NMIT Prahran, Business Case
This advisory service was undertaken jointly with peckvonhartel architects under instruction of the then CEO of NMIT now Melbourne Polytechnic).
The Prahran campus, now badged under the Melbourne Polytechnic banner, is located in arguably one of the most sought after commercial areas of Melbourne. The campus buildings are old, underutilised and in poor repair. The site is also underutilised and offers considerable opportunity for higher and better use. At the time, the campus was being transitioned from prior Swinburne ownership.
Our brief was to provide commercial options to assist the decision making for the purchase of the Prahran campus for a proposed Creative Industries Precinct. Whilst the purchase was to be initially funded by Government, our job involved identification of potential development sites within the en-globo campus for commercial resale, as a means to eventual recovery of a significant portion of the initial purchase cost. We developed the financial, architectural and operational analysis of these sites within the context of a newly formulated Master Plan consolidating access and movement, open space, landscape, heritage, land use and urban design, built form, environmentally sustainable development, facilities and campus management
This informed the divestment strategy of assets surplus to forecast NMIT operating requirements. Overall, the study was informed by the core business objectives of NMIT.
Our Business Case included sketch design and feasibility analysis of new proposed uses for the identified sites in question as well as market testing to identify demand. This work was a precursor to formulation of a Development Plan Overlay for gazettal with Stonnington Council.
The study assessed key commercial inputs relating to the proposed uses and the local area including residential values and rental data including student accommodation, retail values and rental data, car parking rates & occupancy data hotel rates & occupancy data, and car parking rates including valuations of end product assess the return from these proposed resale sites.
ROLE & CLIENT
Role: Property Advisory and Development Analysis
Client: NMIT (now Melbourne Polytechnic)
SCOPE OF SERVICES
- Lead consultant;
- Developed the Brief;
- Enlisted consultant team;
- Site analysis and masterplanning;
- Feasibility studies and value analysis;
- Development strategy;
- Stakeholder negotiations;
- Masterplan and business case.