As Australia’s population grows, so too does the need for community infrastructure, no longer do retail assets need to stand in isolation. The potential is enormous for true mixed-use precincts that serve the broader commercial and societal needs of communities – connecting people and places. They can also unlock value, uplift productivity for retailers and provide investors with opportunities to access multi-asset style investments.
Chris Brown Director of Development QIC, said mixed-use precincts are increasingly appealing for investors, as they are ticking multiple boxes for them: delivering broader rental yields; providing essential infrastructure; offering expansion potential; and importantly contributing more broadly socially to a sense of community.
“At QIC we have been deploying a precinct approach to our existing mixed-use developments for some time – including at Robina Town Centre on the Gold Coast and Eastland in Melbourne,” Mr Brown said.
Eastland is a strong example of QIC Real Estate’s mixed-use precinct evolution, where they have introduced new uses within and around the asset to create a commercial and civic hub for Melbourne’s outer-east.
In addition to the core shopping centre at Eastland, QIC added a hotel, office towers and co-working facilities, upgraded retail and dining experiences and collaborated with local and State Government to introduce a town square, library and learning centre, and expand the nearby train and bus interchange. Subsequently, adjacent to Eastland, QIC added a purpose-built office tower to house the Victorian Department of Transport’s office and a VicRoads Customer Hub – highlighting the value of partnerships.
While QIC will continue the evolution of this approach across more of its core retail assets, they are also currently tasked with creating several important new precincts across Brisbane’s evolving Cross River Rail network.
“As master developer of these inner-city precincts, encompassing a potential ~800,000 square metres above the new Cross River Rail underground rail network, we are responsible for delivering one of Australia’s largest urban renewal programs – and amplifying the value of the Queensland Government’s multi-billion-dollar transport investment,” he said.
“But whether it’s a mixed-use precinct with retail at its core or a dedicated precinct like a cultural or life sciences and innovation hub as it will be for some of the Cross River Rail sites, the flexibility to scale combined with excellence in planning and execution is vital.”
Eastland
In addition to being located in growth corridors (where possible) and supported by strong transport infrastructure, at QIC, they believe the fundamentals that underpin a successful precinct require a strong identity, a clear long-term vision, smart planning and the ability to scale and evolve with the market.
Precincts must have a strong identity borne of local context – one that resonates with and reflects the existing character of the area. QIC ensures that for each precinct they are involved in they have a long-term covenant that enables them to embed a lasting sense of place.
A clear long-term vision ensures their precincts are not only regenerative but are serving the community not just in the present but building economic, social and cultural prosperity well into the future.
Smart planning is critical, and while each QIC precinct will always be grounded in local market context, a core set of planning principles including ease of movement, connection, vibrancy, culture, design with First Nations, sustainability, social cohesion and safety, are fundamental to their thinking.
The ability to scale and evolve assets as required beyond their core purpose into multi-dimensional day and night destinations by introducing additional uses within and around the asset, is also core to QIC’s strategy.
Mr Brown said QIC will continue to take a visionary and long-range approach to reimagining precincts as neighbourhoods of purpose, enriching the daily lives of the communities they serve and creating a sense of belonging.
To find out more about QIC Real Estate’s precincts visit www.qic.com