TRC launches Invest Toowoomba CBD prospectus, economic data

Toowoomba Regional Council today (November 26) launched its Invest Toowoomba CBD prospectus highlighting recent investments and opportunities for investors in the city’s CBD and the Railway Parklands Priority Development Area (PDA).

Toowoomba Region Mayor Paul Antonio said Council was underlining its faith in the future of the CBD and PDA by releasing a suite of materials detailing the key business sectors and professions in the CBD for Queensland, interstate and international investors to analyse.

“We have a fantastic story and a positive vision to broadcast to investors. Few, if any, Australian regional centres can point to more than $800 million in private and public investment in their city centre over the past decade,” Mayor Antonio, who also is TRC’s Economic Development Committee chair, said.

“We should not lose sight of the extraordinary projects realised by private investors, including one of the more recent openings at our venue the Oaks Hotel, and all levels of government in a relatively short time.

“In the coming weeks, Council will release details of our 10-year review of the City Centre Master Plan (CCMP), which attracted considerable public feedback earlier this year. Council adopted the CCMP in 2010 to provide a vision for the city centre to 2031 and beyond.

“Council has invested more than $100 million in civic projects, such as the Toowoomba City Library and Civic Square, Kwong Sang Walk, the Outer Circulating Road Victoria Street extension (a major flood mitigation project completed with state government funding), Ruthven Street North Streetscape project and the Railway Goods Shed (jointly funded with the state government), among others.

“Carnival Lane, linking Margaret and Annand Streets, will open early in December and Council last week approved the final design for the Russell Street Refresh project that will revitalise the historic precinct and encourage more pedestrian visits to the businesses. The upgraded street will be an important connection between the emerging PDA precinct and Queens Park.

“The City Centre Master Plan has been the catalyst for a range of public and private investments; including laneway development, public realm, parklands and public art.

“I’m positive that we can realise the full potential that is outlined in our strategic plans by working in partnership and collaborating across the public and private sectors.

“Council is looking forward to working with the Toowoomba Revitalisation Advisory Committee to attract investment and increase visitation.”

Mayor Antonio said Council would continue to support and invest in the growth of the Toowoomba CBD, including the Railway Parklands PDA, by working with land and property owners, developers, investors, government and professional advisors.

“The wider Toowoomba CBD, incorporating the existing Toowoomba Hospital and PDA, provides employment for more than 18,700 workers and generates more than $2 billion in value-add. (*More figures in the illustration)

“The CBD’s significance extends far beyond our Region. It is an important regional centre for many parts of southern Queensland and northern New south Wales across retail, professional and financial services, entertainment, healthcare and education.”

Mayor Antonio said private investment would be a vital ingredient in the progressive development of the Railway Parklands PDA.

“The April 2019 opening of the $10 million heritage-listed Railway Goods Shed refurbishment project, jointly funded by the Queensland Government and Council, marked the completion of Stage One of the Toowoomba Railway Parklands Master Plan and the wider Priority Development Area,” Mayor Antonio said.

“Council’s longer-term vision is for an urban village to help cater for the projected population growth in coming decades, as outlined in our City Centre Master Plan. This includes high quality parklands surrounded by mixed-use development to encourage inner city living and recreation activities and venues.

“The Toowoomba Railway Parklands site is an excellent example of urban renewal and will provide a significant economic development opportunity for businesses from Victoria Street north to Bridge Street.

“Council’s Temporary Toowoomba CBD Development Incentives Policy is aimed at encouraging larger-scale quality new development and investment across the CBD and PDA; especially for the adaptive re-use of heritage listed and former industrial buildings and sites.”

Mayor Antonio said Council expected to call for expressions of interest soon to develop a panel of experts to provide industry-leading expertise and advice to inform Council decision-making around future development and investment across the Toowoomba CBD and PDA.

“Council has great faith in the CBD and sees the potential to support more activity to provide housing choice to suit people’s different life stages, household types and sizes. This will lead to more people living in and around the CBD. It will provide long-term economic and community benefits,” Mayor Antonio said.

“A new Shop Top Living Design Guide that illustrates the process of shop top conversions to residential units by property owners, investors and developers is being developed by Council.

“Our Creative CBD Toowoomba project, overseen by Renew Australia, will showcase its first business tenant in coming weeks. This is a Queensland-first project that helps local communities enliven and energise main streets and central business districts by reviving vacant or under-used spaces as creative hubs.

“Investments in short-stay accommodation, including the Oaks Hotel, the Burke and Wills Hotel and Quest Apartments will attract business travellers and visitors, further supporting the day and night economies.

“These positive signs for the CBD tell but a fraction of the story about new business interest and industry expansion across the wider region. Continued investment and confidence from private enterprise across many different sectors of our economy underpins jobs and will be a vital component in restoring our enviable growth trends.

“Council will work with its economic development partners, including TSBE, to leverage off major infrastructure and private investment projects such as the newly approved Regional Trade Distribution Centre at Toowoomba Wellcamp Airport, international freight services to Hong Kong and Singapore, a new CBD hotel and the early planning around a new Toowoomba Hospital.

“This is in addition to major value-adding food and horticulture operations, ongoing transport and logistics developments linked to the Melbourne to Brisbane Inland Rail project and advocacy for the fast rail proposal to Brisbane.”

Mayor Antonio said Council was in the process of establishing a Regional Growth Plan that would underpin the new Toowoomba Region Planning Scheme and Local Government Infrastructure Plan (LGIP) to cater for employment and population growth forecast for the next 30 years.

“Council is planning for well into the future to ensure we have the essential infrastructure in place that will enhance the way people live, work and play in redeveloped parts of the CBD and the Railway Parklands PDA, as well as the wider region,” he said.

“This will provide additional employment opportunities, diversity in housing choice and a boost to the city and region’s economy as outlined in the new investment materials.”

The geographic area of the CBD and PDA is the area covered by the Toowoomba City Centre Master Plan (TCCMP). It incorporates an area from the Toowoomba Hospital to Bridge Street and from West Street to Hume Street. The Railway Parklands PDA covers an area from Russell Street to Bridge Street and Mort Street to Ruthven/Ann Street. It is located within, and is part of, the Toowoomba City Centre Master Plan Area.

Caption: Toowoomba Chamber of Commerce CEO Todd Rohl (left), TSBE CEO Ali Davenport and Toowoomba Region Mayor Paul Antonio at the launch of the Invest Toowoomba CBD prospectus.

To download and view the investment collateral, follow Invest Toowoomba CBD on Linkedin:

https://www.linkedin.com/showcase/invest-toowoomba-cbd 

The available material includes: o Investment Prospectus for the Toowoomba CBD and Railway Parklands Priority Development Area (PDA)

o Four short flyover videos of the Toowoomba CBD and PDA for investors and developers.

o Investor videos

o Twelve short investor videos have been produced featuring businesses, developers, investors and commercial real estate, providing insights on why they invested In Toowoomba and why others should follow.

o Toowoomba – Inner City Economy, An Economic and resident analysis

o This report defines the economic importance of the CBD and highlights its competitive advantages, alongside comparative advantages when benchmarked against other CBDs across Australia. It includes data across workforce, visitation and CBD residents. The report highlights both challenges and opportunities for the CBD. The data can be used to support evidence-based decision making, development and investments.

o TIQ Invest Toowoomba

o Provides an overview of the investment opportunities across the wider Toowoomba Region.

Toowoomba Regional Council website: The above content can also be accessed at:

https://www.tr.qld.gov.au/community-business/invest

Regional Economic and Community Profile:

http://economy.id.com.au/toowoomba