Need to nurture commercial property

The Property Council wants CBD commercial property to be treated differently than residential under the new planning regime.

In the proposed amendment, no distinction is made between commercial and residential development but Property Council acting executive director Asher Judah says this will disadvantage Melbourne as a centre of commerce.

Speaking at the recent seminar, Mr Judah pointed out that the planning review was prompted by widespread concern at the uncontained growth of residential development in the city.

“The government should avoid any regulatory outcome which discourages investment in commercial development,” he said.

“We call on the government to maintain the 24:1 plot ratio, exempt commercial property from the proposed setbacks and building separation controls and increase the flexibility in how developers can provide the required public benefits.”

“While the residential development will continue to play an important role in shaping our global city, the primacy of the city’s commercial nature must never be forgotten.”

Mr Judah said that only 165,000 sqm of new commercial stock was forecast to the enter the market between now and 2019.

“This means we should expect further tightening in supply over the years ahead,” he said.

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