Planned for the Future Newstead Series

Planned for the Future Newstead Series

2 Planned for the Future Newstead Series Planned for the Future Newstead Series 3 Planned for the Future Newstead Series A market leader is emerging in Newstead. A new residential development is underway that has set aside apartment yield in favour of living. This inner city project has been designed to reflect what leaders, planners, thinkers and futurists around the world are currently forecasting. What will cities and built form be like to meet the needs of the future. The one thing that most agree is that there will be further densification of cities as the world s population grows and we continue to agglomerate in central nodes where there is employment and amenity, but the things likely to suffer are design and space. In 2002, Profeswsor Richard Florida, one of the world s leading urbanists and Head of the Martin Prosperity Institute at the University of Toronto, coined the term Creative Class to articulate trends in economics and the fortunes of cities, states and nations. The Creative Class includes people in science and engineering, architecture and design, education, arts, music and entertainment who create new ideas, new technology, and new creative content. In the rapidly evolving world, creativity is the most prized commodity. In contrast to the Working Class, the Service Class and Agriculture and Mining, the Creative Class is the most rapidly growing population segment in Western economies including Australia. An extensive survey of the Creative Class conducted by Professor Florida revealed the Creative Class as having eight preferences for locational considerations for working and living. Thick Labour Markets relates to collectives of people doing lots of different creative work or working in varied creative industries allowing random interaction, creativity and collaboration to occur. Lifestyle having easy access to a range of activities is highly desirable. All the activities one would like to do on the weekend, before or after work. Social interaction this is a commitment made by a neighbourhood or city to allow social interaction. This extends to trading hours, transportation and the provision of spaces where people can gather socially. A mate finding a compatible mate in the world is not particularly easy. For example, in China there are 35 million more men than women. Being able to meet eligible people in a range of environments to find a mate is highly regarded. Scenes what s your scene? Is it classical music, food, wine, sport, art? What access is there to scenes? Where can you celebrate your scene? Identity we all have an identity whether we like it or not. When we are overseas, we are Australians, in Australia we are from Brisbane and when we are in Brisbane we take the identity of the suburb we live in. These identities are important, they need to be nurtured, protected and enhanced. We aspire to our identities and we want to be proud of them. Diversity this is as much about tolerance as anything else. Being able to be yourself, whoever that is, and be accepted for that is highly sought after. Diversity in our Cities with at least 1,000,000 inhabitants in 2006 communities is something to be celebrated and is a strong part of the Australian ethos. Authenticity being authentic in everything we do is important. People are drawn to authenticity. You can go to Las Vegas and see the Pyramids, the Eiffel Tower and ride on a Gondola, but it is all contrived. We need to curate, celebrate, preserve and enhance the things that are authentic and resist the urge to create things that are cheap imitations. The Creative Class are skilled mobile people who are looking for a quality, happening place to live, surrounded by other creative people. Ultimately the Creative Class is a key driver of economic growth. In 2007, for the first time in the history of humanity, more than half the world s population was living in cities. Urban populations are expected to increase by 1.5 billion over the next 20 years, while the number of megacities will double. The trouble is that the one thing that suffers the most with densification is open space. Particularly open green space.

