Notification of Forrestdale Business Park West Development Contribution Plan Annual Cost Schedule Update
Adopted
DevelopmentWA has undertaken an annual cost schedule update of the Forrestdale Business Park West Development Contribution Plan (DCP) in accordance with Section 6.8 of the DCP. The cost schedule has been updated to reflect current costs separate from a full review in accordance with Clause 7.8 of Armadale Redevelopment Scheme 2. There have been no changes to the scope of the DCP.
The DCP cost schedule update involved the following:
- Updating of the total development costs to reflect current market prices;
- Removing works that have been completed to date;
- Update the land acquisition costs to reflect current actual costs; and
- A review of the capital expenditure plan.
The key outcomes of the DCP cost schedule update are as follows:
- Increase in estimated Development costs from $65 million to $73 million;
- The current Development Contribution Rate of $49.19 per m² has increased to $55.15 per m²; and
- The escalation formula has been updated to reflect adjustments to the borrowing rate.
A copy of the updated annual cost schedule can be found on our website at the following link.
The updated Development Contribution Rate of $55.15 per m² will be used on DCP contribution calculations moving forward.
Should you wish to discuss the DCP annual cost schedule update, please contact Simon Lenton on 9482 7828 or simon.lenton@developmentwa.com.au.
