Insights Library
The SRL Precinct Controls Have Arrived – What Do They Really Mean for Landowners?
The Victorian Government has now implemented a series of planning scheme amendments affecting the SRL East station precincts following a public hearing process. Whilst public discussion has largely focused on housing growth and urban renewal, many landowners with land within the precincts will now be confronting a more practical question: what do these changes actually mean for their property, development opportunities and long-term asset value?
A New Planning Framework with Significant Consequences
The approved controls fundamentally alter the planning context for many properties. Existing assumptions regarding development outcomes, scale and strategic positioning no longer apply. Landowners must now consider how their site fits within an overarching precinct vision for the new SRL station precincts .
Increased Development Potential Does Not Necessarily Mean Easier Development
Higher density aspirations do not automatically translate into viable development outcomes. Beyond the new set of planning controls, infrastructure constraints, servicing limitations, site access issues, flooding, interface concerns and market viability remain relevant considerations for proposed development on land within the Precincts.
One of the Biggest Outstanding Questions: Who Pays?
Major questions remain regarding infrastructure funding and development contributions within the SRL Precincts. Those future contribution funding arrangements may materially affect development feasibility, land value and project timing. The detail of those arrangements will be critical for landowners and developers alike and is still, unknown.
Future Development Outcomes Are Far From Settled
We observe that the Advisory Committee made various recommendations in relation to further work to be undertaken in respect of the controls and particularly, those aspects of them relating to the voluntary public benefit uplift framework and the strategic site designations within the Precincts. It follows that the controls may be the subject of further amendments and it is those changes, together with the infrastructure contributions planning, permit decisions and tribunal outcomes which will continue to shape how the controls operate in practice. It is therefore imperative that affected landowners approach their redevelopment proposal in a considered, strategic and informed manner.
The most important considerations extend beyond planning considerations and involve property structuring, development agreements, land assembly opportunities, acquisition risk, compensation issues and taxation consequences.
Navigating the new SRL Precinct controls requires a multidisciplinary approach. The most successful outcomes typically arise where planning, property, development and infrastructure considerations are addressed together, rather than in isolation. Understanding both the opportunities and the risks will be essential to development feasibility and protecting and maximising long-term site value.
How We Can Help
Best Hooper is a whole of property advisory. Its approach ensures landowners and developers can be informed on the practical implications of the SRL Precinct controls, development strategy, infrastructure contributions, acquisitions, compensation and project delivery issues. Early strategic legal input can be beneficial in determining the most appropriate development pathways in a dynamic planning context.
