A $3.6bn bid for industrial property in Brisbane’s west is likely to be rejected by the state Government
The Government is expected to reject a $3 billion industrial property proposal for the Brisbane-Sydney metropolitan area, despite it being the only proposal on the table.
Key points:The Government says it will not approve the commercial steel doors commercial property proposal due to state lawsThe Government has committed to building a $1.9bn national broadband network in the Brisbane region by 2020The proposed industrial property would be located in Brisbane, north of Brisbane Airport, on a 2,000-hectare (4,000 acre) parcel of industrial property.
The Government’s proposal is the first to be put forward in Brisbane since it announced plans to build the national broadband infrastructure in the CBD in the lead-up to the 2020 state election.
The industrial property, dubbed ‘The Steel Doors’, is located near the Brisbane airport, in a parcel of land called ‘The Bonsai Park’.
The proposal is not expected to be approved until the end of next year.
Mr Morrison has said that a $5.6 billion industrial development in the region is required to ensure it has “full employment and economic growth”.
But the State Government says that it will take no further action on the proposal until the Government has put forward a final proposal.
“The Government is committed to ensuring that the state has full employment and full economic growth,” said the Minister for Industry, Industry, Infrastructure and Regional Development, Greg Hunt.
“Our priority is to ensure that our regional economy can provide full employment, and that’s why we’ve got a $4 billion National Broadband Network to build and upgrade.”
“We need to ensure the jobs that we have here are not lost.”
The industrial development proposal is a result of an independent review by the NSW Premier, Gladys Berejiklian, into the economic impact of the construction of the national fibre optic network in Brisbane.
The review, published in October, identified $3bn in economic benefits from the network to the state and the community.
It also said that “significant benefits” would be created in the area if the network were to be completed.
“We know that the steel doors proposal is unlikely to be accepted by the Government,” said Mr Hunt.
He said that the Government was also committed to completing the NBN in Brisbane in 2020, which the Government will deliver by the end, but it would take longer than that because of the cost of the NBN project.
“What we’re looking for is a timeframe that is sustainable and reasonable, so we can get this done as quickly as we can, because we’ve invested a lot in the NBN,” Mr Hunt said.
“But it’s also important to remember that we need to be realistic about the amount of time it takes to do this, and we need that in the budget.”
He said the Government wanted to ensure its funding for the NBN was in line with the Queensland Government’s own modelling and the report of the independent review.
“I’m pleased to be saying to the Government, as we are, that we will not accept the commercial property in this project,” he said.
The plan is not just for commercial property, but also commercial development of industrial land, including the industrial area, in Brisbane that is also part of the State-owned industrial park, called the Goldfields, and a part of a large development called the Queensland Industrial Park.
The Goldfields is owned by the Queensland government.
The State Government said that if it was to proceed with the industrial property development, it would be a significant change to the Goldfield area and the Queensland state of Queensland.
“This project is not for commercial development,” it said.
Topics:government-and-politics,government-ands-and ofns,business-economics-and/or-finance,corporate-governance,economic-trends,business,government,brisbane-4000,qld,brisbane-act-as,australiaFirst posted November 23, 2020 13:25:05Contact Jason McArthurMore stories from Queensland