Edition #4 | The Property Development Ready by The Property Development Review By Development Ready

BY DE VELOPMENT RE ADY IN PARTNERSHIP WITH THE URBAN DE VELOPER INSIDE: COS TA FOX · SUBURB S WHERE PROPERT Y PRICE S HAVE TREBLED · NATIONAL DE VELOPMENT SITE LIS TINGS

IS SUE NO.4 · JULY/AUGUS T 20 19

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THE PROPERT Y DE VELOPMENT RE VIE W

INTRODUCTION: Welcome to the July / August issue of The Property Development Review. And just like that – a year has blown by. Stepping into F20, our office is full of anticipation for the next six months amid a succession of positive recent news. Melbourne and Sydney are leading a market recovery, recording the first rise in values since their peaks back in 2017. The federal election result and the June interest rate cut certainly added to the boost in sentiment and we were encouraged to hear Core Logic’s head of research Tim Lawless state that the improving conditions were largely ‘organic’. In this issue, Costa Fox’s, Michael Fox shares some of his expertise with an informative Q&A from his recent DR podcast. Read why Uber Air’s Melbourne launch is likely to impact the industry, plus why now is the time to be buying development sites.

On the Cover: Read the Costa Fox interview on page 02.

The Urban Developer have assessed five Sydney suburbs that present significant potential for growth. There’s also details of Brisbane’s exciting plans for a proposed 42-hectare urban park rivaling both New York’s Central Park and London’s Hyde Park. There’s still plenty more to enjoy and explore inside, including the latest development and investment opportunities from around the nation. Enjoy the read and keep well. Best Regards, Nick Materia Managing Director

EDITOR IN CHIEF:

Nick Materia (Development Ready) EDITOR:

Jack M. Gaffney (jack-gaffney.com) CONTRIBUTORS:

Adam Di Marco (The Urban Developer) DESIGN / CREATIVE DIRECTION:

01. In Conversation With: Michael Fox

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02. S uburbs Where Property Prices Have Trebled

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03. Market Moves: Around the Country

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Development Ready Pty Ltd Level 1, 167-169 Buckhurst Street, South Melbourne VIC 3205 Tel. 03 9631 5476

04. State Spotlight: Victoria

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05. State Spotlight: New South Wales

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06. State Spotlight: Queensland

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GENERAL ENQUIRIES:

07. State Spotlight: South Australia

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08. State Spotlight: Western Australia

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09. Opinion Piece

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Cam Norris (camnorris.xyz)

CONTACT:

enquiries@developmentready.com.au EDITORIAL:

editor@developmentready.com.au

INTERVIE W: COSTA FOX

IN CONVERSATION WITH: MICHAEL FOX

THE PROPERT Y DE VELOPMENT RE VIE W

With over 25 years experience in both the local and international property industry, Michael Fox has (almost) seen it all. We recently sat down with him to unlock some of his industry insights, and to hear about the current operations and vision at his latest venture, CostaFox.

← Michael Fox. Image: Costa Fox

Development Ready: Thanks for sitting down with Development Ready - you got your start in property management, tell us about why you chose this field rather than going straight into sales? Michael Fox: I say to young people these days the best place to start within the property sector is in property management - it’s the entry level point into the industry and opens the door for future opportunities down the track. It also provides you with a good understanding of the mechanics that drive residential real estate transactions.

start I needed to go backward to go forward, so I went back into leasing within the commercial arena for a year before I earned my stripes and became an industrial sales agent.

DR: You moved quickly from leasing into residential sales, what was your motivation to make that transition after less than a year? MF: Well it’s a natural step - once I’d learnt the fundamentals within property management I was eager to capitalise on my ambitions and explore what opportunities were available within the sales arena. I could see that the experienced leaders within the office spent most of their time on the road meeting clients and closing deals and that’s where I could see myself moving as quickly as possible.

DR: And was it from there that you moved into the development space? MF: From McGees I transitioned into the office market with Knight Frank for a period, but I had my sights set on going bigger again – and development was where I saw that occurring. I joined the Smorgon Property Group, which after its disbandment led me to a position at Toll Holdings. This position was possibly the highlight of my career, as when I joined, the company was turning over $300 million per annum and by the time I left the company had got to $9 billion in annual revenue.

DR: Tell us about those early years in sales, who or what guided you back then? MF: I was a good ordinary sales person without setting the world on fire - fortunately I was lucky enough to work with and be mentored by the likes of Paul Walker who imparted in me a deep understanding of not only the property industry as a whole, but also how to work with people which is what drives any sales role.

DR: And I understand you worked with some pretty impressive people at Toll? MF: Absolutely, I worked with Mark Rowsthorn and Paul Little – some very strong business minded people. It was from working together at Toll that Paul and I started the journey into Little Projects.

DR: From there you transitioned from residential into commercial, talk us through that decision. MF: I’d always followed transaction activity within the commercial space - in residential sales the value of transactions were a lot less than those in commercial and I thought I had what it took to give it a go. To get a

DR: Why industrial? MF: In the commercial arena, there are different avenues; capital, industrial, office. I worked for a large industrial firm, McGees, under the direction of Tommy Davis, who was a legend in the industry and gave me insight into a much bigger market.

DR: Talk us through how Little Projects came into existence. MF: Well it was almost by accident really; I came across a site in Richmond that I thought I could do something with, and that ended up being quite successful. We then purchased another project and another and before we knew it Little Projects had grown into something requiring my full-time attention.

INTERVIE W: COSTA FOX

I decided to leave Toll to manage the operations at Little Projects during which time we ran a very successful business over the course of the next seven years in essence I learnt a lot but had a lot of enjoyment and fun along the way. DR: What learnings did you take across from your time at Little Projects into your current business, Costa Fox? MF: The key take-away is that it’s never about one individual – it’s always about the team. I think at Little Projects we created a fantastic team, and that’s something I’ve been able to replicate and achieve at Costa Fox too. DR: What’s it like now operating your own business after working with some of the biggest personalities and legendary figures within the property industry in previous roles? MF: Working on establishing Costa Fox in recent times with Robert Costa has been fantastic - he’s somewhat of a quiet achiever, but a very intelligent man who allows the business, and myself, to be varied in our approach. At the moment Costa Fox is involved in a highend residential project, an industrial project, and a strata office building – and this variation is key to our mandate and certainly one of our strengths. DR: So variation is the key to success? MF: In our case, it’s definitely a component. But equal to this is our desire to pursue projects that offer higher quality to where the market is at - I’m reasonably critical of the standards that exist within each sector so I prefer to shoot for above the bar so that we can be proud of the projects we’ve delivered in the years to come. DR: Tell us about your Bower project in Manly - why did you decide to expand into Sydney? MF: It was a unique opportunity to deliver a very highend project in an extremely sought-after area. The site and project just felt right. Location doesn’t really phase

us - we’ll take on sites in New Zealand, further overseas, interstate. It comes down to being the right site and more importantly the right project for the site. DR: What do you think it takes to make it? How do you stay consistent? MF: It’s not easy; you’re only as good as your last project. One bad project can sometimes wipe out three or four good ones. So we’re always trying to find that next project that’s going to be a level above. The real key to success in property development is making money on the way in – but many people don’t understand that concept. It’s hard to buy and hope, you need to make the money, when you’re doing the buying. DR: When you are in acquisition mode, what are the fundamentals you’re looking for? MF: It’s hard to explain, but I get a feeling. It’s not much more than that, but I get a feeling in my gut and realistically, that comes from experience. We were agonising over a site the other day, and I thought to myself that the fact that I’m agonising over it means that we shouldn’t buy it. It’s hard to give a more concrete answer than that – but when you know, you know. DR: Now with over 30 years of experience in the property development space, do you have any other keys to success you can share? MF: I think pride is a big motivator and a useful tool for success. I want to make sure that each project we undertake, that I can drive past and be proud to say “I built that”. The other would definitely be the people along the way. This industry is built on relationships; understanding the importance of that will put you in good stead for the hurdles that are shore to pop up along the way.

↙ Development Ready's Rob Langton and Michael Fox. Click the image to watch the interview.

THE PROPERT Y DE VELOPMENT RE VIE W

EDITORIAL

SUBURBS WHERE PROPERTY PRICES HAVE... Content Supplied by:

Despite home prices declining in Australia's two biggest cities over the last 18 months, historical data has revealed that median house prices in 111 Australian locations have trebled or better over the past 20 years. Following the surprise re-election of a Coalition government, APRA's proposal to scrap the 7 per cent mortgage serviceability rate required of borrowers and the first rate cut since August 2016, there has been a noticeable change in sentiment in the last month across the property industry and markets. Property vendors during the downturn have been gripped with FONGO (fear of not getting out), moving to offload their properties before prices fell even further, replacing the FOMO (fear of missing out) for buyers that had driven values upwards over the years. Longstanding property owners in some of Australia's toughest property markets, who have been lucky enough to avoid purchasing at the top of a cycle, have potentially experienced continued growth. New analysis from research firm Propertyology has plotted two decades of property price movements with several years of very strong gains staring around 2012 pushing property prices and propelling homeowners in a number of Australian suburbs. Analysts observed more than 180 Australian towns and cities, with a population of 10,000 people or more, over the 20-years ending December 2018. “Whether someone purchased real estate in any of our eight capital cities twenty years ago or in a majority of Australia’s non-capital locations, today it’s worth at least three times what you paid for it,” Propertyology head of research Simon Pressley said. “I don’t know about anyone else, but an average annual capital growth rate of circa six per cent across 20 years sounds damn good to me, especially at a time when Australia’s two largest cities have dropped 10 per cent in value in the past 12 months.”

Median house prices in Sydney two decades ago were among the most expensive in the country at about $220,000. Sydney's median house price is now just under $870,000. “Anyone who bought in a major regional location back then would have paid a fraction of that price and achieved a similar growth rate over the same period,” Pressley said. Analysts found that median house price of 103 regional cities and towns trebled in price over the past 20 years. “The research clearly shows that regional real estate has just as much potential as capital cities, which is why smart investors make an objective assessment of every location in Australia before buying.” According to Propertyology, Australia’s most expensive city to purchase a house is now Byron Bay in northern New South Wales, with its median house price increasing by a whopping 64 per cent over the past five calendar years. A recent nationwide analysis showed the median Byron house price was more than $987,500, putting it ahead of Sydney, at $950,000, while Melbourne ranks sixth at about $772,000. “Generally speaking, locations with a more affordable median house price have more upside potential for capital growth. For that potential to be realised, the real skill is being able to identify the locations with positive leading economic indicators,” Pressley said.

