Penny Place CAE Brochure 2019

Artist Impression

Intuitive design

Ultimate location

Smart Simplicity

Thoughtful planning for a new perspective on apartment living.

Surrounded by the best of everything Adelaide has to offer.

Where quality, craftsmanship and convenience come together.

Welcome to Penny Place Next-generation homes designed for modern lives.

Locals love Adelaide’s vibrant laneway culture, filled with worldclass restaurants, bars, galleries and boutiques. And now the brains behind Kodo have created Penny Place – a collection of smart, stylish apartments designed for urban living.

Located in the heart of the CBD, these spacious apartments have been created to make inner-city living stress-free and simple. With generous balconies, uninterrupted views and thoughtfully integrated finishes offering residents a rare, seamless indoor - outdoor living experience – no detail has been overlooked. This is a building that is beautiful inside and out, authentically Adelaide.

Designed by world-renowned architects Woods Bagot, Penny Place reflects the unique spirit of the city – easy-going and laid-back, with a true appreciation for craftsmanship and quality.

Penny Place is set to become a part of the cities pulse, offering the ultimate urban lifestyle to its lucky residents, who will be surrounded by the best of everything this colourful city has to offer.

Make Your Mark

Drinks and Cocktails

Live in Adelaide’s best location, surrounded by everything this thriving city has to offer. Welcome to the ultimate urban lifestyle.

Cafe’s

Restaurants

1. Cafe Troppo 42 Whitmore Square

8. Red October 22 Gilbert Place

2. My Kingdom For a Horse 191 Wright Street 3. Hey Jupiter 11 Ebenezer Place 4. Abbots & Kinney 78 Pirie Street 5. Handsome and the Duchess 16 McHenry St 6. Paddy’s Lantern 219 Gilbert St 7. Crack Kitchen 13 Franklin St

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9. Osteria Oggi 76 Pirie Street 10. Proof 9 Anster Street 11. Press* Food & Wine 40 Waymouth St

16. The Golden Wattle 110 Pirie St, Adelaide

27. University of Adelaide 101 Currie St

17. Udaberri 11-13 Leigh St

28. Gallery of South Australia

18. Thrift Shop Bar 12 Waymouth Pl

29. Calvary Hospital Angas Street

19. Malt Shovel Taphouse Festival Centre, Festival Dr 20. Seven Stars Hotel 187 Angas St 21. Hilton Hotel / Collins Bar 233 Victoria Square 22. La Boheme 36 Grote St

30. Adelaide Oval

Shopping

36. The National Wine Centre

23. Rundle Mall

12. Etica 125 Gillies Street 13. Gaucho’s 91 Gouger St 14. Chianti 160 Hutt St 15. S2 on Flinders 264 Flinders St

Points of Interest

24. Adelaide Arcade 112/118 Grenfell St 25. Adelaide Central Market 44-60 Gouger St

31. Victoria Square Tarntanyangga 32. Adelaide Town Hall 33. Royal Adelaide Hospital Port Road 34. Adelaide Convention & Exhibition Centre 35. Adelaide Zoo

37. SAHMRI (South Australian Health and Medical Research Institute) 38. University of South Australia

26. Chinatown 18 Moonta St

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Confidence you’re making the right choice

An Investment in Adelaide All this makes it a great place to live for renters. And for investors, the returns are just as attractive. With average gross apartment yields around 3.8% in Sydney and 3.9% in Melbourne2, greater Adelaide’s 4.31% rental yield makes it a smart investment alternative.

Investing in a property that’s yet to be built requires trust in the team behind the project – and also in the wider context of the location and its role in the market economy. So what’s the current state of play in Adelaide?

With significant investment in public infrastructure, a shifting demand for city apartment living and the vibrant urban lifestyle already on offer, it’s never been a better time to invest in Adelaide, one of the world’s Top 10 most liveable cities.1

As a market with stable, consistent growth, there is still room for capital upside. Especially when you consider the economic outlook. Deloitte Access Economic has forecast South Australia will be Australia’s fastest-growing economy in the 2018 financial year, and it has already established a position as the nation’s high-tech innovation hub, a leader in green infrastructure and renewable energy adoption – potentially our equivalent of San Francisco.3

Having already upgraded Adelaide Oval, the Convention Centre and Rundle Mall, opened the New Royal Adelaide Hospital and extended the city tram, the South Australian Government and Adelaide City Council continue to invest in the city as part of the Adelaide 2040 Plan. Key projects include the completion of the South Australian Health & Biomedical Precinct, and streetscape and greenspace improvements throughout out the city to activate pedestrian areas.

