Leasing commercial property on the Gold Coast is already an attractive prospect for Queensland businesses, but increasing investment in the region may enhance its popularity even further. The area has been no stranger to investment and development over recent years – a situation that looks set to continue well into 2016 and beyond.
The Gold Coast has been earmarked for a number of projects, but which are likely to bring most benefits to those leasing property in the region?
Several key elements of infrastructure have been identified by the local council as being in need of a boost, and one of the most important is transport. Although commercial property on the Gold Coast already benefits from excellent transport links, there is every chance this could improve over the coming years.
In recent days, the City of Gold Coast confirmed it had committed $55million of funding towards the second stage of the Light Rail project, which will be spent over three financial years. As a result, this will deliver benefits to local people while ensuring rates across the city are not adversely affected.
Mayor Tom Take suggested everyone in the area would be able to benefit from the second stage of this already successful project, which will provide a link with heavy rail at Helensvale.
This will bring enormous benefits to anyone hoping to buy commercial property on the Gold Coast, not least because it opens up more reliable transport links to the state capital and beyond. Plans are already forging ahead to ensure the project is completed in time for the Commonwealth Games, which are being held in the city in 2018.
It is not only enhanced transport links that Queensland businesses have to look forward to at the moment. As the Chamber of Commerce and Industry Queensland (CCIQ) suggested, legislation recently introduced throughout the state has the potential to make it a more attractive investment prospect.
"If the state's planning laws are working efficiently, then essentially economic development has little impediment other than demand considerations," noted director of advocacy at the CCIQ Nick Behrens.
A draft state planning bill has been issued for public consultation, which has the potential to pave the way for bigger projects throughout Queensland. As the group indicates, some of the existing laws have their benefits, "there is no need to reinvent the wheel" and undo the positive work that has already been achieved.
The City of Gold Coast has also been going ahead with its multi-million dollar expansion of Broadwater Parklands, which will deliver better local infrastructure for businesses. A series of new buildings are being constructed, including spaces for holding meetings and events.
Among the highlights is the Northern Pavilion, where there will be upgraded public amenities, as well as conferencing facilities.
Stage three of the extensive redevelopment is already underway, which includes introducing 3.5 hectares of new parklands, event and community spaces, as well as a host of boat ramps. It is access to these quality facilities that is likely to entice more companies into considering commercial property on the Gold Coast, both now and well into the future.
After all, companies that invest in areas with potential are likely to be best placed to benefit from any success that lies ahead. The Gold Coast may have already established itself as one of Queensland's most lucrative places to do business, but this reputation has potential to skyrocket even further over the next few years. This significant infrastructure investment is likely to be one factor that will ensure this happens.