Revitalising Civic requires investment in our buildings

New research confirms Canberrans want more investment in their city centre, says the Property Council of Australia.

Transforming Canberra’s City Centre, a research report prepared by KREAB Research on behalf of Canberra CBD Limited, finds Canberrans take great pride in their ‘bush capital’, but acknowledge that Civic lacks vibrancy and soul.

Through discussion groups and an online poll, KREAB canvassed the views of more than 400 Canberra residents to find out how they felt about the city centre and what needed to change.

“The research finds clear support from Canberrans in three areas: refurbishment of the Sydney and Melbourne buildings, adapting under-used buildings and revitalising Garema Place,” says the Property Council’s Executive Director ACT, Catherine Carter.

The report finds Canberrans are keen to see the revitalisation of Braddon and NewActon replicated in Civic, however views were mixed on introducing more high density residential living.

Those surveyed also questioned whether a major tourist attraction in Civic would add value. Moving the bus interchange, while acknowledged as a current eyesore, was not considered a high priority, and opening up City Walk to cars had a low-level of support.

“While Canberrans want more frequent festivals, markets and events in our city centre, they understand our biggest opportunity is found in upgrading tired old buildings.

“The simplest way to maximise this opportunity is for the ACT Government to relax the flawed Lease Variation Charge policy which is preventing many buildings from being refurbished or converted to new uses.

The LVC was introduced in July 2011, despite industry’s concerns that the charge would discourage building upgrades and skew development to greenfield areas. Developers must pay LVC on any building that changes use.

“The key message from this research report is clear. Canberrans care about their city. They see the problems – and they want them to be addressed. The simplest way to do this is to adopt a taxation policy that supports building upgrade,” Ms Carter concludes.

Media contact: Catherine Carter |M 0412 330 079 | P 02 6248 6902