The Gabba will be demolished and rebuilt to become the centrepiece of the Brisbane 2032 Olympics as part of a $2.7 billion project.

Queensland Deputy Premier Steven Miles on Friday unveiled the bold vision for the precinct that could be rebranded East Bank after accepting a project validation report for the iconic stadium.

Demolition work is set to start after the Ashes Gabba cricket Test in 2025 – 130 years after the Brisbane sporting venue was first established.

Three new pedestrian bridges will be constructed as part of Queensland’s biggest urban renewal since 1988’s Expo, with retail, dining, housing and open space to also feature.

The Gabba’s capacity will be boosted from its current 42,000 to 50,000 for sporting events by the time it hosts the 2032 Olympics and Paralympics.

It will be able to host up to 80,000 for concerts and events.

Construction is set to take four years, with the new-look Gabba expected to start hosting events by 2030 – well ahead of the Games.

Tenders for construction of the Gabba rebuild will be distributed as soon as 2024, Miles said.

Under the plan, the Gabba will be linked to a concourse and a nearby Cross River Rail station which will be in operation prior to the stadium’s redevelopment.

“That project validation report assessed four possible options for the Gabba and identified that a demolition and rebuild provided the best possible outcome, the best value outcome for the city,” Miles said.

“It will be a well connected stadium but most importantly, it will trigger the urban renewal that we want to see … it will be one of the best parts of the city to live in.”

Miles said he would be asking the community what they thought of naming the new-look Gabba precinct East Bank.

The Gabba is the home ground for Queensland cricket and the AFL’s Brisbane Lions.

Miles said they were working with the sporting organisations and hoped to determine where they could play during the rebuild in the coming weeks or months.

He said the government would consider compensation for lost ticket sales for playing at smaller venues.

Construction is set to start in 2026 with a 90 per cent likelihood of being delivered within budget, Miles said.

– AAP