In March 2016, NAVIRE was engaged by the Box Hill Institute (BHI) to undertake a review of its Campus Modernisation Program and the associated high-level business case and financial models that had previously been prepared for this campus master planning exercise.
The NAVIRE team undertook detailed financial modelling of the redevelopment options for each of the five sites based on schemes prepared by BHI’s architects and advised on the opportunities and alternate solutions that met BHI’s objectives for the sites.
Following on from the work undertaken on the Campus Modernisation Program, NAVIRE was further engaged to assist with the to-market EOI & RFP process for the sale and development of BHI’s Spring Street Site in Box Hill. The objective for the redevelopment of the Spring Street Site was to, through the private sector and at no cost to BHI, deliver a high-rise, mixed-use building comprising a three-level nurse training facility for BHI and private mixed uses above.
NAVIRE’s key responsibilities for the engagement included:
- Reviewing and recalibrating the objectives / vision and financial models for each of the 5 sites within the Campus Modernisation Program;
- Undertaking a market sounding process with a range of private developers and student housing providers ahead of the to-market EOI & RFP process for the Spring Street Site;
- Preparing the EOI and RFP documentation and assisting BHI to undertake the necessary due diligence prior to taking the Spring Street site to market;
- Conducting the procurement process with BHI, including the assessment of expressions of interest and final proposals from bidders;
- Negotiations with bidders to select the preferred developer and agree the Project Delivery Agreements (PDAs); and
- Presentations to BHI Executive and Board throughout the engagement to ensure all decision makers were fully informed and felt comfortable to make decisions as and when required.
Where it’s at
PDAs were executed between BHI and the successful bidder, Orion International Group in June 2018.
In addition to delivering a three-level nurse training facility at no cost to BHI, Orion is also making additional payments to BHI that will enable BHI to deliver extra fit out and equipment for the nurse training facility.
Orion are currently seeking planning permission for the development.