Back to the future

Major cities in Europe and North America have long ago successfully embraced the idea of living and working around bus and rail hubs. Transit-oriented developments (TOD’s) create ‘walkable communities’ where residents can fulfil most of their daily needs within a short distance from their home. And if residents do have to travel further from home, they’re much more likely to use public transport.

What can recent history teach us?

Many investors and owner-occupiers alike know only too well the success stories of key urban renewal projects in Brisbane’s recent past: the redevelopment of Carlton & United Breweries (now Central Brunswick), projects around the peripheral of the old Coca Cola Amatil site (now Centro on James and James Street Markets), the redevelopment of the Colonial Sugar Refinery (now Cutters Landing), Newstead Wharfs (now Mariner’s Reach, Catalina, and Freshwater), the BCC Light Street Bus Depot (now Emporium and Citygate), and the former Woolstores and Paddy’s Market (now Teneriffe Village, MacTaggarts Place, Winchcombe Carson, W4, London Woolstores and Goldsborough Place). Brisbane, more than any other Australian capital city, has witnessed the transformative power of urban renewal. The investors who do best are those with the foresight to get in early.

A benchmark for growth

As Brisbane continues to surge ahead as Australia’s fastest growing and most liveable city, the new urban renewal hot spots are those on the city fringe: Albion, Newmarket, Nundah and Alderley. In fact, research has shown that median dwelling prices in Alderley increased by an average of 10% pa over the last three years to December 2009. It’s this kind of proven, sustainable growth on the city fringe that has the smart money keen to be the first to take advantage of the opportunity that Alderley Square offers.