SKM Economics, part of the Sinclair Knight Merz Group, was commissioned to develop a series of economic performance measures for Heritage Victoria’s financial assistance programs and to undertake an assessment of the economic value of the Government Heritage Restoration Program (GHRP).
The firm undertook a detailed statistical and case study analysis of the program to assess whether the program had achieved its objectives of:
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stabilising government owned heritage buildings in urgent need of repair
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creating an awareness of heritage conservation issues and the benefits of using heritage buildings in departments and agencies, and encouraging them to maintain their heritage assets appropriately.
As part of the project, consideration was given to:
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a range of methods for valuing heritage assets including use value, existence value, contingent value and other proxy measures for ensuring that the heritage value of the buildings is including in any valuation
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the economic impact of the restoration projects.
The outcomes from the study were:
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a succinct review of the program to date identifying economic and other performance measures that indicate the effectiveness and efficiency of the GHRP
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consideration of performance measures and guidelines for monitoring a broader based program of rehabilitation of heritage buildings/structures.