- Seeking partner to build Australia’s first master planned city since Canberra
- Strategic initiative to have expected future value exceeding $15 billion
- Opportunity for developers and capital providers to create a legacy through the creation of a city
- A nation building project driving economic growth and job creation
Springfield, Queensland – 17 March 2021 – Springfield City Group (SCG), the master developer of Greater Springfield (Springfield or the Project), has launched a major strategic initiative to accelerate completion of the Springfield CBD through a global partner tender. The development, known as the Knowledge Precinct (the Precinct), will have an expected future value of more than $15 billion.
The Precinct will become the key commercial area of the Springfield CBD and is an opportunity of national significance. The Precinct has approval of 1.22 million square metres (sqm) of commercial space, 5,340 apartments, on 119 hectares of developable land. Proposed plans for the Precinct are anchored around Springfield’s three key pillars for future economic success and future employment growth: health, education and technology.
The global tender is expected to attract interest from Australia’s major developers and capital providers, and the world’s largest development and most forward-thinking firms.
Maha Sinnathamby, Chairman of SCG, said: “This initiative will turbo charge the development of the Springfield CBD. This project represents a unique opportunity to join us in creating a legacy. Completion of a futuristic city, harnessing innovative thinking, will make a real, positive impact on economic growth and job creation in South East Queensland. We have a 29-year track record as the master developer of Springfield City and have successfully partnered with some of Australia’s leading property groups in the past, including Lendlease, Mirvac, and AVEO, now owned by Brookfield.”
Bob Sharpless, Deputy Chairman of SCG, said: “Springfield is a truly unique project which is currently only 25 per cent developed. With considerable established infrastructure, eleven schools, residential developments, a hospital, existing local and regional transport links such as highways and two rail stations, and much more, we are already well on our way to becoming an economic centre for South East Queensland. With the right partnership in place, we will usher in the next chapter for our city.”
A nation building project
Springfield is the first and only master planned city in Australia since Canberra and has been recognised as a unique project on the world scale. Sharing a common boundary with Brisbane, Springfield is on track to become Brisbane’s second CBD. With more than $18 billion invested in the City to date, Springfield will have an end value of $88 billion when complete.
The Knowledge Precinct will be able to support a city population of over 145,000 through the development of Health City, Education City and IDEA City, each of which are directly aligned to Springfield’s three key pillars for future economic success.
Global tender process
Moelis Australia is assisting SCG with a competitive global tender process.
The process will be led by SCG Chairman, Maha Sinnathamby and Deputy Chairman, Bob Sharpless.
SCG will commence initial discussions with interested parties in the coming weeks. An outcome and preferred partner will be announced in the coming months.
+61 434 225 643