The Brisbane Inner City Investment Prospectus s1

The Brisbane Inner City Investment Prospectus

Second half 2013

Invest in Woolloongabba Welcome

Woolloongabba statistical area level 2 (SA2) has been identified as a key investment location within Brisbane Inner City. This supplement provides a snapshot of key economic and investment indicators for Woolloongabba and has been produced as part of the Brisbane Inner City Investment Prospectus.

Woolloongabba is an inner-city community with abundant opportunities for living, working and recreation. Home to a variety of restaurants, cafes, retail, commercial businesses and residential buildings, Woolloongabba is recognised as having the opportunity for further high-density, mixed- use development to take advantage of its outstanding inner-city location and public transport accessibility.

The professional, scientific and technical services industry has the largest number of businesses in Woolloongabba. Other industries with a relatively large number of businesses include rental, hiring and real estate services and construction.

Woolloongabba is very well connected and serviced by various forms of public transport, via the Cleveland train line and the South East Busway.

The area is home to the internationally-recognised Brisbane Cricket Ground, ‘The Gabba’, which hosts international and national cricket and is home to the Brisbane Lions AFL team. Redevelopment of the grounds has increased capacity to 42,000 seats, making it one of Brisbane’s major sporting stadiums.

Woolloongabba is also home to the Princess Alexandra Hospital and key retail services are provided by the Buranda Shopping Centre. A significant portion of workers in the area are employed in the health and community industry.

There are 1067 registered businesses in Woolloongabba according to data from the Australian Bureau of Statistics (ABS).

The Woolloongabba population can be characterised as being well-educated, with a mix of household types living in both detached and attached dwellings.

Future growth and development is evident with a number of residential and non-residential development and building approvals being granted for the area.

Location

Woolloongabba is covered by two neighbourhood plans, Woolloongabba Centre Neighbourhood Plan and the West End-Woolloongabba District Local Plan.

The Woolloongabba Centre Neighbourhood Plan came into effect on 13 March 2009. The plan is now a legal document and forms part of the Brisbane City Plan 2000.

Neighbourhood plans can help facilitate economic prosperity, protect character development, provide for open space, include standards for new development and reflect improved infrastructure such as new transport routes. The Woolloongabba Centre Neighbourhood Plan sets out how land can be used and developed over time and seeks to:

• develop a community focal point in the northern section of Logan Road through a mixed- use activity street

• provide major pedestrian and public space enhancements through boulevards and streetscape improvements along major road corridors

• improve local connection to open spaces and public transport

• ensure high-quality subtropical design features and water cycle management for new buildings.

 The West End-Woolloongabba District Local Plan includes the following objectives:

• enable the continued co-existence of the area’s diverse mix of residential, industrial, commercial, retail and community uses

• ensure major institutions, including the Princess Alexandra Hospital, will remain focal points for their important services, facilities and employment opportunities

• protect and maintain the historical significance of the Woolloongabba centre.

The Woolloongabba core has a diverse range of uses including both day and night time activity. It is home to ‘The Gabba’, a major sporting facility, as well as a mix of shopping, restaurants and cafes.

The Woolloongabba core is extremely well connected. The majority of sites within the core are within 400 metres of Woolloongabba Busway Station and all are within 800 metres.

The Princess Alexandra Hospital precinct is home to the Translational Research Institute (TRI) and the Pharmacy Australia Centre of Excellence (PACE). The Translation Research Institute is Australia’s newest and most comprehensive medical research and biopharmaceutical facility and is located on the Princess Alexandra Hospital campus.

A biopharmaceutical manufacturing facility constructed adjacent to the main TRI building will house a world-class production facility. PACE is a state-of-the-art, purpose-built facility that is home to the University of Queensland School of Pharmacy. The facility aims to create a new and unique health and medical precinct, with particular focus on pharmacy and pharmaceutical science. Over the next five years, the world class research, education, clinical practice and industry precinct will house more than 2000 researchers, clinicians and biopharmaceutical businesses.

Population and growth projections

Woolloongabba will see significant population growth over the next 20 years. Population in 2011 was 4375 people and is forecast to increase to 12,129 people by 2031 (see Figure 1).

The median age for residents of Woolloongabba in 2011 was 30.8 years, below the Greater Brisbane (greater capital city statistical area) median age of 35.1 years. The age profile of Woolloongabba is illustrated in Figure 2. The population of Woolloongabba is a mix of family compositions. Couple families with no children represent 45% of families, which is higher than the average across Greater Brisbane (see Figure 3), and over half of the households in Woolloongabba reside in separate houses. Almost 60% of occupied private dwellings in Woolloongabba are rented, which is significantly higher than the proportion across Greater Brisbane.

