AFFORDABLE HOUSING TARGETS MET IN STATE FIRST
Department of Housing and Public Works (HPW), then Department of Communities, engaged Ranbury to provide a strategy for the disposal and development of its land holdings in Coopers Plains in January 2011 – Brisbane’s largest suburban renewal project. Currently being marketed by the Developer as Cornerstone Living, it represents a 10ha master-planned residential community that will create almost 1,200 new homes over a 10 year period.
It has been refreshing to experience Ranbury’s approach to project issues or disputes which has been flexible and co-operative, but always with a strong reference to the State’s overall project objectives.Don O’Rorke
Executive Chairman, Consolidated Properties
The development structure we tendered was carefully prepared to attract private sector interest in a post-GFC investment environment. The structure has been acknowledged in the industry (in particular by financiers) as an effective and commercially astute way of delivering private development on public sector land and the department received a return in excess of their own valuations at the time.
For the $200M project, we provided early development management advice and managed a two-stage expression of interest process. We also continue to manage the development program of the project as well as provide advice on development strategy and commercial returns.
As a result of the innovative project structure we developed, the State’s balance land holdings continue to appreciate in value as the project proceeds.
Coopers Plains Renewal Project has been acknowledged in the industry as an effective and commercially astute way of delivering private development on public sector land.
- Staggered settlement for each stage of the project
- Established land price using an independent valuation process
- Retained ownership of all land by the State until settlement of each stage occurred
- Gained developer obligation to support affordable housing outcomes over the project life
The delivery of 1200 apartments and townhouses is expected to be completed by 2022. The master-planned community will be home to 3000 people when finished.