Marrickville Creative Cooperative Economic Impact Assessment
Client: City State Property
AEC was engaged by 3 Carrington Road Pty Ltd to prepare an Economic Impact Assessment to examine the economic impacts likely to result from the proposed planning control amendments and subsequent redevelopment of the Site. The amended planning controls are aimed at facilitating future development of the Site into an industrial-led creative cooperative, comprising flexible industrial and warehouse space and a range of live-work dwellings. In order to support the planning proposal, AEC (1) carried out reviews and research to make the case for change, (2) defined the need for the proposal through identification of the need for a greater volume of floorspace catering for ‘creative industrial’ use and establishing the need for live-work opportunities for ‘creatives’ and (3) carried out an economic impact assessment of the proposed uses of the development.
Once completed, the proposal was estimated to result in an additional contribution of the Inner West LGA economy of $28.6 million in gross regional product and 190 full time equivalent jobs compared to the base case (do nothing scenario). Household expenditure impacts from new residents was estimated to result in an additional contribution of $7.5 million and 56 full time equivalent jobs.