October 10, 2022 | By Bronwen Largier | Image: Macquarie Point in Hobart | Credit: Macquarie Point Development Corporation

A major redevelopment of a significant section of Hobart’s waterfront is potentially on the cards, with a feasibility study showing a nearly $250 million annual economic impact could be gleaned from a new waterfront precinct with a 23,000-seat stadium at its heart.

According to the Tasmanian government, the feasibility study clearly showed Macquarie Point as the best place for a new stadium.

The Australian Football League (AFL) is expected to soon cast a vote as to whether to grant a licence for a 19th AFL team in Tasmania.

Tasmania’s Premier Jeremy Rockliff said the licence would be the catalyst for the Macquarie Point development.

“The Government believes that activating Hobart’s waterfront precinct would not just help diversify our economy, it would also transform the city into a cultural, entertainment and sporting capital to rival any on the mainland, or indeed around the world.

“Our vision for the boutique precinct is to complement the Hobart waterfront, co-existing with the proposed Antarctic and Science precinct which the Government remains firmly committed to.

“During construction it would generate $300 million in additional economic activity then $85 million each year after it was built as well as $162 million each year in consumption, due to a significant spike in the visitor economy,” said Rockliff.

The redeveloped precinct will support 950 ongoing jobs and Rockliff believes there will be huge flow-on effects for hospitality and events.

“There are massive opportunities for complementary boutique hospitality venues and significant flow-on effects for hotels, restaurants, bars and retail outlets – with every dollar injected in the economy allowing the government to reinvest in the essential services that matter to Tasmanians, including health, housing and education.

“Local events such as Dark Mofo can grow and expand, using this new precinct for their festival calendar and Tasmania would finally be able to attract international and national artists, bands and events on a scale never before possible.”

The Tasmanian government will cap its investment in the $750 million project at $375 million, with the rest of the funding expected to come from the Federal Government and private equity.