4.31%

Adelaide’s city residents are expected to rise by 2.4% per year through the next decade4, with most city workers in the Public and the Professional sectors. Young professionals, empty-nesters and international students are also drawn to city living in Adelaide for different reasons, and they’ll all feel at home in Penny Place.

1.1%

$489,400

13.8%

More reasons to love Penny Place

Quick Facts Can I choose my colour palette and upgrade any finishes?

Considered design and genuine value have been the driving force behind the creation of Penny Place, culminating in 152 spacious apartments – where what you see is what you get.

But if you have any more questions, you may be able to find the answer below.

Buyers can choose between a warm and cool colour palette, with porcelain tiled floors and loop pile carpets. You can also upgrade to timber flooring which is a warm colour palette.

How many floorplans are available?

What else is included in my apartment?

Apartment gross rental yields5

#1

Median CBD apartment sale price

Residential vacancy rate6

3

2.2%

rd

Most affordable apartment market of all mainland capital cities

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Increase in city apartment values in 12 months7

Highest growth city for apartments

Solid growth, low volatility

4

Job growth in 2017-2018

Woods Bagot have streamlined the floorplans into three ultra-intelligent layouts, ensuring the highest-level of functionality and value for every apartment. Choose from 1 bedroom + study + bathroom, 2 bedroom + 1 bathroom, or 2 bedroom + 2 bathrooms + study.

Your kitchen will come with a Caesarstone kitchen bench top, Bosch cook top and oven, Fisher & Paykel dishwasher and feature LED strip lighting. There’s a separate laundry, and air-conditioning in the living space and bedrooms, with units cleverly concealed on your balcony. The windows are also glazed with acoustic and environmental performance glass to keep the temperature comfortable year-round.

What are the features of each floorplan?

Every apartment offers a full-width balcony to the living space and bedroom, panoramic views and a separate laundry. This allows the balcony to become an extension of the living space, increasing your entertaining area.

What amenities are available to Penny Place residents?

On the ground floor level, you’ll find a resident lounge and kitchen opening onto Penny Square, providing a versatile space for gatherings or community activities.

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Inner-City Living Has Never Felt So Easy A new perspective on apartment living, where simplicity is built in to beautiful spaces, designed with you in mind.

Inside Penny, nothing is exactly what it seems. Everything from the moveable island bench in the open-plan kitchen to the separate laundry and clever storage in the bathroom has been chosen for both beauty and efficiency. Every element has been optimised to create a streamlined solution.

Design isn’t focused just on what things look like. It broadens the lens, it steps back and reframes the original image. It zooms in when necessary, to understand the finer details. It doesn’t waste minutes admiring its own craft, but touches, manipulates and seeks to improve. Exceptional design is beauty, but not simply aesthetics. It’s art that asks itself: how will this work in real life?

This focus on refining each design detail is important to Lead Architect Adrian and his team, who approach their architecture from a human perspective. “We want to integrate as much as we can into the joinery, because it all adds to a sense of ease and efficiency,” he explains. One way they’ll do this is by integrating soft, secondary lighting within the joinery. The team is also looking at the potential of seamlessly blending in more smart-tech connections.

This philosophy has been the driving force behind Penny Place, where 152 apartments have been expertly curated to make the most of every space – and the most of what Adelaide has to offer. Integrated open spaces, thoughtful fixtures and storage have been meticulously laid-out by Woods Bagot, to ensure an easier, everyday experience for residents. While seamless joinery, full-length balconies and astonishing views make the most of the beauty of the city.

