Edition #3 | 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 THIS IS SUE: KRIS DAFF · FIRS T HOME BU Y ERS SCHEME · NATIONAL DE VELOPMENT SITE LIS TINGS

IS SUE NO.3 · JUNE 20 19

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INTRODUCTION: With the end of the financial year just weeks away, the property market pace has really started to step up. Inside this issue, you’ll find an array of industry focused news and expertlead discussion pieces, brought to you by our publication partners The Urban Developer. One of our lead interest articles is a conversation with Kris Daff, Managing Director of Make Ventures, who gives us insights into his unique ‘build-torent’ model with its sustainable and socially responsible mandate. We examine Melbourne’s proposed plans for their Suburban Rail underground loop, which is certain to have a positive impact in connecting its middle suburbs. Post the recent election, we have assessed the important issue of whether the First Home Buyers Grant will indeed have an impact on housing prices? ↑ On the Cover: Read full article on Sunshine Coast CBD article page 30.

We’ll take you inside the new $430 million CBD planned for the Sunshine Coast as well as consider opinions on the push to make Sydney a 24-hour city. Property writer Marc Pillisco once again provides a summary of recent nation-wide sales transactions. There’s a lot more to read about including plenty of new development and investment property listings; in addition, check-out, our state based auction and EOI schedules. Enjoy the read and keep well. Best Regards, Nick Materia Managing Director

01. The Assemble Model: Kris Daff of Make Ventures

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02. W ill The First Home Buyer Scheme Push Up Prices?

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03. Market Moves

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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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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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INTERVIE W: KRIS DAFF

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THE ASSEMBLE MODEL: KRIS DAFF OF MAKE VENTURES

With an extensive and varied property development career behind him, Kris Daff now operates as the managing director of two progressive and conscientious firms. Make Ventures is a Melbourne based property development and investment group focusing on large scale urban renewal projects. Assemble Communities is an end-to-end build to rent developer and community manager responsible for the introduction of a new and exciting housing model gaining significant notoriety. We sat down with him recently to hear how itâ&#x20AC;&#x2122;s all going.

INTERVIE W: KRIS DAFF

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DR: Run us through the build to rent to own concept dubbed ‘the Assemble model’. KD: Assemble is solving the ‘missing middle’ by designing housing solutions that provide stability for residents through long term certainty of tenure in homes and neighbourhoods that are designed with their individual needs front of mind. In 2018 after

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DR: This must resonate with customers? KD: Absolutely, you create a deeper brand that goes beyond just making a profit. It helps us also in dealing with any disconnects that may arise between ourselves as developers and our future residents.

DR: Is the Assemble model an answer to a social issue? KD: In a way, absolutely. Assemble’s future residents have typically seen the housing market as one that is epitomised by a focus on short term housing [rental], constant dislocation and is designed for wealthy individuals who can afford to own for themselves to occupy or, own to allow others to occupy for as long as it suits them. Housing quality has long been questioned by customers, with the majority of housing stock that is available for rent having been designed with a view to an investors yield, rather than the quality of life of the occupant. I think that there’s a fundamental issue within a city where people are unable to put down roots; if someone is renting they face the potential of having to move every 12-months. How do they find a regular GP? Where do the kids go to school? It’s a social issue on one hand and it’s an economic issue on the other. It’s more difficult for you to be a productive contributor to an economy if you’ve

DR: What were your motivations for pursuing socially responsible projects? KD: I’m not someone who sits way out left, but being in an industry with an indifferent reputation, such as property development, there’s a responsibility to do a bit more – my view for both Make and Assemble is that to be a business of scale in the new economy you need to have a legitimate purpose and commitment of pursuing better lives for your residents.

DR: Where did you get the inspiration for the model? KD: I spent a bit of time in the US looking at multi-family build to rent models and institutionally owned models where corporates own entire buildings and rent them out with short and long term leases and those institutions are looking to come into the Australian market now. I’m convinced that as an Australian there is something intrinsically important about home ownership. Through Assemble, we’re providing people a fair opportunity to own their own home with the benefit of getting to experience their home and community before buying.

