Background
Hunter Central Coast Development Corporation is responsible for the stewardship and activation of key public assets across the region. Newcastle Station, a prominent harbourside site, required a clear commercial strategy to support its long-term lease and reactivation. EPS was engaged to provide independent economic advice to inform an open market Expression of Interest process and guide decision-making on future use.
Complexity
The project involved a range of interrelated considerations:
- Balancing commercial returns with public value for a high-profile civic asset
- Uncertainty around feasible uses and staging of refurbishment works
- Market sensitivity to adaptive reuse outcomes in a prominent waterfront location
- Aligning lease structures with both investor expectations and government objectives
Solution
EPS provided targeted, evidence-based advice to support strategic positioning of the asset.
- Highest and Best Use Assessment: Assessed feasible land use scenarios having regard to site constraints, market demand and planning context
- Feasibility Analysis: Undertook financial modelling of refurbishment and reactivation options to test viability under different development and leasing assumptions
- Market Testing Inputs: Informed likely commercial lease terms achievable through an open market EOI process
- Valuation Support: Provided advice to guide land value expectations under alternative use and delivery scenarios
EPS worked closely with the client to ensure assumptions were transparent, aligned with policy intent, and suitable for engagement with the market.
Impact
The advice established a clear commercial basis for the EOI process.
- Supported a structured and informed approach to market engagement
- Reduced uncertainty around feasible uses and lease parameters
- Enabled alignment between commercial outcomes and public asset objectives
- Positioned the site for considered reactivation consistent with its strategic importance
Image Source: HCCDC
