“Macquarie Point is a city shaping project unlike anything Tasmania has seen before. We have de-risked the site and developers now have a golden opportunity to challenge how Hobartians see their city,” says Mary Massina, CEO of Macquarie Point Development Corporation.
Sitting on the fringe of Hobart’s CBD – “just 10 minutes away in a pair of heels,” Massina notes – the 9.3-hectare site we now call Macquarie Point was home to the Mouheneener people for 40,000 years. In 1802 ‘Hobarton’ was established by the British military and two years later the first land grants were issued at Macquarie Point – although it wasn’t known that until Governor Lachlan Macquarie renamed it in his honour in 1811.
Since then, Mac Point, as locals call it, has been home to army drill halls and an abattoir. It was a waste dump, a gas works and a rail yard. This rich industrial history cemented Hobart’s position in the nineteenth century. But once the buildings and services were no longer needed, they were simply knocked over and buried under dirt and concrete with no consideration for environmental impacts.
But a $50 million remediation of the site has now unlocked a billion-dollar development opportunity that has the potential to deliver a dynamic precinct for Tasmania’s growing city and a new “gateway” to Antarctica.
The Hobart City Deal, struck in 2019, promises to pump $595 million into an Antarctic and Science Precinct to enhance Hobart’s position as one of five global gateway cities to the Antarctic.
With more than 80 per cent of Mac Point now physically remediated, Massina says the site has “turned a corner” and the corporation has begun the process of permanent development. “We are confident we have addressed key development barriers that previously plagued the site. There is definite interest and attention from local and national developers,” she says.
The first parcel of land for development, the 2.7-hectare precinct called ‘The Escarpment’, was awarded to Melbourne-based developer Milieu late last year following a competitive tender. Milieu’s $100 million development will incorporate apartments, short stay accommodation, retail and hospitality.
The Truth and Reconciliation Art Park – 13,000 sqm of public open space for large-scale events and festivals – is in community consultation phase. “One thing we’ve learnt through our authentic consultation is that the community has a huge sense of ownership in the open space. We feel a significant responsibility to get it right. We know it’s not something you build and hope people will come.”
The Goods Shed, a renovated railway building that will be the stage for The Property Congress ‘Taste of Tasmania’ Festival, is currently up for a new 10-year lease. And the Corporation is also seeking science, cultural or tourism operators looking to relocate to one or more of the developments proposed at Mac Point.
“As Property Council members know, the only way you get supporting adjacent development is when a government master plan is clear, consistent and certain. That’s what the Corporation has worked hard to do, so others around us can have confidence to invest.”
Hobart has a host of other city-shaping projects in and around Mac Point. There’s the Northern Suburbs Transit Corridor – a key component in the Hobart City Deal – as well as the University of Tasmania’s $600 million development program. TasPorts is currently upgrading the Macquarie Wharf to support the increased activity and the state government’s commitment to relocate the nearby wastewater treatment plant will open another valuable slice of land.
“I think delegates to The Property Congress will be surprised to see how rapidly Hobart is changing. There is currently around $5 billion of development across the city, of which Mac Point is about a fifth.”
Mac Point will support around 10,000 direct and indirect jobs, and Massina – who was the Property Council’s executive director in Tasmania for seven years – is unashamedly proud of the role the property industry plays in creating jobs and prosperity for Australians.
“This is the last remaining site of this size on the waterfront, 10 minutes from the CBD, anywhere in Australia, anywhere near a capital city. It is an amazing and incredible opportunity for the development industry to partner with government to bring out of the ground one of Australia’s premier urban renewal sites. We can’t wait to welcome people to Hobart for The Property Congress.”