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Published On: Wed, Mar 16th, 2011

Westfield Saves Up To $94m on Coomera Town Centre Infrastructure Costs

WestfieldIt was recently revealed that the development costs for commercial developments on the Gold Coast can be up to 10 times higher than other states. A government taskforce may change this trend of ever increasing fees for Gold Coast developers.

According to the Queensland State Government’s Infrastructure Charges Taskforce has just handed down a report and has called for a drastic reduction in infrastructure charges across the state to fire up the development industry.

Westfield could save between $65 and $94 Coomera Town Centre which represents the lower end and the recommend level by the taskforce.

Here is an extract of the full article by  Nick Nichols

WESTFIELD has emerged as a big winner in the state government’s proposed overhaul of infrastructure charges, potentially cutting the cost of the Coomera Town Centre by as much as $94 million.

But the massive saving would only be possible if the government adopts the lower end of recommendations by the Infrastructure Charges Taskforce.

The taskforce report, which was handed down yesterday, has called for a drastic reduction in infrastructure charges across the state to fire up the development industry.

This would lead to a massive cut of up to 66 per cent for the shopping centre charges currently levied by the Gold Coast City Council.

Westfield last year was stunned by a $140 million infrastructure bill presented by the city council for the long-awaited Coomera Town Centre.

The crippling impost on the $500 million project was seen as the end of large scale developments in the city for all but major property groups.

According to the taskforce report, the Coast has the state’s second-highest charges for shopping centres at $375/sqm, behind Brisbane at $524, and more than three times Ipswich at $118.

The Infrastructure Charges Taskforce has recommended a single charge of between $125 and $200 be adopted across the entire state.

At worst, this would cut Westfield’s existing bill for the Coomera Town Centre by $65 million and will put the Coast on a level footing with its ”cheaper” rivals at Logan and Ipswich.

Westfield is expected to lodge its development application later this year.

 

 

About the Author

- Glenn Batten is the Principal Licensee of First National Real Estate Upper Coomera which provides residential property sales and property management services throughout the Northern Growth Corridor suburbs of Upper Coomera, Coomera, Pimpama, Willow Vale, Ormeau and Oxenford.

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