LL CW2 - URBIS Victoria Harbour Precinct Outlook Report March

MELBOURNE'S LIVEABILITY Melbourne and its CBD has all the necessary determinants of what makes a world-renowned liveable city. These are its education, infrastructure, culture & environment, healthcare & safety, and political stability. In 2022, Melbourne was again named in the top 10 most liveable cities in the world, supporting the influx of international visitors and students that are seeking a vibrant place to live, work and study. EIU Global Liveability Index 2022 Source: City of Melbourne, CLUE 2021 LIVING IN VICTORIA HARBOUR Victoria Harbour is located in the vibrant waterfront precinct of Docklands, a neighbourhood easily accessible by foot and bike. Strong public transport connections allow for easy travel around the CBD and to surrounding suburbs. Key features include major national and international company headquarters, premium residential developments, 178 public and private marina berths, over 20,000m 2 of retail, dining and supermarkets. Victoria Harbour focuses on sustainable buildings and green space, achieving green star ratings for environmental sustainable building practices. MELBOURNE WORLD'S MOST LIVEABLE CITY LOCATION Docklands Walk Score 99/100 EMPLOYMENT FORECAST 73,020 2021 93,780 2041 217,910 2021 294,160 2041 Docklands City of Melbourne 28% Increase +20,760 jobs 35% Increase +76,250 jobs MOST POPULOUS CITY Melbourne's liveability not only attracts tourists, but also residents; its population anticipated to surpass Sydney's by 38,700 by 2032, making it Australia's most populous city. This growth is forecast at a 2% annual increase between 2022 and 2032. Likewise, Dockland's population is forecast to more than double, with a 103% increase between 2021 to 2041. This population is supported by new residential development such as Collins Wharf, within Victoria Harbour. HIGH INCOMES Residents are characterised by high incomes, with a high proportion of white collar workers driven by proximity to high skill employment. The median age of residents is 32, whilst the average household size is smaller than Greater Melbourne, reflecting the higher proportion of couples without children. 70% of residents rent within the area, likely due to the younger demographic that want to live closer to the CBD and waterfront lifestyle. TOURISM & ARRIVALS Victorian monthly arrivals have recovered strongly since Covid-19, with international students making up a large part of this return of activity. Between January and December 2022, more than 131,000 international students studied in Victoria. This number is anticipated to increase, supported by Melbourne's strong education sector and high ranking universities. Docklands is seeing an increase in tourism, with visitors up by 153% since September 2021. Marvel stadium, waterfront dining, entertainment and shopping are key drivers of this uptick, as the precinct continues to add new amenity. WORLD-CLASS EDUCATION Docklands is in proximity to many schools and world- class universities, including RMIT University, Victoria University Flinders Campus and Australia’s number one ranked university – The University of Melbourne. International students made up 40% of total enrolments from across 150 different nationalities, supporting international demand from overseas students in the last year. The University of Melbourne also achieved a world ranking of 34 out of more than 1,600 universities according to Times Higher Education. Its Fishermans Bend campus will open in 2026, with an anticipated 20,000 students by 2050 . EMPLOYMENT HUB Victoria Harbour residents benefit from proximity to a strong proportion of local jobs within Docklands, Melbourne CBD and Southbank (73%). Collins Street is the principal commercial office street in the CBD running east to west, past Melbourne Quarter into Victoria Harbour. 85% of residents work in white collar occupations, in key industries such as banking, accounting services and computer system related services. Docklands is anticipated to see a 28% increase in jobs by 2041. 2019-2022 TOP 10 INTERNATIONAL STUDENT ARRIVALS Year to December 2022 Source: Department of Education, Australian Government 619,370 Australia 131,220 Victoria Source: State Government of Victoria, Victoria's Big Build, University of Melbourne INVESTMENT INFRASTRUCTURE WEST GATE TUNNEL PROJECT $10b - Estimated Completion: 2023 Includes a 2.5-kilometre veloway (bike freeway) from Footscray to Docklands Express off-road route to and from city that removes six intersections for cyclists UNIVERSITY OF MELBOURNE FISHERMANS BEND CAMPUS $1b - Estimated Completion: 2024 7-hectare campus for both students and researchers Estimated to boost Victoria’s economy by $8 billion and generate 15,000 new jobs by 2035 GREENLINE $150m - Estimated Completion: 2025 4km walking track, stretching from Birrarung Marr to the Bolte Bridge A new park at the end of the Salt Water Wharf precinct MARVEL STADIUM REDEVELOPMENT $500m - Estimated Completion: 2023 Upgrades to Marvel Stadium to transform it into a ‘Town Square’ style centre Includes retail, leisure and recreational space to supplement its use for events ARTS PRECINCT REDEVELOPMENT $1.7b - Estimated Completion: 2026 Redevelopment of the Arts Precinct, including a garden promenade, a new 60-metre-tall contemporary art gallery and new and upgraded theatre and art facilities MELBOURNE METRO TUNNEL $11b - Estimated Completion: 2025 Addition of 5 new train stations, newer trains and more frequent services Decreased congestion within City Loop and connection to future Melbourne Airport Rail Source: walkscore.com POPULATION GROWTH Docklands Source: ABS 2021, Urbis 15,930 32,435 +103% increase 2021 2041 +16,505 new residents 30,000+ people work and/or live 5,000+ residents 20,000m 2 retail & dining AVERAGE HOUSEHOLD INCOME Docklands vs City of Melbourne $130,000 $116,100 Docklands City of Melbourne Source: ABS 2021, Urbis +12% higher income BIKE 5 MINS 7 MINS 4 MINS WALK 12 MINS 8 MINS 10 MINS TRAM 7 MINS 5 MINS Southern Cross Station Melbourne CBD Port Melbourne VICTORIA HARBOUR PORT MELBOURNE COLLINS STREET YARRA RIVER MELBOURNE CBD SOUTHERN CROSS STATION COLLINS WHARF 21% DOCKLANDS Market Outlook Victoria Harbour Prepared exclusively for Lendlease 2 3