Commercial property owners told us their thoughts on the likely impact of one of Canberra’s largest infrastructure project since self-government
Matthew Winter, Manager at Colliers International, set out to identify and measure the opinions of commercial property owners along the ACT Light Rail Stage 1 route – CBD to Gungahlin – and capture their thoughts on the likely impacts.
To complete a widespread review of commercial property owners’ opinions, a short 10 question survey was sent to 90 owners along the Stage 1 route.
Here are the top seven insights from the survey.
Light rail will benefit the Territory
Whilst divided on the technology, project timing and future routes, 67 percent of commercial owners felt the light rail would ultimately provide wider benefits to the Territory and act as a catalyst for the renewal of one of Canberra’s key gateways.
Expectations of asset price growth
Commercial property owners believe light rail would lead to price growth for their asset, however noted concerns their net position may be negatively impacted by increasing annual charges.
Consideration of alternate uses for buildings
Following the announcement of Stage 1, 50 percent of owners along the Northbourne Avenue and Flemington Road corridor have investigated alternative options for their commercial asset.
No concerns of long-term apartment oversupply
Commercial owners were generally optimistic that there will not be an oversupply of residential dwellings along the Northbourne Avenue corridor despite significant recent land releases and a forecast 2,000+ units over the next five years.
Positive impact on tenant retention
Owners anticipate that further densification and increased amenity as a result of Stage 1 will have a positive impact on tenant retention.
Traffic congestion unlikely to improve
Forty-seven percent of commercial owners felt the light rail would have little to no impact on traffic congestion, a fundamental objective of the infrastructure.
Workers will use light rail as mode of transport
Overwhelmingly, commercial property owners believe that Canberrans will use the Stage 1 project to commute to and from work, if stops were within proximity to office locations and viable ‘park and ride’ solutions were provided by the ACT Government.
To download the report and watch the videos click here
or contact Matthew Winter
to discuss the results.
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