Woolloongabba has been earmarked as the epicentre of Brisbane’s 2032 Olympic Games, and developers and prospectors have piled into the market looking to strike gold.  There are some portentous clouds brewing over the inner-city suburb’s horizon with uncertainty over the $1-billion Gabba stadium redevelopment , but developers are resolute on its potential with or without the Games. Speaking recently at a Queensland media event, president of the 2032 Brisbane Olympic and Paralympic Games Andrew Liveris cast doubt over the Gabba stadium redevelopment due to potential cost blowouts.  “I'm a fan of the Gabba being what it is,” Liveris told the press club lunch.  “I like that idea, as a Brisbane boy … but we don’t want to have a blown-out budget to do it.” The Queensland government is undertaking a project validation report to confirm what the contentious refit of the stadium would cost, amid rumours it could be up to double the initial forecast.  The Gabba would be home to the opening and closing ceremonies and track and field events, and would be demolished and rebuilt for an additional 8000 seats. Premier Annastacia Palaszczuk said the material shortages and construction cost inflation would weigh into the costings of both The Gabba and Brisbane Live, a proposed Olympic venues.  Despite the uncertainty surrounding the fate of the major chess piece in the Brisbane 2032 Olympic Games planning, developers such as Aria and Sarazin are pushing ahead with plans to beef up their developments in the area.  ▲ Sarazin has filed changes to its Silk Lane development to increase the height and density of the two-tower development above the two-storey podium and STEAAM Gallery. Sarazin managing director Darren Dougan says the Woolloongabba developer recently changed up its plans for its Silk Lane development, increasing heights and density. The heights of the two-tower development have been increased from 20 to 25 storeys and 20 to 32 storeys to include an additional 34 apartments.  “The future of Gabba is extremely bright, regardless of the Olympics,” Dougan says. “The Cross River Rail will connect the Gabba to the city with one stop, which will automatically increase the desirability of living in the area.  The future Olympics is just an added bonus. Easy access to transport corridors to the Gold Coast and Sunshine Coast also add to the appeal. “We believe taller buildings in the Gabba precinct are appropriate to provide higher density and more diversity in architectural form,” Dougan says. “The revised scheme also improves the current approved design, providing higher levels of community amenity and public realm. We have included an Australian first STEM + Art and Music (STEAMM) Gallery, modelled on a gallery in Brooklyn in the US. Also, we are converting 500sq m of private courtyard space to a public STEAMM Garden, which will enhance green space and liveability for the entire Gabba community.” Dougan says the increase in density will help to address supply constraints in Brisbane’s housing market and they are hoping to break ground by mid-2023. Sarazin is also hoping to receive approval on its proposed 352-apartment Nuage development in Woolloongabba imminently.  ▲ Sarazin has filed plans for twin 20-storey apartment towers at Woolloongabba, close to its Silk One development. South-east Queensland developer Aria recently won approval for its 21-storey apartment tower at 58-60 Leopard Street. It will be opposite the under-construction Cross River Rail station as well as the stadium and public realm for the Brisbane Olympic Games.  Aria also reached practical completion on another cliffside apartment tower, Riviere, on the same stretch of road.  The Queensland government is also dipping its toe in the waters of the Woolloongabba property market, splashing about $40 million on a former car yard in the Games precinct.  The 1.28ha site was one of the biggest privately held parcels of land in the area.  The Urban Developer understands the state government has strategically landbanked the site for future transport needs.  But there’s no denying the Midas Touch the Olympic Games would bring to the underdeveloped inner-city suburb, which, according to Colliers research, is ripe for urban renewal and uplift. And it’s not just residential developers that stand to benefit in the evolution of the region.  Increased foot traffic to the area will create an opportunity for retailers to capitalise on, according to Colliers retail and leasing associate director for Queensland Harry Dever.  “There is huge opportunity for the retail industry to capitalise on the infrastructure planned to take place at the Gabba,” Dever says.  “With a 10-year lead time and new submission bids open to private agencies, the Gabba can realise its potential to move away from its industrial past and become a lively precinct with high-quality restaurants and bars.” Colliers national director of research Joanne Henderson says we can learn much from the London Olympic Games experience.  Henderson says there are comparable inner-city urban renewal precincts that provide insights on best practice and points to the ongoing economic uplift in the Queen Elizabeth Olympic Park area 10 years after the London Games of 2012.  “The Gabba’s development should leverage vacant industrial lots and secondary and trade-focused industrial sites, particularly along Deshon Street,” Henderson says.  “The London Olympic Park is an examplar of sustainable development, with mixed, cohesive and thriving communities and access to a range of jobs, high-quality services and open spaces.” Woolloongabba’s industrial past has paved the way for its urban regeneration with significant land parcels still on offer. It also comprises small commercial developments that would allow agglomeration of sites and opportunities for intensive redevelopment.  Whether the contentious redevelopment of the Gabba goes ahead or not, developers are confident in striking gold in the inner-city suburb.  You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.
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