La Trobe University is embarking on the long-term journey to deliver its vision for a ‘University City of the Future’ at its Bundoora Campus in north-east Melbourne. La Trobe University, in partnership with the Victorian State Government, will seek to transform the 235ha campus into a multi-precinct city, delivering $5b in investment.
The future campus will comprise a core education precinct, research and innovation precinct, a health and wellbeing hub, a town centre precinct, an eco-corridor and a sports & recreation precinct. To underpin the establishment of the various precincts, La Trobe will seek to procure a range of public, community and private commercial and residential developments to provide the employment opportunities and residential population base to support its vision.

The task

NAVIRE has been engaged by La Trobe University as its Principal Property Advisor to provide guidance on the range of planning, procurement and implementation activities required to realise their vision and desired development outcomes.

The responsibilities

  • Undertaking market research with respect to market absorption rate projections, development pipeline analysis and residential and demographic projections for the potential land use catchment areas.
  • Preparing development yield assessments and undertaking residual land value assessments for a number of surplus land assets.
  • Preparing development staging plans for a number of key precincts within the masterplan, identifying the anticipated development sequencing, timing, catalyst projects and infrastructure requirements to facilitate and attract the desired private development.
  • Preparing a dynamic cash flow model that captures all anticipated capital costs and revenues for the life of the masterplan development roll out, allowing La Trobe to understand the outcome of a range of development scenarios and sensitivities as the project evolves.
  • Providing advice on the first 5-year development plan with respect to the key investment, divestment and procurement priorities, resource requirements, interdependencies, risks and the catalyst projects and supportive infrastructure required to capture the desired market share and development outcomes.

Where it’s at

  • NAVIRE has completed the preparation of the dynamic cash flow model and is currently assisting La Trobe with the ongoing operation and updating of the model as parts of the development plan are realised.
  • La Trobe University and NAVIRE are currently in negotiations with Healthscope with respect to developing a private hospital at the Health & Wellbeing Hub.
  • Procurement activities to find a large retail anchor tenant to support the vision for the town centre precinct area anticipated to commence in 2019, in addition to a range of other catalyst and supportive infrastructure projects.