A man has been taken to hospital with "non-life threatening injuries" after brandishing a gun and holding police at bay for more than an hour in Brisbane's Queen Street Mall.

Shoppers were forced to flee and buildings placed in lockdown after the man, who was shirtless and heavily tattooed, began waving a handgun in the busy CBD shopping street.

The 34-year-old was surrounded by armed police officers in the middle of the mall.

The stand-off came to an end at around 12:40pm when two loud bangs were heard.

A witness on a nearby balcony said she saw the gunman lying on the ground "covered in blood".

Police used rubber bullets to detain him and he was taken to hospital for treatment where he remains under police guard.

Here is how the drama unfolded on our blog. All times AEST.

2.40pm: Acting Chief Superintendent Mark Ainsworth says there will be a full investigation.

Ethical Standard Command is coming down, which is a normal course of action to investigate a minor injury in custody to the male who has been taken into custody. Not one member of the public has been injured as a result of this matter. I would just like to acknowledge the excellent work of the police officers here today.

2.20pm: Taxi driver Tariq Khan says he saw the drama unfold.

He says the man was highly agitated.

"He was like crazy, he doesn't worry about his life and wasn't worried about anyone else.

"He was like saying 'shoot me'.

"I heard that he was saying 'shoot me on my head'."

1.40pm: Acting Chief Superintendent Mark Ainsworth has praised the public for remaining calm.

A lot of the members of the public weren't aware what was going on but the way they handled police direction was fantastic. Everyone worked very well together to ensure that we had a safe environment to deal with this offender.

1:14pm: Queen Street Mall is now being reopened.

Queensland Premier Campbell Newman has tweeted:

Well done to the Qld Police for resolving the incident in the Queen St Mall safely for the public.

1:10pm: Here's video of the moment ABC reporter Kathy McLeish heard the two bangs which brought the stand-off to an end.

Sorry, this video has expired Reporter Kathy McLeish hears reports of shots fired ( Kathy McLeish )

1:08pm: Here's a picture of the ambulance leaving Queen Street.

An ambulance leaves the mall with the alleged gunman ( AAP: Dan Peled )

SERT officers in central Brisbane:

SERT officers with guns drawn make their way up the Queen Street Mall ( ABC News: Giulio Saggin )

12:58pm: Police have issued a statement saying the man is in custody with "non-life threatening injuries". They have told an ABC reporter that the man was not shot with gun or a Taser.

12:54pm: ABC News Online's Brigid Andersen says the ambulance has left Queen St Mall.

12:48pm: The gunman is now being stretchered away and people are being allowed out of neighbouring shops. There is now a suggestion that the 'shots' could have been bangs from stun grenades. An ABC crew at the scene says the bangs did not sound like high-calibre rounds.

BREAKING: 12:43pm: Witness Ashanti heard the shots, and says the gunman is on the ground with "blood all over him".

She says "cops are all around him" and ambulance crews are checking his situation.

Sorry, this video has expired 'Blood all over' gunman as siege ends: witness ( Andrew Geoghegan )

12:40pm: SHOTS HAVE JUST BEEN FIRED.

ABC reporter Kathy McLeish said she heard two shots fired while she was doing a live cross on ABC News 24. That's on air now.

12:39pm: Photo: SERT team officers stand on the back of a vehicle in central Brisbane.

Police stand on a car as they guard a section of the Queen St Mall. ( ABC: Brigid Andersen )

12:32pm: ABC News Online's Brigid Andersen is at the scene: "They keep evacuating more people out of buildings... those people keep running back behind the cordoned off area behind police."

Sorry, this video has expired 'People were screaming': Queen St witness ( Andrew Geoghegan )

12:31pm: Another witness called Rick has told ABC Local Radio he saw police approach the suspect, but the man ignored them.

"We were just having a soft drink sitting there talking, and within about two minutes there were two undercover policemen had cornered this guy at the entrance at the Myer's, and were asking him to get down on the ground," he told 612 ABC Brisbane. "The guy wasn't taking any notice whatsoever and was just wandering around. "He went across to one of the park benches and sat on the top of the park bench and ripped his t-shirt off. He also took something off his wrist but I didn't see what that was. "At this stage I hadn't seen him with any gun, just these two undercover police officers. "Then all of a sudden the guy produced a handgun in his hand."



