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Six Sites: Redevelopment of Surplus Government Land To REDEVELOPMENT OF SURPLUS SIX GOVERNMENT LAND TO STIMULATE THE SITES QUEENSLAND ECONOMY Disclaimer: The Property Council of Australia commissioned this independent report to instigate discussion and debate on how government held land across the state can be unlocked to stimulate growth and prosperity more effectively. This report has been prepared by Urbis based on research and Property Council of Australia stakeholder and sub- committee input. This report is intended to drive discussion with a view to effecting future policies. Copyright and any other intellectual property arising from this work belongs to the Property Council of Australia. WHAT IS POSSIBLE? The Property Council of Australia has been a The Property Council of Australia, in its capacity as an long-term advocate of the need for Government to advocate of the property industry, is keen to stimulate a efficiently manage its landholdings as part of its broader conversation on the use of surplus or underutilised core business. Government land. This study has been prepared as a compelling business case to articulate the benefits of At various times, this means buying, selling or leasing re-purposing strategic Government landholdings to deliver underutilised or surplus land. It also means opening up the positive returns for Queenslanders. opportunity for Government to work with the private sector to deliver outcomes that positively stimulate economic, This study looks at six underutilised sites, and provides social and place-making outcomes. just one example of what is possible on each site. The study clearly outlines the net benefits of each possibility, reinforcing the importance of better utilisation of Government land not only to the State’s budget bottom line, but also to creating jobs, housing and greater urban amenity. This report advocates ideas for six prime underutilised or surplus Government sites across the state. 1 2 3 A HOME FOR ALL COASTAL ECO-LIVING GRAND ARRIVAL Delivers diverse housing options Creates a diverse residential eco- Presents the eastern portion of in the heart of the city at the precinct on the Townsville Police Brisbane's Central Station as former Toowoomba Gasworks Barracks site capitalising on the an inspiring arrival as part of a site that embraces the historic coastal location. thriving city precinct. role of the place. 4 5 6 LIVE AND CREATE A PLACE OF REDEFINING THE Draws on the context of the GENERATIONS TOP OF TOWN Bundamba TAFE site to Reinvigorates the site at the Examines the potential of the create a hub for living, working corner of Villa Street and former Brisbane Dental Hospital and learning in a vibrant Park Road, Yeronga into a and College site to deliver a hotel community setting. community-centric place for living and commercial development. and learning. The Property Council of Australia is committed to driving discussion on this topic to ensure our state continues to thrive, for the benefit of all stakeholders – both existing and future. This research is intended as a thought piece representing ideas, rather than fixed solutions. While any strategy selected Chris Mountford for the individual sites analysed will ultimately be subject to Queensland Executive further discussion, it is irrefutable that great opportunities Director are being forgone, as strategic sites across the state lay Property Council of Australia vacant or underutilised often at substantial cost to the state. September 2017 Prepared for Property Council of Australia 1 SELECTING 2 Inner Brisbane sites 2 Outer Brisbane/SEQ sites SIX SITES 2 Regional sites Following research and a round-table discussion, SITE SELECTION CRITERIA a long list of known Government held sites was generated for further consideration of the potential for social, economic and place uplift of each. LAND USE A high level filter was applied to refine this list to focus on two inner Brisbane sites, two outer Brisbane/SEQ sites and Current use not relevant or optimised. Strength of two regional Queensland sites. The search was narrowed land use drivers and context. Potential for unlocking by examining each sites ability to deliver broad-based new and enhanced uses. gains across a range of economic, social and place-based parameters, as highlighted on the right. Consideration was SCALE also given to the expected capital cost and availability of data to assist in analysis. Site of a scale suitable for redevelopment that The final list of sites chosen to form part of this report are: delivers meaningful impact and with limited known constraints. 1 Toowoomba Former Gasworks (Regional) 2 Townsville Police Barracks (Regional) STATUS 3 Brisbane Central Station (Inner Brisbane) Site not already in play in the public sphere and not subject to public debate. 