This article is from the Australian Property Journal archive
THE Springfield City Group, through a global partner tender, has launched a major strategic initiative to push the completion of the Springfield CBD into fruition.
The development, known as the Knowledge Precinct, will be a key commercial area of the Springfield CBD across 1.22 million sqm of commercial space, 5,340 apartments, on a 119-hectare site. It is estimate that the precinct will be worth more than $15 billion upon completion.
Springfield City Group (SCG), have been the master developers of the Greater Springfield project for nearly 30 years and have launched this initiative to garner interest from the nation’s biggest developers and capital providers.
“This initiative will turbo charge the development of the Springfield CBD. This project represents a unique opportunity to join us in creating a legacy. Completion of a futuristic city, harnessing innovative thinking, will make a real, positive impact on economic growth and job creation in South East Queensland,” said Maha Sinnathamby, chairman of SCG.
Springfield is set to become Brisbane’s second CBD and will be Australia’s first and only masterplanned city, bar Canberra and with more than $18 billion currently invested in the CBD, there is an estimated end value of $88 billion upon completion.
“Springfield is a truly unique project which is currently only 25% developed. With considerable established infrastructure, eleven schools, residential developments, a hospital, existing local and regional transport links such as highways and two rail stations, and much more, we are already well on our way to becoming an economic centre for South East Queensland,” said Bob Sharpless, deputy chairman of SCG.
The Knowledge Precinct is designed to sustain an over 140,000-person strong population, with the support of the Health City, Education City and IDEA City developments.
In the next 15 years, Springfield is expected to experience an annual average of 5.8% in population growth to 115,000 in the year 2036, from the current figure of more than 46,000.
SGC also announced back in 2018 that Springfield wild will be a net zero energy city, with aims to generate more energy that it consumes by 2038.
The completed precinct is already to host stakeholders such as the Mater Private Hospital and the University of Southern Queensland.
“We have a 29-year track record as the master developer of Springfield City and have successfully partnered with some of Australia’s leading property groups in the past, including Lendlease, Mirvac, and AVEO, now owned by Brookfield,” added Sinnathamby.
The global tender process will be led by Sinnathamby and Sharpless, with the assistance of Moelis Australia.
“With the right partnership in place, we will usher in the next chapter for our city,” concluded Sharpless.
