LIVING CITY is a transformative urban renewal project at Devonport, Tasmania, sponsored by Devonport City Council. With Stage 1 completed in August 2018, it sees the transformation of Devonport into a “must-see” tourist destination. Local businesses are responding to this positive change, with new businesses, restaurants and a distillery opening.

Stage 1 was delivered as a $71m package, intended to stimulate activity, investment and jobs in the local economy.

New facilities include the impressive new multi-purpose civic building, the paranaple centre, which is home to a state-of-the-art Library, integrated customer service centre, a café, Council offices and an 800-seat conference centre, food pavilion, and a 530 space multi-deck carpark.

Stage 2 defines a new retail tourism precinct and creates a vibrant waterfront presence for the city, opening the Devonport CBD to the Mersey River for the first time. Council initially engaged P+I to develop and articulate a project solution, to masterplan stage.

Thereafter P+I was engaged to provide financial advisory & modelling, Packaging & Arranging Finance, and Development Management to completion.

Working closely with the Council team, P+I prepared the financial model, funding and implementation plans. The model demonstrated financial exposure and returns to Council, under different development scenarios, and included the detailed budget.

P+I arranged $60m of bank facilities and assisted in securing grant funding from the Commonwealth and an agreement from the State to purchase space in the Project.

Development Management included:

  • Developing the design with end user input;
  • Commissioning the DA design package with the architect;
  • Preparing the tender package to pre-qualified builders;
  • Evaluating builder submissions received and recommending a preferred contractor;
  • Negotiations to secure a Guaranteed Maximum Price (GMP) contract with the builder;
  • Supervising the activities of the builder during the construction period;
  • Supervising the activities of the builder during the construction period;
  • Maintaining and preparing budgets for the Project including bank drawdowns;
  • Reviewing claims for payment from the builder and ensure that these are supported by approval from the Independent Certifier and are compatible with the budget and construction contract;
  • Attending PCGs during the construction period and providing a monthly report on progress;
  • Interfacing with the builder to ensure the opportunities for variations are curtailed;
  • Work with the builder in the defects liability period to address any post construction defects.