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Editions

Places Vic back in black

30 Oct 2014

Places Victoria is back in the black, recording a $43.5 million profit over the last financial year.

The urban renewal authority last month released its 2013-14 annual report and financial statement, revealing a much stronger financial performance than in previous years.

In 2012-13 Places Victoria recorded an overall loss of $191.9 million while in 2011-12 it reported a loss of $18.9 million.

Planning Minister Matthew Guy said the authority had proved its ability to be a sustainable and enduring business by delivering a significant profit in 2013-14.

The annual report also revealed Docklands continues to deliver profits, with more than $1 billion worth of construction currently under way.

“More than $9 billion has been invested in Docklands to date, with the private sector investing about $50 million for every $1 million in public investment,” Mr Guy said.

Buildings currently under construction in Docklands include Stage 4D of Walker Corporation’s Collins Square development, Array at Yarra’s Edge and Concavo in Victoria Harbour.

In his report, CEO Gregory Anderson said: “Docklands continued to perform well in 2013-14 and also realised some significant milestones in its coming of age as a neighbourhood.”

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