Project name: Fishermans Bend Client: Places Victoria
Brief: MacroPlan was engaged by Places Victoria to undertake a comprehensive real estate market assessment of the 244 Ha Fishermans Bend Urban Renewal Area (FBURA) allowing for changed planning controls across the entire precinct.
Methodology: This study involved assessing a wide variety of historic and recent real estate market indicators and trends including key development signals such as market supply and demand, price points, penetration rates across various types/products, take-up rates, spatial and land use issues, drivers and impediments for commercial, residential, retail and mixed use opportunities within the precinct. This study tested three different State Government defined growth scenarios and provided a commercial analysts’ view as to the forecast market potential for a variety of redevelopment options, issues and risks across the study area. This study was used to inform State Government and Council planning and infrastructure considerations for the FBURA precinct and formed the basis of the endorsed FBURA Concept Plan.
Following completion of the above study MacroPlan was engaged to prepare two separate studies addressing (1) infrastructure funding mechanisms for the FBURA precinct including options for delivering a range of sustainability initiatives; and (2) a detailed financial sensitivity analysis of the impacts of permanent height controls on development feasibility across four sub-precincts.
Both of these studies involved developing financial and economic models; preparing detailed cash-flow analysis; and working closely with Places Victoria and a variety of professional services teams including engineers and cost planners. Both studies involved defining and testing a range of development scenarios and addressing specific questions relating to the likely impacts of different infrastructure cost recovery mechanisms on land values; and the potential impacts of height restrictions on land prices and overall development feasibly across separate sub-precincts within FBURA.
Result: These studies were used to inform policy and planning frameworks for the precinct which have been endorsed for FBURA by State Government and Councils.