Residents of Woolloongabba are well-educated, with 65% of the population aged 15 years and over holding post-school qualifications, half of which hold a bachelor degree or higher.

In the 2011 Census 1707 residents (35.6%) of Woolloongabba indicated they were born overseas. Seventy-five per cent of residents who indicated they were born overseas were born in non-English-speaking countries. Almost two-thirds of those born overseas indicated they speak a language other than English at home, which is a significantly higher proportion than across Greater Brisbane. However the majority of this group indicated they speak English very well or well.

The residents of Woolloongabba are employed across a wide variety of occupations. The top- three occupations identified in the 2011 Census were professionals, clerical and administrative workers, and community and personal services workers. The occupation profile of Woolloongabba is illustrated in Figure 4. Business information

In 2011, 1067 businesses were registered in Woolloongabba. When classified by employment size, three businesses were large and 65 were medium. In comparison to the average across Greater Brisbane, the area has a slightly higher concentration of medium and large businesses based on employment size. The business count for Woolloongabba by turnover range indicates 20% of the businesses in the area have a turnover greater than $500,000 and less than $2 million, compared with 13% for Greater Brisbane. Seven per cent of businesses have a turnover of $2 million or more, in comparison to almost 6% for Greater Brisbane. The business counts for Woolloongabba by employment size and turnover range are illustrated in Figure 5 and Figure 6.

The top-ten industries by business count for employing businesses in Woolloongabba are illustrated below (see Figure 7). The information, media and telecommunications industry is not listed, however, a specialisation ratio that measures the representation of an industry’s share within Woolloongabba relative to Greater Brisbane’s industry share, highlights an important concentration of businesses from this industry.

Employment forecasts

Employment in Woolloongabba in 2011 was 15,829 and is forecast to reach 35,383 people by 2031, a growth of 19,554 people (123.5%) from 2011.

The top-five employing industries in Woolloongabba (see Figure 8) will contribute almost three- quarters of employment growth for the area. The health and community industry will be a significant contributor to this growth. Availability of skilled workers is important for the area. Workers in Woolloongabba commute from various locations, the top-three locations that workers live are Annerley, Coorparoo and Greenslopes. The journey to work profile for Woolloongabba is illustrated in Figure 9.

Building and development activity

In the 12 months ending 30 June 2013, new residential buildings approved in Woolloongabba had a total value of $0.9 million.

The total value of non-residential building approvals in Woolloongabba in the 12 months ending 30 June 2013 was $50.3 million.

Key residential developments in Woolloongabba include the $43 million, eight-level Eastwood Apartments that will feature 82 apartments and ground floor retail space and is due for completion in the second half of 2013.

The Radius Apartments, due for completion in early 2014, include 91 apartments and several retail and commercial tenancies on the ground floor.

Construction has also commenced on the nine-storey Quest Woolloongabba serviced apartments, which will include 70 apartments and ground floor retail and commercial space. Construction is expected to be complete mid-2014. Growth in floor area

Available floor space in Woolloongabba in 2011 was estimated to be more than 960,000 square metres and is expected to increase by more than one million square metres by 2031 (see Table 1). A significant proportion of the growth is expected in the community purposes category that includes health, education and other community uses.

Table 1 – Floor space forecasts Woolloongabba, 2011-2031

2011 floor 2016 floor 2021 floor 2026 floor 2031 floor space space space space space Woolloongabba estimate forecast forecast forecast forecast (m2) (m2) (m2) (m2) (m2)

Retail 156,423 186,151 209,318 263,592 331,476

Commercial 59,635 70,313 81,309 102,969 128,956

Industrial 98,113 116,710 122,549 140,595 175,335

Community purpose 645,202 727,688 833,657 1,075,964 1,384,204

Other 1111 1314 1359 1684 2216

Total 960,484 1,102,176 1,248,192 1,584,804 2,022,187

Source: Derived from Queensland Government, Department of Transport and Main Roads Employment Projections converted to floor space by Brisbane City Council.

Publication information To receive up-to-date information to help grow your business subscribe to Economic Development updates by emailing [email protected] To have this information translated, call 131 450 and ask to speak to Brisbane City Council on 07 3403 8888. Published by Brisbane City Council, GPO Box 1434, Brisbane QLD 4001 For more information:  visit www.brisbane.qld.gov.au/citycentremasterplan  visit www.Facebook.com/BrisbaneCityCouncil  call 07 3403 8888  Tweet Council @brisbanecityqld Publication number N2013-03232© Brisbane City Council 2013.