Fortitude Valley Invest in - July 2014
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Brisbane Inner City Investment Prospectus July 2014 Invest in Fortitude Valley
Welcome
Fortitude Valley statistical area level 2 (SA2) has been identified as a key
investment location within Brisbane Inner City. This supplement provides a
snapshot of key economic and investment indicators for Fortitude Valley and has
been produced as part of the Brisbane Inner City Investment Prospectus.
Fortitude Valley lies immediately northeast of the Brisbane Central Business District (CBD).
The area is characterised by a rich tapestry of new and old buildings, vibrant streets and
lanes, and a diverse culture that make it a unique and popular place to live, work and visit.
In 2012, Lord Mayor Graham Quirk consulted with Valley Malls tenants and traders to
discuss their ideas for the future of the precinct. At the request of these stakeholders,
Brisbane City Council committed to investing $4 million into the refurbishment of Brunswick
Street Mall. Completed in July 2014, the revitalised area presents a vibrant mixed-use precinct
that includes residential and tourist accommodation, nightclubs, live music venues, cafes,
restaurants and retail businesses. The Lord Mayor also appointed the Fortitude Valley Economic
Development Board in 2013. The board, comprising private sector representatives, provides
advice on economic development in the area and plans to revitalise Fortitude Valley.
Known locally as ‘the Valley’, it is renowned as one of Brisbane’s premier entertainment hubs, well-
known for its atmosphere characterised by live music, nightclubs and the arts. In July 2006, the Valley
was designated as Australia’s first Special Entertainment Precinct to protect the future of the music-based
entertainment industry without exposing local residents or businesses to unreasonable levels of amplified
music noise. The area is also home to a variety of restaurants, cafes, commercial businesses and residential
buildings that all contribute to the diversity of the local community and visitors to the area.
Fortitude Valley plays a vital role in the growth of Brisbane’s economy. It provides an extension to the
commercial function of the CBD, while ensuring the cultural heritage of the area and the Special Entertainment
Precinct are maintained and enhanced. According to 2013 Australian Bureau of Statistics (ABS) data, there are 1875
registered businesses in Fortitude Valley.
The Fortitude Valley local population can be characterised as well-educated, high-income earners, mainly consisting
of couple families with no children that reside in apartments. Future growth and development is evident with a
number of residential and non-residential development and building approvals being granted for the area.
.
Map of Fortitude Valley
Kelvin Grove
Newstead - Bowen Hills
- Herston
.
.
Fortitude Valley
Spring Hill
New Farm
Statistical area level 2
Neighbourhood plan boundary
2| Brisbane
Brisbane Inner
City City Investment Prospectus
Location
The Fortitude Valley Neighbourhood Plan
came into effect on 1 October 2010. The plan
is now a legal document and forms part of
Brisbane City Plan 2014.
Neighbourhood plans can help facilitate
economic prosperity, protect character
development, provide for open space,
include standards for new development
and reflect improved infrastructure such as
new transport routes. The Fortitude Valley
Neighbourhood Plan sets out how land can
be used and developed over time and
seeks to:
• reinforce Fortitude Valley as a major
entertainment, cultural, tourism, retail
and business centre
• support growth and increased building
heights
• establish a ‘special context area’ that
protects character and heritage
Chinatown Mall is a hive of activity that draws
• improve the public domain with wider
locals and visitors for its abundant alfresco
footpaths, cross-block links, small-scale
dining options and lively program of festivals,
spaces and new public spaces
events and performances held year-round.
• reinforce a strong link between land The pedestrian mall re-opened in 2010 after
use and public transport undergoing extensive refurbishment.
• extend the Special Entertainment The James Street precinct has emerged
Precinct buffer. from the area’s industrial past to become
Fortitude Valley is home to some of a destination well-known for its boutiques
Brisbane’s landmark retail and cultural and high-end retail offerings. This retail and
destinations including Brunswick Street lifestyle precinct is also home to a variety of
Mall, Chinatown Mall, James Street precinct, dining options and Palace Centro cinemas.
Emporium precinct and the Homemaker Key retail centres are James Street Markets
Centre precinct. and Centro on James.