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Considered joinery elements are the real driver behind the layout of these apartments, defining each room, while functioning as a modular path. While some apartments offer an additional study, others use clever nooks that can be re-adapted for any use. These are intuitive, co-operative spaces, where every element can be adapted to suit any type of lifestyle – whether you’re a young student wanting to live close to the city, or a retired couple looking for a relaxed, easy-to-maintain home to lock-up and leave.

Floor to ceiling sliding glass doors ensure Adelaide’s panorama is the hero of these apartments, and perhaps this is Penny Place’s most stunning point of difference. “When you enter your apartment you’re presented with a view of Adelaide”, says Willy Hoogeveen, Development Manager at Flagship. “We’ve worked hard to ensure a completely seamless transition from the living space to the balcony. This outcome allows furniture to bridge the sliding door threshold blurring interior and exterior”.

“Something pragmatic can also be beautiful” Adrian Reveruzzi, Lead Architect

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Designed with real Adelaideans in mind

Breathing new life into this vibrant city

Authentically, Adelaide Locals know there is nothing quite like living in Adelaide. Ben Ayris, who recently bought an apartment in neighbouring Kodo, explains what he loves about life in the city – and why, having lived interstate for a time, he can’t imagine being anywhere else.

“I like the idea of being central to everything. Being able to walk to the Central Markets across the road, to all the cafes, restaurants, and bars. Catching the tram to Adelaide Oval to watch some football – everything is just so close by,” he says.

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Smart Design with Nothing to Hide

Ben works in the city, and spends a lot of time there on the weekend too – checking out the bars and restaurants, and doing all his shopping. “So really it was a lifestyle decision to buy in the city,” he confirms. “And there’s a really good vibe, especially with all the festivals in the city. It’s very easy going and laid back. You don’t have the pollution and traffic of bigger cities, it’s like a big friendly community.”

By concentrating on what people really want and need in their home, the team behind Penny Place have created quality architecture – that’s also attainable.

Penny Place’s architects have masterplanned the precinct to capitalise on their home town’s full potential. “I actually live just down the road from Penny Place,” explains Adrian Reveruzzi, Lead Architect at Woods Bagot. “It’s a very up and coming spot. I moved from the east end of the city four years ago, and it’s incredible to see how many more people have moved to the area.”

When it came to Penny Place, Flagship and Woods Bagot took a different approach to contemporary apartment design. They captured the best features of Kodo’s design, and then streamlined them into three, elemental floorplans, ensuring excellent value – without compromising on craftsmanship or quality.

The result of all this local knowledge is smart, inner-city homes that address what Adelaideans are really looking for in an apartment. It puts the people who will live in the space first – and locals will appreciate the benefits.

The result is a collection of one and two-bedroom apartments, with every detail built-in to make life as easy as possible. Sleek joinery ensures you don’t need to spend extra cash on storage, low-maintenance finishes require minimal upkeep, and a choice between cool or warm colour palettes lets your personality and taste shine through. You can even upgrade from tiled floors to timber.

highly-anticipated Penny Square offering shops, cafes, restaurants as well as beautiful open-green space.

“It sounds like Penny Square will be a meeting place, a bit of green space as well where we can sit back and relax,” says Ben. “With cafes and shops, it could be an extension of my apartment.”

“We decided to invite aspects of the surrounding heritage buildings into the lobby, expressed through a red-stained timber ceiling. It will feel quite natural and honest. Open, light and glassy, with raw concrete finishes curated well against elegant pieces.”

Penny Place is beautiful inside and out, a contemporary urban retreat that is ready for the taking.

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As for some local picks? “Everywhere you go, there’s a coffee bar, wine bar – always a new one popping up,” Ben says. “Just 100 metres up the road from Kodo there’s an amazing new place for wine and coffee called Est Ovest Osteria. The food is delicious and really authentic. Everyone is really happy and friendly, good coffee, good wine – plus it’s on my new street.”

In its central location, Penny Place aims to become a part of Adelaide – not simply exist within it. The quiet laneway position is peaceful, yet part of the city pulse, with the

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Typical FLOOR Live & Love

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2 Bed 2 Bath 2 Bed 1 Bath 1 Bed 1 Bath

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TM

2 BED 2 BATH

2 Bedroom 1 Study

2 Bathroom

The documents provided are indicative only and subject to change without notice. Co-ordination with engineering disciplines and general design development may affect layouts. The user should make their own inquiries as to the accuracy of the information contained.

