There are many factors which impact the robustness of an economy whether it’s on a local, global or national scale.
And there’s the general consensus governing bodies hold the obligation of ensuring that economic turmoil is trumped by liquidity and fiscal prosperity; one might say it’s a basic, inherent governmental duty.
Many cite the global financial crisis as the catalyser for all things economically tender – the retail and real estate sectors are among those that have suffered considerably since the 2007-2008 fiscal collapse.
Out in Melbourne’s north-east, the Greensborough shopping precinct sorely lacked a nearby establishment that would help attract traffic through the region.
Since the local swimming pool had been shutdown in 2008 small businesses have taken the hit, too.
Banyule City Council – who were behind the construction of Greensborough’s $42 million WaterMarc aquatic and leisure facility – felt it was time to inject the local economy with activity.
Former Mayor of Banyule City Council Tom Melican said even though Greensborough’s retail sector was doing it tough, WaterMarc managed to hold its own in terms of attracting people to the shopping precinct while contributing to the local economy, too.
“It’s true that retail in general is going through a very tough time at the moment, however, WaterMarc has given Greensborough a huge lift and has attracted visitors from far and wide.”
He believes WaterMarc is “the perfect public place”.
Cr Melican added the facility helped create jobs while transforming and evolving nearby shopping centre Greensborough Plaza’s profile.
“There is no doubt that it has raised Greensborough’s profile and increased economic activity in the area.”
Ken Moroney, expert Land Valuer and Managing Director of real estate practice Ken Moroney Pty Ltd, believes WaterMarc is a detriment to the Greensborough shopping precinct.
He said that WaterMarc simply doesn’t have enough car parking options to cater for the public.
“Car parking is the key issue. You’ve now got people clogging up the car spots of business nearby. It’s caused a disruption to car parking in the area,” he said.
According to Mr Moroney the infrastructure access by road is a poignant reminder the Main Street shopping precinct should be a mall with more flow instead of a high traffic area, which will aid the congestion that’s affecting local businesses.
Mr Moroney said he had spoken to council offering his professional advice regarding infrastructure and planning.
He said there should have been a more accurately calculated substructure benefiting nearby proprietors, not burdening them.
He likened the burden to “breaking a limb – the healing process is substantial”.
Cr Melican said despite the congestion “WaterMarc has meet its target in terms of attendance and operation”.
However, its impact on developing the Greensborough precinct as a regional centre is still a “work in progress”.
He said Banyule’s goals for WaterMarc were long term and are on track to fruition.
“There have been many jobs created in the building and running of WaterMarc. I still think Banyule Council made the correct decision to construct WaterMarc.”
Banyule City Council plan to shift their current council offices from their Ivanhoe establishment to a building above the WaterMarc complex.
View WaterMarc’s Nagging Detriment: Parking in a larger map
