Queensland Deputy Premier Steven Miles claimed redevelopment in Woolloongabba is an "obvious Olympic legacy" ©Getty Images

Plans have been revealed for the development of an AUD$1.2 billion (£642 million/$800 million/€727 million) Station Square project in Woolloongabba which it is claimed is inspired by the Brisbane 2032 Olympics and Paralympics.

Woolloongabba is home to the Gabba, also known as the Brisbane Cricket Ground which is set to serve as the main venue for Brisbane 2032 after a significantly inflated AUD$2.7 billion (£1.4 billion/$1.8 billion/€1.6 billion) demolition and rebuild.

The Station Square project has been planned by private property developer Trenert, and is set to feature four towers providing affordable housing, residential apartments, a five-star hotel, office space and a retail complex.

Access to the Cross River Rail Woolloongabba underground station and a planned metro station is also expected.

The proposed site forms part of an expanded Woolloongabba Priority Development Area, meaning it will be assessed by a Queensland State Government agency rather than Brisbane City Council.

A development application is yet to be submitted.

Trenert claims that Station Square is "designed to celebrate and showcase Brisbane’s unique heritage and display who we are as a global city for the future".

The Gabba in Woolloongabba is set to be rebuilt to serve as the main venue for Brisbane 2032 ©Getty Images
The Gabba in Woolloongabba is set to be rebuilt to serve as the main venue for Brisbane 2032 ©Getty Images

Queensland Deputy Premier Steven Miles argued that the plans offered an example of the benefits of staging the Olympics and Paralympics.

"The Government’s aim is to transform the Gabba precinct into a vibrant mixed-use hub," he said, as reported by the Brisbane Times.

"Urban renewal of the Gabba precinct can be an obvious Olympic legacy and this proposal has the opportunity to address a clear need for greater housing affordability in the inner city."

Australia is set to host the Olympics for the third time in 2032 after Melbourne 1956 and Sydney 2000.

The State Government is set to conduct market soundings on the Gabba rebuild and proposed construction of the Brisbane Live Arena as one of the next steps in preparing for the Games.

It says the Gabba redevelopment is required to improve disability access, facilities for women and its ability to host future sporting events, although it has proved controversial because of a planned relocation of the heritage-listed East Brisbane State School and a significant increase from original costings of approximately AUD$1 billion (£534 million/$666 million/€606 million).