DR: From Evolve you transitioned to Make Property Group? KD: Make was established about 4 years ago to pursue a few things that I was interested in; one of which was to move away from outer-ring greenfields, which had become relatively well supplied, and move towards large scale middle ring urban renewal projects, which we saw opportunities in. I also wanted to apply a longer term lens to property development.

→ 393 Macauley Road Interior. Image: Make Ventures

three years of research, Assemble released a build to rent to own model; ‘The Assemble Model’ – which provides residents a five year lease, with rent preagreed and the opportunity to purchase the home at the end of the lease, for a pre-agreed price. The model bridges the gap between renting and owning a home, all based on the household being ‘no worse off’ if their circumstances change and there is a need to leave one of our buildings.

Development Ready: Walk us through a little bit of your history. Kris Daff: Well after working as a civil/structural engineer and geologist I developed an interest in project and people management which lead me to a position at Docklands Authority. At a young age I gained exposure to some high-capacity property professionals which helped me transition to Evolve developments with Ron Walker and Ashley Williams. That was truly an incredible stepping stone, in which I learnt and grew significantly.

THE PROPERT Y DE VELOPMENT RE VIE W

↙ 393 Macauley Road Facade. Image: Make Ventures

got uncertainty about how you’re going to house yourself year-on-year.

team accountable to our words and ensures we deliver a quality product, as we said we would.

DR: What other features does Assemble offer for residents? KD: Not-for-profit financial coaching. All the usual multi-family type services that are available in USA-context. We’ll have staff on site constantly that can arrange for their dog to be walked, do their dry-cleaning for them, clean their apartment, or arrange community dinners or walking groups, yoga etc. it’s about trying to create a much deeper more resilient community that would normally not exist.

DR: Do you have plans to roll out more projects? KD: We’re working on other sites in Kensington, Clayton and East Bentleigh that are larger in scale; up to around 200 apartments per project. We’re still aiming to create the same sense of community, so we aren’t looking for a 40-storey CBD building – we don’t think that we can achieve the same interaction between residents. We plan to do about 500 apartments a year across multiple locations and multiple geographies as well. We’re looking in Brisbane and in Sydney at the moment. Eventually we want to build up a portfolio of at least 5000 dwellings that we manage.

DR: Tell us a little bit about your Assemble pilot project in Kensington. KD: The project is in partnership with ANZ and is the first project nationally that ANZ has agreed to fund without pre-sales. In total, we’ll have 73 apartments sitting at around $55-60 million end-value. DR: How are people responding to this new model? KD: Very positively. Many say that they like the idea of ‘trying it out’ before committing to buy; it’s quite unique. People understand that there is an absolute imperative on the developer to deliver what they said they would. I like the pressure; it holds me and my

DR: Is there sufficient demand to do this? KD: The issue is still making sure that we are looking after everyone, so numbers need to be constrained for this reason. But yes, in regards to demand, there’s no problem – we could do ten times that amount.

Interview by Jack M. Gaffney

EDITORIAL

W ILL THE FIRST HOME BUYER SCHEME PUSH UP HOUSE PRICES? caused so many problems in the global financial crisis in the US and UK.” Master Builders Australia chief executive Denita Wawn said the plan was a “big win” for first home buyers and the building industry. The Real Estate Institute of Australia joined the Property Council in welcoming the announcement, saying it will help boost supply. “The last time the federal government introduced a special measure for first home buyers was during the GFC. This measure saw first home buyers, as a percentage of total loans financed, increase from 20.2 per cent in October 2008 to 31.4 per cent in May 2009.” Managing director of property analyst firm SQM Louis Christopher pointed out that the scheme relies on the cooperation of the banks and financial institutions. “This scheme has a feeling like a deposit bond and in the past banks have not been welcoming of deposit bonds,” Christopher said. The banking association released a statement saying it looks forward to “consultation on the details of this policy”.

