Table of Contents

Executive summary

1.1 The Ultimo investment Case

1.2 Case for Change

1.3 Description of Project

1.4 Project Options Development

1.5 Analysis of Proposed option

1.6 Financial Impact of the Proposed Option

1.7 Economic Impact of the Preferred Option

1.8 Statutory Planning and Site Planning

 1.9 Programme and Implementation

 1.10 Conclusion

1.11 Supporting Documentation


2 1Purpose of this Investment Case

2 2 Structure of this Investment Case

2 3 Project Sponsors

The Case for Change

3 1 Project Background

3.2 Policy and Strategy Context

3.3 The Urban Revitalisation Opportunity

14 The Cultural Presence Opportunity

3.5 Project Imperative

3.6i Benefits of the Project

3.2 Stakeholder Engagement

Analysis of the Proposal

4,1 Project Objectives

4 2 Project Vision

4 3 Project Goals

4 4 Site Due Diligence

4.5 Investment Case

4.6 Options Development4 7

4.7 Project Options Analyse

4 8 Option Assessment

4 9 Economic Appraisal

4 10 Financial Impact of the Proposed option

4 11 Project Options Risk Assessment

4 12 Sustainability

4 13 Technical Standards and Legislative Requirements

Implementation of the Proposal

5 1 Project Planning

5 2 Ultimo Presence Governance Arrangements

5 3 Procurement Options Assessment

5 4 Risk Management Strategy

6.Business Case Development Plan

6.1 Project implementation Activities

6.2 Final Business Case Development Plan

List of Attachments

Attachment A MAAS Vision

Attachment B Ultimo Presence Project Defy limn

Attachment C Stakeholder Consultation Register

Attachment D Town Planning Report

Attachment E Development Options Assessment

Attachment F Site Infrastructure Assessment

Attachment G Heritage Report

Attachment H Project Options

Attachment I Protect Cost Plans

Attachment J Economic Appraisal

Attachment K Financial Appraisal

Attachment L • Risk Assessment

Attachment M Master Programme

Attachment N a Governance Arrangements

Attachment 0 Procurement Options Assessment

Attachment P Legislation & Technical Requirements Review

Attachment Q Communications & Engagement Strategy

List of Figures

Figure 1 Aerial View of Sydney Indicating MAAS Ultimo on context

Figure 2 Buildings on to Site

Figure 3 Key Buildings on the Site

Figure 4 Detail of the Sydney LEP 2012 Management Plan Source Sydney LEP 2012

Figure 5 Extent of 'Central Sydney' {pink) Ultimo Site adjacent (blue) and Future potential Tower Cluster (Orange) Source SLEP 2012 and CSPS

Figure 6 Residential development compliant with the City of Sydney LEP

Figure 7 Proposed development under revised planning controls

Figure 8 Lyric Theatre ‘test fit’ into the Turbine Hal;

Figure 9 MAAS Project and Ultimo Presence Project Governance & Retorting Structure

List of Tables

Table 1 Analysis of Project Options Benefits and Objectives Alignment.

Tattle 2 Capital Costs of Project Options

Table 3 Overall NPV summary

Table 4 The Annual Projections for Option 03 during the Project implementation phase

Table 5 Annual Operating Position for the Option 3 for the first five years

Table 6 Quantifiable Benefits Summary

Table 7 Economic Costs Summary

Table 8 Results of the Economic Appraisal

Table 9 The key Project milestones and activities are summarised int eh following table

Table 10 Ultimo Investment Case Attachments

Table 11 Existing Lyric Theatre Venues

Table 12 Project Options Objectives Assessment Matrix Legend

Table 13 Ultimo Presence Project Options Qualitative Assessment Matrix

Table 14 Ultimo Presence DesignPlus Visitation Forecasts

Table 15 New Museum r Western Sydney Visitation Forecasts

Table 16 Consumer Surplus Use Value

Table 17 Consumer Surplus Non use Value

Table 18 Quantifiable Benefits Summary

Table 19 Economic: Costs Summary

Table 21 Capital Coal of Project Options

Table 22 DOA Results

Table 23 Capital results

Table 24 Operating Cash Flow Results for the MAAS Museum

Table 25 State Operating Cash Flow Results

Table 26 Residual Value of Each Option

Table 27 Overall NPV Summary

Table 28 • The Annual Projections for option 03 during the Project Implementation Phase

Table 29 Annual Operating Position for the Option 3 in the first five years

Table 30 Project Options Risk Assessment

Table 31 The Key Project Milestones and Acitivities7

Table 32 The Ultimo Presence Proposed Protect Option Business Case Development Plan