The Brisbane Inner City Investment
Prospectus
July 2014
Invest in Fortitude Valley
Welcome
Fortitude Valley statistical area level 2 (SA2) has been identified as a key investment location
within Brisbane Inner City. This supplement provides a snapshot of key economic and investment
indicators for Fortitude Valley and has been produced as part of the Brisbane Inner City
Investment Prospectus.
Fortitude Valley lies immediately northeast of the Brisbane Central Business District (CBD). The
area is characterised by a rich tapestry of new and old buildings, vibrant streets and lanes, and a
diverse culture that make it a unique and popular place to live, work and visit.
In 2012, Lord Mayor Graham Quirk consulted with Valley Malls tenants and traders to discuss
their ideas for the future of the precinct. At the request of these stakeholders, Brisbane City
Council committed to investing $4 million into the refurbishment of Brunswick Street Mall.
Completed in July 2014, the revitalised area presents a vibrant mixed-use precinct that includes
residential and tourist accommodation, nightclubs, live music venues, cafes, restaurants and
retail businesses. The Lord Mayor also appointed the Fortitude Valley Economic Development
Board in 2013. The board, comprising private sector representatives, provides advice on
economic development in the area and plans to revitalise Fortitude Valley.
Known locally as ‘the Valley’, it is renowned as one of Brisbane’s premier entertainment hubs,
well-known for its atmosphere characterised by live music, nightclubs and the arts. In July 2006,
the Valley was designated as Australia’s first Special Entertainment Precinct to protect the future
of the music-based entertainment industry without exposing local residents or businesses to
unreasonable levels of amplified music noise. The area is also home to a variety of restaurants,
cafes, commercial businesses and residential buildings that all contribute to the diversity of the
local community and visitors to the area.
Fortitude Valley plays a vital role in the growth of Brisbane’s economy. It provides an extension to
the commercial function of the CBD, while ensuring the cultural heritage of the area and the
Special Entertainment Precinct are maintained and enhanced. According to 2013 Australian
Bureau of Statistics (ABS) data, there are 1875 registered businesses in Fortitude Valley.
The Fortitude Valley local population can be characterised as well-educated, high-income
earners, mainly consisting of couple families with no children that reside in apartments. Future
growth and development is evident with a number of residential and non-residential development
and building approvals being granted for the area.
Location
The Fortitude Valley Neighbourhood Plan came into effect on 1 October 2010. The plan is now a
legal document and forms part of Brisbane City Plan 2014.
Neighbourhood plans can help facilitate economic prosperity, protect character development,
provide for open space, include standards for new development and reflect improved
infrastructure such as new transport routes. The Fortitude Valley Neighbourhood Plan sets out
how land can be used and developed over time and seeks to:
• reinforce Fortitude Valley as a major entertainment, cultural, tourism, retail and business centre•
support growth and increased building heights
• establish a ‘special context area’ that protects character and heritage
• improve the public domain with wider footpaths, cross-block links, small-scale spaces and new
public spaces • reinforce a strong link between land use and public transport
• extend the Special Entertainment Precinct buffer.
Fortitude Valley is home to some of Brisbane’s landmark retail and cultural destinations including
Brunswick Street Mall, Chinatown Mall, James Street precinct, Emporium precinct and the
Homemaker Centre precinct.
Brunswick Street Mall is a pedestrian mall that offers retail, dining and entertainment options, day
and night. The mall’s centre stage provides an open-air venue for live entertainment.
Chinatown Mall is a hive of activity that draws locals and visitors for its abundant alfresco dining
options and lively program of festivals, events and performances held year-round.
The pedestrian mall re-opened in 2010 after undergoing extensive refurbishment.
The James Street precinct has emerged from the area’s industrial past to become a destination
well-known for its boutiques and high-end retail offerings. This retail and lifestyle precinct is also
home to a variety of dining options and Palace Centro cinemas. Key retail centres are James
Street Markets and Centro on James.
The Emporium precinct offers luxury retail and dining, and includes a boutique hotel, residential
apartments, fashion retailers, cafes and restaurants.
The Homemaker Centre precinct is strategically located with frontage to two of Fortitude Valley’s
busiest streets, Ann Street and Wickham Street. This location provides excellent exposure for
tenants. Servicing the growing need for bulky goods retail to the growing inner-city population, the
Homemaker Centre has 10 anchor tenancies and 23 specialty retailers.
Population and growth projections
Fortitude Valley will see steady population growth over the next 25 years. Population in 2011 was
5545 people and is forecast to increase to 16,334 people by 2036 (see Figure 1).
