Brisbane cyclists and pedestrians have a new fast-track to the city following the opening of a “missing link” in the Bicentennial Bikeway.

The $8.3 million, half-kilometre section runs along the northern side of the Brisbane River between Hale Street and the William Jolly Bridge and is split into lanes for cyclists and for pedestrians.

During construction, cyclists heading to the city had to divert over the Go Between Bridge and head back towards the CBD via either the Kurilpa or Goodwill pedestrian bridges.

A Brisbane City Council spokeswoman said the $8.3 million project, equally funded by the state government and the council, came in $400,000 under budget at $7.9 million.

At a media event this morning, Acting Premier Andrew Fraser and council public transport head Julian Simmonds said the spare funds would be reinvested in cycling infrastructure.