NAVIRE was engaged by the City of Knox to provide independent development and property advice to the City and assist with a two-stage process consisting of an Expression of Interest and a Request for Proposal for the sale of Council’s Stamford Park 6.3ha development site in Rowville.
The key objective for this project was for the City to achieve both its environmental and social housing objectives for the Stamford Park residential development together with a significant land sale price to help the City pay for the revitalisation of the historic Stamford Park homestead and approximately 38ha of public parklands and waterways.
The key responsibilities for this engagement included:
- reviewing and analysing the EOIs received from bidders;
- providing independent development and property advice to Council’s EOI & RFP Review Panels, Executive Team and Councillors;
- assisting Council to draw up EOI/RFP documentation and run the EOI/RFP processes;
- reviewing and analysing the proposals received from bidders;
- undertaking market analysis and development feasibility analysis to provide a comparator tool to assist the City in assessing proposals and the negotiations with bidders;
- assisting Council in negotiations with the bidders and reaching agreement on a PDA and section 173 Agreement with the Preferred Developer (Stockland).
Where it’s at
The City entered a Project Delivery Agreement (PDA) with Stockland in December 2015. The PDA contains obligations on Stockland regarding the delivery of numerous environmental initiatives and social housing. Stockland has lodged its Development Plan with Council and it is expected that construction will commence in 2017 with the first homes completed in 2018.