$85m project boosts Tasmania’s property prospects

$85m project boosts Tasmania’s property prospects

Posted on Tuesday, February 12 2013 at 11:21 AM

Tasmanian property has some longed-for good news with the State Government approving a major residential project near the capital.

Premier Lara Giddings has
announced planning approval for a multi-million dollar development on the
Claremont Peninsula 11.5 kilometres north of the Hobart CBD.

“This is a very
exciting project and one of the most significant residential developments we
have seen in southern Tasmania in recent times” she says.

The proposal is set to
provide a lift to an economy that has had to contend with a recent bushfire
disaster and lacklustre property market performance.

“It will provide a
boost to our construction industry, create hundreds of construction jobs and
stimulate the property market.”

Stage one of the project
comprises the construction of 50 three-bedroom and 25 two-bedroom apartments in
five residential towers.

The venture will
incorporate a major expansion of the existing golf club as well as a hotel and
a marina.

“This will transform
the area into a fantastic residential, tourism and sporting precinct,” she

Tasmanian Deputy Premier Bryan
Green says the project had been approved by the Glenorchy City Council but was
subject to approval by the Tasmanian Planning Commission to rezone the land
from recreational to residential and this has now occurred.

“The government has
already delivered a statewide planning template, new residential building code
and regional land use strategies. We are now also working on a new statewide
code for construction of villa units and townhouses.

“This reform is a
huge step forward and is being achieved in cooperation with local councils and
their communities.”

The news should bring some
relief to property market participants who have seen softer median prices and a
lack of buyer confidence over the past year.

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