Investors Eye Gold Coast Infrastructure Boost
In a huge boost for economic growth and jobs on the Gold Coast, the Queensland government has released details of its four-year, $52.2-billion infrastructure spend and the draft State Infrastructure Strategy, a vision for the State’s infrastructure needs for the next two decades.
These significant investments will play a vital role in growing the health, sciences, technology and innovation sectors necessary for the rapid growth predicted on the Gold Coast, driven by a growing local population.
In prime position to benefit from these investments is Lumina, a premium life sciences commercial cluster within the 200ha Gold Coast Health and Knowledge Precinct, a spokesperson said.
The precinct is already home to established health and science leaders Gold Coast University Hospital, the Gold Coast Private Hospital, Griffith University and Cohort Innovation Space.
State government investment in the precinct’s infrastructure is driving even greater connectivity and opportunities for co-location with hospitals, which is ideal for healthcare services, health tech, and health-related industry stakeholders to connect with clinicians and their patients, the spokesperson said.
One development already taking advantage is Proxima, an $80-million children’s health and education centre of excellence within Lumina.
While Australia, like most developed nations, has an ageing population this is not the case for the Gold Coast and Proxima is set to meet the needs of the growing numbers of children and young families in the region.
It is estimated that there are more than 80,000 children (0-9 years old) currently living on the Gold Coast, with 34 per cent forecasted growth by 2041.
As more than 60 per cent of the Gold Coast’s projected population growth is expected to occur within the northern Gold Coast, Proxima, other developments within Lumina and services in the precinct are ideally placed to meet their medical needs.
“Boosted by favourable market conditions, the next round of the planned developments at Lumina are taking shape, demonstrating the strong demand for life sciences, health and technology on the Gold Coast,” the spokesperson said.
Key drivers of growth
Population and Industry data from the Australian Bureau of Statistics reveal the Gold Coast as one of Australia’s fastest growing regions in both current and future growth.
Two of the key drivers at play are population growth and a deliberate government strategy to drive diverse economic growth and knowledge job creation in the region.
The Gold Coast population is set to increase to around 1.1 million people by 2041. Much of this growth will occur in the northern Gold Coast, notably around the Southport region.
Interstate migration is a key factor, with more Australians relocating to the Gold Coast than any other region. This ballooning growth is creating demand for necessary infrastructure, as well as services to support the population’s needs.
Economic growth is also a key driver, particularly in the northern regions. The Gold Coast City Council’s vision is for diverse economic prosperity, beyond its traditional tourism industry. The region is focused on growing its health, research, education, and innovation economy.
This vision is already having an impact. Global property and investment firm CBRE in its latest analysis of the Life Sciences industry in Australia, reports that there is 10 per cent higher growth in health sector investment on the Gold Coast compared to south-east Queensland, and 14 per cent higher growth than the state overall.
In the professional scientific and technical services sector, there is also a 90 per cent growth forecast centred on the Gold Coast in 2020-21, the gain exceeding the growth rates of 75 per cent in south-east Queensland and 73 per cent in Queensland.
The tertiary education sector on the Gold Coast is being led by Griffith University, with strong enrolments in its Southport campus.
This expanding population and economic investment boom are key drivers for the need for new infrastructure, and with the planned infrastructure enhancements, savvy investors are seeing the opportunities offered by developments like Lumina in the centre of the action.
Infrastructure investment boosts accessibility
In 2020-21 financial year there has already been a $1.15 billion investment boost in Gold Coast infrastructure projects as part of the Queensland Economic Recovery Plan.
But this is just a part of the ongoing public infrastructure investment of more than $6.36 billion.
This has included targeted investments in transport infrastructure (including a $3.4 billion Gold Coast Light Rail extension), addressing accessibility and congestion. The rail extension will ensure convenient, direct public transport access around the Gold Coast and to and from its economic hubs.
Direct access to Brisbane is also being enhanced. There are planned improvements to the “Coomera Connector,” in addition to the existing M1 highway between Brisbane and Gold Coast.
Upon completion, stage one of the Coomera Connector is expected to remove up to 60,000 vehicles from the M1, which will reduce commuter travel times between the Gold Coast and Brisbane.
The airways are opening too, with a $370-million expansion of the Gold Coast airport under way to improve domestic and international airport access
Lumina is positioned to reap the benefits of infrastructure investment
Supported by over $5 billion in infrastructure investment to date, a world-class university, and two hospitals, Lumina is ideally positioned for those seeking to secure a place within its thriving community.
There is space for start-ups requiring coworking desks, and space for growing or established businesses seeking offices, multiple floors or even developers and occupants with a vision for a building of their own.
Lumina provides solutions to businesses of all sizes, stages, and specialisations. Invest today in Queensland’s growing and diversifying life sciences, health and technology sectors.