Penrith Union Road Car Park
HillPDA was instructed by Penrith City Council to assess how private residential developments have been progressing within the City Centre and how Council’s revitalisation projects could support the supply of dwellings in terms of number and variety within the City Centre. The second phase of the project assumed base case feasibility testing on a large site within the Penrith CBD to manage RFP financial expectations on the site assess and a benchmark the ‘value for money’ of the proposals. The third phase of the project assessed the financial returns and risks of the submitted tenders. Frasers was selected as the preferred tender.
Our value add
HillPDA assisted Council on the initial high level site assessment through to the selection of the preferred tender. Our multi-disciplined team was able to provide council not only a clear understanding of the local market but also the way in which a developer would approach this site.
Another key value add was our assessment of each tenders financial offer, which made it clear to Council which offer was the most financially attractive but also qualitative analysis around each offers risks.
The study provides a good example of best practice into how Councils can make better use of their assets – particularly with open car parks in town and city centres where land is valuable. Redevelopment can deliver high density transit orientated development while retaining public car parking, possibly increasing public car parking, providing a financial return and or delivering other public benefits.
- Tender assessment
- Financial modelling
Client: Penrith City Council
Project date: Aug 2016 – Mar 2017
For more information, contact Adrian Hack, Principal