The median age for residents of Fortitude Valley in 2012 was 31.1 years, significantly below the
Greater Brisbane (greater capital city statistical area) median age of 35.1 years. The age profile
of Fortitude Valley is illustrated in Figure 2 below.
The population of Fortitude Valley is characterised as mainly couple families with no children (see
Figure 3), almost all of which reside in apartments. Seventy per cent of occupied private
dwellings in Fortitude Valley are rented, which is significantly higher than the proportion across
Greater Brisbane.
Residents of Fortitude Valley are well-educated with 74% of the population aged 15 years and
over holding post-school qualifications, around half of which hold a bachelor degree or higher.
In the 2011 Census, approximately one-third of the population of Fortitude Valley indicated that
they were born overseas. Less than 5% of those born overseas indicated they spoke English not
well or not at all when asked about their proficiency in spoken English.
The residents of Fortitude Valley are employed across a wide variety of occupations. The topthree occupations identified in the 2011 Census were Professionals, Clerical and administrative
workers and Managers. The occupation profile of Fortitude Valley is illustrated in Figure 4 below.
Employment forecasts and business information
In 2013, 1875 businesses were registered in Fortitude Valley. The top-ten industries by business
count for employing businesses in Fortitude Valley are illustrated below (see Figure 5).
Employment in Fortitude Valley is forecast to reach 32,362 people by 2031, a growth of 11,769
people (57%) from 2011.
The top-five employing industries in Fortitude Valley (see Figure 6) will contribute almost threequarters of total employment growth for the area.
Availability of skilled workers is important for the area. Workers in Fortitude Valley commute from
various locations. The top-three locations in which workers live are New Farm, Newstead- Bowen
Hills and Hills District. The journey-to-work profile for Fortitude Valley is illustrated in Figure 7.
Building and development activity
In the 12 months ending 31 March 2014, there were 401 dwelling units in new residential
buildings approved in Fortitude Valley, with a total value of $90 million.
The total value of non-residential building approvals in Fortitude Valley SA2 in the 12 months
ending 31 March 2014 was $69 million.
There are a number of projects currently under construction in Fortitude Valley including
Wickham 358. Scheduled for completion in mid-2015, the development will be a 15-storey
commercial tower providing 22,100 square metres of net lettable area commercial space and 783
square metres of retail space at ground level.
The recently opened Alpha Mosaic Brisbane Hotel is an 18-storey mixed-use tower that includes
residential, retail, commercial offices and a boutique hotel. The development offers 51 hotel
rooms and 213 self-contained residential apartments.
Opened in November 2013, M&A James Street is a mixed-use development in Fortitude Valley
featuring a twin tower apartment block comprising 234 one and two-bedroom apartments over 21
levels. The development also consists of a commercial tower, known as 825 Ann Street, which
has provided an additional 17,500 square metres of A-grade commercial office space.
A $600 million Elenberg Fraser-designed building bordering Brunswick Street, Alfred Street and
Barry Parade was approved in June 2014. Scheduled for completion in 2017, the building will
include 900 apartments, a 90-room 4.5 star hotel and a ground-floor retail precinct.
Growth in floor space
Available floor space in Fortitude Valley was estimated to be more than 830,000 square metres
and is expected to increase by more than 50% by 2031 (see Table 1).
Table 1 - Floor space forecasts Brisbane City, 2011-2031
2011 Floor
space
estimate
(m2)
2016 Floor
space
forecast
(m2)
2021 Floor
space
forecast
(m2)
2026 Floor
space
forecast
(m2)
2031 Floor
space
forecast
(m2)
Retail
295,145
322,135
359,792
404,867
425,734
Commercial
151,435
168,030
187,499
209,919
226,581
Industrial
149,424
156,818
160,017
167,957
173,019
Community purpose
221,981
266,884
316,063
376,838
435,721
Other
12,202
11,900
11,882
11,759
11,586
Total
830,188
925,767
1,035,253
1,171,340
1,272,641
Brisbane City
Source: Queensland Government, Department of Transport and Main Roads, Employment
Projections converted to floor space by Brisbane City Council.
Publication information
To receive up-to-date information to help grow your business subscribe to Economic
Development updates by emailing economic_development@brisbane.qld.gov.au
To have this information translated, call 131 450 and ask to speak to Brisbane City Council on 07
3403 8888.
Published by Brisbane City Council, GPO Box 1434, Brisbane QLD 4001
For more information:




visit www.brisbane.qld.gov.au/citycentremasterplan
visit www.Facebook.com/BrisbaneCityCouncil
call 07 3403 8888
Tweet Council @brisbanecityqld
Publication number CA14—627046-03-399 © Brisbane City Council 2013.