The site of a glass factory in Brisbane's inner city is set to be transformed into a new riverfront precinct that could feature thousands of homes, as well as entertainment spaces.

The Queensland government will go to market on Friday to find private sector proponents to overhaul and redevelop the 7.1-hectare, partially flood-prone South Brisbane property.

The Visy glass factory, situated on a parcel of land on Montague Road, was purchased by the former Labor government in 2022 for $165 million.

Labor had intended to use the site for an international broadcast centre during the 2032 Games, but the incumbent LNP government has scrapped those plans.

Instead, the LNP wants the industrial site, which is located on the Brisbane River close to South Bank, turned into a new mixed-use precinct

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