→ Image: The Urban Developer

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The now-bipartisan initiative to provide a leg up for first home buyers saving for a home deposit has been swiftly embraced by the property industry. Property lobby and interest groups have been quick to support the scheme, which offers a government loan guarantee for first home buyers with a deposit of just 5 per cent. Economists and property analysts have been less certain, voicing concern that the scheme may inflate house prices and increase the risk of negative equity. The $500 million scheme, unveiled by the Coalition at its formal bid for re-election on Sunday, will underwrite 15 per cent of the home’s value – allowing first home buyers to more quickly, and easily, meet the 20 per cent deposit requirement. Modelled on a New Zealand policy, the scheme will be available next year for first home buyers who earn up to $125,000 – or $200,000 for couples. The scheme will be capped at 10,000 loans annually, which is “pretty small” when compared to the 112,000 loan approvals to first home buyers in 2018, economist Callam Pickering said. Economist Stephen Koukoulas said the policy would encourage people to take out loans with small deposits. “There’s a big risk of negative equity,” Koukoulas told the ABC’s Peter Ryan. “If we were to see this housing decline continue, it adds to the risk of there being negative equity which is, of course, the personal financial poison that

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MARKE T MOVES

MARKET MOVES Charter Hall is speculated to be paying about $800 million for a Melbourne CBD office at 242 Exhibition Street. Purpose built for Telstra in 1991, and known as the Telstra Corporate Centre, the 43-level building was not for public sale. It is co-owned by Investa Commercial Property Fund and Oxford Properties, the latter acquiring its half share following the $3.35 billion buy-out of the Investa Office Fund last October. Charter Hall also paid $192 million for 737 Bourke Street, Docklands, last month. LOGOS entered into an agreement with Goodman to buy Amart Furniture’s distribution centre, which is under construction in Truganina, for more than $65 million. The Pakenham Racing Club sold hotel Cardinia Club to Brisbane’s Stronghold Investment Management for $16 million. The vendor offered the Pakenham asset a year ago with a 15-year leaseback. Meanwhile, the Zagame family offloaded the Yarra Junction shopping centre for about $19 million. It was also listed last year. In inner-city Abbotsford, Carlton & United Breweries traded a four-level car park beside the Yarra River to Forza Capital for $12 million. The property offers development potential after leases expire from 2026. For the moment it will seed a new investment vehicle, Forza Grosvenor Street Fund. NEW SOUTH WALES Institutions were behind some substantial Sydney deals last month. GPT Group spent $212 million on five warehouses in the city’s west. Three of them, in Blacktown, Kingsgrove and Villawood, were acquired from AMP Capital for a total of $105 million – a touch less than the guide price attached to the portfolio when it hit the market in March. Charter Hall meanwhile invested in Sydney, Melbourne and Adelaide last month. It is reportedly close to snaring a half share of the Sydney CBD’s Chifley Tower for about $900 million. Elsewhere in town, Brett Blundy, the billionaire

behind retailers Bras N Things and Sanity, is reportedly teaming with another businessman and real estate investor, Victor Comino, to acquire a half-stake in the $700 million-plus 135 King Street office and Glasshouse shopping complex. Pub baron Justin Hemmes sold a historic three-storey retail and office complex in Potts Point after 31 years of ownership. A developer is paying a speculated $13 million for The Merivale Building at 61-63 Macleay Street. Hemmes accepted the offer an hour before a scheduled auction. Manly’s Hotel Steyne also traded to Sam Arnaout’s Iris Capital, for an undisclosed price thought to be about $65 million. QUEENSLAND Californian Boardriders – which owns surf brands including Billabong, Quiksilver and Roxy – sold its national headquarters in Burleigh Heads to Singapore’s listed AIMS AMP Capital Industrial REIT, for $38.5 million. Boardriders was reportedly seeking between $45 million and $50 million when it listed the mixeduse Gold Coast asset last November. Stockland is banking $8.3 million selling a residential development site on the Sunshine Coast to RGD Group. The Bokarina Beach holding, spreading 3977 sqm, was not for sale before Colliers International agents approached the vendor and suggested an off-market campaign. In metropolitan Brisbane, two major industrial properties in Acacia Ridge sold for a total of $42.08 million to a private Sydney buyer. The largest holding by area, 220-240 Bradman Street, which spreads 5.8 hectares, is occupied by Onesteel Reinforcing. Austube Mills Australia rents the neighbouring 4.5 hectare site, 134-160 Ingham Road. On the last day of May, it was revealed that Challenger offloaded its Makerston House office in the Brisbane CBD to Sentinel Property Group for $103 million. A week earlier, Challenger sold a neighbouring commercial property at 72 Queen Street – containing a NEXT hotel and shopping centre – for $150 million to Melbourne-based Salter Brothers.

