Malcom Macintyre - Capella Capital - Case Study Lessons Learned from The Darling Harbour Live Consortium

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Malcom Macintyre delivered the presentation at 2014 National PPP Summit.

The National PPP Summit is the leading annual event for industry stakeholders to gather and discuss the issues across the national and global PPP markets. The 2014 agenda reviewed current and emerging financing models as well as showcasing best practice strategies for the procurement process, risk transfer and whole-of-life project management.

For more information about the event, please visit: http://www.informa.com.au/PPPSummit14

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Malcom Macintyre - Capella Capital - Case Study Lessons Learned from The Darling Harbour Live Consortium

  1. 1. Case Study: Darling Harbour Live 14th Annual National PPP Summit June 4th, 2014
  2. 2. Case Study – Darling Harbour Live • State’s aspirations for the project • Project update • Bid challenges & resolutions • Lessons learned?
  3. 3. Darling Harbour - existing condition
  4. 4. Bid Process & Timeline to date • EOI Issued Sept 2011 • Shortlisting Dec 2011 • Pre RFP Phase Jan-Apr 2012 • RFP Phase Apr-Sept 2012 • Preferred Dec 2012 • Contract Close Mar 2013 • Planning Approvals Mar – Dec 2013 • Financial Close Dec 2013 • Demolition Jan- May 2014 • Construction May 2014 – Dec 2016 (PPP only)
  5. 5. State’s Vision & Objectives State’s Project Vision Deliver world-class core functions of convention, exhibition and entertainment facilities that exceed the expectations of domestic and international visitors and Reaffirm Darling Harbour as Australia’s premier gathering place by creating an exciting, connected, active and vibrant precinct that brings delight to visitors and Sydneysiders alike. State’s Project Objectives Provide Sydney with unified high quality convention, exhibition and entertainment facilities that befit Australia’s global city, Maximise the SICEEP Project’s direct and indirect economic benefits to NSW, Provide a value for money solution with completion on time and on budget, Demonstrate excellence in design and environmental sustainability and Enhance connectivity around and through the Precinct, and optimise the quality of the Public Realm. Design Principles Place making Flexibility Permeability Variety Identity Connectivity
  6. 6. The Brief •Sectors North – Convention, Hotels, Exhibition, Banquet, Meet ing Rooms Central – Entertainment, Exhibition, Hotel, Retail, Com mercial, Meeting Rooms, Convention South – Residential, Commercial, Retail High Level Output Specification Exhibition Space 40,000 sqm Convention Plenary 4,250 pax Meeting Space ~8,000 sqm Banquet Facilities 2,000 pax Entertainment 8,000 pax Hotel 4+ Star / 300+ keys Commercial Development Not prescribed Public Realm Public Car Parking 1,500 spaces
  7. 7. Project Structure DCM Convention and Exhibition Centre Specialist Local Architect, Landscape Haymarket Darling Harbour Live Consortium Mixed Use Developer NSW Government Hotel/MCD Design Project Deed Project Development Agreement D&C Contractor (and Commercial Developer) PPP Developer, Equity Investor (LL) and FA Facilities Management Operator Equity Investor PPP Convention, Exhibition & Entertainment Hotel; Residential and commercial neighbourhood - Commercial & retail PPP PDA
  8. 8. Darling Harbour Live – PPP PPP Structure  Availability based revenue (QSP) from NSW Government  28 Year concession term with INSW and SHFA  Financed by Debt and Equity  Concession obligations passed down to contractors 8 New South Wales Government Capella CapitalLend Lease Building Lend Lease Equity Senior Debt HostPlus CBA Westpac NAB CIBC Credit Agricole DBS HSBC UOB Spotless 50% 50% Project Deed AEG Ogden Management Services Agreement Facility Management Contract Construction Contract Operator Contract
  9. 9. HAYMARKET SQUARE TUMBALONG PARK HARBOURSIDE ICC Precinct
  10. 10. ICC Facilities THEATRE ICC EXHIBITION ICC SYDNEY ICC HOTEL
  11. 11. ICC Sydney and ICC Hotel
  12. 12. ICC Sydney – Harbourside Place Arrival
  13. 13. ICC Sydney
  14. 14. ICC Sydney – Darling Harbour Theatre
  15. 15. ICC Sydney
  16. 16. ICC Sydney – connection to ICC Exhibition
  17. 17. ICC Exhibition
  18. 18. ICC Exhibition
  19. 19. ICC Exhibition
  20. 20. ICC Exhibition – 2 level exhibition halls
  21. 21. ICC Exhibition
  22. 22. ICC Theatre ICC Theatre
  23. 23. ICC Theatre
  24. 24. Darling Square
  25. 25. Darling Square - Sydney’s new urban village  Sydney’s most vibrant new neighbourhood – 1,400 residential apartments – Up to 1,000 student beds – Up to 7,000sqm retail – 22,000sqm commercial office space – 400 public car spaces – Up to 2,000sqm community space and public realm upgrades
  26. 26. Key Project Issues • Developing the master plan • Planning risk – Refreshing the debt – Stakeholder & community engagement • State contribution – “Conditional Debt Pay Down” • Risk sharing – creating alignment in PPPs • HostPLUS – greenfield investment by Aust. Super Funds • Much more than just a PPP – Urban renewal – leveraging public investment – Commercial development – Economic development
  27. 27. Darling Harbour Live Sydney’s Westside Growth Story
  28. 28. Insert W-E aerial Questions

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