Development of Cultural Precinct in Gold Coast offers potential tourism boost

By Greg Bell

The development of the Gold Coast Cultural Precinct aims toboost the local community in a number of ways, which could be great news for anyone interested in securing their own commercial real estate in Surfers Paradise. The $365 million landmark secured the first lot of funding earlier this year, with $5.6 million allocated towards the design and construction planning of the project, which was announced during the 2014/15 City Budget. 

With development expected to be done over four years and ready for the Commonwealth Games in 2018, there are plenty of different goals to take care of before this date. An increasing degree of tourism is expected to come with both the Commonwealth Games and the revealing of the new Cultural Precinct, making commercial investment in the region a fantastic move to make for your property portfolio.

Mayor Tom Tate said the first stage would consist of demolishing the existing Surfers Paradise Administration Building in 2016, which will then make way for the development of the Cultural Precinct. The continued support for the growth of arts, creative enterprises and culture in the Gold Coast will be a superb step forward for the area, heralding in a renaissance of Gold Coast creativity into Queensland. 

"Funding during 2014-15 will enable council to commence the necessary studies, approvals and detailed design required to commence Stage One construction. We will also see some early preparatory works on site," said Mayor Tate in a 19 March statement. 

The entire first stage of the development is expected to cost $37 million and will include the development of a versatile outdoor amphitheatre to be used for a wide range of different performances and exhibitions. Furthermore, there will also be the creation of the Riverside Gallery to display art and an outdoor Artscape, which will host a wide range of different artistic pieces that will enhance the landscape and general area. 

"That is why in stage one, the existing Riverside Building will be transformed into the Riverside Gallery. It will be a generous, exhibition rated, well-designed space to allow more of the city's celebrated art collection to be displayed and properly stored until we can construct the precinct's signature art tower on site," said Mayor Tate. 

"In 2018, we hope visitors to our city will come to the precinct, enjoy a wide program of activities and events around the Commonwealth Games, and share our vision for the precinct's next stages." 

With this development expected to begin boosting tourism in well into the future, the potential for commercial investment in the area is a massive drawcard for the Gold Coast.

Increased retail figures observed in 2014

The retail sector in Queensland has also seen a boost in trade figures over the year to July 2014, which could offer observers some context for the growing commercial industry in the Sunshine State. Treasurer Tim Nicholls said the economy was reaching up to a new level of growth earlier this year, with spending on household items like clothing increasing. 

Furthermore, these results offer some insight into the usefulness of the government's financial plan, with differing degrees of growth being seen throughout the state. 

"This supports our budget forecast of growth in household expenditure contributing to annual economic growth of 3 per cent this year. This week we've also seen state final demand figures showing growth in the domestic economy of 0.4 per cent seasonally adjusted in the June quarter," said Mr Nicholls in a 4 September statement. 

With large scale retail stores seeing renewed strength in Queensland, get in touch with a professional real estate agent to start chatting about the possibilities of Surfers Paradise commercial property portfolio expansion over the coming years.

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