Content by: Marc Pallisco (realestatesource.com.au)

VICTORIA

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↓ 121 King William St. Image: Charter Hall

SOUTH AUSTRALIA

WESTERN AUSTRALIA

New York private equity group Blackstone is offloading a six-year old Adelaide CBD shopping centre. AMP Capital is reportedly in negotiations to buy Rundle Place at 77-91 Rundle Mall for about $250 million. Blackstone also last month sold Charter Hall a CBD office at 121 King William Street for $82.25 million. In North Haven, a beachside suburb about 20 kilometres north-west of the city, a residential developer has snapped up a 3.2 hectare building block. JLL’s Tom Bailey and Jed Harley wouldn’t discuss the sale price, speculated to be about $6.5 million, but said the property generated interest from local and interstate developers. Mr Harley added that the commonwealth government’s $90 billion naval ship building program, which will require a 5200-strong workforce over the next eight years, is being undertaken about 500 metres away. Meanwhile in rural Clare Valley, a picturesque 16.7 hectare estate sold following an expressions of interest campaign. The Sevenhill holding was marketed to residential buyers, vineyard operators and tourist accommodation providers before trading for $650,000. It includes two cottages and a 6.3 hectare vineyard.

Subiaco’s The Colonnade is selling from one Perth investor to another with Realside, which only formed in 2017, buying the office and retail complex at 388 Hay Street from Hawaiian. The 5973 sqm site with 295 car parks and 8175 sqm of lettable area carried price hopes of up to $50 million when it was listed last May. An offshore investor, meanwhile, paid $8.31 million for a commercial investment with long-term development upside, in Cannington, about 12 kilometres south-east of the Perth CBD. The 5000 sqm site includes a 1970 sqm fully-leased office. Recent planning amendments mean the site can accommodate buildings of up to six storeys. On numbers put together by marketing agency Colliers International – some 50 apartments could be considered. A development-ready opportunity in the Perth CBD also sold, for $8.65 million. The 688 sqm site at 553-561 Wellington Street, at the south-east corner of Queen Street, contains a low-rise building occupied by Globe Backpackers. The property was offered with plans for a 39-storey student accommodation complex. The sale price values each square metre of land at $12,572, selling agency Colliers International said.

STATE SPOTLIGHT

STATE SPOTLIGHT: VICTORIA

Suburb Report: North Melbourne

Victorian Auction Schedule

Suburban Rail Loop Moves Ahead

The Coalition Victory & The Property Market

Victorian Listings

Suburb Report Text by Jack M. Gaffney

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SUBURB REPORT: NORTH MELBOURNE

↑ Arden Gardens. Image: CBD Development Group

Notably one of Melbourne’s oldest inner-city suburbs, North Melbourne is an evolving neighbourhood with a somewhat intriguing history. Established in 1840 as a cattle yard, North Melbourne has a history of servicing the working class. With modern gentrification taking the reins, North Melbourne is now known for its immediate proximity to the bustling CBD, as well as quality hospitality ventures set against an assemblage of Victorian, cosmopolitan and old industrial architecture. RESIDENTS The ABS estimated residential population for North Melbourne in 2019 is 18,100; a substantial increase of 54% from the 2011 census. Comparing the 2011 and 2016 Censuses, the median age has remained steady through the years at 28-29 (VIC; 37 – AUS; 38), with the most significant age bracket in 2016 (accounting for 36.8%) existing between 20-29. Taking this into account, it’s understandable that 67.8% of residents are renting, with one and two bedroom dwellings accounting for 69.8% of total dwellings. Melbourne is renowned for its multiculturalism and so with its proximity to the CBD, it’s not surprising to see that 58.3% of residents were born outside of Australia. A significant proportion of this number originate from China and South-East Asia.

