State Library NSW

Client: State Library NSW

The Maytrix Group worked closely with Savills to inform a Preliminary Business Case for a proposed redevelopment of the Mitchell Building


The Project

Savills were commissioned to provide a Preliminary Business Case (PBC) for the redevelopment of the Mitchell Building. Works proposed the inclusion of new hospitality spaces over two levels. The proposal required feasibility testing regarding level 2 and 3 being utilised as new food and beverage areas. Proposed areas included a restaurant, functions and bar spaces including arrival areas, commercial kitchens, storage and support areas. The following key elements were required to inform the PBC:

  • Evaluation of design inclusive of multifunction features incorporating independent access, harbour views, kitchen space and seating capacity
  • Evaluation of potential revenue, capital costs and operator
    interest
  • Evaluation of pricing and operational capacity and feasibility
  • Evaluation of multi-function space incorporating room
    configuration, kitchen and outdoor terrace dining
  • Evaluation of commercial hire feasibility
  • Evaluation of potential revenue, capital costs and operator
    interest
  • In developing the Business Case, Savills engaged the The Maytrix

Group to deliver within a very tight timeframe feasibility, operating
strategy and functional design brief elements.

Our Role

In approaching the project The Maytrix Group completed a comprehensive feasibility study which was peer review tested. Elements informing the feasibility study included:

  • Demand analysis and testing of assumptions via extensive caterer interviews (Sydney and Melbourne based)
  • Analysis of existing catering and benchmarking data to inform and develop sales forecasting and financial model
  • Options and considerations for operations of the new spaces, including critical functional design, optimum contracting agreements, key risks and other variables
  • High level revenue assumptions and inputs model for the identified option to inform the business case which was based upon extensive high level market reviews. Revenue assumptions were provided to inform the PBC
  • Development of equipment schedule and cost estimates to inform cost planning and elements for the Functional Design Brief

Further options for both levels were considered and proposed as options to Savills. These included financial modelling and caterer feedback which supported a function venue in the rooftop location
supported by a more flexible space on level 2.

Savills completed PBC have allowed The State Library of Victoria
to make an informed decision to commission redevelopment works
which have now progressed to the planning phase.

View Profile