Plans for the development of a new recreational space in Broadwater Parklands aim to help prepare the Gold Coast region for the upcoming 2018 Commonwealth Games. As the region continues to grow, the potential for future investment in commercial real estate in Surfers Paradise in the nearby area could be great.
The 3.5 hectare recreational space at the northern end of the Broadwater Parklands area should undergo development in the coming months, with mayor Tom Tate stating that the $10.5million third stage of the park expected to make an addition to the Gold Coast's Commonwealth Game legacy in Queensland.
"The city has partnered with the Gold Coast Waterways Authority to deliver this next stage of the development. It will feature a regional boat ramp and pontoons, extended parking for boaties, additional event space and parklands for our residents and the influx of visitors during the Commonwealth Games," said Mr Tate in a 20 January statement.
"The project reinforces our commitment to creating more local jobs, with Gold Coast firms JFM Civil Contractors, Neumann Dredging Contractors and Superior Jettys engaged. Construction, which started today, and the dredging which starts in a couple of weeks from now, will be completed in June."
As part of the project, over 3,000 square metres of seagrass have been transplanted. This is to begin preparing for reclamation works to help ensure the ongoing preservation of the local marine environment.
Chairman of the Gold Coast Waterways Authority Gary Baildon said the development of a new boat ramp, rock retaining wall and a pontoon were also anticipated for the development.
"The project will provide significant benefits for commercial and recreational boating in the Broadwater, and the new four lane public boat ramp will help meet the demand across the city, replacing the smaller ramp that was closed for redevelopment of the aquatic centre," said Mr Baildon in a 20 January statement.
As the local community sees these developments occur in the coming months, the potential to purchase Surfers Paradise commercial property in the face of future economic growth could be a great avenue to look into.
Another development occurring across Queensland was a recent announcement from the Property Council of Australia, with Queensland executive director Chris Mountford highlighting the need for planning changes across the state to help boost property supply.
The Brighter Communities and a Stronger Economy agenda found a number of critical areas in Queensland planning process that could be improved upon to help increase the housing supplies, as well as the state's economy.
"Along with building the communities in which we live, the property industry in Queensland provides 12.5 per cent of all full-time jobs and contributes almost 30 per cent of State Government tax revenue," said Mr Mountford in a 15 January statement.
Suggested changes to the planning system include a new approval process, with local governments undertaking individual reviews of schemes before being sent to state government in order to cut down on delays and reduce approval congestion.
Furthermore, more funding and resourcing for local governments to implement these changes was proposed in the agenda. Giving local governments the ability to streamline the planning and approval process can help boost the number of properties being pushed through and constructed – helping to keep up with Queensland's rising population and strengthening economy.
"Similarly, while the Property Council supports the government's decision to reverse previous stamp duty increases on the family home, for too long, property owners have been targeted by governments as an easy source of revenue," said Mr Mountford.
With these suggestions, the potential for future building developments in Queensland could offer some investment incentive for commercial real estate in Surfers Paradise heading into the future.