Page 116 - Week 01 - Wednesday, 14 February 2018
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needed to revitalise the C and D-grade buildings, many of which have been left empty by the commonwealth. There was certainly a lot of collective joy in the Woden community in response to reports that the Alexander and Albemarle buildings may be repurposed into residential apartments, though of course we await detailed plans to be brought forward.
As our population grows, and it is now at 7,000 people per year, we must have increased density, and urban densification should be focused in our town centres. In Woden’s case, having people living in the town centre core will help to revitalise the area, local businesses, cafes and restaurants.
The independent planning and land authority recently approved the transit-oriented residential development at 15 Bowes Street in Phillip. Not only is this one of the first residential developments directly in the town centre core but also it is next to Woden bus interchange and the future site for the light rail stop, providing residents with direct access to public transport. It will see an addition of 700 residents living in the core area, providing increased after-hours activity, surveillance of public spaces and additional retail space fronting on to the bus station, providing demand for existing businesses in the area and improving the general character of the eastern edge of the town centre. And there is huge opportunity, with light rail coming to this site, to see further improvements made to the bus interchange to integrate those services and new developments around it.
More residences will also help to provide a variety of living options for people in Woden: for young people looking for apartment living close to services and transport, and for older residents looking to downsize as well. So private investment in the regeneration of Woden town centre is part of the solution for making the town centre a more vibrant precinct for people to live, work and recreate in.
The government is aware that the territory’s tax policies are one of many factors that impact on the decisions to develop or redevelop precincts like Woden. Along with the issues like zoning and planning rules, construction costs and market demand, tax settings, such as those in relation to the lease variation charge, do play a part in determining the development mix in Canberra.
In a market as complex and significant as the property market, it is very important to ensure our policy settings are properly calibrated and working in the same direction as the government’s and community’s broader objectives. If we are keen to accelerate urban renewal in Canberra’s town centres then we need to make sure that there are not unreasonable hurdles in front of development.
The government has been talking to industry and other stakeholders about how the ACT’s current policy mix interacts with development decisions. Both the Chief Minister and the minister for planning have previously indicated being open to some reform of LVC, and this was certainly part of the discussions that we had at the Woden roundtable that we hosted last year.
The government has been very clear that it supports the principle of the lease variation charge, that the community should have a share in the windfall gains associated with
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