Reservoir Economic Analysis and Investment Attraction Strategy

Ethos Urban was engaged by Darebin City Council and the Victorian Government’s Office of Suburban Development, to undertake background economic analyses and prepare an Investment Attraction Strategy for Reservoir – including Reservoir Activity Centre and Reservoir Industrial Precinct. The project aimed to find ways to revitalise Reservoir, create new jobs and enhance the area's overall appeal.

Located 11km north of Melbourne CBD and bisected by the Mernda Line rail corridor, Reservoir is poised for significant transformation to become a vibrant suburb in Melbourne's northern 'middle ring'.

In late 2019, the Reservoir Level Crossing Removal Project was completed which delivered a rail bridge over High Street (thereby removing the previous level crossing) and a new Reservoir Station. Additionally, the proposed Suburban Rail Loop North will include a station at Reservoir which, when delivered, enhance Reservoir’s strategic location within Melbourne’s public transport network.

Ethos Urban took a deep dive into Reservoir's economic context, including its location, demographic and property market drivers for retail, commercial, higher-density residential and industrial uses.

The Investment Attraction Strategy and supporting background reports provided an understanding of the unique characteristics and challenges of the Reservoir Activity Centre and Reservoir Industrial Precinct. These also identified key opportunities for revitalisation, and the attraction of new jobs.

In particular, it was identified that the following actions would support Reservoir Major Activity Centre's transformation into a higher-order centre:

• Setting a contemporary strategy direction
• Unlocking sites for redevelopment
• Improving the retail, commercial and civic offer, for increased visitation and trade
• Incorporating iitiatives to better integrate the East and West components of the centre.
• Undertaking marketing and promotion activities that support competitiveness.

The findings from the project provide a strategic direction for Reservoir. Our detailed assessment and actionable recommendations offer Darebin City Council and the Victorian State Government a robust framework to guide Reservoir's transformation. This framework lays a strong foundation for Reservoir's potential to thrive, setting the stage for positive growth and revitalisation in the coming years.