No 4 said:
Redford said:
The private enterprise I’m talking about goes beyond just the naming rights of the Punt Road “complex” - if I can call it that.
What about the opportunity to leverage off private enterprise actually trading and doing business there under lease from Richmond ? Maybe the developments at Punt Road won’t be big enough to accommodate that, but that’s more along the lines of what I was thinking.
As I’ve posted numerous times, I’ve always had ideas in my mind that the Punt Road “complex” had massive commercial potential.
Do you mean like the NSW govt has done with its new schools (PPP)? Build them, look after all its maintenance, cleaning cost, security, etc and charge the govt a monthly fee for x years and after the lease if finalised the govt buys back its schools.
No. I’m talking about a central feature or attraction (in this case the new Punt Road oval with its new gym, new RFC museum etc.) housing and leveraging off external or self developed commercial businesses around it. I’ll give you an example.
Overseas, a lot of musuems rather than just hoping people are interested enough in coming along to their museum, draw and benefit from a larger audience by also having other attractions. It might be shops, cafes, whatever. I’m not saying the Punt Road developments should also have cafes, shops specifically, but do you get my drift ?
In perhaps its grandest scale, you see other applications of this sort of principle at shopping malls. Whereas 30 years ago they just used to have a supermarket and a few piddly shops, they’ve now grown into these larger all encompassing sites that house everything from supermarkets to movie theatres to gyms, to huge retail outlets like Harvey Norman. New shopping malls attract infinitely more people to them now than they ever used to and the retailers within all benefit from one another’s existence.
I would have thought that given the Punt Road precinct is one of the busiest in Australia and also has the added advantage of millions of people going in and out of the MCG and nearby tennis centre, there is enormous opportunity for this type of application to be successful. Realistically though, the problems are, that it takes a lot of business acumen and grunt to develop, there’s the environmental issues to overcome (e.g. the Melbourne City Council, the protected land around that area etc.) and just the lack of land to work with in general and the access in and out.
Still, a smaller application of this approach could still work. Hypothetically speaking, how would you feel if say the development of Punt Road included the re-location of the AFL Hall of Fame and Sensation ? Its struggling big time due to its poor location and high rental at present. What better place to have it than just outside the gates of the MCG….at the Punt Road “complex” ? Heh heh heh… :hihi