G.S. 84
RESTRICTED
3
XCR(78)200
1.
should be $159 million, this figure to include the cost of construction of the temporary terminal and the cost of diverting a stormwater drain crossing the site which had not previously been taken into account by the Corporation.
Assessment of Land Values
6
The Final Report having been submitted in July 1977 and the construction costs involved having been estimated as at that date, July 1977 has been taken as the appropriate date for assessment of the land value of the site adjoining the marine structures. An assessment has been made by the Director of Lands, Survey and Town Planning, bearing in mind evidence of land transactions of comparable sites as at that time, which has produced a base figure of $25,000 per square metre of site area. This figure, when suit ably adjusted for the period required for construction of the Government facilities and the marine structures, reduces the base figure to a net amount of $20, 800 per square metre. These figures were subsequently agreed with the Corporation. In order to establish the total amount of commercial and office accommo- dation equivalent to the cost of construction of the Government facilities to be provided by the Corporation, the site value was expressed as accommodation value (i, e, the land element cost in a development) for both the commercial and the office accommodation related to the Corporation's scheme. As a result, and on the assumption that the total extent of the deve- lopment permitted on the site area as proposed in the scheme would be limited to the cost of the marine structures ($159 million), a development of 9 storeys only of office accommoda- tion over a proposed 4-storey podium equating to a plot ratio of 6,59 could have been permitted. This in itself would have accorded with the views expressed in paragraph 8 of memorandum XCR (75)139.
Limitation on Development
7
In discussions with the Corporation on the basis of the land element values and construction costs agreed, it became clear that the Corporation considered the very limited amount of commercial and office accommodation thus permitted was not sufficiently attractive and that a limitation as proposed might jeopardise the scheme as a whole. The Director of Public Works had previously considered, that in the light of any firm commitments to construct a possible elevated road along Connaught Road, Central, traffic problems in the Central District as a whole would be critical, and therefore in the interest of minimising traffic impact of the re-development on
RESTRICTED