CULTURE

SIGNIFICANT PROJECTS

Despite being ultra-close to the city, North Melbourne has managed to retain many pockets of suburban tranquillity. Errol street and its surrounds offer the hedonists a range of quality cafés, pubs and bars, while the many reserves and adjacent Royal Park provide an opportune balance. The pride of local residents would perhaps be found in the buzz that surrounds the Queen Victoria Market, drawing in crowds from all over Melbourne (and international visitors too). While walking or cycling are the transport modes of choice, the area is extremely well-serviced by trams, buses, North Melbourne Train Station and major arterial roads.

Arden Gardens: CBD Development Group are currently in construction mode with their North Melbourne residential project, Arden Gardens. Designed by Buchan architecture firm, this high-rise project comprises of 304 residences spread across two buildings of 10 and 16 storeys respectively. Residential amenities available include a rooftop garden, cinema, cardio gym, communal lounge room among others. The property will also accommodate ground floor commercial space anchored by a Woolworths supermarket. 3-5 Bedford Place: This well-positioned high rise student accommodation project is currently in construction and headed by Blue Sky Funds. Situated within a stone’s throw of the University of Melbourne’s Business and Law Schools, Bedford Place will rise 18-storeys high and accommodate 33 individual dwellings. Hayball Architecture have designed the space to incorporate a gym and outdoor facilities. Hutchinson Builders have been enlisted for construction.

PRICE Houses: In April 2019, the median price has returned to $1.135 million; a more stable position, 20% higher than threeyears prior at $900,000. The median house price experienced a peak at $1.4 million in November 2017. Weekly median advertised rent is $600. Units: Over the previous three years, the median unit price has fallen $513,000 to $438,000 (April 2019). There has however been a strong upward trajectory surrounding the number of unit dwellings introduced to the neighbourhood. Weekly median advertised rent is $450.

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.

147-149 The Parade

Ascot Vale

Private Sale

Contact Agent

Savills

View

836-842 Sydney Road

Brunswick

EOI

Wed 12.06.19

Savills

View

142-146 Andersons Creek Road

Doncaster East

EOI

Wed 19.06.19

Savills

View

72-76 Paisley Street

Footscray

EOI

Wed 03.07.19

Savills

View

7 Wightman Street

Footscray

Private Sale

Contact Agent

Allard Shelton

View

19-25 Donald Street

Highett

EOI

Thu 20.06.19

Gross Waddell

View

124-130 White Street

Mordialloc

Auction

Wed 26.06.19

Melb. Acquisitions

View

276 Ingles Street

Port Melbourne

EOI

Fri 05.07.19

CBRE

View

13 High Street

Prahran

EOI

Fri 28.06.19

Melb. Acquisitions

View

524 Bridge Road

Richmond

Private Sale

Contact Agent

Allard Shelton

View

4 Yallourn Parade

Ringwood

Private Sale

Contact Agent

Allard Shelton

View

2272 Darren Road

Springvale South

Auction

Thu 20.06.19

Knight Frank

View

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Real Properties Real People Real Results

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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

VICTORIA NEWS: MELBOURNE SUBURBAN RAIL LOOP MOVES AHEAD

Initial site investigations for Melbourne's $50 billion Suburban Rail Loop will start in the second half of 2019 with specific station locations for the underground network yet to be finalised.