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Plans are not to scale

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Nelson Street

Plans are not to scale Nelson Street

2 BED 2 BATH TYPICAL Internal: 77m² External: 19m² Total: 96m²

1 BED 1 BATH TYPICAL Internal: 65m² External: 19m² Total: 84m²

Penny Place Penny Place

Well-informed and reliable property projects with value.

Flagship Vision Quality always comes first for the team at

the city,” says Mark Jarman, Flagship’s CEO. The result is an attentive response on apartment living, where people can discover the joy of a simple, efficient designer home, in the middle of everything Adelaide has to offer.

Flagship, who have built a reputation for delivering on their promises.

As the developers behind Kodo and its surrounding precinct, Flagship’s brand-new Penny Place is a natural continuation of their plans for this unique inner city location. “We really wanted to reflect Adelaide’s fantastic laneway culture, and give residents the ability to have their own private oasis – with all the benefits of living in

“Building trust through delivery is really important to us and Penny Place is another example of that for Flagship in Adelaide” says Mark.

“When people see a Flagship development, they know what they’re going to get.”

Penny Place

Internal: 66m² External: 17m² Total: 83m² Plans are not to scale

2 BED 1 BATH TYPICAL

Nelson Street

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Award-winning designs, redefining modern architectural practice to enhance your lifestyle.

Woods Bagot Architecture

reshaping Adelaide’s cityscape – by putting real people first.

people prefer more bedroom space versus living space, so we could ensure that every single element of the apartments was tailored for real-people’s lives.”

“We were given a big challenge with Penny Place, to design an apartment unmatched in beauty, value and efficiency,” says Adrian Reveruzzi, Lead Architect at Woods Bagot. To do this, the award-winning design firm decided to take a unique approach to the project, breaking down the design elements and approaching them from three distinct angles: people, design and constructability.

“We looked for the smartest solution in each area to optimise the design right from the start,” he says.

The team then followed a similar approach for both the interior and exterior design, as well as the construction.

“We did a lot of research before we even started drawing, to help us define what we actually mean by ‘smart’ – but also to define what we’ll really be bringing to Adelaide in terms of value,” explains Alex Hall, Associate Principal at Woods Bagot. “We’ve got 17 studios across the globe, and we received responses from all of them which helped to inform the process around everything from ideal balcony and bedroom size, to the functional layout of the living spaces.”

Beginning with the people-first approach, Adrian and his team surveyed not only Kodo’s buyers (Penny Place’s neighbouring residential tower, also designed by Woods Bagot), but began conducting interviews globally.

“We were looking for evidence-based information about what people really value in apartments,” explains Adrian. “We examined everything from whether

“We’re really proud of all the clever joinery elements – everything can be used for multiple things, so it’s really flexible,” adds Adrian. “Everything about the structure has been meticulously thought-through to provide the maximum benefit to every resident – in terms of the value of the apartments themselves, but most importantly, to enhance their lifestyle.”

World-renowned for their future oriented approach to architecture, this global design firm is single-handedly

Artist Impression Brought to life by the same team behind Penny Place.

Kodo Living Soaring 30 storeys above Adelaide, this spectacular building is about to make its debut to the Penny Place precinct.

Designed by Woods Bagot, Kodo is set to be Adelaide’s tallest residential tower – rising over 103 metres. Comprising 202 one, two and three-bedroom homes, complete with sky-backyards, this bold, uber-contemporary addition to Adelaide’s skyline has set a new benchmark for apartment living – and high expectations for Flagship’s latest project.

square up into the building – and we didn’t want to compete with that.” Instead, Penny Place is more understated. With its glassy, modular façade in hues of white, grey and textural reds chosen to complement the streetscape – without diminishing the bold architectural presence of Kodo.

“In Penny Place and Kodo, there will be unique 360-degree views around Adelaide,” says Paul Yerondais, Project Director at Flagship. And with thoughtful planning put into the precinct, neither building will be overshadowed – physically or aesthetically.

