The Brisbane Inner City Investment Prospectus July 2014 Invest in Paddington- Milton Welcome Paddington-Milton 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 Paddington-Milton and has been produced as part of the Brisbane Inner City Investment Prospectus. Paddington-Milton is located adjacent to the Brisbane Central Business District (CBD). Paddington and Milton are significantly different locations. Paddington is known as a residential area with strong retail and entertainment precincts. Milton is a higher-density, transit-oriented area where people can live, work and play in close proximity to public transport and in a pedestrian and cyclist-friendly environment. Milton is home to prominent landmarks such as Suncorp Stadium and the XXXX (pronounced fourex) Brewery. Suncorp Stadium is a state-of-the-art, world-class stadium that hosts many of Brisbane’s premier sporting and music events and has a seating capacity of 52,500. The stadium is also home to the Lang Park Police Citizens Youth Club. The XXXX Brewery has been in operation since 1878. The heritage significance of the brewery has been recognised and its operations have been protected by the Queensland Government. The former Milton Tennis Centre site is being rejuvenated to provide a 3.5 hectare inner-city parkland named Frew Park. This parkland will provide significant open space and improved amenity to the local area and is scheduled for completion in late 2014. There are 2548 registered businesses in Paddington-Milton according to 2013 Australian Bureau of Statistics (ABS) data. The local population of Paddington-Milton can be characterised as well-educated, high-income earners, mainly consisting of couple families with no children that reside in a variety of dwelling types. Future growth and development is evident, with a number of residential and non-residential development and building approvals being granted for the area. Location Paddington-Milton is covered by three neighbourhood plans – Milton Station Neighbourhood Plan, Milton Neighbourhood Plan and Latrobe and Given Terraces Neighbourhood Plan. The Milton Station Neighbourhood Plan came into effect on 1 January 2011. 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 Milton Station Neighbourhood Plan sets out how land can be used and developed over time and seeks to: • promote the integration of land use and transport • facilitate increased housing and business opportunities • provide new public space • increase densities and building heights • ensure a mix of land uses • retain the open cafe nature of Park Road • promote subtropical and sustainable design • deliver streetscape improvements. The following objectives underpin the Latrobe and Given Terraces Neighbourhood Plan: • Respect and enhance the local ‘timber and tin’ hillside character. • Ensure Latrobe and Given terraces will continue to perform a multi-purpose transport role. • Ensure development does not increase the use of residential side streets for car parking and minimise the intrusion of non-residential traffic into these streets. The Milton Neighbourhood Plan outlines its key objectives as seeking to: • ensure a high-standard, urban, mixed-use environment • enable new developments to capitalise on the area’s excellent locational benefits • encourage development to have a focus on and use of the Brisbane River. Paddington-Milton can be divided into a number of key precincts including Paddington shopping and entertainment precinct, Rosalie Village precinct, Park Road cafe and restaurant precinct and Milton commercial precinct. The Paddington shopping and entertainment precinct has a distinct ‘village feel’ and is located along Caxton Street, Given Terrace and Latrobe Terrace. Park Road is Brisbane’s original outdoor dining and cafe strip. The area is located in the heart of Milton’s mixed-use centre precinct. The Milton commercial precinct is bounded by Milton Road, Coronation Drive and Cribb Street. Future development in the precinct is expected to mostly accommodate office development that is highly accessible to a range of public transport options, the CBD and other residential and entertainment activities. Population and growth projections Paddington- Milton will see steady population growth over the next 25 years. The Population in 2011 was 10,663 people and is forecast to increase to 14,377 people by 2036 (see Figure 1). The median age for residents of Paddington- Milton in 2012 was 31.7 years, significantly below the Greater Brisbane (greater capital city statistical area) median age of 35.1 years. The age profile of the area is illustrated in Figure 2. The population of Paddington- Milton is characterised as mainly couple families with no children (see Figure 3) and almost all reside in apartments. Almost 30% of the