Will Hodgman: Liberal Government Acts to Secure Myer Redevelopment and Revitalise Hobart’s CBD

The Liberal Government’s number one priority is jobs.

That’s why I am very pleased to announce that earlier this week Cabinet agreed to endorse the recommendation of the Tasmanian Development Board to provide a $15 million commercial loan to secure the redevelopment of the Myer site in Hobart, as originally planned.

The Liberal Government has worked very hard to get this project off the ground, and I have personally held discussions with both Myer and Kalis Properties over the past few months in order to resolve the issues that have been holding the project back.

Kalis Properties subsequently came forward with a targeted request for a commercial loan facility, which has been recommended for approval at arm’s length from the government by the TDB. Kalis Properties has successfully negotiated other private lending facilities for the project.

The TDB loan will be provided on commercial terms at no cost to the taxpayer. It will enable Stage 1 construction work on the Liverpool Street site to start this month and I am informed this will be finished and occupied by Myer by Christmas 2015.

Myer’s Liverpool Street site has been vacant since it was destroyed by fire in 2007 and this redevelopment will revitalise the Hobart CBD.

In addition it will inject $100 million into the economy over the next three years of construction, directly and indirectly employing approximately 500 people, with Hutchinson Builders using primarily Tasmanian subcontractors during the build.

Stage 2 of the development will commence when Stage 1 opens and is expected to be finished by December 2017. This will transform the Murray Street site and include a retail galleria with speciality shops across three levels.

Once the first two stages are complete, development works will begin on Stage 3, which it is proposed will include a hotel and rooftop bar.

This announcement is fantastic news for Hobart and for Tasmania, and is another example of the Liberal Government getting on with the job.
Will Hodgman, Premier