Australia's latest Prime Minister has pinned the country's economic renaissance on an 'Ideas Boom' where innovation and technology drive jobs and exports.
While wannabe entrepreneurs, computer coders and ironic t-shirt makers all rejoiced at the prospect, it is the property industry that could be one of the biggest beneficiaries as governments release prime real estate in the hope of building a "diversified and internationally competitive knowledge sector".
The White Bay Power Station site in Sydney is just one example of how the new economy could be a boon for property players.
The NSW government recently closed the tender for the redevelopment of the massive site, with 13 proposals received from a range of domestic and international bidders including Google, University of NSW and a host of pure property players. The Google proposal, developed in conjunction with LendLease, is based on a ‘Google Australia Innovation Hub’ which would provide a "porous" workplace for businesses and ideas engineers to interact and create.
The power station, which operated from 1917 to 1983, is the centrepiece of the Bays Precinct, which incorporates 95 hectares of land stretching from the Sydney Fish Market at Pyrmont, through Rozelle Bay to the power station. The Bay Precinct masterplan is expected to be developed over the next 20 years and will see the precinct divided into eight distinct areas.
The first step as set out by Premier Baird will be to transform the towering power station into a high-tech hub that would rival London's Tech City or California's Silicon Valley.