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Case Study

Toowoomba Railway Goods Shed Redevelopment and Railway Parklands project

In August 2016, Adept Economics assisted Toowoomba Regional Council (TRC) with its successful application for $5 million from the Queensland Government’s Building our Regions fund to support the repair of the historic Railway Goods Shed on the CBD fringe.  Adept Economics Principal Gene Tunny prepared an economic analysis of the project demonstrating the project’s viability and economic impacts. The Department of State Development notes (see Toowoomba Railway Goods Shed Repair):

Repair and refurbishment of the historic Toowoomba Railway Good Shed will create a commercial and cultural focal point for the community—a place for markets, functions and events, and cultural activities such as artists in residence…

…The Toowoomba Railway Goods Shed is almost 120 years old and a link to the city’s historic economic prosperity. Once complete the project will provide a first-class flexible space for a multitude of commercial and community uses that will benefit residents and visitors alike.

The goods shed refurbishment is part of a broader $50 million Railway Parkland project and will catalyse development in the area by supporting small businesses, direct and indirect jobs, and private investment.

Adept Economics worked closely with TRC to forecast the expected regional economic impacts including by:

  • estimating local construction spending and construction industry jobs;
  • forecasting visitor numbers based on comparable facilities across the world and also based on Toowoomba visitor data (e.g. for Carnival of Flowers);
  • estimating expected spending at Goods Shed businesses by locals and visitors, recognising that visitor spending is more likely to represent genuine additional spending in the community.

To inform the analysis, Adept Economics consulted widely across TRC and with the Toowoomba office of the Department of State Development and also with local business, tourism and real estate professionals.

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