Construction Industry in Australia Soars to New Heights with Record Crane Activity
Australia’s construction industry is on an exhilarating journey marked by a remarkable…
20 June 2023
Elanor Investors Group, a real estate funds manager based in Sydney, has submitted plans for a massive $900-million redevelopment project in the heart of Tweed Heads, a town situated on the New South Wales-Queensland border. The proposed development, which spans 5 hectares, seeks to transform the Tweed Shopping Mall area into a vibrant mixed-use precinct.
The concept plans, currently under review by the Tweed Shire Council, outline a phased redevelopment that includes the construction of 13 new buildings, reaching up to 15 storeys in height. Located at the intersection of Wharf and Bay streets, just a short distance from the Tweed River and less than a kilometre from the ocean, the project aims to revitalize the area.
The proposed development encompasses various amenities and facilities, such as over 1400 townhouses and apartments, 45,000 square meters of retail space, including three supermarkets, a fresh food market, and numerous food and beverage outlets. Additionally, there are plans for a 52-key hotel, 14,000 square meters of office space, a medical centre, a cinema complex, a childcare centre accommodating up to 200 children, a wellness centre, and a gymnasium.
The extensive masterplan is anticipated to be completed over a decade and is estimated to cost approximately $907 million. According to documents submitted to the Tweed Shire Council by Sutherland and Associates Planning, the concept plan emphasizes the introduction of a new street and pedestrian network, seamlessly integrating with the existing road layout and street blocks in the locality.
At the heart of the development lies a designated “green heart” area surrounded by the 13 buildings, some of which will reach a height of 49.5 meters. Approximately half of the site, spanning 24,665 square meters, will be dedicated to open space. The development will provide parking facilities for up to 2500 cars.
Sutherland’s report further highlights the diverse housing options within the residential component of the development, including two-story terraces, maisonettes, and apartments. The aim is to create a community that accommodates and supports a diverse range of residents.
Tweed Mayor Chris Cherry expressed her enthusiasm for the concept plan, particularly its potential to address the town’s housing needs for essential workers. She emphasized the current shortage of housing for workers, resulting in gaps in the labor market and difficulties for businesses in recruiting employees. Mayor Cherry is attending the Australian Local Government Association’s national general assembly in Canberra, where she hopes to see solutions for affordable accommodation and increased employment opportunities within the shire.
According to an economic benefits report commissioned by the council, the construction phase of the project alone is expected to generate 520 jobs per year over the next decade. Furthermore, the development is projected to inject around $790 million into the local economy of Tweed Heads during the same period.
To ensure the success of the redevelopment, the Tweed Shire Council has established a panel of design experts. This panel, which convened for the first time in August of the previous year, has been instrumental in refining the concept plan by eliminating variations in building heights and enhancing public spaces and green areas. The NSW Government Architect waived the need for an architectural design competition, instead requiring an alternative design excellence process to be conducted.
Elanor Investors Group, a publicly traded company established in 2009, specializes in managing real estate investments totalling over $2.9 billion across Australia and New Zealand. Their portfolio primarily focuses on commercial office spaces, healthcare facilities, retail properties, hotels, and the tourism and leisure sectors.
The current Tweed Shopping Mall, originally opened in 1973 as a single-level facility, includes three supermarkets and 62 specialty retail stores. Elanor Investors Group acquired the site in August 2016 for a reported sum of $65.5 million, according to online records.