The City of Banyule engaged .id to develop an economic profile of the Heidelberg Major Activity Centre (HMAC) and Heidelberg West Business Park (HWBP). This analysis provided precinct level trends, competitive advantages and future opportunities that could be used to target investment attraction and support economic development strategies.
Our Method
Council were interested in exploring a number of economic forces impacting the HMAC and HWBP located within the City of Banyule. .id prepared a comprehensive precinct analysis that not only identified the impacts of COVID restrictions but also analysed industry trends, competitive advantages, investment activity, catchment growth and employment projections.
We identified a range of local and macro economic forces likely to generate several opportunities for the precinct, but also potential challenges to growth. Using this information we develop a range of actions that could be considered by council to drive future economic growth in the HMAC and HWBP.
Outcomes
The outcome for Council is an up-to-date evidence base to support investment attraction efforts and help prioritise local initiatives and stakeholder engagement.
Takeaways for Councils Wanting to Develop Precinct Plans
- Precincts play a critical role in local productivity and innovation. We found that the HMAC represented over one third of all economic activity in the LGA. If you are interested in this topic, we have written more about clustering here.
- Need to understand the individual strengths of different precincts. For example, the drivers influencing the Jika sub-precinct were different to the drivers in other sub-precincts like the Burgundy/Bell Street sub-precinct.
- Identify funding / program opportunities that are aligned with the precinct strengths. Based on the precinct profile, we identified a range of state government programs that could be suitable such as the Suburban Recovery and Revitalisation Project; 20-Minute Neighbourhood Project; and Small Business Digital Adaptation Program.
Further Information
Check out articles from our Economics team here, or feel free to book a meeting if you would like to learn more about how we can help you build the evidence base.
