Springfield City Group has gone global in its search for a partner to help deliver its $15-billion Knowledge Precinct that will complete the masterplanned Springfield CBD.
The precinct will be the key commercial area in the Queensland city’s CBD and has been approved for 1.22-million sq m of commercial space and 5340 apartments on 119ha of developable land.
The group has now put out a tender for a global partner, which it expects will garner attention from Australian as well as international firms.
The group’s chairman Maha Sinnathamby said the precinct would be anchored on three key pillars for future economic growth: health, education and technology.
“This (global tender) initiative will turbocharge the development of the Springfield CBD. This project represents a unique opportunity to join us in creating a legacy,” Sinnathamby said.
“The completion of a futuristic city, harnessing innovative thinking, will make a real, positive impact on economic growth and job creation in southeast Queensland.”
Sinnathamby said the SCG had a 29-year track record as the master developer of Springfield City and had successfully partnered with some of the country’s leading property groups to build the masterplanned community, which is 24km south-west of Brisbane.
The Knowledge Precinct is estimated to be worth about $15bn upon completion and could support a city population of more than 145,000 people through the development of Health City, Education City and IDEA City, across the development pillars for economic success.
The city is expected to be valued at about $88bn when completed and Sinnathamby said it was on track to become Brisbane’s second CBD.
The city continues to grow with major stakeholders including the Mater Hospital and University of Southern Queensland developing plans for expansion.
Springfield City Group deputy chairman Bob Sharpless said there was still ample opportunity for development at Springfield as just 25 per cent was currently developed.
“With considerable established infrastructure, 11 schools, residential developments, a hospital, existing local and regional transport links such as highways and two rail stations … we are already well on our way to becoming an economic centre for southeast Queensland,” he said.
“With the right partnership in place we will usher in the next chapter for our city.”
The population of Springfield City is forecast to grow by 5.8 per cent per annum during the next 15 years, tripling its current population to about 115,000 by 2036.
Moelis Australia is assisting the group with its competitive global tender process. Initial discussions are to begin in the coming weeks while an outcome and preferred partner are expected to be announced later this year.
Article Source: theurbandeveloper.com
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