QLD premier turns first sod on RNA Showground

Queensland premier Campbell Newman has turned the first sod on a Brisbane project that will see the creation of over 300 units and house around 3,000 people.

The new project, at the RNA Showground site, will take roughly two years to complete and will be undertaken by Lend Lease, with 140 units already purchased.

The Australian chief executive of Lend Lease Mark Menhinnitt says that economic conditions are providing an optimistic outlook on the success of the project. He said that with declining interest rates and the First Home Owner Construction Grant of $15,0000, it adds up to a successful outlook.

The master plan of this project will consist of residential and commercial real estate outlining the fringes of the RNA Showground, a hotel for tourists, open green spaces for a sense of peace in the hub of the Queensland capital and a general upgrade of the site.

Premier Campbell Newman told News Limited that this new development is what the city needs.

"This is the transformation of a very important part of inner city Brisbane,'' he said.

The chief executive of the RNA Showground confirmed that he is currently in talks with different hotel operators which plans say will be up and running by 2015.