View the charts on the following page →

→ Image: The Urban Developer

THE PROPERT Y DE VELOPMENT RE VIE W

EDITORIAL

New South Wales Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Bryon (Med. $987,500)

10.1%

3.7%

13.8%

Parramatta (Med. $1,190,000)

7.9%

2.5%

10.4%

Hawkesbury (Med. $770,000)

7.8%

3.0%

10.8%

Maitland (Med. $470,000)

8.2%

4.5%

12.7%

Parkes (Med. $245,000)

6.5%

6.2%

12.7%

Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Southern Downs (Med. $280,000)

6.5%

5.1%

11.6%

Brisbane City (Med. $680,000)

7.5%

3.6%

11.1%

Logan (Med. $425,000)

6.8%

4.7%

11.5%

Sunshine Coast (Med. $600,000)

7.1%

4.3%

11.4%

Scenic Rim (Med. $470,000)

6.8%

4.3%

11.1%

Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Bass Coast (Med. $449,000)

9.4%

3.8%

13.2%

Surf Coast (Med. $835,000)

9.5%

3.1%

12.6%

Dandenong (Med. $685,000)

9.6%

3.0%

12.6%

Maribyrnong (Med. $900,000)

9.6%

2.8%

12.4%

Ballarat (Med. $365,000)

7.4%

4.6%

12.0%

Queensland

Victoria

THE PROPERT Y DE VELOPMENT RE VIE W

South Australia Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Port Pirie (Med. $155,000)

5.8%

7.2%

13.0%

Port Adelaide (Med. $445,000)

8.2%

4.4%

12.6%

Onkaparinga (Med. $365,000)

7.0%

4.8%

11.8%

Port Lincoln (Med. $296,000)

6.4%

5.3%

11.7%

Mount Barker (Med. $398,000)

6.3%

4.9%

11.2%

Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Derwent Valley (Med. $255,000)

7.5%

6.4%

13.9%

Glenorchy (Med. $390,000)

8.4%

5.2%

13.6%

Burnie (Med. $245,000)

6.5%

5.7%

12.2%

Launceston (Med. $320,000)

7.3%

5.4%

12.7%

Hobart City (Med. $700,000)

9.0%

4.1%

13.1%

Suburb

Annual Capital Growth 20yr Average

Rental Yield

Total Return

Kwinana (Med. $325,000)

7.8%

5.1%

12.9%

Armadale (Med. $382,000)

7.6%

4.4%

12.0%

Mandurah (Med. $365,000)

6.4%

4.7%

11.1%

Busselton (Med. $510,000)

6.8%

4.1%

10.9%

Fremantle (Med. $705,000)

6.6%

3.7%

10.3%

Tasmania

Western Australia

MARKE T MOVES

AROUND THE COUNTRY

Melbourne’s suburban sprawl has been given an affirmative nudge after Goldfields snapped up a strategic site in the outer south-east. A Grossi-family owned 71-hectare farm property in Clyde North has been picked up the development group for a speculated price between $105 and $110 million. It is believed that marketing of the property will commence in 2020. A local investor overcame strong competition to secure a Chinatown building (22-26 Corrs Lane) at auction for $6.85 million. The vendor previously purchased the property in 2005 for $2.5 million. In Melbourne’s unofficial second high-rise CBD, Box Hill, a group of strata unit owners has joined forces to sell their assets in one line to a Chinese developer for just over $14 million. The Kew Corporate Centre, physically located in Kew East, sold for a speculated $21 million + less than six weeks after it was initially listed. The campaign garnered 225 enquiries, 32 inspections and nine offers. Melbourne-based design agency Grenade founder, Ben Buxton, achieved a successful auction result; reaching $3.13 million for his double-storey Prahran factory-office conversion. While Melbourne-based property group Cadence found their new headquarters, purchasing an office/warehouse with future development potential in Hawthorn East for $6.5 million. A 4,649sqm office/warehouse in Melbourne's eastern suburb Scoresby, has been offloaded for $7.35 million, after it was initially put on the market for a lease. NEW SOUTH WALES The country’s largest retail landlord, Scentre, has offloaded its office towers above Westfield Sydney to US private equity giant Blackstone in what is being noted as the largest property deal for the year. The $1.52 billion deal sees the offices at 100 Market Street and 77 and 85 Castlereagh Street, acquired by Blackstone by way of a 299-year leasehold interest in the properties. A vacant three-storey building in Sydney’s CBD has traded hands for $16 million. Shanghai-based property player Dahua Group previously purchased 25 King

Street for $4.6 million in 2009 and has spent $7.4 million in renovations. The property has been vacant for the past eight years. The buyer will remain anonymous at this stage; however it is believed to be a local high net worth individual. A 631sqm site encompassing a three-storey building in Parramatta’s George Street has been sold off by Sydney developer Charbel Demian, for more than $9 million. Demand has been rising for assets of this class and location. The Zenith Centre in Sydney’s northern Chatswood precinct has attracted the attention of US heavyweight Starwood Capital and Sydney-based Arrow Capital Partners, who recently purchased the office tower for a whopping $438 million. The twin tower complex was last sold in 2016 to Centuria Capital and BlackRock for $279 million. This considerable sale follows a trend of recent big-hitters making high sale price waves for office towers in the suburbs. QUEENSLAND Dexus Australian Logistics Trust (DALT) purchased a large industrial infill development site in the heart of Richlands from fund manager Heathley Asset Management Limited, in an off-market transaction worth $26.5 million. The West Gosford Shopping Centre, an established neighbourhood centre, has recently traded hands from ISPT/Coles to private investor Mintus for $23 million. The former Fairfax Media print site at 58-68 Delancey Street in Ormiston has sold to a developer associated with SS Signs for $7.425 million. A telephone exchange building at 280 Elizabeth Street in Brisbane’s centre, has traded hands between Telstra and Singaporean group Firmus Capital for $57 million. The massive 1,670sqm parcel of CBD land remains fully tenanted by Telstra and was sold with a seven-year lease-back to the telecommunications firm. CW Corp have fought off strong competition to acquire a development approved site in St Lucia for $4.38 million. The campaign attracted over 170 enquiries demonstrating the rising demand for high-end boutique residential projects in Brisbane’s inner-west.

Content by: Jack M. Gaffney

VICTORIA

THE PROPERT Y DE VELOPMENT RE VIE W

↓ Image: Westfield Sydney

SOUTH AUSTRALIA

WESTERN AUSTRALIA

Accord Property, an Adelaide-based developer and funds manager, has acquired a former car dealership on Valley View’s North East Road for $6.6 million. CBRE selling agent Harry Einarson noted that “the transaction paves the way for a new mixed-use development incorporating childcare, retail and fuel.” The top floor of the Aurora tower on Adelaide’s Pirie Street has been picked up by a local business owner for close to $1 million. Suite 1203, at 147 Pirie Street, features premium building amenities, including a shared roof top, function areas, pool facilities, and two car bays which will return an additional circa $850 net per month. Two Torrens Title properties at 156 &158 Sturt Street in central Adelaide have sold for a little over $1 million. Sold with vacant possession these previously residential properties are part of local focus to develop non-residential activity in the area to serve the needs of the local community.

The Globe Backpackers and City Oasis Resort Hostel, situated at 553-561 Wellington Street in Perth’s CBD has sold to a Perth developer for $8.65 million. The site was sold with development approval for a $38 million student accommodation project. The approved plans include designs by architectural firm MJA Studio for a 39-storey student accommodation tower, which will preserve the existing late 1800s exteriors on Wellington and Queen streets. A major land sale has transacted in Forrestfield for $9 million, as demand for industrial property assets in Perth’s core suburbs regains momentum. The 3.1-hectare site at 17-21 Ashby Close will accommodate the new workshop and transport yard of local owner-occupier, Bruce Rock Engineering. Supermarket giant Woolworths has secured the former Princess Margaret Hospital car park in Subiaco for an impressive $12.4 million. The asset proved a highly sought-after development opportunity and was touted as Perth’s largest infill development site.

STATE SPOTLIGHT

STATE SPOTLIGHT: VICTORIA

Suburb Report: Kensington

Victorian Auction Schedule

Uber Air’s ‘Flying Car’ Market

Is now the time to buy a Development Site?

Victorian Listings

Content by: Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

Suburb Report: Kensington Nestled in Melbourne’s inner-north-east, Kensington defies its CBD proximity with a laid-back atmosphere and understated charm. Regarded widely for its ‘village’ feel, the streets are decorated with diverse styles of architecture and pockets of neighbourly cafés and eateries. Green spaces are easily stumbled upon, and with the Maribyrnong providing a border to the west and the Moonee Pond Creek to the east, residents can enjoy a number of pleasant bike trails. For many reasons, Kensington is a quiet achiever – demand is high, openings are quickly filled and opportunities are continuing to reveal themselves.

CULTURE

SIGNIFICANT PROJECTS

Kensington’s diversity in architecture – which can range from terrace, to semi-detached, to unit, to public, to warehouse – is also reflected in many other aspects of the neighbourhood. Multiple art spaces play host to exhibitions and alternative plays, Laksa King draws cross-town trippers eager to slurp on some of the city’s most prized South-East Asian cuisine, while the leafy streets and historic train station add a dispersion of Victorian charm. It’s an assemblage that works; balancing wholesomeness with a suitable amount of edge.

Riverside Place: With views over the Maribyrnong River, this luxury apartment complex is offering stylish, industrial inspired spaces in a quiet, western pocket of Kensington. Project led by BC Hobson and with architectural designs by Nordon Jago, Riverside Place will present 182 individual residences across a sprawling mid-rise complex. Over 200 car spaces have been included as well as space for a café and two commercial tenancies on the ground floor. There is also a rooftop garden offering views across the river and towards the CBD. Lt Hardiman Lofts: A mid-rise residential development on Macaulay Road, Lt Hardiman Lofts is offering New York style apartments with the heritage of Kensington. The unique designs have been crafted by Pitch Architecture and Developments, with Naser Group leading the project’s development. Currently in the registration and sales phase, the project comprises of a mix of two and three bedroom townhouses, apartments and sky lofts, making up a total of 55 residences. Space for 103 cars is accounted for, along with 55 bicycles spots. The building will rise six storeys high.

RESIDENTS PRICE The ABS estimated residential population for Kensington in 2019 is 11,935 (a 22.8% jump from the 2011 census). This number is expected to almost double by 2041. Keeping up with demand for this highly-desirable village community, the streets have bared witness to an evolution in dwelling structure. The number of separate/detached homes has decreased from 1,161 in 2011, to 624 in 2016, making way for town homes and apartments. New life has also been breathed into the area’s industrialised properties, with both residential and commercial outcomes.

→ Riverside Place. Image: BC Hobson

Houses: Thanks largely to a seemingly never-ending residential demand, Kensington has enjoyed a steady growth in Median House Prices over the past three years. Currently at $968,500, slightly down from a peak of $1.032 million March of 2018, Kensington is still arguably very ‘affordable’ despite its CBD proximity and lifestyle amenity. Weekly median advertised rent is $550. Units: Over the previous three years, the median unit price has remained steady and currently rests at $498,000. Though with the increase in unit supply over the years, the rental market remains strong – renters make up over 50% of residents and the occupancy rate is extremely high at around 99%. Weekly median advertised rent is $430.

AUCTION & EOI SCHEDULE

Your list of upcoming Auction and Expression of Interest (EOI) closing dates for all major Victorian properties. Click on the link to view the listing.

108 Pier Street

Altona North

EOI

Thu 01.08.19 @ 2pm

Allard Shelton

View

60-62 Nightingale Street

Balaclava

EOI

Wed 24.07.19 @ 4pm

Gross Waddell

View

298 Lygon Street

Brunswick East

Auction

Contact Agent

Melb. Acquisitions

View

65s Evans Road

Cranbourne West

EOI

Thu 08.08.19 @ 5pm

Real Properties

View

820 Main Road

Eltham

Auction (on-site)

Thu 15.08.19 @ 12pm

Knight Frank

View

7 Wightman Street

Footscray

Private Sale

Contact Agent

Allard Shelton

View

12 & 18 Craig Street

Keilor East

EOI

Contact Agent

Gross Waddell

View

458-470 Macaulay Road

Kensington

Auction (on-site)

Fri 19.07.19 @ 2:30pm

CBRE

View

124-130 White Street

Mordialloc

Private Sale

$2,950,000

Melb. Acquisitions

View

77-83 Sutton Street

North Melbourne

EOI

Thu 08.08.19 @ 5pm

CBRE

View

13 High Street

Prahran

Private Sale

Contact Agent

Melb. Acquisitions

View

356-362 Murray Road

Preston

For Sale

Contact Agent

Knight Frank

View

480 Gilbert Street

Preston

EOI

Fri 09.08.19 @ 2pm

Allard Shelton

View

Lot 2, 81 & 83 Wonga Road

Ringwood North

EOI

Thu 25.07.19 @ 2pm

Colliers Intl.