4 Planned for the Future Newstead Series Planned for the Future Newstead Series 5 In 2016, Savills conducted an update to a survey entitled What workers want. What became glaringly obvious is one thing that enrages people more than anything else commute times. In 2016, Savills conducted an update to a survey entitled What workers want. What became glaringly obvious is one thing that enrages people more than anything else commute times. Workers, ideally, want their whole life inside 30 minutes. That 30 minutes consists of walk, ride, public or private transport. If, in our built environment, we can deliver the Creative Class their Life inside 30 minutes then we will create something of lasting value. Also in 2016, the Australian Government and Prime Minster Turnbull released the Smart Cities Plan setting out the vision for Australia s cities. Australia s growth as a knowledge based economy, and the prosperity this offers, goes hand in hand with the growth of our cities. To succeed in the 21st Century economy our cities need to be productive and accessible, but they also need to be liveable. A key tenure of the Smart Cities Plan is 30 Minute Cities so that wherever people live, you can reach somewhere to work, somewhere to study and somewhere to recreate. So inner city living is desired and delivers all the attributes sought by the Creative Class and that is going to mean more development, in fact a lot more in-fill development than many might realise. There is a growing body of research from the World Health Organisation showing a connection between human health and wellbeing and the design and amenity offered in urban areas. It has long been known that natural environments such as parks encourage people to get outdoors, exercise and socialise. This in turn is good for personal health. However, further research into this subject is revealing that access to vegetated areas has been associated with better perceived general health, reduced stress levels, reduced depression and more. The Newstead Series project in inner Brisbane is going a step further. The project has been designed to construct four boutique townhome and apartment buildings with distinctive artwork and architecture on an expansive site. One building positioned in each corner, reserving a half acre of open space for the exclusive use of the residents. This is a perfect example of planning for the future, providing a place for the residents to meet, socialise and play, offering communal subtropical gardens, lawns, 25 metre swimming pool, spa, sauna, a fire pit entertaining area, alfresco dining areas, herb garden, outdoor cinema. All this in the heart of Brisbane s most progressive inner city neighbourhood within walking distance to the river, parks, markets, restaurants, bars, nightclubs, shops, ferry, bus and train. It is exactly what is needed as densification intensifies in the inner urban areas Artwork, Architecture, Open Green Space and Exclusive Amenity. Those fortunate in investing in this lifestyle will be rewarded in many ways including a premium on their investment as the inner-city areas grow. It has not gone unnoticed that at all levels, the appreciation for green space is growing as urban areas become more crowded. In London, some of the most expensive real estate surrounds private Garden Squares. These exclusive Garden Squares provide a sanctuary in the inner city and are owned by the residents who live around them. Properties with access to these private Garden Squares enjoy an increased value above similar properties without that access and generally command a rental premium in addition. It has not gone unnoticed that at all levels, the appreciation for green space is growing as urban areas become more crowded. Those urban areas which developed at a time when green space was not valued are now finding anywhere they can to add a bit of vegetation. New York City s High Line has created strong communities and neighbourhoods though exceptional architecture, plant design, sustainability and place making. Even the ageing are wanting increasingly to reside in inner urban areas. In a recent New York Times article, the views of a retired 70 year old writer and his 66 year old wife revealed that they realised ageing in place means a lot more than just a comfortable house. They began thinking more about ageing in community which meant an urban neighbourhood where you can walk or take transit to just about everything you need. The concept of walkable urban communities is extending across all ages. There are many urban areas with trendy cafes, shops and entertainment that also offer proximity to city centres, schools, and hospitals. However, it is open space, the green spaces under threat as urban populations increase which are the truly rare commodity. Newstead Series stands out as an example of what will be highly sought by inner city dwellers now and into the future. Its riverside location and half an acre of exclusive landscaped green space and resident s amenity, shown below, says it all. Private Garden Square, London High Line, New York City

6 Planned for the Future Newstead Series Planned for the Future Newstead Series 7 The Newstead Series stands out as an example of what will be highly sought by inner city dwellers now and into the future.

References Professor Richard Florida, The Rise of the Creative Class (2002) Commonwealth of Australia, Smart Cities Plan (2016) World Health Organisation (WHO), Urban Green Spaces (2012) World Health Organisation (WHO), The importance of Green Space in Cities (2014) Authors Tony Crabb National Head Savills Research & Consultancy Paul Day Director Savills Research & Consultancy About Savills Savills is a leading global real estate service provider. Established in 1855, Savills has more than 700 owned and associate offices around the world. Savills advises corporate, institutional and private clients seeking to acquire, lease, develop or realise the value of prime residential and commercial property in the world s key locations. For advice that gives advantage visit savills.com.au. This information is general information only and is subject to change without notice. No representations or warranties of any nature whatsoever are given, intended or implied. Savills will not be liable for any omissions or errors. Savills will not be liable, including for negligence, for any direct, indirect, special, incidental or consequential losses or damages arising out of our in any way connected with use of any of this information. This information does not form part of or constitute an offer or contract. You should rely on your own enquiries about the accuracy of any information or materials. All images are only for illustrative purposes. This information must not be copied, reproduced or distributed without the prior written consent of Savills. Savills 2016