Melbourne Metro Rail Project is a major infrastructure project currently under construction in our city. The project includes the construction of a new underground tunnel and the creation of five new underground stations.
Urbis was engaged to advise Melbourne Metro Rail Authority on the compensation which should be paid to dispossessed owners and tenants who have had their property compulsory acquired as part of the project. In addition, we were instructed to provide market rental assessments for the temporary occupation of land required for the project.
The properties Urbis were instructed to value include City Square, The Westin Hotel Complex and Port Phillip Arcade, along with several retail and commercial buildings along Swanston Street and La Trobe Street.
Our role in advising Melbourne Metro Rail Authority on appropriate levels of compensation included assessing compensation payable for partial acquisitions with complex components.
Urbis acted as the primary valuer in assessing value to support compensation payable to dispossessed owners whose land was compulsory acquired for the project.