the valley brief

Director, Fentmont PTY LTD

How long have you been based in the Valley?
I was born in the Valley in 1964 and have either lived or worked here ever since.
Why did you base your business in the Valley?
My father purchased the California Cafe in 1952, a few years after arriving from Cyprus. Since 1971 the family company has purchased commercial properties in the area on Brunswick Street, including Carols Corner, and a few on Ann Street. I assist in managing the family operations, and am proud of what we have achieved in nurturing start-up businesses and especially fashion designers and boutiques which have made the Ann Street strip a Brisbane icon.
What other ties do you have with the Valley?
I am on the Mall’s Advisory Committee, a member of the Valley Chamber of Commerce and part of their Valley Property Group.
How has the Valley changed in that time?
The Valley has evolved into a vibrant multicultural community that has become Brisbane’s soul, from the early part of the century’s heydays as the Brisbane hub of retailing into Brisbane’s music capital. I would like to see property owners of heritage buildings, and those who rent out their shops for below market value so that young people can still have their dream of starting a business, be rewarded with reduced land tax and rates. Otherwise with no incentive to keep rents down it will be just the mainstream operators who can afford to be here.
What is your vision for the Valley?
Within ten years the Valley will be a place where the streets will be traffic-calmed and tree-lined, high-rise buildings will blend with the old, and small and independent businesses will complement the mainstream. Businesses like architects, web designers and the tech sector will flourish, and students and workers will continue to enjoy the cosmopolitan lifestyle and live work, study and play, all in a bustling environment.

The Valley is to become the epicentre of several major urban-renewal developments, and a key to their connectivity in terms of business services and transport. The 16.4ha Newstead Riverpark masterplanned by Mirvac and FKP, together with the redevelopment of the RNA Showgrounds, Watpac’s proposed 35,000sqm Waterloo Junction and the Howard Smith Wharves redevelopment, are major reasons why all levels of government are keen to ensure that future plans enable a strong link between all the surrounding precincts and the Valley. Add Leighton Properties’ 512 Wickham Street project (38,000sqm commercial and 3,292sqm retail) and the proposed Valley Metro commercial office development by Lend Lease to these adjacent developments, and over 10,000 new workers and residents will be drawn to the area over the coming years. Robert McDonald, GM for Watpac Property believes the Valley’s location, together with an unprecedented office market has allowed it to grow into a genuine option for commercial users. “Our vision for the area is the first installment in an urban corridor that links the CBD with the Brisbane Airport precinct. The area will provide infrastructure that would equal, or even surpass, those currently available in the CBD.”

There are currently 106 buildings listed on the BCC City Plan Heritage Register and 75 listed on the Character Register for Fortitude Valley, which was last amended July 2005. Knowing that heritage is a hot topic and property owners are conscious of the effects on future property values, Greg Sheehan from The Buchan Group is providing pro-bono services to the Valley Property Owners Group, to assist them in understanding the implications of any changes to the current heritage plan. Of current concern, is which buildings on the Character Register will be upgraded to heritage, as this has major ramifications for the owners of these properties. Greg will be liaising with Urban Renewal Brisbane on prospective changes.

The current Inner North Eastern Suburbs Infrastructure Charges Plan (ICP), which incorporates Fortitude Valley, is being evaluated as part of the LGMS. In its last revision in 2001, ICP included sewerage, water, waterways, community purposes such as neighbourhood centres and parks, and transport infrastructure including upgrades to roads, intersections, land acquisition, pedestrian and cycle paths, bus shelters and ferry terminals. ICPs at inception accounted for approximately 5% of development costs and if they continue to increase (30% increase since 2001 from $1.03 per ICU to $1.42) property developers are concerned this will affect development opportunities in the future. Lambert & Rehbein is providing its time to the Valley Property Group to liaise with Urban Renewal Brisbane, ensuring it is aware of the Group’s concerns.

Urban Renewal Plans For The Valley
With the release of the South East Queensland Regional Plan in 2005, Brisbane City Council has delivered a draft Local Growth Management Strategy (LGMS) outlining the sequencing of growth for an additional 145,000 residential dwellings by 2026. Fortitude Valley is identified in the draft LGMS as a regional activity centre catering for significant commercial and residential growth. Over the past several months, Urban Renewal Brisbane, together with key stakeholders, has developed a Fortitude Valley Urban Vision. An executive summary of the Valley Vision has been provided as a supplement within this issue of The Valley Brief, and a comprehensive copy is available at www.brisbane.qld.gov.au/fortitudevalley. Over the coming month, Urban Renewal Brisbane will be engaging with the community to gain feedback on the Fortitude Valley Urban Vision. The feedback will be used to help shape the implementation strategy for the Valley Vision. Council encourages local residents and businesses to have their say at www.brisbane.qld.gov.au/fortitudevalley and help to shape the future of Brisbane’s iconic Fortitude Valley.