We undertook a strategic assessment on central Melbourne and its future development out to 2051. The evidence presented informed the business case for the $11 billion Melbourne Metro Rail Project.
Our planning and property economics teams developed a model to analyse the floorspace requirements based on population and employment projections within several central city precincts. The model was used to calculate floorspace capacity in each of these precincts, based on the city’s current development controls.
The study was then used to form a view on the likely timing and staging of development across inner city precincts identified within the Victorian Government’s metropolitan plan, Plan Melbourne.
This study identifies that the more established central Melbourne areas – like the CBD, Docklands and Southbank – will experience constraints around the supply of additional floorspace through either new development or redevelopment. The evidence is used to justify new urban renewal precincts in central Melbourne.