Settlement Road, Thomastown – Proposed adaptive reuse

Location: Settlement Road, Thomastown (VIC)

Brief:  The subject site at Settlement Road in Thomastown, is located within the extensive Thomastown industrial zone. Its current use as a bulky goods/homemaker centre has failed and much of the centre is vacant despite many efforts to revitalise the site.

The owner now proposes to rezone and redevelop the site as a mixed use development, comprising a mix of commercial and high density residential uses (to be registered under the National Rental Affordability Scheme).

MacroPlan was commissioned to assess the economic merits of the proposed adaptive reuse of the site and the economic benefits of the rezoning.

Methodology:  A review of the current development and the surrounding region was conducted to assess its highest and best use potential. It was found that a number of sites in the Thomastown industrial zone were underutilised or vacant.

Past and likely future trends were examined in the provision and use of industrial zoned land to determine the likely impacts on employment from any redevelopment of the subject site.

In depth research and assessment of the City of Whittlesea’s strategic plans for the region was also completed, to address the changing socio-demographic profile of its residents and future requirements. In particular the issue of affordable housing appeared high on the agenda for the City of Whittlesea.

MacroPlan delivered a thorough analysis of the most suitable options available in order to rejuvenate the site and the long term benefits of a more flexible zone, which were all supported by the numerous City of Whittlesea strategic plans.

Result: MacroPlan’s detailed analysis and economic assessment has highlighted the need for rejuvenation of the subject site and the overall Thomastown industrial precinct.

Discussions with the City of Whittlesea has commenced in relation to the potential rezoning of the site from industrial to mixed use. The revitalisation of the Thomastown industrial zone is already being investigated by the City of Whittlesea and it is expected that, over the longer term, a more flexible zoning will result.

The subject site at Settlement Road is regarded as a prime example of an underutilised site that would benefit from the proposed