4 Bundamba TAFE (Wider SEQ) 5 Villa Street and Park Road Site, Yeronga UPLIFT POTENTIAL (Outer Brisbane) Site will stimulate economic development, uplift 6 Former Brisbane Dental Hospital and College (Inner Brisbane) Brisbane area and result in efficiencies. 6 3 URBAN ACTIVATION Site has ability to facilitate an increased level of activity for local residents and workforce. HOUSING AFFORDABILITY Site has potential to deliver new and/or more accessible housing stock and/or housing models. 5 2 ACCESS TO EMPLOYMENT Site improves availability of job opportunities and/or stimulates job creation. AMENITY AND LIFESTYLE Redevelopment of the site has the ability to improve Brisbane area the quality of life through access to open spaces, 4 public realm and community assets. 2 2 Six Ideas Redevelopment of surplus government land to stimulate the Queensland economy A CALL TO ACTION The ideas and analysis presented in this report are The balance of this report looks at each site individually, not intended to provide a conclusive or detailed providing detail on the current situation, the redevelopment understanding of each site's redevelopment idea and the likely impacts and benefits that action will potential. Rather, it takes a realistic look at how bring about. each site could be reasonably redeveloped The table below summarises the headline assessment over time and estimates the economic activity, of each of the six sites and enables comparison. The employment opportunities, as well as other social key message to draw from this research, is that action and place benefits that can be unlocked. on each of these sites will largely bring about strong, For each site, the study takes a master planning approach positive change. to understand the size and scale and the realistic time line for development, as well as the types of activity and land uses that each site can feasibly support. SIX SITES REDEVELOPMENT – ASSESSMENTS COMPARISON SITE POTENTIAL / Limited Moderate Strong BENEFITS RATING Total DevelopmentTotal Employment (Job Years) Construction Cost Total ($m) DevelopmentTotal GRP* ($m) Operational Employment Per Annum Upon Project Completion Operational GRP Per Annum Upon Project Completion ($m) Community Benefit Community Interest (existing community use / heritage value Joint council and policygovernment alignment Urban Design / Place making benefit Toowoomba Former 1 135 $30.5 $17.10 64 $4.50 Gasworks Townsville Police 2 63 $11.7 $8.00 12 $0.70 Barracks Brisbane Central 3 650 $194.9 $63.80 3,428 $411.70 Station 4 Bundamba TAFE 612 $117.1 $59.50 200 $10.50 5 Villa Street and Park 370 $71.0 $36.00 383 $21.90 Road Site, Yeronga Former Brisbane 6 Dental Hospital 811 $213.5 $78.90 4,020 $468.10 and College TOTAL 2,641 $638.7 $263.4 8,107 $917.6 Source : Urbis; Rawlinsons 2017 Ed. 35; External * Definition of GRP: Gross Regional Product (GRP) is one of several measures indicating the size of an economy. For the purposes of this project, the estimate of expenditure impacts, including value added impacts, is calculated as a contribution to Gross Regional Product (GRP). The direct employment impacts are applied to GRP per worker industry benchmarks to calculate the increase in GRP generated by the project. The direct impacts of the proposed development have been identified through industry benchmark data and employment data. Note: The above table provides an estimate, in a quantified method, of future economic benefits generated by the proposed development of each subject site in terms of expenditure and employment both during the development phase and on an ongoing basis. Prepared for Property Council of Australia 3 1 TOOWOOMBA FORMER GASWORKS A HOME FOR ALL Vision: A diverse and inclusive medium density precinct connected to the CBD and the site's unique heritage. THE SITUATION Less than a five minute walk to the heart of Toowoomba CBD and Queens Park Gardens, this former historical gasworks site is a prime redevelopment opportunity. The site is located with the Toowoomba Railway Parkland Priority Development Area and has significant potential to benefit from uplift. The site is in proximity to three main There are few constraints on the site ensuring that any filling within the roads (Chalk Drive, Ruthven Street apart from the southern end that flood affected components of the and Hume Street) and surrounding is affected by flood depths of up to site does not adversely impact on residential communities and Queens 0.5m. As a result any development downstream properties. Park Gardens which is easily of the site will need to ensure these accessible by vehicle or foot. impacts are managed, whilst Historically the site operated as a gasworks between 1878 to 1960. The recent decommissioning and full Campbell Street remediation of the site readies it as
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