Queensland government to build housing precinct on site of glass recycling facility

The Queensland government has announced plans to build a new residential and entertainment precinct in south Brisbane.

Transcript

00:00Well this facility is one of Brisbane's last riverfront industrial sites and it's situated

00:09in a densely populated residential and business area as well. It's currently home to a glass

00:15and container recycling facility but it was bought by the former Labor government back in 2022.

00:22At that time it was slated to become a broadcasting site for the 2032 Brisbane

00:28Olympic and Paralympic Games. But when the current LNP government came into power last year

00:34they conducted a 100-day review for the Olympic Games. That review deemed the site to be not

00:41financially viable and unnecessary. They've put the site out for tender today calling for the

00:47private sector to step up and come up with a plan for a new entertainment and residential precinct.

00:54Deputy Premier Jared Blay says it could create more than 4,000 new homes and event spaces for the

01:01people of Brisbane. Construction is set to begin in 2027 but for Brisbane residents currently in the

01:09midst of a rental and housing crisis it can't come soon enough. Figures last month show that Brisbane's

01:16rental vacancy rate has dropped to the lowest on record since 2023 and property prices continue to soar.