Markets 
An ambitious plan to transform a large area of the South Brisbane waterfront has won the support of the premier, despite concerns from residents the area is being developed too quickly.
Developer Stockwell announced on Tuesday morning it had acquired the Paul’s Milk Factory – often called the Parmalat site – on Montague Road from dairy company Lactalis.
It wants to build Olympic venues, an area for 2032 Games’ medal ceremonies, hundreds of food and drink outlets, apartment towers and public space across a large swathe of the suburb.
Due to close in July, factory is one of the last inner-city industrial sites on the Brisbane River. Records for the sale had not been finalised at the time, and the developer did not say how much it paid.
Former Olympic swimmers Mark and Tracy Stockwell are behind the business, which already owns 108 Montague Road and is now planning to redevelop the combined spaces.
The land falls within the state government’s priority development area announced in May.
Artist impressions released by the developer show a large pavilion and public space for athletes to be awarded medals at the 2032 Olympic and Paralympic Games.
Venues to host sport climbing and skateboarding events are also included, as are hundreds of new food, drink and entertainment venues and multiple residential towers.
A “beer mile” is shown linking South Brisbane to Suncorp Stadium.
“Our ambition is to set up Brisbane for the next 100 years,” Mark Stockwell said in a statement.
“We want to build on the area’s strong foundations in culture and history.”
South Brisbane is one of the fastest-growing areas in the city, and major residential projects are under way – including for the tallest building outside the CBD.
But some residents have complained homes are being built faster than infrastructure can keep up.
West End State School P&C president Vanessa Bertagnole said the area was overcrowded, and a new school was already needed to accommodate existing development.
“We’re already punching above our weight … we face overcrowding,” she said.
“We’re set to just climb and keep climbing with the amount of development that’s already in the pipeline.”
Asked on Tuesday if he supported the plans and would like to see the medal ceremony area used at the Olympics, Premier David Crisafulli replied: “very much so”.
“We’ve sent a signal that we’re open for business, and people are answering the call, and that’s tremendously exciting,” he said.
“I was excited to see more plans to build more houses, that’s ultimately what Queenslanders need, and the Stockwells are Queensland legends.”
A development application has already been lodged for a tower at 108 Montague Road, with further plans for a build-to-rent building including studios, one- and two-bedroom apartments.
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