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← Image: Herald Sun

The Andrews' government announced the transport project on Facebook last August, laying out plans to connect with every major rail line from the Frankston line to the Werribee line via Melbourne Airport. The 15 station suburban rail loop, a 90-kilometre orbital rail line through Melbourne's middle suburbs which will mostly be underground, is predicted to carry about 400,000 passengers a day as well as servicing Monash and La Trobe universities. Rail Projects Victoria (RVP), the team responsible for delivering the Metro Tunnel is now leading the design development, location assessments and operational requirements for 12 new stations. RPV has also engaged the expert assistance of the Aurecon Jacobs Mott MacDonald joint venture as technical adviser and KPMG as commercial adviser for the suburban rail loop. Planning and feasibility work was undertaken by Development Victoria, PricewaterhouseCoopers, and the Office of Coordinator General leading up to the projects announcement. The rail project, billed to be completed by 2050, was developed without the involvement of Transport for Victoria, the agency the state government set up to manage road and rail planning. Victoria is crucial to the 18 May election, with up to six Liberal Party seats at risk of falling as population growth coupled with viable infrastructure solutions has emerged as a sleeper issue in Victorian politics. Official population projections anticipating Melbourne will balloon to 8 million people by 2050. With the potential to shift about 200,000 cars a day off Melbourne's roads, the project has the potential to be a vote winner with major parties pledging support to a number of multi-billion-dollar transport promises. Internal polling from both major parties shows the swing against the government is larger in inner-Melbourne than other key states like Queensland and NSW. The popularity of the suburban rail loop was a clear sign Labor had successfully tapped into public hunger for more public transport in the suburbs with opposition leader Bill Shorten's vowing to contribute $10 billion towards the rail network. “The Suburban Rail Loop will change the way we move around Melbourne forever, and we’re not wasting a minute getting this vital project started,” Victorian premier Daniel Andrews said. “It will create and support local jobs and slash travel times, getting people where they need to go.” The Andrews Labor government has announced it will commence detailed planning and investigations

as well as stakeholder engagement this week. The Coalition and Labor have both promised $2 billion towards a high-speed rail line linking Melbourne and Geelong and the suburban rail loop respectively, while both have committed $5 billion for the airport rail.

↑ Image Credit: Victoria's Big Build

Prime Minister Scott Morrison has also set aside $3 billion in federal funding for the East West Link, which was scuppered by the state government but remains a priority for the state and federal Liberals. The Suburban Rail Loop will be built over multiple decades with the first sections anticipated to take around 10 years to construct. Plans to begin construction, projected to create more than 20,000 jobs, is expected to commence by 2022.

STATE NE WS

WHAT DOES THE COALITION VICTORY MEAN FOR THE PROPERTY MARKET?

The Coalition surprised many by retaining power in the federal election and notably receiving a majority government. The victory means that Laborâ&#x20AC;&#x2122;s proposal to modify taxation policy on negative gearing and capital gains will not be implemented. With the risk of taxation policy changes removed, a lot of uncertainty has subsided from the market, which is expected to assist the residential market work through the current cycle. CBRE have however, already received a big boast in enquiry numbers on all of our stock (development and investments) since the election, presenting a clear indication of improved sentiment in the market. As highlighted in this column previously, the lack of funding support has resulted in a reduction in deal activity. However, it was encouraging to see that off the back of the election, APRA was swift to scrap an integral rule that has constrained the banks from lending. Where previously new mortgage customers were assessed on their ability to manage repayments with an interest rate buffer of 7%, banks will now be permitted to apply their own thresholds in a move to liberate the mortgage lending sector. This should assist buyers to acquire more apartment and housing stock, resulting in a stimulated residential market. The government has also proposed that under a First Home Loan Deposit Scheme, first home buyers will have the opportunity to buy their first home with a deposit of as little as 5%, without incurring the need for lenders mortgage insurance. Buyers will be able to access a loan offered under the scheme from a participating financial institution with the Federal Government acting as guarantor. Given the affects that the reduction in international off-the-plan apartment sales has had on the residential development market, this should assist developers due to the attractive price-point that new apartments presents to first home buyers. The Reserve Bank of Australia has also responded by cutting interest rates to a new record low of 1.25%. Should this correlate to lower borrowing costs, the bottom line of assets will improve and enable investors to bid at sharper yields, while still achieving the same internal rate of return. However, we do view this as a secondary issue to funding availability. Overall, the election result seems to already be having a strong impact on the residential markets, with clearance rates up across the country. This will be the purest indicator and we will be watching this very closely over the next 4-6 week period to determine if it is just a spike, or a trend that the residential markets have bottomed out and are now on the upcurve again.