View

100 Park Street

South Melbourne

Auction (on-site)

Thu 08.08.19 @ 2:30pm

CBRE

View

492 & 494 Pascoe Vale Road

Strathmore

EOI

Thu 08.08.19 @ 5pm

Real Properties

View

102 Douglas Parade

Williamstown

Auction (on-site)

Fri 16.08.19 @ 1:30pm

Allard Shelton

View

60 Ferguson Street & 3 Cox's Garden

Williamstown

Auction (on-site)

Fri 16.08.19 @ 11:30am

Allard Shelton

View

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Real Properties Real People Real Results

The commitment and passion we bring are real.

For a confidential discussion about how we can deliver Real Results for your property, contact us today.

Real Properties holds an unwavering commitment to helping clients realise the full potential of their investment.

info@realproperties.com.au realproperties.com.au

Our highly skilled and genuine team of industry professionals have extensive consulting experience in helping global and local clients to develop bespoke, highly strategic and a creative approach to every project. Our services include Commercial, Industrial & Logistics, Property Management, Residential Projects and Site Sales & Investments.

Melbourne (Head Office) Phone: 03 8527 0750 Level 9, 500 Collins Street Melbourne, VIC 3000 Sydney Phone: 02 8014 5562 Level 4, 10 Bond Street Sydney NSW 2000

STATE NE WS

MELBOURNE IS UBER AIR’S FIRST INTERNATIONAL ‘FLYING CAR’ MARKET Content Supplied by:

↓ Image: The Urban Developer

THE PROPERT Y DE VELOPMENT RE VIE W

In less than 5 years, Melburnians will be able to book and share a 10-minute trip from the CBD to Melbourne airport courtesy of Uber Air’s flying car fleet.

The ridesharing giant has announced that Melbourne has been selected as the third official pilot city, joining Dallas and Los Angeles as test cities for the Uber Air program. The prototype – not quite a helicopter or a plane – is set to become a familiar site in Melbourne from next year as the company launches test flights from next year ahead of commercial operations from 2023. Uber cited the Victorian government’s forward-looking approach and Australia’s “wholehearted” embrace of the ridesharing app as reasons for its choice. Melbourne was chosen over shortlisted cities Paris, Sao Paolo, Mumbai, Tokyo and Sydney after an 18-month selection process. While it all sounds a little futuristic, Uber’s plans are concrete: the company has announced partnerships with Macquarie, Telstra, Scentre Group and the Melbourne Airport to fast track the infrastructure and aviation network required to run Uber Air. “The future of transport is coming to Melbourne and we’re ready to make it happen,” Victorian treasurer Tim Pallas said on Wednesday. Clem Newton-Brown, director of Skyportz – a start-up aimed at establishing landing infrastructure for eVTOLS (vertical takeoff and landing aircraft) – said it was still unclear what the infrastructure requirements will be. “It is expected that initially existing airports and helipads will be the focus. “The technology is not what will be what holds it up – regulation, social license and the necessary infrastructure will hold it up.” Dr Chris De Gruyter, a vice-chancellor’s research fellow in the Centre for Urban Research at RMIT, says the big question is what kind of trips Uber Air Melbourne will actually be used for. “Based on what travel survey data tells us, we might see skyports at key activity centres and employment hubs like the airport, Melbourne CBD and other key precincts like Clayton or Dandenong. “But Uber Air isn't going to help with managing our urban transport problems. These vehicles are very low capacity – similar to what a car could carry – while there are also questions about if these vehicles will create visual clutter in the sky and how environmentally-friendly they are. “Another risk is ‘empty running’, where there are no passengers, but the vehicle has to travel to pick people up from another location.”

Scentre Group will lead the infrastructure charge for Uber in Melbourne – lending their Westfield centres to the air mobility market cause. “The strategic locations of our Westfield centres [are] regarded as integral social infrastructure because of their close proximity to customers, communities and transport hubs,” Scentre chief strategy officer Cynthia Whelan said. Uber’s ambitious eVTOL (pronounced vee-tol) plans were first unveiled in 2016, with the company announcing it was on the hunt for a third test city last year. Research and development in the urban air mobility market is fast-moving, with giants like Boeing and Airbus competing alongside start-ups like Munich-based Lilium and Chinese operator eHang. Uber says Uber Air will help alleviate congestion that it estimates costs Australia $16.5 billion annually, which is forecast to increase to $30 billion by 2030. “As major cities grow, the heavy reliance on private car ownership will not be sustainable,” Uber Elevate global head Eric Allison said. “Uber Air holds enormous potential to help reduce road congestion.” At the very least, Uber’s announcement means Melburnians are a step closer to travelling by drone, says RMIT aerospace engineer Dr Matthew Marino. “Allowing a computer to fly an aircraft, rather than a human, is nothing new,” Marino said. “Technology has progressed so much that aerial autonomy is considered safe and reliable, arguably more so than driverless cars. “The biggest hurdle to drones carrying people is safety. We need to prove to people that this technology can be as safe as helicopters, which regularly fly in our cities.”

STATE NE WS

IS NOW THE TIME TO BUY A DEVELOPMENT SITE? By Julian White, CBRE Melbourne.

Amidst the backdrop of a stagnating residential and offthe-plan sales market coupled with political and lending uncertainty, transactions in the development site market have reduced significantly. However, a closer look at the market fundamentals and key drives of the development process, create a highly compelling argument that it is an excellent time to be buying a development site. The relationship between population growth, residential vacancy and interest rates against new supply strongly suggest that there is and will be a major supply gap in the market. The lack of residential supply has led to consistent downward pressure on residential vacancy. Residential vacancy across metropolitan Melbourne is at record low levels of 1.8% (identified in the graph below), which has allowed for residential rental prices to grow by 7% year on year.

Further investigation into total dwelling approvals provide a damming story around the state of supply. In May 2019 approvals were the lowest on record since mid2013, some six (6) years ago.

Whilst approvals have been bottoming out to 2013 levels, the population of Australia certainly has not. As highlighted in the graph below, the country is anticipated to have grown by over 2,000,000 people within this timeframe. This would indicated that there would be strong demand for new housing which in theory would create more competition and drive house prices. However, the irony is that the residential prices have been going backwards. Demonstrated in the graph overleaf, the median house price of Melbourne has been declining since late 2017. The combination of this with the intense finance regulation that has stifled lending to developers, has translated to the decline in development activity. The fact that there has been consistent population growth, but a major reduction in supply, would suggest that the market should be ripe with transactional activity, but it is not, as a result of strict funding requirements. This is a perfect storm for developers who have a strong capital base to be in acquisition mode. Given the fact the process from acquisition to construction completion typically takes 2-3 years, the window for opportunity to capitalise on the inevitable uplift of the residential turnaround before the heat comes back into the market, is now.

This movement in median house price decline when compared to total dwelling unit approvals provides a stark contrast. Over the past year and half supply across Australia have been on a consistent downwards trend.

For further information, please contact: Julian White Director, CBRE City Sales and Development Sites 0422 764 137 julian.white@cbre.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Want to advertise in The Property Development Review? Call 03 9631 5476 or Email enquiries@developmentready.com.au

DevelopmentReady.com.au

VICTORIA LISTINGS

For Sale: 492 & 494 Pascoe Vale Road, Strathmore

Premium Residential Development Opportunity • 3,235m2* of Mixed-Use Zone • Approved permit for 82 apartments, 2 retail shops & 139 car spaces

Strathmore, a tightly held inner north-western suburb, is on the doorstep to some of Melbourne’s best schools, parklands, shopping destinations, cafés, restaurants and entertainment. This property offers unique flexibility for a premium residential development including an approved permit for 82 apartments and two retail tenancies as well as an alternative development scheme for 18 three-storey town homes (STCA).

View Listing

• Alternative development scheme for 18 threestorey town homes (STCA) • Duel frontage on to Pascoe Vale Road (73m*) and Moonee Ponds Creek and trail (78m*) Expressions of Interest Closing Thursday 8th August at 5pm www.492pascoevaleroad.com.au

Joseph Catanese 0418 367 514 jcatanese@realproperties.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Frankston (19km)

WESTERN PORT HIGH WAY Future Industrial Future Employment

Cranbourne (3km)

Future Residential

Public Open Space

ROA ALL

Lochaven Residential Estate Stage 1 D

Future P-12 School

Future Residential Public Open Space

Future Residential

WATE Urban Park

RWAY ii

Community Centre Opening June 2020

Future Residential

A LE

Retirement Village

For Sale: 65s Evans Road, Cranbourne West

Mixed-Use Development Site with Planning Approval • 1.32ha* zoned Urban Growth Zone (UGZ) • Planning approval for mixed-use town centre

In the Heart of Melbourne’s South-East Growth Corridor, Evans Place offers a rare and perfectly positioned development opportunity. The property is located within the Cranbourne West Precinct Structure Plan (PSP) and adjoins the site of a future Woolworths Supermarket (expected to open June 2020). With an approved permit for a mixed-use development including office, retail, food and beverage, gym and medical centre, Evans Place is perfectly positioned to become the centre of this growing community.

View Listing

Jet Saliu 0432 898 689 jsaliu@realproperties.com.au

• Permit allows for 7,216m2* of GLA across retail, food & beverage, gym, oﬃce space and medical centre, plus 240 car spaces • Woolworths Supermarket (expected to open June 2020) conﬁrmed for the adjacent site Expressions of Interest Closing Thursday 8th August at 5pm www.evansplace.com.au

Ben Ameti 0434 551 577 bameti@realproperties.com.au

Joseph Catanese 0418 367 514 jcatanese@realproperties.com.au

VICTORIA LISTINGS

TRANSFORMING REAL ESTATE INTO REAL ADVANTAGE

CBRE

8 ULTIMATE HIGH EXPOSURE CORNER PROPERTY

+ + + + + +

Ideal for owner occupiers, investors & developers l ,369sqm* NLA of notural light filled corner office Exceptional city edge location in sort after South Melbourne pocket - Melbourne CBD (1.Skm*) Prime 59Ssqm* mixed use zone site providing future office/residential outcomes to 60m* (STPA) Amenity spoilt location 400m* from the future $11bn* Anzac Train Station & tram stop at door Huge opportunity for building naming rights

FOR SALE VIA PUBLIC ON-SITE AUCTION THURSDAY 8TH AUGUST 2019 AT 2.30PM (AEST) JULIAN WHITE +61 422 764 137

VIEW PROPERTY ï¿½ DYLAN KILNER +61459396341

CBRE property.cbre.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

VICTORIA LISTINGS

298 Lygon Street, Brunswick East VIC 3057 LYGON STREET WAREHOUSE WITH LOADS OF POTENTIAL >> >> >> >> >> >>

FORTHCOMING AUCTION

Prime Commercial 1 zoned site Prominent frontage with rear access Located within the Brunswick structure plan 'Activity Node' Superbly positioned 5km* Melbourne's CBD and 1.4km* Brunswick Train Station Minutes from RMIT and Melbourne Universities, with Lygon Street Tram at the doorstep Close proximity to a variety lifestyle amenity including bars, restaurants and cafes.

