The State Government said will pay $165 million for the South Brisbane site which would be transformed following the Olympics into what the Government called South Bank 2.0. The deal was announced just a day after the Brisbane Olympics organising committee had its first formal meeting.

Visy will move its glass manufacturing to Stapylton under the deal.

Premier Annastacia Palaszczuk said the deal was a key milestone for one of the vital infrastructure pieces of the 2032 Olympic and Paralympic Games.

“This deal secures the site for the IBC, but it also secures the manufacturing jobs currently located at the Visy factory in West End,” she said.

The agreement to secure the IBC site is part of a broader deal between the Palaszczuk Government and Visy which would mean the company invested $700 million in Queensland.

Deputy Premier Steven Miles said Visy’s commitment would secure jobs at three separate locations across the south-east.

“Thanks to a $16 million investment by the Palaszczuk Government, committed to at the last election, Visy will invest in major upgrades to the Material Recovery Facility on Gibson Island,” he said.

“They will also build a new cardboard box factory at Hemmant.”

Treasurer Cameron Dick said the agreement with Visy would increase the number of Queensland manufacturing jobs with Visy to around 300 and create an additional 600 construction jobs building the new factory at Staplyton and hundreds more at the other sites.

“Since we secured the 2032 Olympic and Paralympic Games, we’ve made it clear the International Broadcast Centre could not come at the expense of traditional manufacturing jobs.

Visy executive chair Anthony Pratt’s said the company’s $700 million investment in Queensland was part of his 2021 pledge to invest $2 billion in Australian recycling and clean energy infrastructure over the ensuing decade, creating thousands of new green collar, well-paying Australian manufacturing jobs.

“This is the largest investment Visy has ever made in Queensland,” Pratt said.