Brunswick Street Mall is a pedestrian mall The Emporium precinct offers luxury retail
that offers retail, dining and entertainment and dining, and includes a boutique hotel,
options, day and night. The mall’s centre residential apartments, fashion retailers, cafes
stage provides an open-air venue for live and restaurants.
entertainment. The Homemaker Centre precinct is strategically
located with frontage to two of Fortitude
Valley’s busiest streets, Ann Street and
Wickham Street. This location provides
excellent exposure for tenants. Servicing
the growing need for bulky goods retail
to the growing inner-city population, the
Homemaker Centre has 10 anchor tenancies
and 23 specialty retailers.
Fortitude Valley |3
Population and growth projections
Fortitude Valley will see significant population growth over
the next 25 years. The population in 2011 was 5545 people
and is forecast to increase to 16,334 people by 2036 (see
Figure 1).
Figure 1 – Population forecasts Fortitude Valley, 2011-2036
18,000
16,000
14,000
12,000
10,000
People
8000
6000
4000
2000
0
2011 2016 2021 2026 2031 2036
Year
Source: Queensland Treasury and Trade, Queensland Government
population projections, 2013 edition (medium series), Queensland
Government Statistician’s Office, Queensland Treasury and Trade,
Brisbane, 2011.
The median age for residents of Fortitude Valley in 2012 was
31.1 years, well below the Greater Brisbane (greater capital
city statistical area) median age of 35.1 years. The age
profile of Fortitude Valley is illustrated in Figure 2 below.
Figure 2 – Estimated resident population by age Fortitude Valley, 2012
5% 4%
15%
16%
¢ 0-14 4%
¢ 15-24 16%
60% ¢ 25-44 60%
¢ 45-64 15%
¢ 65+ 5%
Source: Australian Bureau of Statistics, Population by Age
and Sex, Regions of Australia, 2012, cat. no. 3235.0, ABS,
Canberra, 2012.
4| Brisbane Inner City Investment Prospectus
The population of Fortitude Valley is characterised born overseas. Less than 5% of those born overseas
as mainly couple families with no children (see Figure indicated they spoke English not well or not at all when
3), almost all of which reside in apartments. Seventy asked about their proficiency in spoken English.
per cent of occupied private dwellings in Fortitude
Valley are rented, which is significantly higher than the The residents of Fortitude Valley are employed across a
proportion across Greater Brisbane. wide variety of occupations. The top-three occupations
identified in the 2011 Census were Professionals, Clerical
and administative workers and Managers. The occupation
Figure 3 – Family composition Fortitude Valley, 2011 profile of Fortitude Valley is illustrated in Figure 4 below.
Figure 4 – Employment by occupation Fortitude Valley, 2011
8%
1%
5%
16%
8%
36%
9%
10%
76%
15%
16%
¢ 76% (671) Couple family with no children
¢ 16% (136) Couple family with children
¢ 36% (1192) Professionals
¢ 8% (70) One-parent family
¢ 16% (520) Clerical and administrative workers
¢ 15% (484) Managers
Source: Australian Bureau of Statistics, Census of Population
and Housing, 2011, Basic Community Profile – B25, ABS, ¢ 10% (328) Community and personal service workers
Canberra, 2011.
¢ 9% (284) Technicians and trades workers
Residents of Fortitude Valley are well-educated with ¢ 8% (261) Sales workers
74% of the population aged 15 years and over holding ¢ 5% (177) Labourers
post-school qualifications, around half of which hold a ¢ 1% (64) Machinery operators and drivers
bachelor degree or higher.
Source: Australian Bureau of Statistics, Census of Population
In the 2011 Census, approximately one-third of the and Housing, 2011, Basic Community Profile – B45, ABS,
population of Fortitude Valley indicated that they were Canberra, 2011.
Fortitude Valley |5
Employment forecasts and business information
In 2013, 1875 businesses were registered in Fortitude Valley. The top-ten industries by business
count for employing businesses in Fortitude Valley are illustrated below (see Figure 5).
Figure 5 – Top-10 industries by business count Fortitude Valley, 2013
4% 3%
4%
6% 24%
¢ 24% (369) Professional, scientific and technical services
7% ¢ 22% (350) Rental, hiring and real estate services
¢ 12% (181) Financial and insurance services
¢ 9% (148) Accommodation and food services
9% ¢ 9% (140) Retail trade
¢ 7% (110) Construction
22%
9% ¢ 6% (93) Administrative and support services
¢ 4% (69) Health care and social assistance
12%
¢ 4% (62) Other services
¢ 3% (46) Wholesale trade
Source: Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits, June
2009 to June 2013, cat. no. 8165.0, ABS, Canberra.
