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News & Editorials
Every week Central Equity writes a number
of news editorials which appear in Melbourne newspapers. This weeks article is posted below.
Click here
to access our archive of news editorials
7/04/01
Booming Southbank:
there is more to come...
In
the 1980’s, the State Government identified the area south of
the Yarra and adjacent to the CBD as a unique and strategic piece
of land worthy of redevelopment in a planned and exciting way to complement
the City of Melbourne. This initiative formed a fundamental part of
the Victorian Government’s Agenda 21 Development Plan.
Southbank was so popular and became so vital to Melbourne that the
City Council sought control of the area and designated it a precinct
with its own postcode, 3006. In July 1994, the Planning Ministry launched
the Southbank Village Structure Plan. This supported major beautification
and upgrading of the area, including tree planting, expansion of arts
facilities and the provision of new residential accommodation. The
ministry noted, "Melbourne’s new arts village would be a
precinct without peer in Australia ...the renaissance of this part
of Melbourne is nothing short of spectacular".
Southbank’s successful transformation was also supported by the
Federal Government’s "Better Cities Program" and the
Victorian Government’s Department of Planning & Development
in conjunction with the City of Melbourne.
Underpinning Southbank’s popularity are many of Melbourne’s
largest development projects. Given this huge capital and infrastructure
investment, it’s no wonder that Southbank is booming.
Unprecedented inner city investment
ARTS/ENTERTAINMENT/DINING/SHOPPING $millions
Southgate Leisure Precinct=600
Crown Entertainment Precinct=2200
Refurbishment of National Gallery of Victoria/
New Spire lighting=135
Melbourne Exhibition/Convention Centre=100
Melbourne Aquarium=30
Widening of the Yarra=15
Malthouse Theatre=10
Sydney Myer Music Bowl Refurbishment=20
SPORTING
Melbourne Sports & Aquatic Centre=70
Melbourne Tennis Centre & New Stadium=130
Docklands Stadium=100
MCG Great Southern Stand=160
Sports & Entertainment Precinct Infrastructure=25
TRANSPORT
City Link including
Domain Tunnel & Bolte Bridge=2000
State "Interlink" project including fast link to
Melbourne Airport & refurbishment of
Spencer St Station=1500
GARDENS/public SQUARES
Federation Square=335
Albert Park Refurbishment=25
Riverside Park West of Federation Square=15
City Square=15
EDUCATION
State Library=190
Museum=295
APPROXIMATELY $8 billion
The combination of excellent location, superb planning and unprecedented
proximity to arts, education, business, leisure and transport facilities
makes Southbank one of Australia’s premier residential precincts.
Southbank today:
• Australia’s arts and cultural centre, home to the National
Gallery of Victoria, Victorian Arts Centre, Ballet Centre, the Opera,
Melbourne Philharmonic Symphony Orchestra, Australian Broadcasting
Corporation, Victorian College of the Arts, Malthouse Theatre, Grant
Street Theatre and other cultural establishments. The arts and cultural
industry pours over $3 billion into the Victorian economy each year.
• A "must see" for interstate & overseas tourists
to Melbourne. Popular precinct for dining, shopping and "a
night out" with Melbournians.
• Boasts the highest proportion of high-income households.
57.2% in the top income quartile in Melbourne.
• Median house price on the rise 2000 - $370,000
(REIV Dec. 2000).
• 70% of residential development in Southbank completed by
Central Equity.
• Strong rental demand - occupancy rate of rental properties
(managed by Central Equity subsidiary Melbourne Inner City Management)
over 98%.
• Strong population growth: 10% last year - forecast to continue
strongly. Due to the fact that the precinct is a relatively small
"golden triangle" bound on all sides it will soon be fully
developed. The only opportunity then to invest in a Southbank apartment
will be to buy one that has been previously occupied and pay full
stamp duty. Off-the-plan purchasers currently pay minimal stamp
duty, saving thousands of dollars.
Coming Soon
Central Equity will soon publicly launch a new 31 storey apartment
development at 22 Kavanagh Street on the corner of Southbank Boulevard
(opposite the ABC Studios). Preliminary enquiries are invited now
on site between 12-5pm Sat & Sun, or ring 9600 1111.
Click
here
for the archive of Central Equity editorials
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30/03/01
14/02/01
10/02/01
2/02/01
6/01/01
23/12/00
16/12/00
9/12/00
25/11/00
18/11/00
11/11/00
4/11/00
28/10/00
13/10/00
13/10/00
6/10/00
7/07/00
23/06/00
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 for other articles please visit our archive.
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