Maha Sinnathamby’s Springfield City Group has appointed Moelis Australia to lead the global search for a development partner for its $88 billion Springfield masterplan, west of Brisbane.
Located in one of Australia’s fastest-growing growth corridors, Springfield was privately established in 1992 on 2,860 hectares of Ipswich land by Sinnathamby and his deputy chairman Bob Sharpless.
Sinnathamby said the group is seeking a partner, or consortia of partners, to effectively “finish” building the city, fast-tracking the economy’s growth and building greater amenity for residents.
“The cornerstones are already in place: the transport links are built; there are eleven schools, a university and a hospital—the hard work has been done.”
About 25 per cent of Springfield’s development has been completed so far, much of it through long-term partnerships with Australian property groups Lendlease, Aveo (recently acquired by Brookfield) and Chinese major corporate R&F properties.
Planning approvals for 2,685,600sq m of mixed-use development is in place, making Springfield Australia’s largest masterplanned city.
At least $18 billion dollars has already been invested, with a further $70 billion needed to fully realise the masterplan.
Strong interest in the city’s health and education assets is anticipated: the Mater hospital, with approval for 1,200 beds anchors the 52-hectare health precinct; and a University of Southern Queensland campus is the centrepiece of an 18-hectare education precinct with capacity for 10,000 students.
The city is also home to Mirvac’s Orion shopping centre, and is slated as the future headquarters of the Brisbane Lions AFL team.
Connected to the Brisbane CBD and Brisbane Airport by rail and freeway, Greater Springfield is currently home to 43,000 residents, with the population projected to grow to 115,000-plus residents by the year 2036.
Urbis national director of design James Tuma said greater Springfield is a global benchmark for city creation, offering greenfield space, access to a young, aspirational population, and a pipeline of opportunities in a strong growth market.
“The south west corridor of south-east Queensland is one of the highest performing growth corridors in the country, with government projections indicating it will grow faster and sooner than all others in the region,” Tuma said.
Multinational energy conglomerate Engie is on board with Springfield as part of a 50 year strategic alliance to invest in renewable energy generation and storage infrastructure, district energy schemes, green mobility solutions, energy efficiency initiatives and a dedicated research and innovation centre.
Sinnathamby said he and Sharpless felt the time was right to turbo charge the city’s success, bringing Moelis on board because of their global credentials and successful track record in the property sector.