A ONCE in a generation opportunity to redevelop the city centre of the Queensland city of Ipswich entered a new phase of planning today following the announcement of the two short-listed submissions for the Ipswich City Heart Project.
A nationwide call for expressions of interest (EOI) from the private sector to redevelop Ipswich City Square shopping complex attracted submissions from four major companies by the closing date for submissions.
The shopping complex was acquired by Ipswich City Properties Pty Ltd (ICP) in March last year for $45 million. ICP is wholly owned by Ipswich City Council.
Chairman of Ipswich City Properties Pty Ltd Paul Tully said two of these major companies had now been selected to enter the next competitive tender stage of the project which had the potential to exceed $1 billion when fully developed.
“Alba Capital Partners Limited and Leighton Properties made very strong submissions and we are now inviting them to submit a more detailed vision for the redevelopment,” he said.
Both of these companies have a strong track record and we will be asking them to provide further detailed submissions by the end of June this year.
“The ultimate plan is for the entire 3.4 hectares of prime Ipswich Central real estate to be transformed into a world class regional centre.
“The land currently occupied by Ipswich City Square lends itself to apartment buildings, office towers, major retail, restaurant and entertainment precincts.”
Paul Tully said the centre was also perfectly positioned for technology based businesses and was well serviced by current and future high speed broadband from several providers.
“Plans also call for a 21st century approach to the provision of internet and computer networking connectivity,” he said.
The redevelopment would be the biggest single building project in Ipswich city heart since Reids department store was destroyed by fire in 1985.
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