Ultimately, both buildings will co-exist to pull people through the area, bringing another aspect of the city experience to life.

“I’ve been looking for an apartment for a long time.

I chose Kodo because of the location, it’s far superior than any other project going up at the moment.

It’s a quieter part of the city, but right in the centre – it’s just the best.” Kodo homebuyer Ben Ayris.

“Kodo is a bright statement,” explains Peter Miglis, Principal at Woods Bagot. “It was about bringing the green of the

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Rental Appraisal for Penny Place

Depreciation Estimates

Floor Plate Type: 1 Bedroom, 1 Bathroom, 1 Car Space Floor Plate Type: 2 Bedroom, 1 Bathroom, 1 Car Space Floor Plate Type: 2 Bedroom, 2 Bathroom, 1 Car Space

Estimate of Depreciation Claimable Typical 1 Bedroom 1 Bathroom Apartment, PENNY PLACE APARTMENTS 17 Penny Place, ADELAIDE SA 5000 Purchase Price $459,500

‘Penny Place’ apartments are noted as having excellent positioning and capitalise on the popularity of Victoria Square, Gouger Street and the Free Tram Line within the city. The floorplans and building specs will be highly attractive to tenants due to the excellent views and excellent floorplans which bring a very large balcony together with the internal living space, intelligently.

Level height within the building has an impact on tenant interest based on our experience and we have shown a guide for how this may impact on the achievable rental price in the table below.

Rental Appraisal Breakdown 1 Bedroom, 1 Bathroom, 1 Car Space Apartment Level

Rent ($)

Rental Appraisal Breakdown 2 Bedroom, 1 Bathroom, 1 Car Space + Furniture ($)

Apartment Level

Rent ($)

1

6,544

7,038

13,582

2

4,533

7,038

11,571 10,349

7,038

9,513

+ Furniture ($)

5

2,059

7,038

9,097

6

1,750

7,038

8,788

+60

11 - 15

470

+50

11 - 15

500

+60

16 - 21

480

+55

16 - 21

510

+65

Rental Appraisal Breakdown 2 Bedroom, 2 Bathroom, 1 Car Space

Total

7,038

490

520

Division 43

3,311

5 - 10

22 - 23

Plant & Equipment

2,475

+50

+60

Year

3

460

490

Comparison Yr 1-10 (Max & Min)

4

5 - 10

22 - 23

Maximum

+70

7

1,608

7,038

8,646

8

1,110

7,038

8,148

9

789

7,038

7,827

10

581

7,038

7,619

11+

4,288

211,119

215,407

Total

$29,048

$281,499

$310,547

Cumulative Yr 1-10 (Min & Max) Apartment Level

Rent ($)

+ Furniture ($)

5 - 10

550

+60

11 - 15

560

+60

16 - 21

570

+65

22 - 23

580

Minimum

+70

Outgoings estimate for inclusion are as follows: 1 Bedroom range $503.00 to $510.00 per quarter* 2 Bed 1 Bath range $491.00 to $497.00 per quarter* 2 Bed 2 Bath range $570.00 to $576.00 per quarter* *Estimates only and subject to change

** For all Rental Appraisals provided by City Realty, investors should undertake their own due diligence

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Year

Plant & Equipment

Division 43

1

5,354

5,758

11,112

2

3,709

5,758

9,467

3

2,709

5,758

8,467

4

2,025

5,758

7,783

5

1,685

5,758

7,443

6

1,432

5,758

7,190

7

1,316

5,758

7,074

8

908

5,758

6,666

9

645

5,758

6,403

10

475

5,758

6,233

11+

3,508

172,733

176,241

Total

$23,766

$230,313

$254,079

* assumes settlement on 1 July in any given year.

