Massive $250m Capalaba town centre project on track for 2023

One of the biggest developments ever planned for the bayside has moved closer to a 2023 start after Council and a Taiwanese billionaire inked a deal. The project includes restaurants, a village green, arts centre and better public transport. SEE THE PLANS

Artist's impression of the Capalaba Town Centre project.

Redland Mayor Karen Williams has confirmed Council recently signed a development agreement for a $250 million town centre project at a 1.55ha site in the heart of Capalaba.

In March, 2020, Council announced Shayher Group as the preferred expression of interest (EOI) proponent for the key project.

The Capalaba Revitalisation Project would transform the area behind Capalaba Central Shopping Centre into the urban heart of Capalaba, with a formal development application now likely to be lodged next year.

Shayher also owned the adjacent shopping centre, which it bought in 2015 from interstate development giant Dexus for $149 million.

“The agreement for the commercial hub of Capalaba will see delivery of a $250 million project that incorporates exemplar public spaces including community assets such as a new library, customer service centre, arts centre and community hall,” Ms Williams said.

Artist's impression of the Capalaba Town Centre project.

“This will be complemented with a renewed public realm that is activated and innovative, using best practice architecture and subtropical design.

“The Capalaba Town Centre Revitalisation Project, which will accommodate employment uses supported by a diverse mix of dining, retail and entertainment uses to create a day/night economy, will also deliver improved pedestrian and vehicular connectivity in the urban heart.”

Shayher Group paid $148.5 million for Capalaba Central shopping centre in 2015.

The town centre would also feature an entertainment and restaurant precinct, including a village green with a large screen, retail and mixed use residential and commercial areas, new library, customer service centre and community hall.

The existing Capalaba Bus Interchange would be upgraded.

The next stages of the process were detailed designs and development applications, likely in 2023.

Only last week, Brisbane City Council approved a controversial Shayher project to transform the old Bulimba Barracks riverfront naval base, which it bought for $20 million, into a housing estate.

Shayher Group boss John Lin.

Shayher Group, headed by Taiwanese billionaire John Lin, has extensive experience with mixed-use developments such as the Brisbane Quarter precinct, the former CSIRO site in Indooroopilly and the former government landholdings at Northshore Hamilton.

Mr Lin said the project would bring together employment generators and community facilities in an “innovative’’ public space.

Redland City Council has engaged Redland Investment Corporation to oversee the town centre.

The development agreement it has signed with RIC and Shayher Group would allow the process to move to the next stage, the detailed planning and DAs.

Artist's impression of the Capalaba Town Centre project.

RIC Chief Executive Officer, Peter Kelley, said it held an extensive Expression of Interest campaign calling for proponents from the private sector.

“The Capalaba Centre Master Plan, adopted by Council in 2010, identified key areas of need at Capalaba, which holds tremendous potential as the entry into Redlands Coast,” Mr Kelley said.

“The key areas included an active town square, a need to improve pedestrian movement and repositioning Capalaba as a primary employment, transit, and mixed-use development centre.

“Shayher Group presented an exciting and dynamic proposal that will bring much-needed infrastructure and improve connectivity, creating a mixed-use precinct in Capalaba.”

Details of the draft masterplan for the Capalaba Town Centre Revitalisation Project are at: redland.qld.gov.au/CapalabaProject