Buying Near Lifestyle Infrastructure: The Brisbane Infrastructure Plan
Relevant infrastructure improvements are often connected with strong demand in Real Estate. That’s why property developers and investors alike look for locations with infrastructure developments in the pipeline for future capital growth.
In this post, we are going to offer a sneak peek at how significant infrastructure developments in Brisbane are translating into great opportunities for property investment, and present some of the main projects underway. With specific attention to the New Everton Plaza development in Everton Park.
When looking to purchase, it is important to consider all factors that affect the location of a property. This includes existing amenities such as the proximity to schools, universities and transport such as train stations, not to mention demographic factors like age and job creation. Another important consideration, which will underpin long term stability in the market, are the infrastructures in the pipeline such as improvements to transport infrastructure, new health precinct or an extension to the local shopping centre. These upcoming infrastructures will provide longevity for employment and lifestyle in the area you are looking to purchase in.
There’s plenty of empirical evidence that connects new infrastructure development with a lift on economic conditions locally by attracting people to the precinct, giving a boost in job creation and growing consumer expenditure. All, factors which drive demand. Any property buyer should add as must do homework researching both present and future infrastructure developments when looking into different markets.
Developments that affect the accessibility of the precinct, like road upgrades and public transport nodes are critical in driving up real estate value. Especially interesting is the ‘Train Station Rule’, that measures the variable capital growth of a property in relation with its proximity to a train station. According to The Transit and Urban Renewal Value Creation report, properties located between 800m and 1.6km from a train station improve by 0.3% their value. While residences that are 400m to 800m away experience a 1.3% value increment on average, that grows up to 4.5% in homes that are located less than 400m away from a train station. Numbers that shouldn’t be overlooked when deciding which property to buy.
Let’s take a peek at the moving ridge of major infrastructure developments set to help grow Brisbane in the next years, creating new job opportunities and a bringing a boost in tourism and commercial real estate, potentially changing Brisbane’s skyline forever. Amongst the many major developments that are set to reshape Brisbane, seven projects are the most anticipated and relevant, with budgets totalling $12.4 billion. They are expected to generate more than 65,000 new jobs and benefit the city with a 70% increase in international tourists/visitor nights in the next ten years; leading to more than 105 million visitor nights by 2026.
These projects are:
A World-class resort development that will deliver over 1,000 new hotel rooms across five hotels, a residential precinct with 2,000 apartments, a 100m sky deck signature with over 50 restaurants and bars, topped with a walking bridge that will connect with Southbank.
Edward Street Vision
This project will transform Edward Street into an exciting retail precinct with a characteristic tree-lined boulevard that will become the green gateway to the street.
Howard Smith Wharves
Valued at $110 million, this project will remodel 3.4 hectares under the Story Bridge in the CBD into a riverside precinct that will encompass an exhibition space, restaurants a parkland and a 5-star hotel.
Cross River Rail
To help declutter traffic for the forecasted 90,000 people that will commute to work every morning by 2036, the city has projected a $5.4 billion rail network, with a 10.2 kilometre rail link (5.9 kilometres of tunnel under the CBD and Brisbane River) connecting northern and southern train networks.
Brisbane’s first integrated, mixed-use precinct, developed in a complete city block in George Street with Adelaide Street and Anne Street, and will include Australia’s first purpose-built W Hotel, two levels of riverside dining and luxury retail shopping beneath a 40 storey state-of-the-art Prime Grade office tower, as well as an 82 storey luxury residential apartment building. Valued at $1 billion, this development is due in 2019.
Recently confirmed as a High Priority Project on the nation’s Infrastructure Priority List, this project is set to create a high capacity and frequency public transport system running a 21km route with 18 stations.
The Business Case for this $2 billion development is currently being produced. Brisbane Live would be a world-class entertainment precinct on top of the Roma Street rail interchange hub. It would include a 17,000-seat arena, multiplex cinemas, an amphitheatre and commercial, residential and hotel towers.
As we have seen before in many other cities, these projects should reinvigorate the Brisbane market and provide plenty of opportunities going forward.
Outside of these Big-Seven pharaonic projects, there are also various developments that are likely to improve the lifestyle of the suburbs, one of which is taking place in Northern Brisbane. This venture is set to get a new purpose-built laneway which will accommodate a range of eateries as part of the new Everton Plaza development in Everton Park. A few of the first brands that have secured a primer retail position in this development are Comuna Cantina, Neighbourhood Market Co, 5 Boroughs, Stellarossa and Corbett & Claude. Everton Plaza will go back to its roots as a retail village with a more community-oriented experience.
Park Lane will be the name of this new dining precinct. And it will keep most of its original architectural character, complemented with a green corridor and modern design urban elements. The developers will make every part of the lane entirely different from the others, making a walk by the laneway precinct a true exploratory experience.
Park Lane is currently under construction and is due for mid-2018, and it’s only a five-minute drive from The Hills Residences at Everton Hills.
At Which Property we specialise in tailored property solutions for investors and owner-occupiers alike. We can help you understand your goals and find property solutions suited to you. Contact us today for more information.
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