Financial Summary

Manly2015

Financial Summary Manly2015 (March 2014) 

The following key components of the Manly2015 Masterplan have undergone further financial feasibility assessment for CapEx Review by the Office of Local Government:

  • Public Domain Works;
  • The construction of a new 760 place car park beneath Manly Oval for the cost $34mil,and
  • The sale of the existing Whistler Street carpark site for a mixed use retail and residential development to realise between $14mil and $16mil.

If Council decides to redevelopment the existing library site, then Council will utilise the retail and commercial development potential of the site to fund the redevelopment.

Like all Masterplans, Manly2015 is planned to be implemented in stages. A robust governance and probity structure has been developed to ensure the plan is delivered in a fiscally responsible way.

In May 2013, KPMG consultants performed an independent feasibility review of the Manly Oval Car Park and Village Centre proposals and concluded that the project is viable and that the cost estimates are sound based on today’s market. KPMG further recommended that Council should divest of the Whistler Street carpark site for redevelopment instead of taking it on itself.

In late 2013, KMPG undertook a commercial and financial review of the Manly Oval Carpark proposal and concluded that the proposal was feasible.

Summary

Order of Costs - Key Components

 

Funding Source

 

Public Domain Works

$15mil

Fully Funded from Existing Town Improvement Local Rate

$15mil

Manly Oval Carpark

$34mil

Funded from :

  1. Sale of Existing Whistler Street Carpark
  2. Loans funded from operations

 

$14mil-$16mil

 

$18mil-$20mil

Library redevelopment options will include two commercial/retail floors in a 5 storey development.

 

 

Funded from the retail/commercial and retail development potential of the site