Legacy precincts set to deliver enduring benefits

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Legacy precincts set to deliver enduring benefits

The 2032 Olympic and Paralympic Games could help deliver globally recognised precincts that rival New York’s Time Square or London’s Queen Elizabeth Olympic Park according to a new report released by the Property Council of Australia today.

Property Council’s Queensland Deputy Executive Director Jess Caire said the latest thought leadership paper – Legacy Precincts: delivering enduring benefits through collaboration -highlighted the benefits of government and the private sector working together to deliver vibrant precincts that would bring billions in investment, along with ongoing economic, social, and cultural benefits.

“Anyone who has walked through Time Square, or the West End of London, knows the important role precincts play in a city’s identity; and today we posed the question – can the 2032 Olympic and Paralympic Games catalyse precincts that cement Queensland’s global reputation,” Ms Caire said.

“Over the coming years Queensland will come alive with new sporting and tourism venues, as well as major transport projects such as the Cross River Rail and Brisbane Metro.

“These are game changing projects, and with some forward planning and a collaborative approach, they have the potential to become vibrant precincts that deliver generational benefits.

“This paper is the collective product of our members who are leaders in curating vibrant precincts and through their experience have explored in detail three proven governance models – public-sector led, private-sector led and a collaborative model. All of which can help deliver vibrant precincts that include housing, businesses and social and cultural infrastructure; delivering enduring benefits.

“Queensland is unique and with that so are the opportunities to curate precincts. Applying the right governance model is a critical step in the delivery of Legacy Precincts.”

Property Council of Australia Queensland President Luke Fraser, who is also CEO of one of Brisbane’s most successful precincts at Howard Smith Wharves, said the time was right for Brisbane to cement its reputation as a global tourism, cultural and economic powerhouse.

“Brisbane is coming of age; we have international investors knocking on the door and in a little over eight years we will host the biggest sporting event in the world, bringing global exposure and with it enormous opportunity,” he said.

“As part of the Howard Smith Wharves journey, I consider myself very fortunate to see firsthand the benefits of carefully considered and curated precincts every day, from the vibrancy and celebration to the community benefits, connectivity, and public spaces.

“But I also know that precincts don’t happen by accident and don’t happen overnight. Howard Smith Wharves was investigated for more than a decade before we broke ground, so we have a small window to plan truly vibrant precincts that deliver long term generational benefits long after the 2032 Games – the window is closing fast.”

Urbis Managing Partner James Tuma said successful precincts went beyond bricks and mortar, with governance and ongoing funding also important.

“Precincts also need plenty of movement, activation and energy to succeed, so it is critical to consider how to plan and fund those sorts of activities post-construction,” he said.

“This paper shines a light on several governance models, including the successful Business Improvement Districts (BID), which harnesses the collective power and investment of businesses within the precinct.

“While BIDs are relatively new for Australia, they are helping rejuvenate the waterfront of Sydney and they have been successfully used in London following 2012 Olympics, so the time is right for this sort of innovative and collaborative model to be applied here in Brisbane.”

To view the Legacy Precincts report, please click here.