Client: City of Ryde State: NSW
The Consortium appointed to develop the Ivanhoe Estate were seeking approval for a concept plan which encompasses a higher GFA outcome than that permitted by the planning controls at the time. Due to improved road and rail capacity, infrastructure investment has facilitated higher volumes of development in Sydney. Given this overt relationship between development potential and infrastructure capacity, funding has gravitated to public-private arrangements and user pays charges ascertained via development contributions (e.g., s.7.11, s7.12), Special Infrastructure Contributions (SIC) and/or Voluntary Planning Agreements (VPA). More recently, the retention or sharing of value uplift that ensues from variations or rezoning has become an important source of funding for the provision of new public and social infrastructure for the local community.
The City of Ryde engaged AEC to undertake a feasibility analysis to determine the value uplift that will eventuate from the proposed redevelopment of the Ivanhoe Estate. The financial analysis quantifies the change in land value between the development outcome possible under the current planning controls versus the development outcome based on the recent concept plan. This review also estimates the value of the public benefit delivered as part of the proposed redevelopment. It is understood that the preliminary figures presented in the report were to be used to inform negotiations between the Consortium and the City of Ryde.
Source: The Urban Developer (2020)