Cairns Regional Council votes to waive $1.1m infrastructure fees for Lake Street unit developer

A Cairns developer’s CBD vision is now one step closer to realisation after the council voted to waive $1.1m in infrastructure costs for the project.

Bryant Developments is proposing a 13-storey development with 55 units, retail, offices, health care services and restaurants at the corner of Lake St and Florence St. Picture: Supplied.

A Cairns developer’s vision for 55 new apartments in the CBD is now one step closer to realisation after the council voted to waive $1.1m in infrastructure costs for the project.

Cairns Regional Council received a request to waive infrastructure charges on behalf of Bryant Developments under its Covid investment incentive and unanimously supported the application at its ordinary meeting on Wednesday.

The development will be built on three existing lots on the corner of Lake and Florence streets, diagonally opposite the Cairns Aquarium.

The plan had previously hit a snag when Bryant lodged a development application for the site that was approved in 2014. along with the waiver for infrastructure charges.

But the project was put on hold and the application lapsed in 2018.

Division 4 councillor Terry James said the council was in agreement the project should now go ahead.

Division 4 councillor Terry James, pictured here at Council’s January 25 meeting, said it’s important to incentivise developments that hired locally. Picture: Isaac McCarthy

“We always want to incentivise development in our CBD,” Cr James said.

“The money is going to stay local because this is local investment into local builders.”

To be eligible for the incentive, a development must commence and have 80 per cent of the project’s value completed before June 30 – the end of the policy period.

The report prepared for the council by Ed Johnson, council’s director of planning, stated the project didn’t meet all requirements of the policy as 80 per cent of the project value would not be completed. But, the report recommended the incentive request be approved anyway as the infrastructure agreement could ensure at least 80 per cent of the workforce would be local contractors.

“The development would have a positive impact on the local and regional economy during construction. Should development proceed, it would inevitably result in more people living in the Cairns CBD, provide additional housing options and may be seen to increase confidence from developers for similar developments,” the report stated.

Division 5 councillor Amy Eden raised the need for a potential sunset clause on council’s latest decision to progress the Lake St development. Picture: Isaac McCarthy

Bryant lodged its revised application in 2021, citing improved market conditions.

In June 2022, the council requested further information on the project’s concept.

In Wednesday’s meeting, Division 5 councillor Amy Eden raised the need for a potential sunset clause on council’s latest decision to progress the development.

Cr James said the point of the incentive was to get the project moving.

“A sunset clause could be added in negotiations under the resources performance agreement,” he said.

The median price for a unit in Cairns City between February 2022 and January 2023 was $420,000, a growth of 9.1 per cent on the past 12 months but down from $435,000 in February 2019, according to realestate.com.au.

Almost 200 units have sold in Cairns City in the past year.

Originally published as Cairns Regional Council votes to waive $1.1m infrastructure fees for Lake Street unit developer