The Fishermans Bend Primary School project is a pivotal part of the planned Fishermans Bend Urban Renewal Area (FBURA). This project aims to establish a state-of-the-art educational facility in the heart of Fishermans Bend, Port Melbourne. The school is set to open in 2026, accommodating up to 650 students from Prep to Grade 6, thereby providing a quality education within the local community for the expanding population.
We were engaged to advise the Lessee’s on the compensation which should be paid as their premise is being compulsorily acquired as part of the project. The property comprised a variety of components including office, warehouse and showroom tenancies.
Our role in advising the clients on appropriate levels of compensation including assessing the Lessor’s and Lessee’s Interest in the land, together with contemplating a potential ‘marriage value’ under an alternate development scenario.
“Assessing compensation payable to dispossessed tenants on a highest and best use basis. The valuation contemplated a lessee’s interest, inclusive of share in ‘marriage value’.