Urbis was appointed as the Independent Transaction Manager by the LXRA for the appointment of developers into each of the consortia being appointed to undertake the level crossing removals in Victoria.
The Urbis Transactions team worked with the LXRA to develop a process that would allow for developers to be appointed to each consortia. At the time of appointment, there were no legally identifiable parcels of land to transact so we had to develop a process based on a ‘partial pricing metrics’ model that would meet the requirements of the Victorian Government Land Monitor (VGLM). We developed a process which was presented to and signed off by the VGLM.
Urbis ran an open market developer appointment process which included:
- Preparation of the Disposal Plan, Probity Plan and Offer Documentation
- Advertising of the opportunity inviting developers to submit via the partial pricing metrics process
- Developer Presentations
- Shortlisting of Responses
- Second round process and assessments
- Recommendations to the LXRA and Consortium
- Appointment to Consortium
- Full probity reporting
The process resulted in the appointment of seven different developers to various development opportunities associated with the level crossing removal program.