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Springfield On The Prowl For $6 Billion Project Partner

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Springfield Land Corporation has launched an expressions of interest campaign to find partners for a $6 billion medium density apartment project in the heart of Greater Springfield.

Partners are being offered the opportunity to control, in a capital efficient model, the design, development and delivery of approximately 10,000 apartments, including ancillary commercial and retail space, over the next 15 years.

The apartment project is situated on prime land which is ideally located close to significant existing and planned infrastructure and amenities. City Centre North’s vision is planned and designed by internationally renowned consultants Woods Bagot in association with Urbis.

Chairman of Springfield Land Corporation, Maha Sinnathamby, said: “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 to the diverse mix of Greater Springfield residents across age cohorts and market segments."“It also represents an opportunity for another visionary group to join existing major stakeholders who have been active in the development and commercialisation of Greater Springfield, including the Australian Federal Government, Queensland State Government, Lendlease, Mirvac, Aveo, Wesfarmers, Woolworths and GE," he added.

Springfield has appointed UBS AG, Australia Branch as financial adviser for the project. the firm has already commenced a formal process to seek expressions of interest from well-credentialed domestic and international development and capital partners.

UBS Managing Director and Head of Real Estate, Australasia, Tim Church, said: “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.

“Greater Springfield’s significant near term population and employment growth, in addition to major existing and planned investment in infrastructure and strong public transport access, will continue to drive strong dwelling demand."
The Springfield Story
Greater Springfield is located in Queensland, Australia and has a total land area of 2,860 hectares (7,067 acres). Approximate travel times by car are: 30 minutes from south-west of the Brisbane CBD, 35 minutes from Brisbane’s domestic and international airports and 50 minutes from the Gold Coast.

Greater Springfield, an alternative to the Brisbane CBD, is one of Australia’s fastest emerging new cities with a current population of approximately 32,000 people, which is expected to grow to 86,000 residents by 2030.

More than $12 billion has been invested in Greater Springfield so far and the emerging city is experiencing approximately $600 million in construction expenditure per annum, with total investment on completion expected to be in excess of $85 billion. The award-winning nation building project is centred on health, education, and information technology, and is driving a steadily increasing population, employment and dwelling demand.

 

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Article originally posted at: https://theurbandeveloper.com/articles/springfield-project-partner