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  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 1

    Memorandum

    To: Amex Corporation c/- Greg Wood, Tract Consultants

    From: Matthew Lee

    Cc:

    Date: 12 June 2013

    Subject: Economic Statement for Amex site Tarneit North PSP

    Dear Greg,

    This economic statement provides analysis with respect to land at Tarneit North, and has been prepared on behalf of Amex Corporation.

    The project brief is to examine the extent of retail and other business services that will be available to residents when the subject land is developed, and to determine the need for local provision of these services for future residents.

    1. Background

    The Tarneit North Precinct Structure Plan (PSP) is currently under preparation by the Growth Areas Authority (GAA) as part of four PSPs that are being prepared for new urban growth areas in Wyndham North (refer Map 1).

    Tarneit North PSP (1089), which incorporates the subject land, extends from Boundary Road in the north to Leakes Road in the south, and from Davis Road in the west to Derrimut Road in the east.

    PSPs for Truganina (1090) and Riverdale (1091) are currently being finalised, with draft amendment documentation likely to be available by late 2013. The Tarneit North and Oakbank PSPs will be finalised subsequently, with the planning scheme amendment and initial permits issued for part of the subject site by the end of 2014.

    The Wyndham North PSPs are affected by the Regional Rail Link project, which involves the construction of new tracks, grade separated rail crossings and station infrastructure along the route from West Werribee Junction to Deer Park. Land acquisitions bisect the Amex property approximately 350 metres north of Leakes Road.

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 2

    Map 1: PSP Context

    Source: Deep End Services; MapInfo; Ausway

    The subject land consists of 120 ha located west of Tarneit Road, between Leakes Road to the south and Dohertys Road to the north, as shown in Map 2. The property is bisected by the RRL to form two parts comprising 97 ha north of the rail alignment and 23 ha between the RRL and Leakes Road.

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 3

    Map 2: Subject site location

    Source: Deep End Services; MapInfo; Ausway; NearMap imagery

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 4

    2. Proposed subdivision and lot yield

    The subject land will create 1,444 residential lots across three precincts (refer Figures 1 to 3 and Table 1) consisting of:

    • Approximately 24 hectares of land (gross) in Precinct 1 generating 296 residential lots

    • Approximately 71 hectares of land (gross) in Precinct 2 generating 864 residential lots

    • Approximately 26 hectares of land (gross) in Precinct 3 generating 284 residential lots.

    Concurrent permit applications for precincts 1 and 2 (total 1,160 dwellings) will be lodged with the PSP, with permits anticipated to be issued by the end of 2014. The remaining subdivision for Precinct 3 (284 dwellings) will occur at a later stage.

    Table 1: Staging and lot yield by product type

    A feature of the plan of subdivision for Precinct 2 is the proposed co-location of child care and residents’ amenities at the entry to the estate on Tarneit Road.

    Precinct/product type Lot yield

    S96A applications Precinct 1

    Medium density 55 Entry market 50 Mid market 170 Premium market 21 Total 296

    Precinct 2 Medium density 86 Entry market 244 Mid market 422 Premium market 112 Total 864

    Sub-total initial stages 1,160

    Later stages Precinct 3

    Medium density 9 Entry market 119 Mid market 145 Premium market 11 Total 284

    Total Amex site Medium density 150 Entry market 413 Mid market 737 Premium market 144 Total 1,444

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 5

    Figure 1: Precinct 1 proposed plan of subdivision

    Source: Proposed Plan of Subdivision, Tract Consultants

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 6

    Figure 2: Precinct 2 proposed plan of subdivision

    Source: Proposed Plan of Subdivision, Tract Consultants

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 7

    Figure 3: Precinct 3 proposed plan of subdivision

    Source: Proposed Plan of Subdivision, Tract Consultants

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 8

    3. Activity centre planning

    Clause 22.05 to the City of Wyndham Planning Scheme presents relevant activity centre planning policy and is applicable to the development of existing and future commercial activity centres. The policy objective is to ensure that the development of commercial centres:

    § “Is planned for well in advance of anticipated urban growth § Provides for a range of retail and supporting activities and functions within a defined

    hierarchy of centres § Recognises an existing network of centres and projected future centres as population

    grows § Maximises choice and satisfies community needs § Provides a focus for community interaction” (Cl 22.05-02)

    The most recent strategic planning for activity centres has been undertaken by Essential Economics, with a draft of the Wyndham Activity Centres Strategy 2012 made available during Amendment C137 (relating to the Featherbrook Activity Centre). Map 3 provides an excerpt from the draft Wyndham Activity Centre Strategy 2012.

    The Melbourne West Growth Corridor Plan (June 2012) was prepared by the GAA to guide future land use planning in new urban growth areas in the municipalities of Wyndham and Melton. The Plan identifies a Major Town Centre at Tarneit in association with the planned railway station (and opposite Rose Grange) and a future Major Town Centre at Tarneit West.

    More recently, GAA have prepared a draft urban structure for the combined Wyndham North area, with Map 4 presenting an excerpt as at December 2012. The plan identifies the locations of proposed Local Town Centres providing neighbourhood-level shopping, business and community services, in addition to the major centre at Tarneit.

    In summary, people living within the Amex land would be served by the following existing and planned new centres:

    Existing centres

    • Tarneit West (3.3km from Tarneit Rd/Leakes Rd intersection) contains a Coles supermarket and small range of specialty stores

    • Wyndham Village (4.9km from Tarneit Rd/Leakes Rd) contains Coles and Aldi supermarkets, a range of specialty retailers, medical centre and other non-retail uses

    • Hogans Corner (5.3km from Tarneit Rd/Leakes Rd) contains a Woolworths supermarket and small range of specialty retailers

    • Werribee Plaza (6.5km from Tarneit Rd/Leakes Rd) is a regional shopping centre containing Myer, Kmart, Big W, Coles, and Safeway, with a wide range of specialty retailers and non-retail elements including library, cinema and health services

  • Amex Corporation memorandum - Economic Statement Tarneit North PSP - 12 Jun 13.docx 9

    Planned or under construction

    • Tarneit Gardens (900m from Tarneit Rd/Leakes Rd), currently under construction, is a neighbourhood centre with supermarket, specialty stores and a medical centre

    • Rose Grange (1.8km from Tarneit Rd/Leakes Rd intersection) is planned as the first stage of the Tarneit major town centre. A permit is sought for a centre containing a discount department store, supermarket and specialty stores. In the longer term the area around the Tarneit railway station is anticipated to be developed for a mix of retail, commercial and residential uses

    • Davis Rd/Leakes Rd on the adjoining land to the west of the Amex site is planned as a local town centre with supermarket, specialty retailing and non-retail uses to be located close to a potential future railway station. The location of the centre is understood to be close to Davis Road

    • A local town centre is identified for a site on Tarneit Road adjoining the intersection with Kenning Road (approximately 800m north of the subject land), but the location of this centre is yet to be finalized

    • The north-west corner of the Heartlands Estate is designated for mixed use development according to the estate’s Masterplan, and is likely to accommodate local level retailing.

    In summary, the following commentary can be made regarding activity centre provision surrounding the subject land:

    • In the long term the local community living within the subject land will be well served by a network of neighbourhood and higher order activity centres in the surrounding region, with most residents within 1- 1½km of the nearest supermarket-based centre, and within 2½-3km of sub-regional shopping facilities at Rose Grange.

    • Residents within Precinct 1 of the Amex site will be well served in the short-term, with Tarneit Gardens providing convenient supermarket-based retailing and other business and community services.

    • The construction of a local town centre on Davis Road will provide convenient neighbourhood level shopping, business and community services for residents living within Precinc