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Productivity – Reports

Ordinary Meeting - 12 February 2014

Risk Analysis: Risk


Heritage Victoria does not issue a permit Continue discussions with Heritage that allows the restoration and use as Victoria until such time as the permit is proposed in the architectural drawings issued. Should changes to the plans be required that would impact on the restoration it may require the EOI process to be delayed until agreement can be reached with Heritage Victoria. There is significant public concern that the Clearly express the benefits of the building will no longer be in public building being returned to private ownership ownership (as the vast majority of heritage buildings are) during any media. The cost to restore the building to the standard required is not financially feasible

Cost estimates for the restoration will be included in the EOI documentation, however potential purchasers will be required to undertake their own due diligence and project feasibility and argue their case as part of the EOI process.

Unexpected structural issues mean that the development cannot proceed as planned

There is very little structural work required to complete the restoration as planned, however any heritage restoration brings with it unknowns which need to be factored into the contingency budget allocation. Any changes will need Heritage Victoria’s approval.

The time taken to restore the building has This needs to be addressed in the a detrimental impact on adjoining restoration methodology proposed by properties and city centre visitation potential purchasers. A degree of short term disruption in the immediate area will need to be accepted to get the long term benefit of the restoration. A communication plan will be needed and implemented. We fail to find a purchaser willing to develop the property as required by the Heritage Victoria permit

The property would remain in the City’s hands for the time being and essential repairs and maintenance costs could be covered by rents received from the existing tenancies.

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20140212 agenda  
20140212 agenda