Transit Oriented Developments (TODs) could be making a strong return to the property arena, with the recent announcement of two major train stations developments. Ten years ago, pre-GFC times, TODs were all the rage with many proposed in the Brisbane city area. There was a huge rush to produce TODs, including our own Alderley Square project, however, as we all know, very few got off the ground. Since then, the boom of investor stock apartments has come and gone and there now appears to be a greater, more focused, effort on TODs.
Over the last two months, proposals have been submitted for the $750M Albion Train Station precinct development and the Ferny Grove train station TOD transformation. In addition, the announcement of the Queensland Government investing $100M into the land surrounding the Gabba which coincides with the Cross River Rail Project suggests there are prosperous times ahead for the Brisbane property and construction sector.
A recent article by The Urban Developer provides an interesting opinion on the future of the Brisbane Apartment Market. Population and job growth are strengthening in the river city, one could argue due to infrastructure projects, which in turn is driving an increased demand for not only the supply of new apartments, but quality of new apartments. This is where I believe that TODs can make a real difference.
The expectation for high-quality facilities associated with new developments is ever-increasing. We’ve experienced this first-hand through our Sierra Nuvo project in Highgate Hill which, once completed, will provide residents with the use of a Skygarden with expansive city views, infinity pool and private entertainment pods. BCC’s recently proposed changes to the City Plan will allow developers to provide these high-class rooftop facilities without being counted as an additional storey, therefore limiting the risk to a project’s feasibility.
I’m not sure if it’s because we weren’t quite ready ten years ago or if the industry is now better educated, but it feels like Brisbane is primed to produce some true Transit Oriented Developments. The infrastructure is being established, the demand and expectation is increasing and now we’re seeing some remarkable projects planned for the city’s skyline which will justify Brisbane’s transformation from a country town to a world-class city.