MG2
July 11th, 2004, 10:40 AM
The latest from my friends at VicUrban:
STATE SET TO BREAK $15B BARRIER AS WORK STARTS ON DOCK 5
Victoria’s building industry is set to smash another record, with building permit approvals for the 2003/04 financial year expected to hit $15 billion.
Marking the start of construction of the Dock 5 residential development at Docklands, Premier Steve Bracks said building approvals for the 11 months to May 2004 had already surpassed the total value of building approvals for the previous financial year.
He said building permit approvals for the 11 months to May 2004 stood at $13.98 billion, $100,000 more than for the full 2002/03 financial year, when total building approvals reached $13.97 billion.
Dock 5 is the first residential development at the 30-hectare Victoria Harbour precinct.
“Activity in Victoria’s building industry has reached another peak. With a month still to go, it’s likely we’ll break the $15 billion barrier for the first time,” Mr Bracks said.
Mr Bracks said the month of May marked another record for the building industry, with the value of building permit approvals reaching an all-time high of $1.4 billion.
“Up nine percent on the same time last year, May 2004 continued a trend of building approvals above the $1 billion mark,” he said.
As well as increases in commercial and retail building approvals, Mr Bracks said the latest figures showed a seven percent rise in residential approvals, which includes apartments.
Mr Bracks said a strong building industry was critical to the success of the Victorian economy and important infrastructure projects such as Docklands.
He said Victoria Harbour, Melbourne’s only peninsula, would increase the size of the CBD by 20 percent, change the face of Melbourne and enhance its reputation as the world’s most liveable city.
“Dock 5, the latest residential addition to Melbourne Docklands, will complement the Government’s vision for Melbourne Docklands as a mixed-use precinct for people to live, work and play,” Mr Bracks said.
The $153 million Dock 5 project, Lend Lease’s first residential development at Victoria Harbour, will create 765 new construction jobs and 68 permanent jobs over the next two years. The project will feature residential and retail components as part of the developer’s overall $1.8 billion, residential, commercial and retail master plan.
The start of construction on Dock 5 comes on the heels of last week’s opening of the Innovation Building at Comtechport, Docklands, a commercial building underscoring Victoria’s reputation as an IT innovator.
Other investments in Victoria Harbour precinct include the $240 million National Australia Bank headquarters and $110 million in infrastructure and other development including the Grand Plaza and Docklands Park.
Planned as one of the first high-rise buildings in Australia to achieve a 5-star energy rating, Dock 5 has been designed by award-winning Australian architect John Wardle.
Building permit approvals for May 2004 compared to May 2003 reveal:
• Domestic eased 7 per cent to $762 million;
• Residential grew 7 per cent to $107 million;
• Commercial soared 72 per cent to $276 million;
• Retail was up 30 per cent to $101 million;
• Industrial was down 18 per cent to $30 million;
• Hospital/Health-care rose 6 per cent to $23 million; and
• Public Buildings escalated 30 per cent to $109 million.
Mr Bracks said that while major projects and commercial building work contributed to May’s unprecedented figures, many other building sectors also experienced solid growth compared to the same period last year.
Victoria Harbour will be home to some 15,000 people and comprise over 2063 homes, 150,000 square metres of commercial space and 20,000 square metres of retail and entertainment facilities.
Developed by VicUrban, Melbourne Docklands has an overall development value forecast to exceed $8 billion, of which $7.4 billion will be developed under existing contractual arrangements. $2.7 billion of development has either been completed or is under construction.
What are the stats on teh other states for comparison?
MG2
STATE SET TO BREAK $15B BARRIER AS WORK STARTS ON DOCK 5
Victoria’s building industry is set to smash another record, with building permit approvals for the 2003/04 financial year expected to hit $15 billion.
Marking the start of construction of the Dock 5 residential development at Docklands, Premier Steve Bracks said building approvals for the 11 months to May 2004 had already surpassed the total value of building approvals for the previous financial year.
He said building permit approvals for the 11 months to May 2004 stood at $13.98 billion, $100,000 more than for the full 2002/03 financial year, when total building approvals reached $13.97 billion.
Dock 5 is the first residential development at the 30-hectare Victoria Harbour precinct.
“Activity in Victoria’s building industry has reached another peak. With a month still to go, it’s likely we’ll break the $15 billion barrier for the first time,” Mr Bracks said.
Mr Bracks said the month of May marked another record for the building industry, with the value of building permit approvals reaching an all-time high of $1.4 billion.
“Up nine percent on the same time last year, May 2004 continued a trend of building approvals above the $1 billion mark,” he said.
As well as increases in commercial and retail building approvals, Mr Bracks said the latest figures showed a seven percent rise in residential approvals, which includes apartments.
Mr Bracks said a strong building industry was critical to the success of the Victorian economy and important infrastructure projects such as Docklands.
He said Victoria Harbour, Melbourne’s only peninsula, would increase the size of the CBD by 20 percent, change the face of Melbourne and enhance its reputation as the world’s most liveable city.
“Dock 5, the latest residential addition to Melbourne Docklands, will complement the Government’s vision for Melbourne Docklands as a mixed-use precinct for people to live, work and play,” Mr Bracks said.
The $153 million Dock 5 project, Lend Lease’s first residential development at Victoria Harbour, will create 765 new construction jobs and 68 permanent jobs over the next two years. The project will feature residential and retail components as part of the developer’s overall $1.8 billion, residential, commercial and retail master plan.
The start of construction on Dock 5 comes on the heels of last week’s opening of the Innovation Building at Comtechport, Docklands, a commercial building underscoring Victoria’s reputation as an IT innovator.
Other investments in Victoria Harbour precinct include the $240 million National Australia Bank headquarters and $110 million in infrastructure and other development including the Grand Plaza and Docklands Park.
Planned as one of the first high-rise buildings in Australia to achieve a 5-star energy rating, Dock 5 has been designed by award-winning Australian architect John Wardle.
Building permit approvals for May 2004 compared to May 2003 reveal:
• Domestic eased 7 per cent to $762 million;
• Residential grew 7 per cent to $107 million;
• Commercial soared 72 per cent to $276 million;
• Retail was up 30 per cent to $101 million;
• Industrial was down 18 per cent to $30 million;
• Hospital/Health-care rose 6 per cent to $23 million; and
• Public Buildings escalated 30 per cent to $109 million.
Mr Bracks said that while major projects and commercial building work contributed to May’s unprecedented figures, many other building sectors also experienced solid growth compared to the same period last year.
Victoria Harbour will be home to some 15,000 people and comprise over 2063 homes, 150,000 square metres of commercial space and 20,000 square metres of retail and entertainment facilities.
Developed by VicUrban, Melbourne Docklands has an overall development value forecast to exceed $8 billion, of which $7.4 billion will be developed under existing contractual arrangements. $2.7 billion of development has either been completed or is under construction.
What are the stats on teh other states for comparison?
MG2