Investment Opportunities in Tourism Attractions
New news is essential for destination marketing, particularly when it comes to developing regional tourism centres.
Products like Tasmania's Museum of Old and New Art (MONA) have raised the awareness of Austrlaia's regions to an international level. Tourism attractions can encourage dispersal of travellers to regional areas, leading to the development of complementary attractions, and ultimately changing the economic viability of regional areas.
The development of new tourism attractions exists in response to the overall appeal of a location, its population and visitor base, economic growth outlook and suitability for tourism development. Where these fundamentals intersect, the Australian Federal, and State and Territory Governments encourage innovative tourism development, with the private sector playing a pivotal role.
In fact, various State and Territory Governments have been involved with incentivising the development of attractions across Australia to stimulate tourism, including the South Australian Government’s contribution of $450 million towards the development of Adelaide Oval. The South Australian Government Financing Authority has also proposed a loan of up to $42 million to fund an adjacent 128-room Adelaide Oval Hotel, deeming the development an important addition to South Australia’s $6.7 billion visitor economy.
The Ashes Test Series at Adelaide Oval, South Australia
The 'MONA Effect'
An anchor tourism product can transform a fairly unknown town into a destination. This is perhaps best illustrated via the ‘MONA effect’ - the notion of having unique attractions, such as MONA, to attract people from around the world.
In January 2011, the now-acclaimed Museum of Old and New Art (MONA) opened on the outskirts of Hobart, prompting the capital to enjoy an art-inspired renaissance. Since opening, approximately 2 million people have walked through MONA’s doors, representing a game changer for the small capital of Hobart and Tasmania overall. The state’s tourism numbers surpassed the million mark for the first time in 2013, driving an expansion of the local accommodation capacity.
The Museum of Old and New Art (MONA) has been a game-changer for Tasmanian tourism.
The prospect of close to 3,000 rooms due to be added to Hobart’s hotel accommodation over the next few years is very much related to the influx of tourists that MONA has attracted. Furthermore, these visitors are more likely to spend more on hotel accommodation, restaurants and attractions than the kind of visitors which Tasmania was attracting before the quirky museum’s opening.
The latest development in this space is the $400 million development application which has been lodged by MONA for an on-site hotel project – a five-star, 176-room visual masterpiece comprising an outdoor concert stage, indoor theatre seating, day spa facility, conference rooms and an auditorium. Dining options will include a 180-seat public restaurant and 50-seat bar, in addition to a dedicated art centre featuring interactive art experiences for guests.
Recent key developments
Opened: December 2017
Development cost: $15 million
In just over a month since its opening, the d’Arenberg Cube in McLaren Vale had already attracted 1,000 people. The five-storey building includes public and private tasting rooms, several bars, an art gallery and a restaurant that is the first in Australia to use a 3D food printer.
Opened: June 2018
Development cost: $35 million
The Gold Coast’s newest world-class attraction represents Australia’s first Topgolf venue and is set to revolutionise golfing in Australia. The three-level venue boasts 90 climate-controlled hitting bays, 2690 square feet of private event space, a bar on every level and gourmet meals.
Opened: September 2017
Development cost: $54 million
The Cairns Aquarium is the first facility of its type built in Australia for 18 years. More than 15,000 aquatic animals, fish, plants and other organisms are housed within 71 live exhibits in the facility that has been curated with engaging interpretative material and tours.
Upcoming Developments
Opening: April 2019
Development cost: $45 million
The world-class 16.5-hectare attraction will feature over 30 exotic exhibits including lions, tigers, bull sharks, cheetahs, gorillas and an extensive range of native Australian animals. Visitors will enjoy elevated walkways and incredible proximity to the animals as a result of ultra-modern technology. The park will also include a restaurant, kiosks, picnic areas, gardens, wetlands and waterways.
Opening: 2022-2024
Development cost: $3.6 billion.
Queen’s Wharf Brisbane is an integrated resort development that will put Brisbane on the map as a global tourism destination. The integrated resort will feature over 1000 premium hotel rooms operating under four hotel brands; a six-star hotel offering premium fine dining and VIP gaming; an elevated Sky Deck featuring panoramic views of the city; moonlight cinema and black tie space for outdoor events and performances; and world-class gaming facilities that will replace the existing Treasury Casino.
Opening: 2023
Development cost: $250 million
The famous Sydney fish markets will be moving to a site at Blackwattle Bay, revitalising the area and opening up access to the harbour. The new purpose-built retail and wholesale market will be positioned over the water as the centrepiece of a new harbourside precinct. The precinct will be home to an expanded seafood cooking school, food kiosks, restaurants, bars and outdoor spaces for social events. There will be new public wharves, a waterfront promenade, ferry stop and community spaces.
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