The Caulfield to Dandenong Level Crossing Removal Project – Sky Rail includes the removal of nine level crossings on the Cranbourne-Pakenham line between Caulfield and Dandenong. The level crossings removals are facilitated by an elevated rail-over-road structure, commonly referred to as ‘Sky Rail’.
The Level Crossing Removal Authority recognised the impact such a structure would have on properties abutting the proposed structure, particularly in the suburbs of Carnegie and Murrumbeena.
To accommodate the affected owners, LXRA implemented a Voluntary Purchase Scheme whereby the Authority offered to purchase properties included in the scheme at market value.
Urbis was engaged by some 30 owners to provide market value assessments to assist with the negotiated purchases. This involved closely monitoring the local residential markets of Carnegie and Murrumbeena over the twelve-month life of the scheme.
Our Real Estate Advisory team provided valuation advice that assessed the affected owners negotiate fair selling prices.
Urbis provided valuation advice for 30 properties included in the voluntary purchase scheme for the LXRY Caulfield to Dandenong ‘Sky Rail’ Project.