DOMINIC GIBSON 0409 366 941

607 St Kilda Road, Melbourne

JAMES LATOS 0437 537 957

melbourneacquisitions.com.au

VIEW LISTING

03 8395 2550

124-130 White Street, Mordialloc VIC 3195 TWO VERSATILE WAREHOUSES OPPOSITE WOODLANDS GOLF COURSE >> >> >> >> >> >> >> >> >>

Flexible Mixed Use Zone (MUZ) Positioned less than 2km* from Mordialloc Beach Two separate titles with dual street frontage Close to Mentone Girls Grammar, St Bede's and Mentone Grammar School Main St, Mordialloc Train Station, Woodlands Plaza 2km*, CBD 26km* Substantial land holding 2,093sqm* to be sold with vacant possession Occupy, Lease or Develop (STCA) Fully let estimated rent potential $180,000 p.a. approx Two adjoining buildings total area 1,600sqm approx

607 St Kilda Road, Melbourne

$2,950,000

DOMINIC GIBSON 0409 366 941

JAMES LATOS 0437 537 957

melbourneacquisitions.com.au

VIEW LISTING

03 8395 2550

THE PROPERT Y DE VELOPMENT RE VIE W

13 High Street, Prahran VIC 3181 PERFECTLY POSITIONED BOUTIQUE RESIDENTIAL PROJECT ON HIGH >> >> >> >> >> >>

$2.75 - $3M

Exceptional development site with wide frontage Plans for 15 x 1 & 2brm apartments with car parking designed for inner city living Premium and rare residential growth zone to allow up to 4 storeys (STCA) Close proximity to Alfred Hospital, Fawkner Park, Wesley College and Chapel St Public transport, major arterials and Melbourne CBD within easy access Land approx 712sqm

DOMINIC GIBSON 0409 366 941

607 St Kilda Road, Melbourne

JAMES LATOS 0437 537 957

melbourneacquisitions.com.au

VIEW LISTING

03 8395 2550

VICTORIA LISTINGS

Connecting people & property, perfectly.

360-362 Murray Road, Preston VIC. For Sale

Prominent corner allotment of 2,873 sqm*

Zoned Priority Development Schedule 2

Immediate proximity to amenity

Potential for multi story mixed use development.

*Approx.

Developers and land bankers will welcome this rare opportunity to acquire one of the most prominent sites available in Preston. Set on 2,873 sqm* this Priority Development Zoned site allows the incoming purchaser the opportunity to create a multi level mixed use development which will become a feature of the Preston skyline. James Thorpe 0414 510 071 Stephen Kelly 04107 320 377 View Listing

820 Main Road, Eltham VIC. On-Site Auction

Thursday, 15 August at 12pm (AEST).

594 sqm* prime mixed-use land holding

Strong potential holding income

Plans and permits are in place

Exceptional position with long term upside.

820 Main Road Eltham

View Listing

*Approx.

James Thorpe 0414 510 071 Stephen Kelly 04107 320 377

Bridge Street

Currently comprised of ground floor retail formerly housing a cafĂŠ and a 2 bedroom residence above an astute buyer will recognise the flexibility offered for short to medium term strong holding income, or immediate development. Perfectly positioned on the high side of Main Rd, offering stunning views towards Diamond Creek. With a short walk to Eltham Station, Eltham Shops, Schools & Parklands the property provides a central location with a leafy feel.

Main Road

THE PROPERT Y DE VELOPMENT RE VIE W

Accelerating success Reach more people – better results faster.

UNPRECEDENTED RINGWOOD DEVELOPMENT SITE

FOR SALE BY EOI CLOSING THURSDAY 25TH JULY AT 2PM Lot 2, 81 & 83 Wonga Road RINGWOOD NORTH VIC 3134 AUSTRALIA

View Now

Colliers International is pleased to present Lot 2, 81 Wonga Road and 83 Wonga Road, Ringwood North for sale by Expressions of Interest closing Thursday, 25th July at 2pm. The opportunity exhibits a sizeable development site located in a residential suburb that is renowned for its leafy streets, panoramic views and quiet enjoyment whilst benefiting from proximity to main roads and destination retail. – Total landholding of 6,066m²* – Neighbouring Renowned McAlpin Reserve – General Residential Zoning (GRZ1)

Joe Kairouz +61 421 430 638

Hamish Burgess +61 421 641 497

Jun Lai +61 456 535 000

colliers.com.au

VICTORIA LISTINGS

VIEW LISTING

For Sale via Expressions of Interest 12 & 18 Craig Street, Keilor East VIC 3033 Andrew Greenway — 0409 547 626 Alex Ham — 0410 545 226

SOUGHT AFTER TOWNHOUSE REDEVELOPMENT (STCA) – Lodged plans for residential redevelopment comprising 47 townhouses – Substantial landholding of 12,984m2* – General Residential Zoning – Elevated views over Steele Creek Trail and parklands – Median house price circa $850,000 *Approx.

VIEW LISTING

For Sale via Expressions of Interest 60-62 Nightingale Street, Balaclava VIC 3183 Alex Ham — 0410 545 226 Benjamin Klein — 0433 047 000

PREMIUM OFFICE DEVELOPMENT IN BALACLAVA – Endorsed plans & permit for 5 level retail/commercial development comprising of 13 office suites, rooftop terrace and café with NLA of 697m2* – 15 basement car spaces – Land Area: 301m2* – Frontage to Nightingale Street of 16.5m* *Approx.

THE PROPERT Y DE VELOPMENT RE VIE W

DONâ&#x20AC;&#x2122;T BE A PROPERTY SEARCHER

BE A PROPERTY DEVELOPER

LESS SEARCHING. MORE DEVELOPING. developmentready.com.au

VICTORIA LISTINGS

FOOTSCRAY

ALTONA

PRIVATE SALE

EXPRESSIONS OF INTEREST closing Thur 1 August at 2pm

108 Pier Street

LI JU ST ST ED

7 Wightman Street

BOOMING INNER WEST DEVELOPMENT OPPORTUNITY

SUBSTANTIAL FREEHOLD WITH PERMIT- OCCUPY, INVEST, DEVELOP

For more information please contact:

James Gregson Michael Ryan Joseph Walton

0421 516 480 0433 180 199 0417 309 347

VIEW LISTING

James Gregson Joseph Walton Michael Ryan

0421 516 480 0417 309 347 0433 180 199

VIEW LISTING

WILLIAMSTOWN 102 Douglas Parade

LI JU ST ST ED

FOR SALE BY PUBLIC AUCTION Friday 16 August at 1:30pm on-site

PLANS AND PERMIT APPROVED FOR TOWNHOUSE DEVELOPMENT For more information please contact: Michael Ryan James Gregson Joseph Walton

0433 180 199 0421 516 480 0417 309 347

VIEW LISTING

9654 3222

Level 3, 267 Collins St Melbourne allardshelton.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

PRESTON

480 Gilbert Road

LI JU ST ST ED

FOR SALE BY EXPRESSIONS OF INTEREST closing Friday 9 August at 2pm

SUBSTANTIAL CORNER SITE WITH PERMIT FOR 10 QUALITY OVERSIZED TOWNHOUSES For more information please contact: Michael Ryan Joseph Walton James Gregson

0433 180 199 0417 309 347 0421 516 480

VIEWLISTING LISTING VIEW

WILLIAMSTOWN

60 Ferguson Street & 3 Coxâ&#x20AC;&#x2122;s Garden

LI JU ST ST ED

FOR SALE BY PUBLIC AUCTION Friday 16 August at 11:30am on-site

STRATEGIC CORNER SITE WITH PERMIT FOR 6 DWELLINGS & 1 RETAIL SHOP For more information please contact: Michael Ryan James Gregson Joseph Walton

0433 180 199 0421 516 480 0417 309 347

VIEW LISTING

9654 3222

Level 3, 267 Collins St Melbourne allardshelton.com.au

STATE SPOTLIGHT

STATE SPOTLIGHT: NEW SOUTH WALES

Suburb Report: Maroubra

New South Wales Auction Schedule

Five Sydney Suburbs Set for Growth

New South Wales Listings

Content by: Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

Suburb Report: Maroubra 10km south-east of the Sydney CBD, Maroubra offers residents one of the best urban-coastal lifestyles in the country. This highly desirable and hedonistic community enjoys being outdoors; you’d be forgiven for not realising that most work in offices in the city. Apart from the appeal of the beach, and the CBD proximity, Maroubra has multiple parks, winding streets and a growing number of vibrant hospitality jaunts. This is a coastal town on the move. RESIDENTS The ABS estimated population for Maroubra for June 2018 was 33,139; an increase of 12% from the 2011 Census. While the median age sits around 37, there is not a dominating age bracket and a quick stroll around the neighbourhood allows one to ascertain why. Families (of all ages), singles, retirees, young adults – Maroubra is an assemblage of a wide variety of ages and backgrounds. Demand for Maroubra has been on the rise since early 2017. According to Real Estate Investar, Maroubra recorded a vacancy rate of 1.9% leading up to the end of 2017 – the market responded with a welcomed increase in dwelling stock (predominantly in the form of units).

→ Maison 188. Image: Aoyuan International

CULTURE

SIGNIFICANT PROJECTS

‘Fun in the sun’ could almost be the mantra of this eastern beach municipality. The beach is where a lot of the action is, but crowds are less of an issue than oft-found at the northern neighbours (Coogee to Bondi). Strong retail amenity can be found at Pacific Square and Dudley’s Emporium and several local schools (private, public and religious) also service the community. While Maroubra did develop a somewhat negative reputation regarding youth and public housing over the previous two decades, significant efforts have been made to rectify these issues. The increased residential demand is in part a direct result of this shift, but as well as this the neighbourhood has seen a spate of new flourishing cafés continue and an overall air of positivity decreed by locals.

Maison 188: Currently under construction, Maison 188 is a twin towered luxury residential project spearheaded by Aoyuan International; Marchese Partners have been enlisted for architectural designs and TQM for the build. The plans encompass seven storeys plus a rooftop, with 65 residences dispersed throughout the levels. The rooftops offer gardens and barbeque entertainment area and many of the apartments are complemented with ocean views. 181-191 Maroubra Road, Maroubra: Maroubra fringe mixed-use project is currently in the planning assessment phase with Welcome Homes leading the project and Sgammotta Architects supplying the designs. Plans indicate the demolition of the existing single and two storey commercial premises to make way for a mixed development comprising of commercial on the ground floor and 65 units over 6 and 7 levels with 3 levels of basement car parking.

PRICE Houses: Median house prices in Maroubra have enjoyed reasonable stability, albeit peaking in November 2017 at $2.1 million. Currently (June 2019) the median house price is $1.805 million. Much of this has to do with the high demand experienced in 2017 and the responsive supply that followed. Weekly median advertised rent is $900. Units: A similar story can be told regarding median apartment prices, which now currently sits at $825,000 (June 2019) after experiencing a peak of $920,000 in November 2017. Weekly median advertised rent is $600.

AUCTION & EOI SCHEDULE

Your list of upcoming Auction and Expression of Interest (EOI) closing dates for all major New South Wales properties. Click on the link to view the listing.

84-90 Gordon Crescent

Lane Cove

EOI

Thu 11.07.19

Knight Frank

View

16 Muscat Place

Orchard Hills

EOI

Wed 24.07.19

Knight Frank

View

Fishburn Crescent & Chapman Avenue

Castle Hill

EOI

Wed 31.07.19

Knight Frank

View

2 Delmar Parade

Dee Why

EOI

Thu 15.08.19

Upstate Commercial

View

Newcastle Link Road, Landholdings,

Wallsend

EOI

Thu 08.08.19

Colliers Intl.

View

45-47 Drummond Street

Belmore

Private Sale

Contact Agent

Colliers Intl.

View

STATE NE W S

THE IDEAL SITE TO FIND THE IDEAL SITE

Namuste essitatiae nos aute

volliquo mil earis dolento tassequ LESS SEARCHING. iberfer feriorp orepediaeris aute MORE nullessitam DEVELOPING. es ipicia dolo dicabo.

developmentready.com.au developmentready.com.au

LESS SEARCHING. MORE DEVELOPING.

STATE NE WS

COULD THESE FIVE SYDNEY SUBURBS BE SET FOR GROWTH? Content Supplied by:

THE PROPERT Y DE VELOPMENT RE VIE W

With the federal election done and APRA’s recent announcement ushering in less restrictive lending guidelines, consumer sentiment seems to be picking up in the market.