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

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

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VICTORIA LISTINGS

142-146 Andersons Creek Road, Doncaster East For Sale by Expressions of Interest closing Wednesday 19 June at 2pm

Luxury permit approved Doncaster East townhouse development opportunity VIEW LISTING

Nick Peden

0402 011 266 npeden@savills.com.au

Jesse Radisich

0402 085 702 jradisich@savills.com.au

Benson Zhou 周文旭 Outline Indicative Only

0458 488 888 bzhou@savills.com.au

72-76 Paisley Street, Footscray For Sale by Expressions of Interest closing Wednesday 3 July at 2pm

A prestigious Central Footscray location with a landmark permit VIEW LISTING Nick Peden

0402 011 266 npeden@savills.com.au

Jesse Radisich

0402 085 702 jradisich@savills.com.au

Benson Zhou 周文旭 Artist’s Impression

More Exposure More Competition Record Prices

0458 488 888 bzhou@savills.com.au

PLEASE BE AWARE OF 18MM CENTER PAGE MARGIN

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147-149 The Parade, Ascot Vale For Immediate Private Sale

Permit approved for a boutique luxury townhouse project VIEW LISTING

Jesse Radisich

0402 085 702 jradisich@savills.com.au

Julian Heatherich

0412 995 655 jheatherich@savills.com.au

Mark Stafford Artist’s Impression

0404 401 053 mstafford@savills.com.au

836-842 Sydney Road, Brunswick For Sale by Expressions of Interest closing Wednesday 12 June at 2pm

Versatile Brunswick landholding + improvements - Develop, Occupy or Invest! VIEW LISTING

Jesse Radisich

0402 085 702 jradisich@savills.com.au

Nick Peden

0402 011 266 npeden@savills.com.au

Benson Zhou 周文旭 Outline Indicative Only

0458 488 888 bzhou@savills.com.au

*Approx.

To discuss how we can generate an extraordinary sale for your property by accessing our vast international platform (Savills has over 28,000 staff in Asia), please contact the Savills Sales Team at any time.

VICTORIA LISTINGS

EXPERIENCE THE SAVILLS DIFFERENCE WE HAVE THE MARKET COVERED DEVELOPMENT SITES

OFFICE

RETAIL

CHILD CARE

To discuss how we can generate an extraordinary sale result for your property by accessing our vast international platform (Savills has over 28,000 staff in Asia), please contact the Savills Sales Team at any time. CLINTON BAXTER STATE DIRECTOR 0 413 569 888 c ba x ter@ sav i l l s.co m.au

NICK PEDEN DIRECTOR 0402 011 266 npeden@savills.com.au

JULIAN HEATHERICH DIRECTOR 0412 995 655 jheatherich@savills.com.au

JESSE RADISICH DIRECTOR 0402 085 702 jradisich@savills.com.au

BENSON ZHOU 周文旭 DIRECTOR 0458 488 888 bz h o u @ sav i l l s.co m.a u

GLENN YE 叶格林 SENIOR EXECUTIVE 0476 938 888 gye@savills. com. au

MARK STAFFORD EXECUTIVE 0404 401 053 mstafford@savills.com.au

More Exposure More Competition Record Prices

DOROTHY HE 何颖瑶 EXECUTIVE 0430 183 889 d he@savills. com. au

Savills Melbourne 150 Collins Street Melbourne VIC 3000

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Connecting people & property, perfectly.

Spring Valley Park

Melbourne CBD 29km* Retail Strip

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Crown Allotment 2272, Darren Road, Springvale South

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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 atat 2pm (AEST). Thursday, 20 June 2019 2pm (AEST). Exceptional in-fill site with optionality. Neighbourhood Residential Zoning

Huge development potential

Major Transport Links Nearby

Excellent access to major arterial roads

Centrally located to fantastic ammenities

View Listing

Perfectly positioned for a prime residential development this magnificent site abuts Keysborough Primary School encompassed within a strong residential area. Under the Neighbourhood Residential Zoning the astute buyer will seize the opportunity to create a brand new precinct within the current site and harbour a new and innovative community. Situated moments from Dandenong bypass and allowing easy access to both Eastlink and Springvale Rd, this property is sure to provide confidence to any purchaser. With Yarraman Railway Station, Keysborough Secondary College and Parkmore Shopping Centre in close proximity, this property is likely to fulfill even the most particular of purchasers.

