Duffield, C F and Regan, M (2004) Public private partnership arrangement for the Spencer Street station upgrade in Victoria, Australia. Journal of Financial Management of Property and Construction, 9(3), pp. 163-178. ISSN 1366-4387
Abstract
A detailed critique into the benefits derived from the use of a Public Private Partnership (PPP) procurement strategy for the Spencer Street Station redevelopment in Victoria, Australia is presented. This project was awarded to the Civic Nexus consortium in July 2002 and construction is currently well underway. The project involves the redevelopment of a railway station, the construction of a retail plaza and the development of residential and commercial buildings. This paper presents the findings of an independent study into the benefits of the project that was conducted two years after contracts were finalised. The study includes a description of the process adopted by the Victorian government to decide that, in their view, a PPP procurement system was appropriate and reviews the risks associated with the project and how these risks were allocated. The paper explores the innovative features of the winning bid including its financial structure. The benefit of hindsight has enabled a reflection on how materialized risks have been managed. The paper concludes with a range of reflective comments on the value achieved to date for the project.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | public private partnership, project evaluation, project finance, value for money, public interest, risk, Spencer St Railway Station, Australia |
| Index terms: | public private partnership, project evaluation, reflection, procurement system, Victoria, Australia, critique, procurement strategy, consortium, public interest, redevelopment, value-for-money, project finance, commercial building, railway station |
| Subjects: | partnership management, political science, infrastructure and transport systems, financial management, professional development, regions and continents, value management, evaluation, Geography, contractual arrangements, evaluation and assessment methods, construction type |
| Topics: | Project Management, Geographical Context, Engineering Principles, Procurement, Value Management, Research Practice, Information Management, Cost Management, Construction Technology, Governance, Stakeholder Management, Urban Studies |
| Descriptive scope: | 3 PCA |
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