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Estimate of Depreciation Claimable Typical 2 Bedroom 1 Bathroom Apartment, PENNY PLACE APARTMENTS 17 Penny Place, ADELAIDE SA 5000

Estimate of Depreciation Claimable Typical 2 Bedroom 2 Bathroom Apartment, PENNY PLACE APARTMENTS 17 Penny Place, ADELAIDE SA 5000 Purchase Price $610,000

Maximum

Comparison Yr 1-10 (Max & Min)

Year

Plant & Equipment

Division 43

Total

Maximum

Year

Plant & Equipment

Division 43

Comparison Yr 1-10 (Max & Min)

Total

1

6,633

7,241

13,874

1

7,186

8,649

15,835

2

4,585

7,241

11,826

2

5,185

8,649

13,834

3

3,353

7,241

10,594

3

3,769

8,649

12,418

4

2,803

8,649

11,452

4

2,508

7,241

9,749

5

2,082

7,241

9,323

5

2,300

8,649

10,949

6

1,934

8,649

10,583

6

1,768

7,241

9,009

7

1,629

7,241

8,870

7

1,596

8,649

10,245

8

1,311

8,649

9,960

8

1,123

7,241

8,364

9

803

7,241

8,044

9

936

8,649

9,585

691

8,649

9,340

10

590

7,241

7,831

10

11+

4,409

217,264

221,673

11+

5,137

259,490

264,627

Total

$29,483

$289,674

$319,157

Total

$32,848

$345,980

$378,828

Cumulative Yr 1-10 (Min & Max)

Minimum

* assumes settlement on 1 July in any given year.

Cumulative Yr 1-10 (Min & Max)

Minimum

Year

Plant & Equipment

Division 43

Total

Year

Plant & Equipment

Division 43

Total

1

5,427

5,925

11,352

1

5,880

7,077

12,957

2

3,751

5,925

9,676

2

4,243

7,077

11,320

3

2,743

5,925

8,668

3

3,083

7,077

10,160

4

2,052

5,925

7,977

4

2,293

7,077

9,370

5

1,704

5,925

7,629

5

1,882

7,077

8,959

6

1,446

5,925

7,371

6

1,582

7,077

8,659

7

1,333

5,925

7,258

7

1,306

7,077

8,383

8

919

5,925

6,844

8

1,073

7,077

8,150

9

657

5,925

6,582

9

766

7,077

7,843

10

482

5,925

6,407

10

565

7,077

7,642

11+

3,607

177,762

181,369

11+

4,203

212,310

216,513

Total

$24,121

$237,012

$261,133

Total

$26,876

$283,080

$309,956

* assumes settlement on 1 July in any given year.

This is an estimate only and should not be applied or acted upon. Depreciation of plant is based on the Diminishing Value method of depreciation applying Low Value Pooling. The Division 43 Write Off Allowance is calculated using 2.5% depending on the property type and date of construction. This estimate is based upon legislation in force at the date of report production.

This Estimate Cannot be Used for Taxation Purposes The Depreciation Estimates were prepared by BMT Tax Depreciation, for any queries regarding these estimates please contact Bradley Beer on 08 8193 5900.

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References 1.

2.

3.

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5.

Economist Intelligence Unit (EIU) Global Liveability Ranking, 2018 Adelaide Apartment Market, August 2018 – JLL Deloitte Access Economics Outlook, March 2018 forecast.id.com.au, September 2017 Adelaide Apartment Market, August 2018 – JLL

6. http://sqmresearch.com.au, October 2018 7. Adelaide Apartment Market, August 2018 – JLL (increase between Q1 2017 and Q1 2018) 8. City of Adelaide ACCLUE 2016 9. Adelaide Apartment Market, August 2018 – JLL

The information contained in this brochure is indicative only. All dimensions, finishes and specifications depicted are subject to change without notice. The furniture depicted is indicative only and does not form part of the Contract of Sale. Flagship Property Holdings and its related entities, consultants and agents do not warrant the accuracy of any information provided in this brochure and do not accept any liability for negligence, any error, misrepresentation, discrepancy or otherwise in that information. Flagship Property Holdings accepts no liability for any loss or damage howsoever arising to any person or corporation who may rely on the information contained in this brochure for any purpose. This brochure does not constitute any part of a Contract of Sale for any property referred to herein. Purchasers should refer to the Contract of Sale for final design concepts and apartment sizes. This brochure remains the property of Flagship Property Holdings and must not be copied or distributed. © Copyright 2018 Flagship Property Holdings