State of Markets - QLD August 2012

QUEENSLAND

$200m infrastructure injection for Townsville
Townsville’s ring road was recently granted its final required batch of funding by the federal government. Planning and design work for the fourth and final section of the road has been approved, and the project will support the region’s continuing growth, according to transport and infrastructure minister Anthony Albanese.

This missing link in the city’s road network will ease congestion and improve access to the port for the next three decades, Mr Albanese said. The $200 million project will connect the Douglas Arterial to the Bruce Highway at Mt Low.

“The planning and detailed design work, along with the associated community consultations, will take about 18 months to complete,” he said. “We expect construction to begin in early 2014 and to take around two years.”

Brisbane CBD to see dramatic rejuvenation
Brisbane CBD’s residential, office and retail spaces are set to undergo a major stage of renewal, Queensland premier Campbell Newman and housing public works minister Bruce Flegg have announced.

The rejuvenation of the city space will be driven by the government, and will open the CBD up for the private sector as well, with registrations of interest encouraged for the construction of up to 60,000sqm of office space.

“It will give the local building industry a much needed shot in the arm and will allow for the rationalisation and improved efficiency of government office accommodation within the central business district,” Mr Flegg said.

“The sale of prime real estate also opens up significant opportunities for private sector investment in commercial office space, retail and residential sites.”

The first stage of the project is a redevelopment of the Government Administrative Precinct, which should stimulate the construction industry.

“The Precinct Master Plan is expected to provide around 18,000 jobs over five years and will be delivered at no additional cost to taxpayers,” Mr Newman said.