private dwellings recorded on Census night 2011 were apartments, which was significantly higher than the 12% across Greater Brisbane. Residents of Paddington- Milton are well-educated, with 72% per cent of the population aged 15 years and over holding post-school qualifications, almost two-thirds of which hold a bachelor degree or higher. In the 2011 Census, 2338 residents (23.4%) of Paddington- Milton indicated they were born overseas, which was very similar to the average across Greater Brisbane. Almost two-thirds of those born overseas indicated they spoke English only, which was a much higher proportion than across Greater Brisbane. The residents of Paddington- Milton are employed across a wide variety of occupations. The topthree occupations identified in the 2011 Census were Professionals, Managers and Clerical and administrative workers. The occupation profile of Paddington- Milton is illustrated in Figure 4. Business information In 2013, 2548 businesses were registered in Paddington- Milton. When classified by employment size, seven businesses were large and 126 medium. In comparison to the average across Greater Brisbane, the area has a higher concentration of medium businesses. The business count for Paddington- Milton by turnover range notes that 17% of the businesses have a turnover greater than $500,000 and less than $2 million, compared with 14% for Greater Brisbane, and 11% of businesses have a turnover of $2 million or more, compared to almost 6% for Greater Brisbane. The business counts for Paddington- Milton by employment size and turnover range are illustrated below in Figure 5 and Figure 6. The top-ten industries by business count for employing businesses in Paddington- Milton are illustrated below (see Figure 7). Employment forecasts Employment in Paddington- Milton is forecast to reach 24,457 people by 2031, a growth of 6665 people (37.5%) from 2011. The top-five employing industries in Paddington- Milton (see Figure 8) will contribute the majority of employment growth for the area. Significant employment growth is also expected in the Cultural and recreational and Personal services industries. Availability of skilled workers is important for the area. Workers in Paddington- Milton commute from various locations. The top-three locations that workers commute from are The Gap, Toowong and Bardon. The journey to work profile for Paddington- Milton is illustrated in Figure 9. Building and development activity In the 12 months ending 31 March 2014, there were 394 dwelling units in new residential buildings approved in Paddington-Milton, with a total value of $141.7 million. The total value of non-residential buildings approved in the region in the 12 months ending 31 March 2014 was $13.8 million. Gambaro Hotel on Caxton Street opened in early 2014 adding 63 hotel rooms to the market. Paddington-Milton is far from seeing the end of a suburb renewal. A number of key projects have been lined up for completion across 2015 and into the future. Westmark Milton is a 20-storey luxury development by Walker Corporation due for completion in 2015, which will include 171 designer apartments. Siena is a boutique apartment project containing 49 apartments over 10 levels. With an expected completion date in 2015, Siena had already sold all apartments by settlement in mid-2014. Other key developments in Milton include CDOP7 Milton and The Milton. CDOP7 Milton, otherwise known as Coronation Drive Office Park 7, is a 12-storey commercial tower project by AMP Capital due for completion in 2015. This project will provide 27,718 square metres of Agrade office space, eight ground-level retail tenancies and an urban common resulting in 30,885 square metres of net lettable area. Construction commenced in 2013 on The Milton, a transit-oriented development. Integrating with the Milton railway station, the $210 million project is a 30-floor mixed-use tower which includes 298 luxury apartments, 1200 square metres of premium office suites, and 1200 square metres of street-level niche retail space. Completion is expected in 2015. Growth in Floor space Available floor space in Paddington- Milton in 2011 was estimated to be more than 790,000 square metres and is expected to increase by one-third 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 231,792 254,595 264,481 274,161 278,002 Commercial 153,683 173,129 183,230 194,227 201,618 Industrial 186,963 192,493 191,070 191,762 194,703 Community purpose 207,703 257,351 294,404 332,915 374,487 Other 10,267 9,332 8,405 8,067 7,870 Total 790,409 886,900 941,589 1,001,132 1,056,681 Paddington- Milton 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 firstname.lastname@example.org 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 CA14-627046-03-401 © Brisbane City Council 2014.