A once in a generation inner-city renewal project in Tasmania is seeking investors. The Macquarie Point Development Corporation is calling for Expressions of Interest from developers looking to invest in Macquarie Point, a 9.3 ha brownfield site within Hobart, which offers development opportunities ranging from commercial, residential and retail to hospitality, tourism and science and research.
Macquarie Point has approximately 145,000 square metres of Gross Floor Area on offer and expects more than $800 million in capital value.
The site represents an important opportunity to promote and develop inner-city living. 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.
The Macquarie Point site is next door to 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.
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.
Starting today, the EOI process will extend for a period of 14 weeks, during which time proponents will be required to prepare and lodge formal EOI submissions that provide information on their development concept, preferred location and proposed timing; their development credentials and experience; and their financial capacity to deliver the proposed development.
For further information on the EOI process please contact the Macquarie Point Development Corporation or download the EOI information pack from www.macquariepoint.com.