employment hub and also offers vibrant and diverse
living and recreation opportunities for residents and workers. The area has a dense concentration
of skyscrapers and buildings interspersed by major parks and open spaces including Roma
Street Parkland and City Botanic Gardens. The area wraps around the northern bank of the
Brisbane River with streets laid out in a grid pattern. Central to the grid is Queen Street that was
originally the city’s central roadway and is now a pedestrian mall and Brisbane’s premier
shopping destination.
The first skyscrapers in Brisbane City Centre appeared in the 1970s and now a number of
Australia’s tallest buildings are located here including Infinity, Soleil, Aurora Towers, Riparian
Plaza and One One One Eagle Street.
Brisbane City Centre is home to a number of significant landmarks including Queensland
Parliament House, Brisbane City Hall, Queensland University of Technology, City Botanic
Gardens, Roma Street Parkland, Post Office Square and King George Square. There are 10,771
registered businesses in Brisbane City Centre according to data from the Australian Bureau of
Statistics (ABS).
The Brisbane City Centre population can be characterised as well-educated, high-income earners
that mainly consist of couple families with no children that reside in apartments. Future growth
and development is evident in a number of residential and non-residential development and
building approvals for Brisbane City Centre.
Location
Brisbane City Centre has a City Centre Neighbourhood Plan that came into effect on 1 January
2009. The plan is now a legal document and forms part of the Brisbane City Plan 2014.
Neighbourhood plans can help facilitate economic prosperity, protect character development,
provide for open space, include standards for new development and reflect improved
infrastructure such as new transport routes. The City Centre Neighbourhood Plan sets out how
land can be used and developed over time and seeks to:
•
promote compact, high-density building forms contained by the city loop of the Brisbane
River, Spring Hill and Roma Street Parkland
•
further develop the city centre in its role as Queensland’s principal centre for business and
administration complemented by retailing, entertainment, education, community and
cultural facilities, tourism and residences
•
provide safe, vibrant, extensive, attractive, connected and inclusive public spaces
•
emphasise the river setting of the Central Business District (CBD) and promote a
subtropical character
•
take advantage of its views and vistas, parks and heritage
•
provide a pedestrian friendly city centre, with adequate protection from the elements
•
reduce dependence on private vehicle usage through increased reliance on public
transport, cycling and walking.
Brisbane City Centre has a number of key precincts including government, retail, legal and
financial precincts.
The government precinct is centred around the Queensland Government Executive Building, 111
George Street, Mineral House, Education House and the Neville Bonner Building in William
Street. Construction has also commenced on 1 William Street, which when complete in 2016 will
offer 43 levels for the consolidation of government office accommodation.
The retail precinct includes Queen Street Mall and Adelaide Street. Queen Street Mall extends for
500 metres between George and Edward Streets and houses 700 retailers and six major
shopping centres. The mall, officially opened in 1982, was extended in 1988 and is home to
Queensland’s largest department store, Myer. QueensPlaza, also located in Queen Street Mall, is
Brisbane’s most upmarket shopping centre and is home to a number of international luxury
boutiques alongside top Australian designers.
The legal precinct is located in the north quarter along George, Roma and Turbot Streets. The
precinct surrounds the Queen Elizabeth II Courts of Law that opened in August 2012, which
accommodates Brisbane’s Supreme and District Courts. The new court building is linked to the
Brisbane Magistrates Court and also includes a public square.
The financial precinct of Brisbane City Centre is often referred to as the ‘Golden Triangle’ and is
located in the area bound by Edward Street, Queen Street and Eagle Street. The precinct houses
key commercial office towers along with fine dining offerings located along the Brisbane riverside.
Population and growth projections
Brisbane City Centre will see steady population growth over the next 25 years. Population in
2011 was 9356 people and is forecast to increase to 12,728 people by 2036 (see Figure 1).
The median age for residents of Brisbane City Centre in 2012 was 29.9 years, significantly below
the Greater Brisbane (greater capital city statistical area) median age of 35.1 years. The age
profile of Brisbane City Centre is illustrated in Figure 2.
The population of Brisbane City Centre is characterised as mainly couple families with no children
(see Figure 3) with the majority of residents residing in apartments. More than half of the
occupied private dwellings recorded on the 2011 Census night are rented, which is significantly
higher than the proportion across Greater Brisbane.
Residents of Brisbane City Centre are well-educated, high income earners. Seventy-four per cent
of the population aged 15 years and over hold post-school qualifications, more than half of which
hold a bachelor degree or higher.