12:30pm: Here's a picture of the gunman (without shirt) being surrounded by police officers.

Police surround a shirtless gunman in Brisbane's Queen Street Mall on March 8, 2013. ( Audience submitted )

12:27pm: ABC reporter John Taylor says the man is now inside a shop.

Video: Beatrice Timofte describes the drama in Queen Street:

Sorry, this video has expired 'Drop the gun', witness hears police tell gunman ( Andrew Geoghegan )

12:23pm: Police take cover as they secure the scene.

Brisbane police take up positions at the top of Queen Street Mall during a police emergency on March 8, 2013. ( AAP: Dan Peled )

12:17pm: The ABC's Kathy McLeish says more police are arriving at the scene wearing body armour.

12:10pm: Andrew from Aromas Cafe spoke to ABC Local Radio:

"I'm just in my cafe here, the whole mall is blocked off, there's not a soul in the mall. "There was a gunman up there about half an hour ago pointing a gun at people, just next to the main stage at the top end section of the mall. "Two minutes later the whole Myer Centre and ... the whole mall has just been evacuated."

He says police have told them to get inside and close the door. He has about a dozen customers inside with him.

Another shop worker has told ABC News 24: "Everybody was frantic, people were screaming ... I'm shaking... the yelling has stopped now. The police were telling the gunman to calm down and he was yelling back but no, I don't feel very safe right now."

12:08pm: Queen Street Mall shop assistant Beatrice Timofte says the man was seen "running in the middle of Queen Street Mall just where the stage is with police following him on bikes. "They are just pointing tasers and a gun at him right now."

12:05pm: An ambulance is reportedly in the middle of the mall.

This is the latest statement from the police:

"Police have declared an emergency situation under the Public Safety Preservation Act (PSPA) in the Queen Street Mall in Brisbane City this morning. "The emergency situation was declared at 11.20am after police received reports of an armed person. "The area has been evacuated and motorists and pedestrians are advised to avoid the area."

12:01pm: Dea Clark again:

"He's moving again, he's coming in this direction. He's picked up a chair... he's making himself a little bit more comfortable by sitting on his chair ... still holding a gun to his chin. "I can see half a dozen police from where I am, but there are many others probably on the other side." "Police are now evacuating the staff from the restaurant and SERT officers are moving in."

These photos have just come in from the scene:

People stand at one end of Brisbane's Queen Street Mall amid an emergency incident. ( Twitter: Josh Aspros )

People stand on the roadside in Brisbane's CBD after being evacuated from Queen Street Mall ( ABC News: Dea Clark )

11:58am: Our reporter Dea Clark says the man is outside a bank in the mall and is holding a gun to his head.

11:56am: From ABC reporter Dea Clark:

"Shoppers and workers were instructed to flee amid loud banging noises. "There were scenes of panic as people ran down George St away from the Mall. "Many are locked in banks and in shop storage facilities. "Police wearing bullet proof vests are guarding the mall with guns drawn."

11:54am: Shop worker Beatrice Timofte says:

"Something is happening right now, the police are moving into our store pointing guns. "It's just me and my manager here - we are really tense right now. "We just want a resolution to it. "They are yelling more now. "No gun shots. "He [the gunman] was just wearing black shorts, no shirt at all, a gun in his hand, he was pointing it to the ground. "We heard someone yelling and police running past and they told us to just go into the store and hide."

She said she went to the front of the store and saw the gunman standing "in front of Myer".

11:52am: Here's what we know so far:

Witnesses have reported seeing a man wearing shorts and no shirt and carrying a gun.

Heavily armed police with weapons and Tasers have been seen in the area. There are no reports of any shots being fired.

Police are turning people away from the George Street end of Queen Street Mall and telling them to take cover behind the Treasury building.

Around half a dozen officers are in the area, taking cover. There are also two police cars.

Shop assistant Beatrice Timofte told the ABC: "It is definitely tense - the customers and the people are definitely freaking out."

"We all let them all our through the back door.

"We let them out into the back of the mall - it is pretty tense - everyone is on their guard."