EOIs Open For Historic Macquarie Point In Tasmania

In Tasmania’s historic capital city, Hobart – within the boundaries of its iconic waterfront, and on the doorstop of its CBD – lies a 9.3 ha brownfield site, Macquarie Point, which is now open for development proposals.

The Macquarie Point Development Corporation is calling for non-binding Expressions of Interest (EOI) from developers looking to invest in the prime capital city location, which offers development opportunities ranging from commercial, residential and retail to hospitality, tourism, science and research.

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Aerial images courtesy of Richard Bennett

The opportunity

Macquarie Point is a ‘once in a generation’ inner-city renewal project, providing a rare opportunity to invest in a city universally renowned for combining its dark past with a modern lifestyle, in a visually-spectacular setting.

With approximately 145,000 square metres of Gross Floor Area on offer, Macquarie Point will become an important focal point for the people of Hobart as well as visitors from interstate and overseas.

The site represents an important opportunity to promote and develop inner-city living and create a vibrant new space that will have a significant influence on the growth and development of the city over the next 50 years and beyond.

It adjoins the famous Hobart docks and waterfront, recognised around the world as the finish to the Sydney to Hobart yacht race and home to an array of unique festivals such as Dark Mofo, the Australian Wooden Boat Festival and the Taste of Tasmania.

On the other side of Sullivans Cove (the waterfront precinct) lies Salamanca Place, famous for its sandstone warehouse buildings symbolic of the city’s turbulent days of early settlement. Today, the area is home to the popular Salamanca Markets, along with a diversity of shops, galleries, art studios, offices, restaurants and cafés.

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Hobart’s Constitution Dock Image courtesy of Tony Lomas

Right next door to the Macquarie Point site is Hobart’s international cruise ship terminal, which this season will host 38 cruise ship visits, each bringing thousands of passengers and crew to the city. To the east lies the River Derwent, while to the west, the CBD is overlooked by the towering presence of Mt Wellington/kunanyi.

Why invest in Tasmania?

Described as the fourth most desirable region in the world by Lonely Plant, Tasmania recently recorded a 28 per cent increase in international visitors, the biggest of any state or territory in Australia.

The state has experienced increased international visitation over the past 12 months, with Hobart’s average hotel occupancy rates hitting record highs. Its domestic tourist trade is also growing at record pace.

Predictions are that annual visitor numbers to Tasmania will reach 1.5 million by 2020, generating visitor expenditure of around $2.5 billion a year.

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Evans Street Rendering

Looking to the future, Tasmania’s continued prosperity is assured through the diversity and strength of its industry and commerce, ranging from tourism, aquaculture and sea fisheries to premium food and wine production, coupled with hi-tech manufacture and a global reputation in marine and Antarctic research, education and specialist services.

With strong links to the Antarctic sector, Hobart is also a major deep-water port for Southern Ocean shipping and the last port of call for the Australian Antarctic Division and French, Norwegian and Chinese expeditions to Antarctica.

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The investment environment

This investment opportunity comes at a time when the Tasmanian economy is buoyant and the community, especially business, is confident and optimistic.

Tasmania has the highest level of business confidence in Australia. The latest NAB Business Survey (released in November 2015) revealed that confidence is at +8 – nearly three times the national average of just +3. Business conditions are also the second best in the country at +14 – just one point off being the best in the country and five points higher than the national average.

Recent public investment in Hobart has totalled more than $815 million, including private investment of more than $400 million.[1]

The EOI process

The EOI process is now open, and closes on 23 March 2016. During this time proponents will be required to prepare and lodge formal EOI submissions that provide confidential information on:

  • their development concept, preferred location and proposed timing;
  • their development credentials and experience; and
  • their financial capacity to deliver the proposed development.

The EOI process will be used to shape the Request for Proposal (RFP) process and to shortlist those proponents who will be invited to participate in the RFP stage.

For further information on the EOI process please contact the Macquarie Point Development Corporation on +61 3 6166 4000 or at [email protected], or download the EOI information pack from www.macquariepoint.com.

 

[1] City of Hobart Investment Ready, International Investment Prospectus Vol 1

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