← Image: The Urban Developer

Corelogic auction preliminary figures show a rise in Sydney’s clearance rates at 69.9 per cent. While Australia’s preliminary combined capitals clearance rate jumped to 62.6 per cent, a notable improvement on the 57 per cent level recorded only one week earlier, and the highest preliminary clearance rate since April 2018. But while Sydney’s residential market may be off the radar for many, Buyers Domain principal Nick Viner has his pick of suburbs to watch out for when the market turns. “The facts are that certain fundamentals ensure some suburbs react before others when prices begin rising again,” he said. In his search, Viner restricted the selection to suburbs within a 10-kilometre radius of the CBD, taking in price growth drivers such as infrastructure and proximity to amenities. “Near-city suburbs are, historically, the most reactive when prices turn around,” he said. The suburbs? Glebe, Redfern, Land Cove, North Bondi and Leichardt. Located in Rozelle Bay, Viner says Glebe has recorded a price drop of around 17 per cent in the past year. “To reflect a median of around $1.6 million, so it’s well below its peak.” Redfern, which has a median price of $1.39 million, has seen property values drop around 16.8 per cent over the past 12 month period. “The upside is this – new infrastructure is enhancing Redfern’s appeal. As confidence returns to the market, it will definitely be one to watch as among the first for value increases,” Viner said. Lane Cove, located on the Lower North Shore sits roughly seven kilometres from Sydney CBD. Property prices have recorded declines of 16.6 per cent with the

suburb now sitting around the $1.8 million median price mark. “The pressure among Lower North Shore families looking for good homes close to schools, shops and transport is simply too great for them to ignore Lane Cove as an option when the market turns.” North Bondi’s median property price recorded some of the biggest declines for the eastern suburbs, around 16.4 per cent over the year. But it’s still well placed with a median price of $2.533 million. “It’s still fairly steep for the average buyer, but signs show it’ll be among the first suburbs in Sydney to move. Stock and prices have tightened considerably since last year – even in recent months,” Viner said. And at five kilometres from the CBD, Leichhardt with a $1.28 million median property price is on the affordable end for suburbs with proximity to Sydney. “Leichhardt’s property prices fell by around 15.8 per cent in the last year,” Viner said. “Stock levels have tightened up considerably since last year, particularly in the ultra-competitive sub-$1.5 million price bracket, which is a popular budget among first home buyers, small families and down-sizers.”

NE W SOU TH WALES LISTINGS

Accelerating success Reach more people – better results faster.

UNRIVALLED VALUE ADD DEVELOPMENT OPPORTUNITY

FOR SALE BY WAY OF EXPRESSIONS OF INTEREST Newcastle Link Road, Landholdings, Wallsend, NSW, 2287

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Colliers International is delighted to offer for sale, by way of Expressions of Interest The Newcastle Link Road Holdings on behalf of The New Wallsend Coal Co Pty Limited. The Newcastle Link Road Holdings is arguably one of the most significant value-add land holdings brought to market in recent history. – Total site area - 574.136ha – Large value add opportunity – Identified housing release area

Peter Macadam 0402 074 159 peter.macadam@colliers.com

Chris Chapman 0412 955 215 chris.chapman@colliers.com

Nick Christensen 0402 635 503 nick.christensen@colliers.com

colliers.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Accelerating success Reach more people – better results faster.

BOUTIQUE DA APPROVED DEVELOPMENT OPPORTUNITY

View Now

CONTACT AGENT 45-47 Drummond Street, Belmore, NSW, 2192

– DA Approved for 41 residential units plus ground floor retail – Total site area of 1,960sqm* across two separate land holdings – Benefits from having a short-term holding income of $81,818 pa.* – In close proximity to transport, being 750m* from Belmore Station, and bus access along Canterbury Road (120m*) – Highly efficient architectural scheme & unit layout

Nick Estephen 0488 748 186 nick.estephen@colliers.com

Jordan McConnell 0419 990 295 jordan.ncconnell@colliers.com

Clarence Chan 0420 364 998 clarence.chan@colliers.com

colliers.com.au

NE W SOU TH WALES LISTINGS

Connecting people & property, perfectly. Qualified Opportunity Site 575m* from new Metro Station.

Outline indicative only

Fishburn Crescent & Chapman Avenue, Castle Hill NSW . For Sale via Expressions of Interest closing Wedneday, 31 July 2019 at 4.00pm (AEST).

Site Area 12,713 sqm*

575m* to new Metro Station

R4 High Density Residential

Priority precinct

View at knightfrank.com.au

Up to 31,824 sqm* GFA

Direct purchase

Grant Bulpett 0415 558 226 Mark Litwin 0415 742 605

* Approx

THE PROPERT Y DE VELOPMENT RE VIE W

Connecting people & property, perfectly. Large land holding in urban precinct.

Outline indicative only

16 Muscat Place, Orchard Hills NSW. For Sale via Expressions of Interest closing Wednesday, 24 July 2019 at 3.00pm (AEST).

12.77 ha / 31.92 acres*

Delayed settlement

Close to proposed rail line

8 km* to Penrith CBD

View at knightfrank.com.au

Expanding urban precinct

12km* to Western Sydney Airport

Grant Bulpett 0415 558 226 Mark Litwin 0415 742 605

* Approx

NE W SOU TH WALES LISTINGS

Connecting people & property, perfectly. DA Approved: Two residential towers in Sydneyâ&#x20AC;&#x2122;s North Shore.

84-90 Gordon Crescent, Lane Cove. For Sale via Expressions of Interest closing Thursday, 11 July 2019 at 2.30pm (AEST).

Site Area: 3,879 sqm*

Easy access to CBD & Chatswood

DA Approved: 69 Units

Proven residential location

View at knightfrank.com.au

Potential unit yield increase (STCA)

Close to train and metro stations

Scott Timbrell 0423 379 007 Arland Domingo 0411 620 722 Anthony Pirrottina 0402 666 093 * Approx

THE PROPERT Y DE VELOPMENT RE VIE W

2 Delmar Parade Dee Why, NSW 2099

Substantial 2060sqm DA Approved Development Site

– Substantial single ownership site of 2,060sqm in a prominent corner setting – DA Approval for 71 apartments, five retail spaces and 2 levels of secure basement parking – Potential to improve FSR with uplift in height and change unit the mix with a new design – Prime position on the fringe of Dee Why Town Centre, Northern Beaches Sydney – A rapidly evolving beachside suburb with city convenience – Footsteps to shopping, supermarkets, eateries and rapid city access via the new B-line bus service – Expression of Interest closes 15th August 2019

Contact: Vincent West 0403 444 000

upstate.com.au

Contact: Peter Mosedale 0408 177 207

View Listing

STATE SPOTLIGHT

STATE SPOTLIGHT: QUEENSLAND

Suburb Report: Palm Beach

Queensland Auction Schedule

Brisbane gets 42ha Inner City Park

Queensland Listings

Content by: Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

Suburb Report: Palm Beach Taking designation between Currumbin and Burleigh Heads, Palm Beach is a laid-back Gold Coast suburb where each day reportedly feels like a summer holiday. With a long stretch of Pacific Ocean coastline to the east, winding river borders to the north and south, and a series of canals flowing through its centre, it’s easy to say that water plays a significant part of the day-to-day activities for residents. A growing number of hip cafés and eateries, as well as its proximity to significant GC amenity, round off just a few of the many reasons Palm Beach is so dearly loved by so many.

CULTURE

Residents consistently agree that the best thing about Palm Beach is its proximity to needs and desires. Palm Beach is a far cry from the bright lights and night life of Surfers Paradise, and the locals want to keep it that way – it’s even earned the title of Queensland’s Cleanest Beach over two consecutive years. New, trendy cafés and bars continue to open, but also there’s a strong choice of schools, supermarkets, shopping complexes, hospitals and health support. With a series of high profile developers RESIDENTS moving to snap up prime real estate in the pristine coastal suburb, and the abundance According to Census data, Palm Beach saw of home parcels springing up for sale, Palm a steady 5% growth in population between Beach is ready to enjoy its (developers) time 2011 and 2016. ABS Estimated population or in the sun. 2018 was 15,585. While this community has historically been an even mix of young fam- PRICE ilies, singles and retirees, recent years have seen a more youthful shift. Houses: As demand for land increases in As developers and investors began to the area, Median house prices have enjoyed take more notice of this somewhat sleepy a steady rise over the past three years. Curcoastal village, a number of freestanding rently the number sits at a very reasonable homes were purchased and demolished to $857,000 – but this is a 26% increase from make room for town homes and apartments. the $680,000 median house price three years That being said, detached homes still account prior. The current weekly median advertised for around 45% of total accounted for dwell- rent is $630. ings; opportunity still awaits. Units: Concurrently, unit prices have also enjoyed a steady increase over the past three years (of around 18.7%), to reach $421,500 in late May 2019. The current weekly median advertised rent is $420.

SIGNIFICANT PROJECTS Magnoli Apartments: This luxury apartment project offers a range of one, two, two and a half, and three bedroom residences just moment from the ocean shore. Lead by developer Sunland Group, and with designs by BDA Architecture, the project consists of two mid-rise apartment buildings, six terrace homes, and a café/dining area overlooking a large community park, Resident amenities include a resort-style pool, lounge and landscaped gardens and barbecue areas. Sea Palm Beach: BluePoint Property are bringing this Archidiom designed residential complex to the market, expected for completion around October 2019. This 12-storey building offers up 63 individual dwellings, as well as a pool, yoga deck, resident lounge and outdoor BBQ and entertainment area.

→ Magnoli Apartments. Image: Sunland Group ARTIST IMPRESSION, INDICATIVE ONLY

AUCTION & EOI SCHEDULE

Your list of upcoming Auction and Expression of Interest (EOI) closing dates for all major Queensland properties. Click on the link to view the listing.

Proposed Lot 907 Cnr. Eccles & Florey Boulevards

Birtinya

Offers to Purchase

Wed 07.08.19 @ 12pm

CBRE

View

Lot 913 Bokarina Beach

Bokarina

EOI

Thu 01.08.19 @ 4pm

Colliers Intl.

View

1 Cairns Street

Collingwood Park

SOLD

Prior to Campaign

Ray White SP.

View

199-203 Boundary Street

Coolangatta

EOI

Contact Agent

Knight Frank

View

1785 Anzac Avenue

Mango Hill

For Sale

Contact Agent

Ray White SP.

View

37 Marine Parade

Redcliffe

Offers to Purchase

Contact Agent

PRDnationwide

View

1 & 19 McEwan Street

Riverview

EOI

Wed 24.07.19 @ 4pm

Ray White SP.

View

787-815 Ripley Road

South Ripley

For Sale

Contact Agent

Ray White SP.

View

41 & 43 Ward Street

Southport

For Sale

Contact Agent

Savills

View

23 & 25 Sidoni Street

Tewantin

Private Sale

$1,950,000 + GST

Ray White Comm.

View

STATE NE W S

BRISBANE GETS 42 INNER CITY PARK HA

Content Supplied by:

↘ Image: The Urban Developer

A 45-hectare golf course in the heart of Brisbane will be transformed into the city’s largest public park in over 50 years, set to rival the likes of Central Park in New York City and Hyde Park in London. The Victoria Park Golf Course in the inner Brisbane suburb of Herston is to be closed and reshaped as part of Brisbane Council’s Victoria Park Vision to become Brisbane’s second biggest park behind the 52-hectare Mt Coot-tha Botanic Gardens. The golf course site, entirely owned by Brisbane Council, has seen patronage numbers decrease by 16 per cent over the past eight years, prompting calls for a new area of urban open space. “We’re turning Victoria Park Golf Course into the biggest park we’ve seen in 50 years, more than double the size of City Botanic Gardens in the CBD,” lord mayor Adrian Schrinner said. “The Victoria Park Vision will double the size of the existing park and deliver a green link that boosts the connectivity of the city fringe, including Kelvin Grove, Herston, Bowen Hills and the Brisbane Showgrounds.” “When you think of some of great parklands across the globe, Central Park in New York City, Lumphini Park in Bangkok and Hyde Park in London come to mind for

their hundreds of trees, free attractions and for offering people a green sanctuary within a busy capital city.” Brisbane council will allocate $1 million to the project in the upcoming budget and will begin work on the project in 2021, when the existing golf course will be permanently closed following a two-year transition period. Schrinner said the council would consider a range of opportunities for the new area of urban open space, including pop-up cinemas, markets and play areas for all ages. Council has committed to work with the current tenants to ensure the popular driving range, putt-putt course, wedding venue and function centre are part of the new parkland. “Council will involve the community in every step of this planning process and will hold forums and public consultation as well as engage experts to create the best design for this green space,” Schrinner said. Work is also under way to improve access to the park, where car parking is available while both lines of the high-frequency Brisbane Metro will transport passengers directly to the parkland using the future Herston and Kelvin Grove stations.

