What does a preferred development partner mean for the multi-storey car park?
Preferred development partner for the multi-storey car park – what does this mean for the Weinam Creek project?
Council has received a number of questions regarding the multi-storey car park and the recent announcement of our preferred development partner, Consolidated Properties Group.
The questions are answered below.
Why was the announcement of the preferred development partner made at this time?
The announcement on 22 February 2024 of Consolidated Properties Group (CPG) as the preferred development partner to deliver the multi-storey car park was the result of an extensive expressions of interest (EOI) campaign and evaluation of all submissions. Below is a brief snapshot of the timeline for this process.
On 19 July 2023, Council endorsed a Functional Brief in preparation of the EOI campaign for a development partner to assist in the delivery of the multi-storey car park and retail precinct within the Weinam Creek PDA. (For commercial-in-confidence reasons, these documents are confidential.)
On 9 August 2023, Redland Investment Corporation (RIC) announced the launch of the EOI campaign, which closed on 21 September 2023.
Following a review of the EOI proposals, a report was presented to Council for the selection of a development partner.
On 13 December 2023 Council resolved:
1. To endorse the Evaluation Panel’s recommendation that Proponent A is awarded ‘preferred Expression of Interest proponent status’ for the Weinam Creek Priority Development Area Redevelopment Project.
2. For Redland Investment Corporation to enter into a non-binding memorandum of understanding (MOU) with the preferred Expression of Interest proponent and continue to refine the proposal for the multi-storey carpark and mixed-use retail precinct to be agreed by Council.
3. For Redland Investment Corporation to ensure that the principles outlined in Attachment 2 are the foundation of any future commercial and contractual arrangements with the preferred Expression of Interest proponent.
4. To make a public announcement regarding the appointment of the preferred Expression of Interest proponent.
5. To continue to advocate for recognition by other levels of government that the proposed Park and Ride facility, supporting public transport services delivered by the Queensland State Government for the Southern Moreton Bay Islands and broader Redland Bay area, is not the sole responsibility of Council to deliver and fund.
6. To note the Mayoral Minute referring to Weinam Creek Park ‘n’ Ride, as tabled on 13 December 2023.
7. That this report and attachments remain confidential until the completion of the project and in accordance with legislative requirements, including maintaining the confidentiality of legally privileged, private and commercial in confidence information.
Following Council’s endorsement, RIC and Consolidated Properties Group (CPG) began negotiations to refine the terms of the non-binding MOU agreement.
On 22 February 2024, Council announced CPG as the preferred Development Partner to assist in the delivery of the multi-storey car park and retail precinct within the Weinam Creek PDA.
What is the agreed project program for delivery?
The Weinam Creek PDA redevelopment project is well underway.
Stage 1 of the project delivered more than 500 new car parks to the precinct. The following stages have included vital road and infrastructure works that are critical to providing the upgrades needed to support the completed project and the new Queensland Government Health facility.
Successful preferred development partner CPG will now complete the detailed design of the multi-storey car park and retail precinct to be presented to the new Council in the coming months.
A list of the stages of completion and estimated timeframes are listed under Weinam Creek PDA Project Milestones on this page.
How many car parks are being delivered as part of the Weinam Creek PDA?
As the preferred development partner, CPG will now complete a due diligence period and refine the detailed design proposal, which will be presented to the new Council in the coming months.
The Weinam Creek PDA redevelopment project must provide a minimum of 2,200 car parks to the precinct.
The exact number of designated car parks for Southern Moreton Bay Island (SMBI) commuters will be finalised during the detailed design phase of the multi-storey car park.
Car parks to service the retail and restaurant precinct will be in addition to the car parks for SMBI commuters.
What will be the terms for parking and what will the parking fee structure look like?
A proposed management plan for the multi-storey car park is still being finalised. The car park is proposed to be four levels high and a mix of long-term paid, short-term and disability parking. It will also have provision for car-sharing spots, electric charging bays and storage facilities for bikes and scooters. It will be sheltered, secure and provide elevator/disability access to the Marina Redland Bay ferry terminal.
Council is aware island residents are seeking clarity on the future cost and will provide that as soon as practical. Keep in mind construction is not planned to start until mid-2025 and the detailed design proposal is yet to be presented to Council.
Council needs to ensure the management model is right before committing to costs. Council’s commitment is that car parking will be charged at an appropriate market rate. Council is aware of the cost implications and the need to keep car parking in the area viable for those who need it most.
Funding and operating model options for the new multi-storey car park are currently being prepared by Redland Investment Corporation, in conjunction with preferred development partner CPG, for Council’s consideration. This information will likely be released in mid-late 2024, following the detailed design and due diligence phase.
Council welcomes the interest from the Queensland Government and appropriate additional funding support to keep the cost of parking at this vital park-n-ride facility viable for our Southern Moreton Bay Island communities.
Should you have any queries regarding the Weinam Creek PDA redevelopment project, please submit your queries through the Questions tab above.
ENDS
