EG's Property and Planning Division played host to Professor Peiser to discuss the latest research on the role and value of mixed-use developments, particularly in the competitive Sydney market.
Discussion with key representatives from the development community, local and state government, the Greater Sydney Commission and industry associations focused on understanding what is the ‘right’ mix of uses in a development and how can the local planning culture support inclusive and viable forms of development.
Highlights from the discussion included;
The market will pay a premium for mixed use development and with increasing demand for innovation centres that attract millennial workers who want a diversity of uses in their workplace. This trend is likely to continue.
There is an opportunity to deliver more mixed use communities such as Sydney’s Central Park that achieve good returns from an integration of student accommodation, transport, retail, hotel and office space, combined with well-designed buildings and public space
There is an opportunity to address the high level of concentration of employment and economic output in Sydney's central business district through increased mixed-use development in the ‘outer’ suburbs
The current planning system in NSW tends to be rules driven rather than focused on performance and outcomes
A return to strategic planning that puts placemaking and storytelling at the forefront of decisions would enhance community outcomes
The successful development and delivery of the regional plans currently being finalised by the Greater Sydney Commission require state government agencies, community groups, development industry, the environmental community and local government to be aligned in outcomes and commitment
Sydney’s future requires effective planning for three cities, not one.
There is a need to address prejudices in relation to developing and financing mixed-use development as research indicates that mixed-use yields return for the investor and the community
View photos of the event here