Employment in Fortitude Valley is forecast to reach 32,362 people by 2031, a growth of 11,769
people (57%) from 2011.
The top-five employing industries in Fortitude Valley (see Figure 6) will contribute almost
three-quarters of total employment growth for the area.
Figure 6 – Employment by industry (top-five) Fortitude Valley, 2011-2031
10,000
9000
¢ Growth 2011-2031 ¢ 2011
8000
7000
6000
Employees
5000
4000
3000
2000
1000
0
Business Retail Health Government Hospitality
services and community
(incl property)
Industry
Source: National Institute of Economic and Industry Research (NIEIR), 2009 Economic Activity and
Employment Forecasts, NIEIR, Melbourne.
Availability of skilled workers is important for the area. Workers in Fortitude Valley commute
from various locations. The top-three locations in which workers live are New Farm, Newstead-
Bowen Hills and Hills District. The journey-to-work profile for Fortitude Valley is illustrated in
Figure 7.
6| Brisbane Inner City Investment ProspectusFigure 7 – Top-10 places of residence for workers commuting to Fortitude Valley, 2011
New Farm
Newstead-Bowen Hills
Hills District
Morningside-Seven Hills
Commuting from
Coorparoo
The Gap
Ashgrove
Paddington-Milton
Brisbane City
Clayfield
0 100 200 300 400 500 600
Workers
Source: Australian Bureau of Statistics, Census of Population and Housing, 2011, ABS, Canberra, 2011.
Building and development activity
In the 12 months ending 31 March 2014, there were 401 dwelling units in new residential buildings approved
in Fortitude Valley, with a total value of $90 million.
The total value of non-residential building approvals in Fortitude Valley SA2 in the 12 months ending 31 March
2014 was $69 million.
There are a number of projects currently under construction in Fortitude Valley including Wickham 358. Scheduled
for completion in mid-2015, the development will be a 15-storey commercial tower providing 22,100 square metres of
net lettable area commercial space and 783 square metres of retail space at ground level.
The recently opened Alpha Mosaic Brisbane Hotel is an 18-storey mixed-use tower that includes residential,
retail, commercial offices and a boutique hotel. The development offers 51 hotel rooms and 213 self-contained
residential apartments.
Opened in November 2013, M&A James Street is a mixed-use development in Fortitude Valley featuring a twin
tower apartment block comprising 234 one and two-bedroom apartments over 21 levels. The development
also consists of a commercial tower, known as 825 Ann Street, which has provided an additional 17,500 square
metres of A-grade commercial office space.
A $600 million Elenberg Fraser-designed building bordering Brunswick Street, Alfred Street and Barry
Parade was approved in June 2014. Scheduled for completion in 2017, the building will include 900
apartments, a 90-room 4.5 star hotel and a ground-floor retail precinct.
Growth in floor area
Available floor space in Fortitude Valley in 2011 was estimated to be more than 830,000 square
metres and is expected to increase by more than 50% by 2031 (see Table 1).
Table 1 – Floor space forecasts Fortitude Valley, 2011-2031
2011 floor space 2016 floor space 2021 floor space 2026 floor space 2031 floor space
Fortitude Valley
estimate (m²) forecast (m²) forecast (m²) forecast (m²) forecast (m²)
Retail 295,145 322,135 359,792 404,867 425,734
Commercial 151,435 168,030 187,499 209,919 226,581
Industrial 149,424 156,818 160,017 167,957 173,019
Community purpose 221,981 266,884 316,063 376,838 435,721
Other 12,202 11,900 11,882 11,759 11,586
Total 830,187 925,767 1,035,253 1,171,340 1,272,641
Source: Queensland Government, Department of Transport and Main Roads,
Employment Projections converted to floor space by Brisbane City Council.
Fortitude Valley |7To receive up-to-date information to help grow your business subscribe to Economic
Development updates by emailing economic_development@brisbane.qld.gov.au
To have information about investing in Brisbane Inner City translated, please call 131 450 and
ask to speak to Brisbane City Council on (07) 3403 8888.
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Information www.brisbane.qld.gov.au
GPO Box 1434 or call (07) 3403 8888
Brisbane Qld 4001 Facebook.com/BrisbaneCityCouncil
CA14-627046-03-399
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