Sydney, May 4, 2026, 04:04 (AEST)
Mirvac Group and Lendlease are now seen as the leading contenders to redevelop the former Visy glass site along Brisbane’s South Brisbane riverfront, according to the Courier-Mail. That puts the two heavyweight Australian developers out in front in the state-run competition for the rare inner-city property. The Courier-Mail also noted that Economic Development Queensland hasn’t officially announced the shortlist. Dubai-based Sobha Realty and Azizi Developments are reportedly still in the running.
Timing is crucial here: the site is large, nearby, and carries political weight. EDQ calls it 7.1 hectares of prime riverfront, just 1.3 kilometres out from Brisbane’s CBD, with 400 metres of river edge and scope for over 4,000 homes inside a mixed-use area.
EDQ has already left the general developer pitch stage behind. According to its schedule, market proposals are on the calendar for March 2026. From there, the plan moves into proposal development and planning, set to run through March to December. Vacant possession is scheduled for March 2027—by then, Visy should have wrapped up its relocation to Yatala.
Queensland is treating the project as both a supply-side experiment and a property play. After shelving a previous idea to turn the site into an Olympic broadcast centre, the state kicked off the market process and introduced the Kurilpa planning instrument, which it says will speed up approvals and permit towers up to 274 metres—the maximum height allowed under the flight path.
Mirvac stands to boost its Brisbane footprint if it comes out ahead, as it continues to ramp up its living and mixed-use projects. In its April 23 update, the company logged 1,896 residential sales so far this financial year, marking a 28% jump. Pre-sales — homes or lots sold but not yet settled — climbed 13% to roughly A$1.8 billion. Mirvac’s FY26 operating earnings guidance is unchanged: 12.8 to 13.0 cents per security, with a 9.5-cent distribution. Chief Executive Campbell Hanan pointed to “good visibility of earnings” and said the group is “on track to achieve guidance in FY26.” He also noted the resilience of residential sales in Queensland, Western Australia, and select areas of New South Wales.
Mirvac isn’t seeing the fast comeback some investors might hope for. The Sydney-listed shares ended May 1 at A$1.71, up just 0.6% for the session. That’s barely off their 52-week low of A$1.69, leaving the group’s market cap around A$6.73 billion.
There’s no Visy development award in Mirvac’s own ASX announcements. The most recent item on its investor site: a May 1 Appendix 3Z for ex-director Christine Bartlett, then the third-quarter operational update dated April 23.
But having a spot on the shortlist doesn’t guarantee a contract. Mirvac, for its part, highlights plenty of risks in its disclosures—interest rates, inflation, capital access, project timelines, partner interest, supply-chain expenses, planning approvals—all have the potential to squeeze returns. A riverfront precinct project with homes, shops, and public amenities? That’s likely to hit nearly every one of those hurdles before a shovel breaks ground.
The appeal is obvious: landing this deal hands Mirvac a high-profile development in a city keen for new homes built on prime, connected sites. At the same time, it ups the ante for a developer juggling residential sales, capital partners, and a construction bill that keeps climbing.