QUEENSL AND LISTINGS

RAY WHITE SPECIAL PROJECTS WOULD LIKE TO THANK ALL OF OUR VALUED CLIENTS FOR A FANTASTIC 18/19.

3,437

SETTLED SITE SALES

ENQUIRIES GENERATED

309

OFFERS PRESENTED

157-197 Woodlands Drive, Thornlands - Confidential

345 Miles Platting Road, Rochedale - $5,200,000

Lot 3 Stodart Terrace, Mango Hill - $5,200,000

557 Gregory Terrace, Fortitude Valley - $3,650,000

Flagstone School Site $9,800,000

242 Englefield Road, Darra - $20,000,000

281-285 Handford Road, Taigum - $6,400,000

669-713 Chambers Flat Road, Chambers Flat - $17,750,000

1 Karingal Drive, Pimpama - $3,200,000

110 Darcy Road, Seven Hills - $6,750,000

58 Delancy Road, Ormiston - $7,425,000

1 Cairns Street, Collingwood Park - $11,080,000

Mark Creevey 0408 992 222

Tony Williams 0411 822 544

Matthew Fritzsche 0410 435 891

Andrew Burke 0417 606 128

Dax Roep 0421 230 354

RAYWHITESPECIALPROJECTS.COM

THE PROPERT Y DE VELOPMENT RE VIE W

4HA* MANGO HILL DEVELOPMENT OPPORTUNITY Mango Hill, 1785 Anzac Avenue

Outline and Locations Indicative Only

• 28km* approx north of the CBD on the edge of North Lakes Town Centre • Development Approval (MCU) for 715 dwellings, shop and office • 62,500+m²* GFA over 13 buildings with max height 7 storeys • Highly visible location - exposure to 33,123*^ vehicles daily • Alternate development options include health, medical, aged care/retirement, hotel, student accommodation and build to rent (^STCA)

Mark Creevey 0408 992 222 mark.creevey@raywhite.com Tony Williams 0411 822 544 tony.williams@raywhite.com Matthew Fritzsche 0410 435 891 matthew.f@raywhite.com

raywhitespecialprojects.com

“MCEWAN RIVERVIEW” APPROVED TOWNHOUSE SITE Riverview, 1 and 19 McEwan Street

Closing Wed 24 July 2019 4pm

*Approx .

• 40mins* south west of the Brisbane CBD, 15mins* from the Ipswich CBD and 10mins* from Springfield City • In close proximity to the Ripley Valley Town Centre and Centenary Highway interchange • Designated combination of Residential and Mixed Use (5.3ha*) under Ripley Valley Urban Core Land Use Plan • EPBC and Cultural Heritage Management Plan approved *Approx . ^Subject to Council Approval

Mark Creevey 0408 992 222 mark.creevey@raywhite.com Tony Williams 0411 822 544 tony.williams@raywhite.com

raywhitespecialprojects.com

277 LOT SUBDIVISION SITE Collingwood Park, 1 Cairns Street

SOLD PRIOR TO CAMPAIGN COMMENCEMENT

EXPRESSIONS OF INTEREST Approval for 115 townhouses + 257m²* retail + 4 apartments Total land area of 2.4925* hectares $656,548 in available infrastructure credits Direct access to the Ipswich Motorway providing a link East to Brisbane and West to Ipswich • Easy access to Redbank Plaza Shopping Centre

FOR SALE

Outline and Locations Indicative Only

• • • •

South Ripley, 787-815 Ripley Road

Outline and Locations Indicative Only

FOR SALE

*Approx . ^Subject to Council Approval

28.87HA* RIPLEY VALLEY RESIDENTIAL DEVELOPMENT SITE

Mark Creevey 0408 992 222 mark.creevey@raywhite.com Tony Williams 0411 822 544 tony.williams@raywhite.com

raywhitespecialprojects.com

• D.A over the balance of the estate incorporating 277 Lots across a further 11 stages • Strong product mix providing affordable smaller product through to larger owner occupier lots • Lots ranging in size from 316m²* to 5,573m²* (average 581m²*) • Located in the Western Growth Corridor directly next to Woodlinks State School and 1km* to Woolworths Collingwood Park *Approx .

Mark Creevey 0408 992 222 mark.creevey@raywhite.com Tony Williams 0411 822 544 tony.williams@raywhite.com

raywhitespecialprojects.com

QUEENSL AND LISTINGS

For Sale: 41 & 43 Ward Street, Southport, QLD, 4215 Double Southport Block Prime Position Dual Street Frontage

– Large 2,421m2 amalgamated land parcel – Favourable location on the edge of Southport CBD – RD5 Medium Density Zoning (1 bed/50m2) – Urbis Planning & Property Snapshot available on request – Dual street frontage for build versatility and easy construction – Short stroll to the Queen Street light rail station with access to Brisbane – Quick access to Smith Street, M1 Motorway and Southport-Nerang Road

To obtain the Urbis Property Report or draft contract of sale please contact:

– Gold Coast University Hospital, schools, beaches, medical facilities and multiple retail shopping centres all within minutes

Michelle Gee 0421 188 799

– Plans prepared for 81 units (Subject to Council Approval)

Closing date for offers 4PM Thursday 13th June

More Exposure More Competition Record Prices

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

FOR SALE

3,600SQM* DEVELOPMENT SITE LOT 907 CNR ECCLES BOULEVARD & FLOREY BOULEVARD BIRTINYA, QLD 4575

Adjacent to Sunshine Coast University Public Hospital + Prime corner location on busy intersection + Directly opposite the Sunshine Coast University Public Hospital + Suitable for eight level mixed use building + Situated in one of Australia's fastest growing regions + Close to key centres of Caloundra & Mooloolaba + Strong population growth in surrounding areas FOR SALE BY OFFERS TO PURCHASE CLOSING WEDNESDAY 7TH AUGUST 2019 AT 12.00 NOON

MARK DANN 0408 778 756 property.cbre.com.au

REM RAFTER 0408 714 420

VIEW LISTING

QUEENSL AND LISTINGS

Connecting people & property, perfectly.

Spring Valley Park

Melbourne CBD 29km* Retail Strip

ypass

ong B

n Dande

oad Springvale R Pa te

Keysborough Primary School

rso

Co o o ra R

moo

Crown Allotment 2272, Darren Road, Springvale South

nR oa

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1.27 ha* site in Springvale South Crown Allotment 2272, Darren Road, Springval South VIC. For Sale by Auction on-site Thursdayday, 20 June at 2pm (AEST).

199-203 Boundary Street, Coolangatta, QLD, 4225. Exceptional in-fill site with optionality. For Sale by Expressions of Interest

Site 3,947 sqm (50m W x 78m D)

Huge development potential

Neighbourhood Residential Zoning Zoned High Density Residential

Major Transport Links Nearby

James Branch 0412 594 551 Mark Witheriff 0439 038 100

Excellent access to Centrally located to In conjunction with Harrison Development Group major arterial roads fantastic ammenities View more at imaginecoolangatta.com View Listing View Listing

Perfectly positioned for a prime residential development this magnificent site abuts Keysborough Primary School Beachside-Riverside Site, Rainbow Bay, encompassed withinGold a strong residential area. Under the Southern Coast. Neighbourhood Residential Zoning the astute buyer will seize the opportunity to create a brand precinct within the Unmatched opportunity for new landmark development in the current site and harbour a new and innovative community. premier, relaxed lifestyle, exclusive and tightly held Rainbow Bay precinct on the Southern Gold Coast.

Situated moments from Dandenong bypass and allowing easy – both 200 metresand to beaches, shops, more is sure access to Eastlink Springvale Rd,river thisand property to provide confidence to to any purchaser.and With Yarraman Railway – 400 metres Coolangatta Tweed Heads CBD's, Station, Keysborough College and Parkmore shopping,Secondary cafe's, dining and entertainment Shopping Centre in close proximity, this property is likely to – 4 km's International Airport fulfill even the most particular of purchasers. – Dual street frontage for flexible use and design residential, retirement/aged care, resort/hotel

Stephen Kelly 0407 377view corridors of coastlines, – Multiple and 320 expansive beaches, Tweed James Thorpe 0414 510River 071and extensive parklands

*Approx.

1.27 ha* site

* Approx

THE PROPERT Y DE VELOPMENT RE VIE W

REDCLIFFE 37 Marine Parade Brilliant developer's opportunity or Land Bank For Sale Offers to Purchase • 946 sqm Corner block • 24 direct beachfront residences which can never be built out. • Meticulously designed apartments by award winning architect. • Close access to Anzac Avenue main street and shopping precinct, Redcliffe paceway, Redcliffe Jetty and Botanic Garden. • Site holding income of approx. $600/week if you buy and hold. Disclaimer: Buyers are to obtain and complete their own research as to readiness to build and ongoing costs to completion and realisation of the asset.

Gerald Adam 0408 157 257

View Listing

QUEENSL AND LISTINGS

FOR SALE BY EXPRESSION OF INTEREST

LONG ISLAND RESORT, WHITSUNDAYS ADDRESS AVAILABLE ON REQUEST

A prime slice of the Great Barrier Reef, a natural Wonder of the World, in the Whitsunday archipelago. + 80,000sqm* prime dual beachfront land in a sheltered bay. + 172 room absolute beachfront resort (currently closed) with recreational facilities (F&B venues, swimming pools, tennis courts, helipad, boat moorings, tour desk). + Local government supportive of development - potential to redevelop into units or hillside villas similar to Hamilton Island, concepts available upon request. + Fully developed infrastructure including mainland power. + Located on the Whitsunday ferry circuit with access to Airlie Beach and Hamilton Island. + Branding opportunity for operators.

HAYLEY MANVELL 0400 622 452 property.cbre.com.au

WAYNE BUNZ 0419 698 640

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

ONE OF THE LAST REMAINING PARCELS OF LAND WITHIN TEWANTIN TOWN CENTRE Tewantin, Qld 23 & 25 Sidoni Street

PRIVATE SALE

$1,950,000 + GST (if applicable) • 2,006sq m (approx) over 2 separate lots • Business Centre Zoning allowing for a wide range of uses on the site • Adjacent to the Tewantin Business Centre which includes a Woolworths anchored shopping complex and a range of commercial, medical and retail operators along with Noosa Council Chambers • Dual frontage to Sidoni and Blakesley Streets

Louisa Blennerhassett 0447 904 552 louisa.blennerhassett@raywhite.com

View Listing

raywhitecommercial.com.au

David Brinkley 0448 594 361 david.brinkley@raywhite.com

QUEENSL AND LISTINGS

Accelerating success Reach more people – better results faster.

SUNSHINE COAST CHILDCARE DEVELOPMENT SITE IN HIGH GROWTH AREA

FOR SALE VIA EXPRESSIONS OF INTEREST CLOSING THURSDAY 1 AUGUST 2019 AT 4PM

– Land area 1,604sqm*

Lot 913 Bokarina Beach, Bokarina, QLD, 4575

– Maximum 76 places

– Childcare Zoning – 3 storey height limit

Lot 913 Bokarina Beach offers an outstanding opportunity to deliver a Childcare Centre with occupancy underpinned by an expanding resident and workforce population. Interested parties are encouraged to contact the exclusive marketing agents below.

