The Trustees for 5 Eliza engaged Hawkridge Entertainment Services to complete a Cost Benefit Analysis of the 5 Eliza project. 5 Eliza is a 1916 heritage building and is currently the home of the Newtown School Of Arts. This building is already an iconic part of the Australian cultural landscape. 5 Eliza aims to be repurposed as a hub for independent, multiform small-to-medium scale producers based predominantly, but by no means exclusively, in Sydney/NSW.
Calculation of the economic impact was undertaken as part of the development of a successful Grant application to the Create NSW Creative Capital fund. The fund aimed to provide $60 million in strategic funding over two years for the delivery of new and improved cultural infrastructure across NSW. The fund also seeks to meet the demands for facilities to support the creative economy and improve access to, and participation in, quality cultural experiences across NSW.
The project will be made up of 7 distinct spaces spanning two inspiring levels of new and old as outlined below:
- Streetside cafe & bar
- Multifunction ‘maker space’
- Indie theatre & rehearsal space
- Co-working and meeting space
- Signature theatre
- Artists in residence modules
- Theatre bar and dining
The CBA found that the proposed redevelopment of 5 Eliza combined with its proposed ongoing operations, would provide a wide range of benefits to society associated with its usage. In addition, the facility would also be of benefit to the broader NSW population, many of whom may never use it but value its existence as a social investment and derive benefit accordingly (“non-use value”).
The Trust has endeavoured to define and pursue an entrepreneurial goal that would enable it to proactively engage with and invest in the arts, especially the live performing arts, in Sydney and ideally beyond.
Hawkridge Entertainment Services delivers successful outcomes by finding solutions to complex issues. We listen to stakeholders and complete tasks in the timeframes required.
Hawkridge Entertainment Services provides a range of services for organisations including strategic analysis, feasibility development and business case writing. Some of our recent projects are:
- Report on the economic contribution of Music Venues in NSW
- Coffs Harbour Community and Cultural Facilities Plan 2021-2031
- Economic impact of the Alex Theatre, St Kilda
- Analysis of Venue Booking Software for Ryde City Council
Other similar projects completed by Hawkridge Entertainment Services are available here.