In the 2011 Census, 3876 residents (44.5%) of Brisbane City Centre indicated they were born
overseas. Almost three-quarters of residents who indicated that they were born overseas were
born in non-English speaking countries. Sixty-three per cent of those born overseas indicated
they speak a language other than English at home, which is a significantly higher proportion than
across Greater Brisbane. However the majority of this group indicated they spoke English very
well or well. The residents of Brisbane City Centre are employed across a wide variety of
occupations. The top-three occupations identified in the 2011 Census were professionals,
managers and clerical and administrative workers. The occupation profile of Brisbane City Centre
is illustrated in Figure 4.
Business information
In 2013, 11,324 businesses were registered in Brisbane City Centre. When classified by size, 39
were large and 453 medium. In comparison to the average across Greater Brisbane the area has
a higher concentration of medium and large businesses based on employment size. The
business count for Brisbane City Centre by turnover range notes that 16% of the businesses
have a turnover greater than $500,000 and less than $2 million, compared with 14% for Greater
Brisbane, and 12% of businesses have a turnover of $2 million or more, in comparison to almost
6% for Greater Brisbane. The business counts for Brisbane City Centre by employment size and
turnover range are illustrated in Figure 5 and Figure 6.
The top-ten industries by business count for employing businesses in Brisbane City Centre are
illustrated below (see Figure 7).
Employment forecasts
Employment in Brisbane City Centre in 2011 was 156,545 and is forecast to reach 222,178
people by 2031, a growth of 65,633 people (42%).
The top-five employing industries in Brisbane City Centre (see Figure 8) will contribute the
majority of employment growth for the area. Significant growth is also expected in the cultural and
recreational, and education industries.
Availability of skilled workers is important for the area. Workers in Brisbane City Centre commute
from various locations. The top-three locations that workers commute from are New Farm, Hills
District and Coorparoo. The journey to work profile for Brisbane City Centre is illustrated in Figure
9.
Building and development activity
In the 12 months ending 31 March 2014, there were 78 dwelling units in new residential buildings
approved in the area, with a total value of $23.5 million.
The total value of non-residential building approvals in Brisbane City Centre in the 12 months
ending 31 March 2014 was $528 million.
Key developments in Brisbane City Centre which have opened so far this year include NEXT
Hotel on Queen Street, the Four Points by Sheraton on Mary Street and the Meriton Serviced
Apartments on Herschel Street. Scheduled to open in spring 2014, the SilverNeedle
refurbishment of the Brisbane Chifley Hotel – rebranded NEXT Hotel – has converted the existing
Chifley Hotel from 150 rooms to 300 rooms. The Four Points by Sheraton on Mary Street opened
in early 2014, adding 246 rooms to the Brisbane hotel market. The Meriton Serviced Apartments
on Herschel Street, which finished construction in May, is an 81-level tower accommodating 431
serviced apartments.
Currently under construction, 180 Brisbane is a $300 million commercial high-rise on Ann Street
being developed by Daisho group. Scheduled for completion in mid-2015, the 34-storey tower will
deliver more than 59,000 square metres of A-grade commercial floor space to the market.
Scheduled for completion in late 2016, William Street Commercial Tower is 41 storeys comprising
of 75,000 square metres of A-Grade commercial floor space, 1100 square metres of retail and
318 car spaces. This building will provide accommodation for the Queensland public service.
The Shayer Group development at the former law court site on George Street is a mixed-use
redevelopment, creating three separate towers set above a podium of three storeys. The
development will include a 32-storey, 21,172 square metre hotel tower, an 82-storey, 68,781
square metre residential tower and a 39-storey, 58,209 square metre office tower. The podium’s
17,368 square metres of floor space will be occupied by retail development and hotel-related
uses.
Growth in floor space
Available floor space in Brisbane City Centre in 2011 was estimated to be more than five million
square metres and is expected to increase by more than two million square metres by 2031 (see
Table 1).
Table 1 - Floor space forecasts Brisbane City, 2011-2031
2011 Floor
space
estimate
(m2)
2016 Floor
space
forecast
(m2)
2021 Floor
space
forecast
(m2)
2026 Floor
space
forecast
(m2)
2031 Floor
space
forecast
(m2)
Retail
1,116,113
1,322,408
1,404,399
1,480,006
1,525,038
Commercial
1,886,538
2,144,244
2,277,663
2,365,960
2,467,962
Industrial
800,430
866,816
833,293
817,732
812,883
Community purpose
1,450,910
1,834,660
2,139,105
2,449,104
2,734,446
Other
101,706
97,545
92,335
87,899
84,277
Total
5,355,697
6,265,672
6,746,794
7,200,702
7,624,605
Brisbane City
Source: Derived from Queensland Government, Department of Transport and Main Roads
Employment Projections converted to floor space by Brisbane City Council.
Publication information
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3403 8888.
Published by Brisbane City Council, GPO Box 1434, Brisbane QLD 4001
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Publication number N2013-03227 © Brisbane City Council 2013.