AEC was engaged by Landcom to carry out an Economic Assessment of the Cherrybrook State Significant Precinct. The Study was part of a larger, overall State Significant Precinct Study, which took a whole-of-precinct approach to consider suitable land uses, development typologies and amendments to planning controls necessary to support a transit-oriented development at Cherrybrook.
AEC undertook property market research, analysis of market activity and development pipeline as well as an assessment of retail and commercial demand to inform planning for the developable government land and wider Precinct. In particular, key components of work included:
Analysis of the market demand for the commercial/retail components (by category and size) of the proposal based on trade area of the proposed local centre and also the impacts on the existing nearby shopping centres.
Consideration of opportunities and challenges, potential success and risk factors and consequent implications for development take-up and delivery.
Quantification the economic benefits associated with the selected land uses which could eventuate from the Proposal, including employment generation, construction multiplier impacts, etc.
Assessment of the net economic impact of the proposal, including the wider economic benefits in relation to employment, commercial and retail impacts.
The findings from the Study provided Landcom with evidence-based insights to make an informed assessment on the impacts of the planning proposal for a new town centre on the lands immediately surrounding the station.