Bringing Macquarie Point to life sooner

Michael Ferguson,Minister for State Growth

The inter-generational Macquarie Point waterfront development will be brought to life much earlier than ever envisaged, supporting jobs and stimulating the economy along the way.

The Tasmanian Liberal Government is delivering an historic $5 billion infrastructure program across the state, underpinning 25,000 jobs and giving businesses the confidence and continuity they need.

A key part of this plan is supporting major investments like the TT-Line vessel replacements, as well as projects like the Macquarie Point development.

We will continue to take the opportunity to realise projects that are making a real difference to our state. Projects such as the Macquarie Point development, which has the potential to rival South Bank and other landmark waterfront precincts.

The Government will provide $6.6 million this year for the Macquarie Point Development Corporation to continue advancing the site’s development.

We will also provide around $71 million over the next three years, with the terms and conditions of the funding required to be worked through. It is expected that commercial land sales and other revenue will offset that amount in the longer-term.

Not only will this mean Tasmanians can enjoy this first-class waterfront precinct sooner, but it will provide jobs for the civil and commercial construction sectors.

This certainty will get the next development stage to market sooner, over the next three years, providing the foundation for around half a billion dollars of investment to take place, so that this fantastic waterfront precinct can come alive for all Tasmanians to enjoy.

Since the Corporation received approval for its masterplan in October 2019, it has undertaken more than 80 per cent of the site remediation, is negotiating with the two shortlisted developers for the first parcel of land ‘The Escarpment’, has built the road and supporting infrastructure, and has undertaken a range of pre-feasibility work for future stages.

This has all been achieved within the original grant deed funding.

While we have delivered these remediation works under budget, there is still more to do, and now is the time to accelerate this work and attract investment in our state.

I look forward to seeing cranes in the sky soon on this city shaping urban renewal project, the likes that Tasmania has not seen before.

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