Client BCC Urban Renewal Taskforce & Origin Energy
- Commercial Manager
- Development Manager
- Project Manager
- Contamination Study and Remediation Plan
- An EOI campaign requesting Urban Master Plans and commercial offers
- BCC statutory town planning approval of the Master Plan
- Remediation and infrastructure works
Origin Energy and the BCC between them owned 15ha of heavily contaminated waterfront land at Newstead in Brisbane’s Fortitude Valley fringe. The land was surplus to their operational requirements. However neither party had previously cooperated on the planning and delivery of a long term remediation and value add strategy for their surplus land disposal. RCP investigated the viability of developing the under-utilised land and prepared a Commercial Assessment Report outlining development constraints, opportunities, costs and project feasibility. RCP also provided Project Management advice to the land owners for the remediation of this disused gas-works site and Development Management advice to the owners during the Expressions of Interest process that selected the two proponents who developed the site following remediation. The site was remediated under the terms of the land sale contract and an innovative mixed-use redevelopment of the site has commenced by Mirvac and FKP.
Given the size and prime riverfront location of the land RCP concluded that there was sufficient long term value to remediate and develop for residential and mixed uses. This also aligned with the Council’s urban renewal strategy. However neither Origin Energy nor the BCC wanted or was equipped to bear the development risk. The challenge was to devise and deliver a plan to realise the long term value of the land for residential and mixed-use purposes with a minimum of capital expense or exposure to remediation or development risk by the two landowners.
RCP devised and delivered a strategy where the land would be remediated by others at their cost. A number of land use options were developed and a viability study was carried out with the Architect and Quantity Surveyor to establish the highest and best use for this land within the constraints of the local area Development Control Plan. RCP also provided development management and joint venture agreement management services to the owners during the remediation and design development approval phases of the land sales contract.
After a process that lasted almost 10 years from the initial strategic planning to financial settlement of the land sales, Origin and BCC realised a substantial financial gain from a property that was originally viewed as a ‘contaminated liability’. Brisbane also has gained a new mixed-use precinct delivering in excess of 300,000m2 GFA of development space.