Client: City of Canterbury Bankstown State: NSW
A Planning Proposal was received by the City of Canterbury Bankstown from Urbis on behalf of Vicinity Centres in December 2019. The subject of the proposal was Bankstown Central shopping centre, situated in the south-western Sydney suburb of Bankstown. The proposed redevelopment would see an increase in gross floor space of 399,138m2 across retail, commercial, hotel, services apartments, student accommodation and residential.
The City of Canterbury Bankstown had engaged AEC to undertake a feasibility analysis to determine the potential value uplift that will eventuate from the proposed redevelopment of the Bankstown Central site which will assist with Voluntary Planning Agreement negotiations.
The financial analysis undertaken quantifies the change in land value (and consequent potential value uplift) between the development outcome possible under he current planning controls versus the development outcome based on the recent concept plan (December 2019).
The preliminary figures presented in the report will be used to inform negotiation between the City of Canterbury Bankstown and Vicinity Centres for a potential Voluntary Planning Agreement.
Source: Vicinity Centres (2020)