Client: Buchan Group for the City of Bayswater
Location: Walter Road, Perth (WA)
Brief: MacroPlan was engaged by the City of Bayswater as part of a consulting team led by the Buchan Group to prepare a market assessment report and a financial feasibility analysis.
The market assessment report contains an overview of the State economy, local demand drivers and the current offering of community facilities in Morley to determine the potential uses that could be accommodated at a redeveloped Les Hansman Community Centre underpinned by the financial feasibility analysis that considered three redevelopment concepts for the Les Hansman Community Centre providing the financial analysis assessment, and a model on long term financial operating plan.
Methodology: The following methodology has been utilised to achieve the project objectives:
An assessment of the economic drivers including: economic growth, housing affordability and housing performance, employment and participation rates, general property market trends and consumer spending patterns;
Demographic drivers including, population growth, ageing, migration and income levels;
A high level SWOT analysis to guide the potential development options while identifying potential issues that may exist or arise in the future;
Assessment of the expenditure, revenue, NPV, and IRR, and an informative guidance on value capture opportunities; and
A model on long term financial operating plan including strategies for financial sustainability and management options.
Result: MacroPlan’s intensive research, detailed analysis and robust forecasting techniques ensured a comprehensive report of the analysis and findings of the study, a market assessment report identified that given the market demand, competition and location of Les Hansman Community Centre that there is a re-development opportunity for:
Commercial office space
Leisure and entertainment uses
Apartment and serviced apartments
The feasibility model suggest that the Concept 1 new building with childcare, which is a redevelopment of the Les Hansman Community Centre on its existing site, requiring no additional land acquisition, is the best financial result.