Baydn Dodds 0418 173 187

View Now

– Surrounded by walkable amenity including Lake, Park & Beach – Fully serviced level site – Reduced Infrastructure Charges *approximately

Nick Dowling 0419 726 705

colliers.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Want to advertise in The Property Development Review? Call 03 9631 5476 or Email enquiries@developmentready.com.au

DevelopmentReady.com.au

STATE SPOTLIGHT

STATE SPOTLIGHT: SOUTH AUSTRALIA

Suburb Report: Walkerville

South Australia Auction Schedule

University Plans $1.5bn Transit-Oriented Precinct South Australia Listings

Content by: Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

Suburb Report: Walkerville Situated just 4km north-east of the Adelaide CBD, Walkerville is an evolving neighbourhood with an endearing aesthetic and convivial atmosphere. Its reputation as a highly sought-after residential destination stems from the bounty of character homes and its proximity to quality schooling such as St Andrews School, St Peters College and Wilderness College. With impressive lifestyle amenity at its fingertips plus large blocks of residential land, it’s easy to understand why astute developers and investors are adding Walkerville to their search preferences list.

CULTURE

The architecture of the neighbourhood is stunning and should not be understated in its contribution to the overall appeal. A large selection of sandstone and bluestone villas are nestled next to small cottages and new contemporary family homes. Tree lined streets mark out a decidedly spacious community, where large lots are easily found up to around 2,000sqm in size. The ever-popular River Torrens draws a boundary to the south-east, with well-enjoyed bike trails leading directly into Linear RESIDENTS Park. There is also fantastic retail therapy to be found at the somewhat recent addition Between the 2011 and 2016 censuses, the of the Walkerville Terrace Shopping Centre. residential population of Walkerville rose by While transport is made easy through the acover 14% to reach 2,687. The median age cessibility of multiple bus routes. saw an interesting adjustment from 48 to 45-years-old (the median for SA is 40, while PRICE AUS is 38). These fluctuations can largely be attributed to the evolution of dwelling struc- Houses: Median house prices in Walkerville ture throughout the neighbourhood. have enjoyed an incline of around 27% over Separate detached homes accounted for the previous three years, thanks largely to 65.8% of total dwellings in 2011; this seg- increased demand and an increased presment had dropped to 51.3% by 2016. Devel- ence of investors and developers. The curopers and investors are only just starting to rent median house price is sitting at $1.2 milrealise the untapped value the land holds. lion. Weekly median advertised rent is $530.

→ The Watson. Image: Sunland Group

Units: While unit prices have not experienced the same gusto as ‘houses’, they have still achieved a growth of 9.6% over the previous three years. There are notably more houses than apartments in Walkerville and these styles of developments and transactions prove more frequent as a result. Weekly median advertised rent is $400. SIGNIFICANT PROJECTS The Watson: Forming part of Mantra Hotel Art Series, The Watson is a high-rise mixeduse development that is still attracting significant attention even after completion. The boutique Adelaide accommodation offers open-planned self-contained suites, an onsite restaurant, pool gymnasium and longstay residential options. The $120 million upgrade, which transformed the old Transport Development building, has delivered 40 hotel rooms and 210 apartments, designed to accommodate approximately 350 people.

AUCTION & EOI SCHEDULE

Your list of upcoming Auction and Expression of Interest (EOI) closing dates for all major South Australian properties. Click on the link to view the listing.

12-20 Shannon Place

Adelaide

For Sale

Contact Agent

Belle Comm.

View

32 South Terrace

Adelaide

EOI

Tue 23.07.19 @ 2pm

JLL

View

Cnr Park Avenue & Belfast Street

Athol Park

For Sale

Contact Agent

Colliers Intl.

View

153-163 Drayton Street

Bowden

For Sale

Contact Agent

Belle Comm.

View

59-63 Beach Road

Christies Beach

For Sale

Contact Agent

Belle Comm.

View

Port Approach North

Port Adelaide

EOI

Contact Agent

JLL

View

65-69 Goodwood Road

Wayville

Auction (on-site)

Tue 23.07.19 @ 11am JLL

View

DONâ&#x20AC;&#x2122;T BE A PROPERTY SEARCHER

BE A PROPERTY DEVELOPER

LESS SEARCHING. MORE DEVELOPING. developmentready.com.au

STATE NE WS

UNIVERSITY PLANS $1.5BN TRANSITORIENTED PRECINCT Content Supplied by:

THE PROPERT Y DE VELOPMENT RE VIE W

← Image: The Urban Developer

Flinders University has unveiled a $1.5 billion plan to build Adelaide's largest health and education precinct at its Bedford Park campus. The university is leveraging investor interest in the new Flinders Station to attract private capital for the development which will include a health research facility, health accommodation, a hotel and retail outlets. The development could potentially bring 5,000 extra international students to Adelaide, boost annual education exports by $99 million and would create more than 10,000 construction jobs. The first stage of the project will be a health research building with a focus on mental health, infectious disease and personalised health delivery. In addition to furthering health services and research, a new urban centre with accommodation and retail amenities will connect Bedford Park and Tonsley campuses as well as adjacent hospitals and surrounding suburbs. The University also plans to increase the number of student residential spaces to accommodate 3,000 new beds for students looking to live on campus. The university is known for its focus on integrated health being the first medical school in the nation to be integrated into a public hospital. “We’re at the core of a health and education precinct that includes the state’s busiest hospital, educates the majority of the state’s medical workforce and contributes a substantial proportion of the State’s biomedical research,” Flinders University vice-chancellor Colin Stirling said. In addition to its own investments the University will invite public and private partners to develop Flinders Village and its research, education and employment precincts. “Flinders has a strong focus on sustainability, and designers will be challenged to incorporate world’s

best practice thinking into their proposals,” Stirling said. “We will run an open process to identify development partners and future tenants, and work with our communities to create a vibrant urban environment which meets their needs now and into the future. The university will work with partners, hospitals and government to integrate the new rail line and other public transport, existing and emerging, into the future development. The university development will aim be shovel ready by next year coinciding with the Darlington Upgrade Project, upgrading 3.3 kilometres of the existing Main South Road as part of Adelaide's North-South Corridor and the Flinders Link rail construction due for completion in 2020. Transitional accommodation, hotel facilities and retail will be progressively completed between 2022 and 2030.

SOU TH AUSTR ALIA LISTINGS

ACTIVE By Development Ready

Click Here to Learn More

THE PROPERT Y DE VELOPMENT RE VIE W

PRIME DEVELOPMENT L AND Cnr Park Avenue & Belfast Street, Athol Park, SA, 5012

VIEW LISTING PAUL TIERNEY 0401 145 028 paul.tierney@colliers.com JAY NASH 0433 173 225 jay.nash@colliers.com

Outline indicative only

SOU TH AUSTR ALIA LISTINGS

Boundary Indicative

Mixed use development site For sale Port Approach North, Port Adelaide SA

For Sale by EOI Thursday 11 July 2019 at 2pm

– 12ha* of prime land adjacent waterfront 14km from CBD – Potential mixed use development subject to approvals

property.jll.com.au/302604

Adelaide 08 8233 8888

– Adjacent new residential housing estate – Close proximity to Osborne Naval Shipyard

Roger Klem 0423 919 373 Kym Hutchins 0438 836 817

renewalsa.sa.gov.au/ developer-gateway View listing

*(approx)

RLA 1842

THE PROPERT Y DE VELOPMENT RE VIE W

Boundary Indicative

High profile development site For sale 65-69 Goodwood Road, Wayville SA

For Sale by Auction Tuesday 23 July at 11am Tom Bailey 0407 607 266 Jed Harley 0418 807 920

– Inner metro location 2km* from the CBD – Passing net income of $109,900* – Large corner site of 1,313sqm* – Suit owner occupiers, investors & developers (stnc)

property.jll.com.au/302822 View listing *(approx) RLA 1842

Boundary Indicative

Corporate office with development upside For sale 32 South Terrace, Adelaide SA

For Sale by EOI Closing Tuesday 23 July at 2pm Tom Bailey 0407 607 266 Jed Harley 0418 807 920

– Two level office building of 730sqm* – Undercroft parking for up to 15 vehicles – Site of 668sqm* fronting south parklands – Zoned City Frame with 36m height limit

property.jll.com.au/302823 View listing *(approx) RLA 1842

STATE SPOTLIGHT

STATE SPOTLIGHT: WESTERN AUSTRALIA

Suburb Report: Burswood

Western Australia Auction Schedule

Probuild to Deliver Curtin Uni 'Mini City'

Western Australia Listings

Content by: Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

Suburb Report: Burswood Burswood is an energetic inner-city suburb of Perth with a famously developing entertainment area. The appeal of the precinct can be experienced through its abundance of recreational facilities; inclusive of the Crown Perth complex which features upscale boutiques, fine dining, casino gaming, and live comedy and theatre. Stunning parklands that back onto the winding Swan River add further charm, helping to assert this neighbourhood as one the western capital’s hottest spots. RESIDENTS Burswood has achieved a strong population growth of 15.3%, between the ABS Census dates in 2011 and 2016. Interestingly the median age fell by two years to 36 within the same period (the median age for WA is 36, for AUS it’s 38). With its proximity to the city, the suburb attracts a mix of working professionals and affiliates/employees of the casino complex. Multiple high rise apartment buildings offer spectacular views across the city, with apartment living being the most common dwelling structure accounting for around 60%. Over 80% of dwellings in Burswood consist of either two or three bedrooms.

CULTURE

SIGNIFICANT PROJECTS

As well as being home to the Crown Perth casino and hotel complex, Burswood also presents the State Tennis Centre and Belmont Park Racecourse for attraction. In 2018 the new Perth Stadium opened, able to supply 60,000 seats for a range of sporting and entertainment events. There are many walking and cycling trails to be enjoyed throughout the day, while also offering a thriving nightlife where classic Aussie pubs mix it next to stylish martini bars.

The Peninsula – Altitude Tower 6: Tower 6 is a 3,930sqm site located within The Peninsula development by Mirvac. This $35 million project, marks the 6th and tallest tower of the project and consists of 197 residences across 31 levels. The build entails a mix of one, two and three-bedroom apartments and has approval for a five-level podium that will include parking for 267 cars and 27 bicycles, a business centre and some of the apartments. Shared amenities include a pool, gym, lounge, lawn PRICE and barbecue areas. The Peninsula is an exclusive, masHouses: In February 2018 Burswood experi- ter-planned urban project encompasses a dienced a dip in the median house price down verse mix of contemporary, luxurious homes to $623,000. It has since recovered really and apartments set among landscaped parks well and currently sites at $960,000. Week- and gardens. ly median advertised rent is $498. The Crest: Developers Norup+Wilson Units: Although experiencing minor peaks and El & El Group have teamed up with archiand dips throughout most recent three-year tect Woods Bagot and builder BGC for The period, median house prices for Burswood’s Crest, a high-rise residential complex offermore common dwelling type have remained ing 168 apartments with a mix of one, two fairly steady. Current median unit price is at and three bedrooms. $737,500. Weekly median advertised rent is Amenities include an indoor games room, $430. outdoor wet and dry kids play zones, a rooftop garden with outdoor cinema, BBQ facilities, indoor lounge area & 15m lap pool.

Lot 9000 (Tower 6) Bow River Crescent, The Peninsula, Burswood Apartment Tower Development Application

→ The Peninsula, Tower 6. Image: Mirvac Artist impression - for illustrative purposes only.

Southwest Façade Tower 6 Perspective

AUCTION & EOI SCHEDULE

Your list of upcoming Auction and Expression of Interest (EOI) closing dates for all major West Australian properties. Click on the link to view the listing.

68-90 Bickley Road

Beckenham

Offers to Purchase

Contact Agent

LJ Hooker Comm.

