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Devapriya, K A K and Alfen, H W (2004) An empirical analysis of debt capacity of project companies in emerging economies. Journal of Financial Management of Property and Construction, 9(03), 141–54.

Duffield, C F and Regan, M (2004) Public private partnership arrangement for the Spencer Street station upgrade in Victoria, Australia. Journal of Financial Management of Property and Construction, 9(03), 163–78.

  • Type: Journal Article
  • Keywords: Public Private Partnerships; project evaluation; project finance; value for money; public interest; risk; Spencer St Railway Station
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    A detailed critique into the benefits derived from the use of a Public Private Partnership (PPP) procurement strategy for the Spencer Street Station redevelopment in Victoria, Australia is presented. This project was awarded to the Civic Nexus consortium in July 2002 and construction is currently well underway. The project involves the redevelopment of a railway station, the construction of a retail plaza and the development of residential and commercial buildings. This paper presents the findings of an independent study into the benefits of the project that was conducted two years after contracts were finalised. The study includes a description of the process adopted by the Victorian government to decide that, in their view, a PPP procurement system was appropriate and reviews the risks associated with the project and how these risks were allocated. The paper explores the innovative features of the winning bid including its financial structure. The benefit of hindsight has enabled a reflection on how materialized risks have been managed. The paper concludes with a range of reflective comments on the value achieved to date for the project.

Elbing, C and Devapriya, K A K (2004) Structured risk management process to achieve value for money in Public Private Partnerships. Journal of Financial Management of Property and Construction, 9(03), 121–8.

Lamb, D J and Merna, T (2004) Reappraisal of public private partnerships: an overview of refinancing, restructuring and termination. Journal of Financial Management of Property and Construction, 9(03), 155–62.

Ye, S and Tiong, R L K (2004) Public-private partnership for power projects: a case study of Hub power project. Journal of Financial Management of Property and Construction, 9(03), 129–40.