Bankstown Airport

Since 2016, WT has been providing construction cost advice for the Bankstown Airport commercial precinct in south-west Sydney. The Aeria precinct spans 300 hectares and includes the award-winning Altitude Estate and Marion Street Estate industrial and logistics hubs. Our services have extended from development application through to post-completion taxation advice across the precinct.

Based on our previous provision of insurance valuations for individual projects within the precinct, our client approached us in 2023 to provide an independent valuation of every building and infrastructure asset at the airport, which would determine the adequate level of insurance required. By providing current replacement cost estimates, we could support our client to identify and mitigate the risk of being under-insured or over-insured.

VALUING A LARGE, COMPLEX, OPERATIONAL PORTFOLIO

We undertook individual valuations of all the building and infrastructure assets at the airport, including new and old buildings (including heritage-listed buildings), runways, aprons, and all services. This was a significant undertaking given the scale and overall complexity of an airport precinct – including more than 100 independent valuations all conducted while minimising disruption to the tenants and to fully operational airport services.

We provided our client with an overall figure of their current portfolio value and identified the properties at risk of being exposed due to outdated valuations. We also provided advice to help our client better understand the potential financial impact of property damage or loss to empower them to make informed decisions about risk-mitigation strategies and allocate resources effectively.

DIGITAL INNOVATION PROVIDES A CLEAR PICTURE

Our Digital Solutions team developed a client dashboard providing clear information on the current replacement value of the assets and the potential set back should a claim arise. The dashboard is a live facility that can be amended in real time, streamlining our client’s ability to manage their assets.

ACCURATE INFORMATION ENSURES ADEQUATE COVERAGE

With this initial project phase now complete, our client can be confident that they have the correct information to ensure the right level of insurance coverage for all their assets. We are continuing to provide Aeria Management Group with cost advice for their construction projects.