Urban Renewal Authority reforms and restructures put Places Victoria back in front

16/10/2014 4:16 am

Place VictoriaGovernment urban renewal authority Places Victoria has delivered a strong financial performance for the 2013-14 financial year, achieving a $43.5 million profit.

Planning Minister Matthew Guy said the Victorian Coalition Government's urban renewal authority has proved its ability to be a sustainable and enduring business by delivering a significant profit in 2013-14 while also returning capital to the Victorian Government, repaying debt and increasing its cash reserves.

"Places Victoria is now in strong position to focus on its core urban renewal mandate. It has been tasked with the important role of working closely with both government and the private sector to unlock the potential of urban development sites across Victoria," Mr Guy said.

"Under the Coalition Government, Places Victoria has been transformed from an organization with dated, wasteful structures, to one that is leaner, more efficient and now, highly profitable. With a rejuvenated Board, management team and new CEO, Places Victoria is more focused, more responsive and better able to draw on its experience in urban renewal and property development to maximise returns to government and create opportunities for the private sector."

In 2013-14, Docklands continued to deliver solid profits, with more than $1 billion worth of construction underway.

"More than $9 billion has been invested in Docklands to date, with the private sector investing about $50 million for every $1 million in public investment," Mr Guy said.

In the 2013-14 financial year, Places Victoria also realised the sale of non-core greenfields landholdings and experienced a strong trading year at the award-winning LOGIS eco-industrial estate in Dandenong.

"LOGIS, which is a partnership between Places Victoria and Melbourne Water, has set a new benchmark for industrial land values in Dandenong and is an excellent example of the value that can be achieved from strong government agency partnerships," Mr Guy said.

Places Victoria also made significant progress in central Dandenong in 2013-14, with the opening of the new City of Greater Dandenong municipal building, work commencing on a new Australian Tax Office building and development rights awarded for a serviced office complex.