Is the current global financial crisis having an impact on the parliament square project, and if so, how?
The Tasmania Government is very pleased that there were three short listed conceptual site designs involved to the final stage of the tender process and that it can announce a preferred developer that successfully meets of the criteria despite the global financial crisis and tightening of credit markets. There is no doubt that the ability to raise funding (debt and equity) to undertake large scale development projects is an increasing challenge for developers. The Government is confident that its significant pre-commitment to the project (15,000 square metres of commercial office space), has enhanced the feasibility of the project, reduced developer risk and aided in securing the necessary debt funding to facilitate the redevelopment of the project.
