Brisbane government precinct revitalisation brings opportunities

Opportunities for residential and commercial investment may soon arise in Brisbane, with the announcement of a plan to revitalise the Government Administrative Precinct.

Premier Campbell Newman and minister for housing and public works Bruce Flegg were pleased to describe the project on Tuesday (May 29) as rejuvenation for the core of Brisbane and a catalyst to the construction industry.

"The Precinct Master Plan is expected to provide around 18,000 jobs over five years and will be delivered at no additional cost to taxpayers,” Mr Newman said.

It will focus on restructuring George and William Streets for a variety of industrial, commercial, residential and cultural purposes.

"It will give the local building industry a much needed shot in the arm and will allow for the rationalisation and improved efficiency of government office accommodation within the central business district," said Mr Newman.

The project will preserve and honour key heritage buildings and bring potential for smoother traffic flow in the central business district.

"The sale of prime real estate also opens up significant opportunities for private sector investment in commercial office space, retail and residential sites."