Macquarie Point Stadium 2.0 proponents seek early Christmas present – support from the state government

Macquarie Point Stadium 2.0 proponents seek an early Christmas present – a Memorandum of Understanding with state government signed, sealed and delivered in seven weeks.

Concept drawings of a new design for a Macquarie Point Stadium by the Stadia Precinct Consortia led by Dean Coleman and Paul Lennon. Picture: SolutionsWon

Proponents of the alternative stadium at Macquarie Point have given the state government a Christmas “deadline” for jumping onboard with their innovative multi-purpose venue or risk diluting interest from key investors.

Macquarie Point Stadium 2.0 proponent Dean Coleman, of Stadia Precinct Consortia (SPC), and fellow-SPC director, former Premier Paul Lennon, said the “clock was ticking” on their proposal and urged government to show its support.

Speaking to a Public Accounts Committee hearing at Parliament House on Friday, Mr Coleman said a holistic intergenerational urban renewal project for Hobart would cost a total $2.3bn and would be built under a public-private partnership.

Stadium proponents Dean Coleman and Paul Lennon front the Public Accounts Committee at Parliament House.

It would be owned by all Tasmanians, have a “fixed price” of $750m to the government, and include a much-needed social housing component of about 311 homes.

To proceed with the project, Coleman said SPC needed the government to sign the Memorandum of Understanding on their Macquarie Point Stadium 2.0 proposal.

He said the project only becomes financially viable when the government openly gives its support.

$2.3 billion precinct-scale urban renewal project, including roofed AFL stadium, for Hobart. Stakeholder relations Paul Lennon and Managing Director of Stadia Precinct Consortia Dean Coleman at Macquarie Point. Picture: Chris Kidd

If that support came, it would be an erly Christmas present for Tasmanian AFL and AFLW fans, as well as supporters of concerts, cultural and other entertainment events.

“The risk of the project is born by the development team under a contractual commitment – the consortium wears the risk because it is a fixed price project,” Mr Coleman said.

“The interest in the project is unbelievable – I’m even blown away by it.

“There is a large international engineering and construction form, who have a significant base in Australia, that are wanting to fly down to put their hat in the ring and look at being part of the construction partner.

Concept drawings of a new design for a Macquarie Point Stadium by the Stadia Precinct Consortia led by Dean Coleman and Paul Lennon. Picture: SolutionsWon

“The financial players are salivating at the opportunity because it is a very big project.

“So we don’t want to go into Christmas – and we’re less than eight weeks away from the Christmas shut down – we would like the MOU [with the government] signed, it is paramount.”

Premier Jeremy Rockliff is “open minded” about Mac Point 2.0 but yet to be convinced.

“It’s exciting that we’ve got people wanting to invest in Tasmania,” Mr Rockliff said.

“There are key aspects of the Stadium 2.0 proposal in terms of investment in housing and a private hospital and other matters it will need to tick to provide assurances.”

Asked by the hearing about the timing of their proposed stadium, Mr Coleman and Mr Lennon both said the government must pull the trigger for the project to advance to the next level.

“The ‘go point’ is clearly securing the tier one financial partners,” Mr Lennon said.

“To secure tier one partners, it has been made clear to us by the [investors] we have spoken to so far, they want to see the government has a level of seriousness that they are interested in this proposal.

“It has been made very clear to us that they [government] are not interested in a PPP [public-private partnership] structure on the Macquarie Point Development site because they can’t see how the private sector can actually become involved.

“Until the premier is prepared to respond to the letter we provided him on October 16 in a manner that provides that comfort to the tier one financial players, primarily based in Sydney, we are not able to answer the big question on everyone’s mind – how is it to be funded?

“An MOU would be the comfort that’s required, and our letter explains to the government the comfort that is required.

“The MOU lays out the terms and the process for the interaction between the government and financial partners.

“To get people interested in a project of this size they need to see there is a level of commitment from government.”