Investments set to make a difference to our economy
CLEAN energy projects and property developments are behind $7.9 billion worth of investments into Tropical North Queensland’s economy this year.
The Cairns Chamber of Commerce’s 2016 list of Far North Queensland’s major projects and investments sits at a third of last year $21.5 billion projection.
This is the third year that the Cairns chamber has released a list of investments and projects, however it is the first time the list has been split into three sections.
The first section outlines the ongoing $7.9 billion worth of investments, while the second section has unconfirmed projects and the third chronicles completed projects.
Chamber chief executive Deb Hancock said the list only identified projects over $5 million in value. “Since the list was last released a number of projects have been completed and removed from the list,” she said.
“It is important that everyone is aware of how many projects are either currently under construction or are in the development pipeline.”
The Aquis Great Barrier Reef Resort project has been moved down the list into “unquantifiable/unconfirmed projects, with the estimated value plunging from $8.15 billion last year to $2 billion.
In the meantime, eco-tourism venture KUR-World’s investment into the economy is marked to bring $650 million to the Far North from 2016 to its 2026 completion.
The development is projected to deliver 545 construction jobs and 600 operational jobs.
Ms Hancock said the number of jobs generated by the projects was set to increase further as details from the developments were finalised.
“The recently proposed projects and investment, and those already in the construction phase, are expected to support more than 11,084 jobs during construction and more than 11,821 jobs operationally, with some projects yet to determine the amount of jobs to be created overall,” she said.
Ms Hancock said other projects were not included due to their “confidential nature”.
INVESTMENTS SET TO MAKE A DIFFERENCE TO OUR ECONOMY
James Cook University will invest $40m to develop the 300-bed accommodation on its Smithfield campus.
Wilson Architects are working with ADCO Constructions to build a $40 million, 300-bed accommodation facility at James Cook University Cairns Campus. The 9450 square metre, seven-storey building will generate 400 jobs during the construction period. The ground floor of the building will built for retail and restaurants.
Artist’s impression of the Lakeland Solar and Storage Project.
The Lakeland Solar and Storage project will give 70 workers jobs for over nine months. The solar project will be situated on Butcher’s Hill and over 30 hectares of land. The power generated at Lakeland will feed directly to Ergon Energy. The project is worth $75 million to the Far North economy.
Artists impression of the Cairns Aquarium.
Making a splash
The $50 million Cairns Aquarium will be completed in April next year. The facility will provide 650 over the construction period.
An artist’s impression of the view from the corner of Grafton and Florence streets of Cairns Regional Council’s proposed Cairns Performing Arts Centre – the centrepiece of its $65 million The Precinct project.
The Cairns Performing Arts Centre will provide 200 jobs during peak construction on the $66.5 million development.
A proposal for a wind farm at Mt Emerald, Mareeba, is expected to generate enough power for 75,000 homes on the Tableland and Cairns.
Winds of change
The $360 million Mt Emerald Wind Farm will give between 100 and 150 people jobs during construction, which includes erecting 63 turbines.
This Article is an extract from The Cairns Post written by Danaella Wivell
Property Friends is a specialist Property Investment Advocacy that has been operating for the last 13 years on the basis of 3 principles: Trust, Community & Progress. www.propertyfriends.com.au (03) 9758 5331
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