6 Billion Dollar Private City Planned for Outer Brisbane

6 Billion Dollar Private City Planned for Outer Brisbane

0 Reads  By: Atreyee Chowdhury

Private City

Domain Australia recently reported about an upcoming apartment project, which is expected to add much-needed living and working space for Queensland, especially Brisbane in the near future.

Property developer, Springfield Land Corporation, part of the MUR Group of Companies, has invited expressions of interest for building an apartment complex at Greater Springfield, in outer Brisbane.

According to Jason Quelch, a property journalist, the 15-year project would build the complex on an 86-hectare site in Greater Springfield, Ipswich. The project is being projected as an alternative to Brisbane’s Central Business District (CBD).

Springfield Land Corporation chair person, Maha Sinnathamby, has claimed in a vision statement in the Greater Springfield project website that this would be the only fully master-planned city to be built in Australia after Canberra. “It would be a viable alternative to central Brisbane”, he says.

Authorities expect Greater Springfield to be completed by 2030 and add more businesses and residents to the existing population comprising of 32000 residents. The idea is to build an interconnected system of health, education, IT, and other businesses. As of now, it already enjoys multiple facilities, such as public transport, hospitals, a university, private and public schools etc.

Sinnathamby further mentioned, “The city centre north apartment project represents an exciting next step in the evolution of Greater Springfield, as an alternative to the Brisbane CBD, providing greater housing and work choices.”

The apartment project, City Centre North, would be worth more than USD 6 billion and located adjacent to the rail station and transit hub in the heart of Greater Springfield. About 10,000 apartments complete with associated commercial and retail structures are planned to be built as per the project. The planning and designing of this apartment project has been assigned to Woods Bagot and Place Design Group.

According to Courier Mail, the Australian unit of Swiss bank, UBS AG, has been hired as the financial advisor for the project and the bank is believed to have commenced processes to seek expressions of interest.

Tim Church, UBS managing director and head of Real Estate Australasia tells Domain, “The City Centre North apartment project provides a truly unique development opportunity for a leading developer or consortium to control a major apartment project in the centre of one of Australia’s fastest emerging new cities.”

 


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