Lendlease expects to start construction within four to six weeks on Townsville’s $4.7 billion Elliot Springs residential development.
The first phase of work will include a Bruce Highway intersection, 700m of entry road and 82 residential lots.
A second phase of subdivision would likely begin around July/August, Lendlease regional development manager, Elliot Springs, Simon Walker said.
“Every two to three months we would expect to be entering into contracts for construction,” he said.
“It’s really a continual process as we develop the community and during that time stages will include extension of collector roads, extension of trunk lines and effectively trunk infrastructure to support the subdivisional lots that have been released.”
Mr Walker said Lendlease expected to announce the contractors for the first phase of development in about three weeks.
“We’re currently in the process of finalising our construction contracts as well as finalising operational works approval, but we’re hopeful to start construction on site within the next four to six weeks,” Mr Walker said.
The 1609ha Elliot Springs development – formerly known as Rocky Springs – will be rolled out over 40 years and is expected to become home to more than 26,000 people.
Located on the Bruce Highway, 15 minutes south east of Townsville’s CBD, the community is set to include schools and retail hubs.
Mr Walker said Lendlease would invest about $71 million in Elliot Springs infrastructure in the next three years, creating an estimated 239 full-time equivalent jobs. Over the life of the project, it was forecast to create 7237 full-time equivalent jobs, he said.
Lendlease will invest about $1.4 billion in infrastructure, while the overall value of the project including home construction and commercial construction is forecast to reach about $4.7 billion.
Mr Walker said the launch of Elliot Springs and the construction work it would generate should play a role in demonstrating confidence in the Townsville region and the long-term Townsville market.
“I think there have been a few challenges in the Townsville market over the last 12 to 18 months,” he said.
“Lendlease’s investment in Elliot Springs, being a 40-year project, it demonstrates that we see that there is diversity in the marketplace and market recovery isn’t too far away
“Ultimately we will trade through a number of different market cycles, but at this time we are prepared to make and are making effectively a $1.4 billion investment over a 40-year period.”
While most work packages associated with the development would be on the larger side – with in the order of 40 lots under construction at any one time, Mr Walker said there would also be opportunities for smaller packages in areas such as community infrastructure and open space.
Businesses interested in work associated with the development should email email@example.com