315 Forrest Road

Hilbert

Offers to Purchase

Wed 24.07.19 @ 4pm Colliers Intl.

View

2802 Barragoon Road

Moore River South, Wilbinga

EOI

Contact Agent

JLL

View

67 Wandeara Crescent

Mundaring

For Sale

$1,400,000 + GST

Ray White Comm.

View

35 Axis Parade

Neerabup

For Sale

$1,995,000 + GST

Ray White Comm.

View

53 Gladstone Street

Perth

For Sale

$1,099,000 + GST

Ray White Comm.

View

13 Brighton Road

Scarborough

For Sale

Contact Agent

Colliers Intl.

View

194 West Coast Highway

Scarborough

For Sale

Under Offer

Ray White Comm.

View

455-465 Hay Street

Subiaco

EOI

Thu 09.08.19 @ 12pm JLL

View

1297 Hay Street

West Perth

EOI

Thu 18.07.19 @ 2pm

View

JLL

View

STATE NE W S

PROBUILD TO DELIVER CURTIN UNI 'MINI CITY' Content Supplied by:

↘ Image: The Urban Developer

Curtin University will ramp up development plans on its $300 million mixed-use project, in conjunction with a consortium led by InfraRed Capital Partners, appointing construction company Probuild to deliver the project. Called the New Exchange Precinct, which has a 24 month construction program, the development will comprise two student accommodation buildings offering 1,000 new student beds and a third building housing 38 apartments and 60 hotel rooms at its Bentley campus in Perth. The buildings will sit amid a mixed-use precinct of retail, commercial and recreational spaces with a combined gross floor area of 57,400 square metres. The development forms part of Curtin University’s new Exchange precinct, a mixed-use development hub. Tier-one construction company Probuild will deliver the Greater Curtin Stage One Student Accommodation project. Probuild WA managing director Sam Delmenico said it was Probuild’s second construction project on Curtin University’s Perth Campus, and follows on from the builder’s work on the $200 million Victoria University Tower in Melbourne, as well as the ECI contract for the $70 million refurbishment to Curtin University’s Library.

Probuild’s pipeline currently includes Far East Consortium’s The Towers and Ritz Carlton at Elizabeth Quay in Perth, Cbus Property’s 443 Queen Street in Brisbane, UEM Sunrise’s Aurora Melbourne Central and Greenland Australia’s Greenland Centre in Sydney. Curtin University vice-chancellor professor Deborah Terry said the Exchange was designed to transform Curtin’s main Perth campus into a major innovation hub. “Where research, industry and the wider community will be able to come together to drive real-world solutions to tomorrow’s challenges in one convenient location,” professor Terry said. “The new development will target a 5-Star Green Star Design and As Built which includes water recycling, energy minimisation initiatives and is situated close to Curtin’s bus interchange.” Construction will commence in the next few months with a completion date slated for 2021.

WESTERN AUSTR ALIA LISTINGS

For Sale: Offers to Purchase 68-90 Bickley Road, Beckenham WA

ljhcommercial.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Transit Oriented Development Site

Richard Parry 0411 888 142 Brian Neo 0411 868 486 Vincent Siciliano 0488 355 535

– Combined Site Area – 45,570sqm* - multiple titles. – WAPC and Council Approval for: 1,540 apartments, 9,250sqm* retail and 1,500sqm* of office – 12km from Perth CBD – Opposite Beckenham Train Station – Neighbouring land owned by WAPC – WA State Government is promoting Metronet – Development site with approvals and extensive due diligence – Build to rent, affordable housing, retirement living – all can be accommodated on large integrated site * approx

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WESTERN AUSTR ALIA LISTINGS

Invсt & develop For Sale 1297 Hay Street, West Perth WA –Prominent 1,461sqm* corner site with ROW access –Existing 1,264.6sqm* retail/office with income –Flexible ‘Town Centre’ zoning

For Sale by Expressions of Interest Thursday 18 July 2019 at 2pm Sean Flynn 0412 779 987

*(approx)

Tom Nattrass 0412 925 899

property.jll.com.au/302592

Subiaco Hotel For Sale 465 Hay street, Subiaco WA –Perth’s most iconic classic heritage pub –2,060sqm* with mixed use development upside –Flexible planning regime & range of potential uses

*(approx)

For Sale by Expressions of Interest closing 12pm (AWST) Thursday 8 August 2019 Nicholas Agapitos 0417 884 888 Sean Flynn 0412 779 987 Alex Gregg 0417 914 631 Peter Trinh 0407 087 644 property.jll.com.au/302963

THE PROPERT Y DE VELOPMENT RE VIE W

2 ,103HA*

1.9 KM MOORE RIVER FRONTAGE*

5.7 KM OCEAN FRONTAGE*

Unprecedented Opportunity 100% interest in five freehold land titles Barragoon Rd, Moore River South WA – Breathtaking 5.7km* of pristine ocean frontage plus tranquil Moore River frontage of 1.9km* – 2,103ha* site with a subdivision approval for 1,953 lots including residential, industrial, tourism, community, infrastructure and public open spaces – Solar farm, water and waste water approvals *Approx

For sale by Offers to Purchase Sean Flynn Nigel Freshwater

+61 412 779 987 +61 417 197 375

property.jll.com.au/302560

Boundary Indicative

Perth 08 9322 5111

WESTERN AUSTR ALIA LISTINGS

MAJOR SCARBOROUGH DEVELOPMENT SITE

PRIME INDUSTRIAL LAND

Scarborough WA, 194 West Coast Hwy

*Outline indicative only

Neerabup WA, 35 Axis Parade

*Outline indicative only

SALE

• Multiple development options • 18 level mixed use - MRA Zoned • Ideal for aged care, residential or hotel • Options to purchase 2,006m2* or 3,000m2*

• 12,847m2* • Fully serviced • Easy access to main roads including the Mitchell Freeway • 88m street frontage

Under Offer

$1,995,000 + GST Brett Wilkins 0478 611 168

*Approx

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Lachlan Burrows 0499 552 296 Russ Parham 0499 552 255

*Approx

raywhitecommercialwa.com

DEVELOPMENT SITE - OPTIONAL 3 YEAR LEASE BACK Perth WA, 53 Gladstone Street

View Listing

raywhitecommercialwa.com

DEVELOPED HARDSTAND Mundaring WA, 67 Wandeara Crescent Wandeara Crescent

*Outline indicative only

SALE

$1,099,000 + GST • Parkland facing 359m2* development site • Rear and side R.O.W, vastly increasing site accessibility • Standalone office/warehouse • 4 month redevelopment clause

$1,400,000 + GST Stephen Harrison 0421 622 777 Brett Wilkins 0478 611 168

*Approx

View Listing

• 5,400m2* developed hardstand • 100mm bitumen profiling • Main water connected • 140 amps power • Secure property

Josh Sumner 0488 221 331 Lachlan Burrows 0499 552 296

*Approx

raywhitecommercialwa.com

View Listing

raywhitecommercialwa.com

THE PROPERT Y DE VELOPMENT RE VIE W

THE IDEAL SITE TO FIND THE IDEAL SITE

Namuste essitatiae nos aute

volliquo mil earis dolento tassequ LESS SEARCHING. iberfer feriorp orepediaeris aute MORE nullessitam DEVELOPING. es ipicia dolo dicabo.

developmentready.com.au developmentready.com.au

LESS SEARCHING. MORE DEVELOPING.

OPINION PIECE

WHAT CAN THE PROPERTY INDUSTRY LEARN FROM MORRISON’S ‘MIRACLE’? Author: Adam Di Marco

Prime Minister Scott Morrison's election victory, described by the evangelist-PM as a “miracle”, offers many lessons in business and people for Australia’s property industry. Politics aside, it was a result that continues a global trend of political upsets. From Brexit to Trump, politics in the modern age is a wild, unpredictable beast. For Australia's property industry, which is the biggest employer in the country and the largest contributor to our economy, volatility is our kryptonite. The prospect of Labor's ambitious housing reform agenda, built on the winding back of negative gearing benefits, is now over. It then comes as no surprise that the “business as usual” result has been warmly welcomed by the industry. Regardless of your own views on the matter, the result was a clear rejection of social redistribution from middle Australia. So what does this tell us about the nature of people and what can Australia's property industry learn from these historic events?

More importantly, I just don't know how reliable people are with polls. Maybe it's just me, but I'm either too busy or distracted to answer the calls, attend a focus group or respond to an online poll. Either way, they've been more wrong than they are right. In a quote, Donald Rumsfeld famously referred to things you can't see or are simply unaware of as 'unknown unknowns'. My sense about polls is that we just cannot count what we cannot see. Having a gut feel for what's happening on the ground – or “the zeitgeist” – is so often overlooked. I believe this applies to property in a big way. Data and research is everywhere now, however one's ability to observe and feel the human mood is something we will forever struggle to accurately measure. There will never be a substitute for being authentically connected with your community.

OPINION POLLS & BOOKIES CANNOT BE TRUSTED

Whether it is someone's principal place of residence, investment property, retirement income or superannuation, the prospect of redistributing wealth from middle Australia is fraught with immense danger. This poses a big challenge for meaningful reform into the future. Perhaps ambitious policy agendas are best enacted from government, rather than opposition. History has told us several times that Aussie Joe prefers evolution over revolution. From a property perspective, this helps frame the importance of the family home as a centrepiece of the wealth effect. The average Australian is probably smarter than most give them credit for and inherently more conservative about their propensity to move and make new investment decisions.

There is now simply no disputing that opinion polls cannot be trusted. More surprisingly, the bookies – who usually have superior form compared with the polls – are just as fallible. How did they get it so wrong? At The Urban Developer, we conduct an annual audience survey which generates us close to 1,000 responses. For a publication with more than 40,000 daily subscribers, this is about 2.5 per cent of our audience. A quick Google reveals that Newspoll surveys (for example, this one conducted in mid-2018), surveyed only 1,728 people! I'm no statistician, but that doesn't fill me with confidence!

MY HOME IS MY CASTLE... DON'T BLOODY TOUCH IT

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THE PROPERT Y DE VELOPMENT RE VIE W

CLIMATE CHANGE IS IMPORTANT BUT NOT EVERYTHING On one hand, the planet is confronted with an existential climate crisis, while on the other, Aussie Jane is trying to pay her mortgage. The activist left and the denialist right certainly make a lot of noise, to the extent that there is very little oxygen left for the rest of us. Our planet is at a crossroads â&#x20AC;&#x201C; there is no denying that. However when push comes to shove, Australians are not willing to sacrifice their own jobs or welfare in pursuit of radical reform on the climate. My takeaway from this is that our response to climate change needs to be holistic. Policy leaders need to embrace solutions that deliver superior environmental, economic and social outcomes all at the same time. AUSTRALIA IS AN INCREDIBLY DIVERSE LAND Wow â&#x20AC;&#x201C; understatement of the year, Adam. I believe that the rapid development of our cities since the GFC has created a two-tiered country of mega-cities and regions. Our cities are seriously big when compared to other comparable nations, particularly when you look through the lens of their size in proportion to the total population. Sydney and Melbourne are some of the biggest

capitals in the world when measured up like this. This contrast presents radically different needs and perspectives, and this was definitely evidenced in the election result. Our regions are hurting and the cities are thriving. How we respond from a public policy perspective is one of the biggest social challenges confronting the Morrison government. AND THE FINAL WORD... All in all, "ScoMo's Miracle" is a welcome result for the property industry by virtue of the certainty it provides for us. At the end of the day, that's all our industry asks for. However, our government is responsible for only part of the solution. With certainty now delivered, it is our responsibility as an industry to step up and build upon this. We need to double down on the investment and innovation that has characterised the industry since the GFC - in spite of the churn and upheaval in Canberra. We have endured a forgettable period and look forward to something more promising.

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