How to give land banks a new lease on life
An imaginative approach to land recycling could create 8,000 long-term jobs and contribute $1 billion to Queensland’s economy. The opportunities around Australia are endless, says the Property Council’s chief of policy and housing Glenn Byres.
In the lead-up to the Queensland election, the Property Council has released Six Sites: Redevelopment of Surplus Government Land to Stimulate the Queensland Economy report.
The report, produced by Urbis, illustrates how the private sector could transform some of the Queensland Government’s most neglected land parcels.
Analysis has been conducted on theoretical developments at the former Toowoomba Gasworks, Townsville Police Barracks, Brisbane Central Station, Bundamba TAFE, the former Yeronga TAFE, and the former Brisbane Dental Hospital and College.
Among the proposals are new housing developments, educational facilities, commercial and hotel developments.
The Property Council has found these six case studies alone would create nearly 1,100 jobs during the development phase, and generate over $263 million in economic activity. Once completed, these proposals would be home to 8,000 jobs and continue to contribute nearly $1 billion annually to the state’s economy.
Chief of Policy and Housing, Glenn Byres, says the Property Council has long advocated for government to manage its landholdings more efficiently.
“This report shows the imagination that is required to unlock the opportunities at scale, and the benefits that development bring – income for the state, economic activity, jobs and business confidence among them.”
Byres says some governments are making “tentative first steps” to unlock the land they own.
“The NSW Government has a reasonably active program to dispose of surplus land. Where it has struggled is the market engagement on large scale projects, like the Bays Precinct.
“The Federal Government announced its intention to release some land in Melbourne’s Maribyrnong in the last budget, and has promised to scour the books for other opportunities. This is encouraging.”
Byres says it is smart for cash-strapped governments to reuse sites, as the maintenance and security of surplus land represents a burden on any state’s budget.
“But there has to be incentives for government agencies to cough up surplus land. They’ve got it right in NSW by letting the individual agencies keep the proceeds,” he says.
The place to start is around central train stations.
“We’ve seen speculation about possible development about Central Station in Sydney, and Federation Square in Melbourne is over the railway line. In Perth, the Metropolitan Renewal Authority is progressing sites.
“Governments are the nation’s largest land owners, with countless parcels of underused land that could be converted from a drain on resources to productive community assets.
“It’s time for governments to be bold and imaginative about the possibilities.”
Download Six Sites: Redevelopment of Surplus Government Land to Stimulate the Queensland Economy report.