Double Bay Town Centre
Economic Feasibility Study
Woollahra Municipal Council is committed to enhancing the vitality and viability of the Double Bay Commercial Centre. To achieve this objective Council were looking to increase the number of residents living within the Centre through an increase in the number of shop top apartments.
In particular, Council was interested in pursuing a strategy that encouraged development that provided a mix of smaller apartment sizes to achieve a diversity of price points and in turn a younger age group residing within the Centre.
HillPDA was engaged to undertake an Economic Feasibility Study with a specific focus on the demand for, supply of and financial viability of smaller sized apartments within the Double Bay Commercial Centre.
Our value add
To investigate these matters and inform the Study we reviewed the existing demographic and market characteristics of both Double Bay and the broader Eastern Suburbs Region. We engaged key stakeholders, reviewed the market’s ability to purchase existing dwellings (housing affordability) and tested the financial viability of a range of indicative sites in the Centre.
HillPDA identified a range of planning and non-planning approaches for consideration by Council to support the objective of increasing the Centre’s population.
HillPDA recommended Council consider a review of existing FSRs and thereby building heights, subject to urban design and amenity testing, to encourage redevelopment within the Centre and an increase in residents and workers in general.
To target affordability HillPDA suggested that Council consider reduced car parking, layered with minimum apartment mix and maximum sizes.
- Demographic analysis
- Market demand and supply analysis
- Stakeholder engagement
- Development feasibility testing
Client: Woollahra Council
Project date: 2015
For more information, contact Virginia Phillips, Associate