Uncertainty over Macquarie Point plans

MACQUARIE Point’s $250 million of developer interest hangs in the balance as new permanent chief executive Mary Massina takes control of the site’s reset.

Macquarie Point Development Corporation chief executive Mary Massina. Picture: SAM ROSEWARNE.

MACQUARIE Point’s $250 million of developer interest hangs in the balance as new permanent chief executive Mary Massina takes control of the site’s reset.

The fate of 74 expressions of interest received under the binned original masterplan remains a mystery as Ms Massina focuses on clearing a range of planning hurdles.

An EOI process closed in April last year, with former Macquarie Point Development Corporation (MPDC) chief Liz Jack revealing proposals totalling $250m had been lodged.

No other details have ever been released about the EOIs.

The State Government dramatically reset the vision for the site last December, embracing Mona’s concept of a Truth and Reconciliation Art Park.

But how the lodged EOIs fit into the new vision is yet to be addressed.

Ms Massina was last week appointed permanently to the CEO role she has held in an interim capacity since January.

She has declined to disclose how many of the original 74 proponents remained committed to Macquarie Point and what kind of development had been proposed.

“The EOI process commenced under the former masterplan has now closed,” Ms Massina said in a statement to the Sunday Tasmanian.

“Due to the commercial in confidence nature of the EOIs we are unable to provide a list.”

Former CEO Liz Jack asked proponents to take part in a more intensive “request for proposal” phase.

Developers were expected to provide more information about their projects’ financial viability and design before lots were made available to bid on.

EOIs had been received from local, national and international proponents, Ms Jack said last year.

Leading commercial property consultant Mark Devine, of LJ Hooker, said the proponents were likely to be losing patience with a process now considered a 30-year plan.

“If you don’t entertain the approaches of the people you’ve gone out to engage with, then those people will go and take their capital and their ideas somewhere else,” Mr Devine said.

“You run the risk of alienating the market that you’ve tried hard to stimulate.”

Mr Devine said a firm decision on the $145m relocation of the adjacent sewage works would encourage investors to stick with the site.

“The reality is it’s not the only site nationally or internationally, and the world’s a small place,” he said.

“The people who are investing in Hobart are equally investing in other major metropolitan cities in Australia, Asia and around the world.”

Property Council state director Brian Wightman welcomed predecessor Ms Massina’s appointment and the positive public response to the Mona vision.

“Investors and developers will follow with enthusiasm if the corporation can deliver a level of confidence which encourages the private sector to act,” Mr Wightman said.

Separate to the EOI process, UK eco-tourism proponent the Eden Trust continues to engage with the MPDC, Ms Massina said.

Eden’s most recent annual report said it had been hopeful of announcing an Australian project in 2016-17.

The discarded Macquarie Point masterplan cost $343,000, it was revealed during estimates hearings, $100,000 more than first envisaged.