Stephen Kelly 0407 320 377 James Thorpe 0414 510 071

*Approx.

1.27 ha* site

VICTORIA LISTINGS

EOI CLOSING FRI 28 JUNE AT 4PM

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

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

VIEW LISTING DOMINIC GIBSON 0409 366 941

JAMES LATOS 0437 537 957

607 St Kilda Road, Melbourne

melbourneacquisitions.com.au

03 8395 2550

THE PROPERT Y DE VELOPMENT RE VIE W

AUCTION WED 26 JUNE AT 2.30PM

124-130 White Street, Mordialloc 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)

VIEW LISTING DOMINIC GIBSON 0409 366 941

JAMES LATOS 0437 537 957

607 St Kilda Road, Melbourne

melbourneacquisitions.com.au

03 8395 2550

VICTORIA LISTINGS

THE PROPERT Y DE VELOPMENT RE VIE W

RICHMOND

RINGWOOD

524 Bridge Road

LI JU ST ST ED

4 Yallourn Parade

SPORTS PRECINCT

CHURCH STREET

CBD

EPWORTH HOSPITAL

524 BRIDGE ROAD RICHMOND

BURNLEY STREET

D BRIDGE ROA

RARE WAREHOUSE FREEHOLD IN HIGH EXPOSURE LOCATION

PROMINENT & PRIME OPPORTUNITY INVEST, OCCUPY OR RE-DEVELOP (STCA)

For more information please contact:

Joseph Walton Michael Ryan James Gregson

0417 309 347 0433 180 199 0421 516 480

VIEW LISTING

Joseph Walton James Gregson Michael Ryan

0417 309 347 0421 516 480 0433 180 199

VIEW LISTING

FOOTSCRAY

LI JU ST ST ED

7 Wightman Street

BOOMING INNER WEST DEVELOPMENT OPPORTUNITY For more information please contact: James Gregson Joseph Walton Michael Ryan

0421 516 480 0417 309 347 0433 180 199

VIEW LISTING

9654 3222

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

VICTORIA LISTINGS

VIEW LISTING

For Sale: 19-25 Donald Street, Highett VIC ��

An exciting redevelopment opportunity in a proven location, ideally suited to new homes / townhouses or alternatively make use of the current improvements and occupy (STCA)

EOI Closing: Thursday ��th June at �pm

– – – – –

Andrew Greenway — 0409 547 626 Andrew Waddell — 0419 400 991

� Residential Zoned lots offered in one line Substantial landholding of �,��m�* Expansive frontage of ��m* Current improvements include church, hall and vicarage Neighbourhood Residential Zone - Schedule � (NRZ�)

You have the vision. We have the results. Developments are about understanding the market and what draws people to buy off the plan. For a complimentary report and a solid understanding of the off the plan sales process from our agency, contact us today. Alex Puglia Director 0458 393 162 alex@alexkarbon.com.au

Charles Bongiovanni Director 0414 339 644 charles@alexkarbon.com.au

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

STATE SPOTLIGHT

STATE SPOTLIGHT: NEW SOUTH WALES

Suburb Report: Byron Bay

New South Wales Auction Schedule

Sydney to Become a 24-Hour City

Strong Recovery After Election Results

New South Wales Listings

Suburb Report Text by Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

SUBURB REPORT: BYRON BAY

↑ Seacliffs. Image: Unison Projects

One of Australia’s most renowned beach holiday destinations, Byron Bay offers an enviably hedonistic lifestyle stemming from its bohemian roots. The vibrant township is decidedly an ‘outdoor’ playground, with picturesque beaches, quality surf breaks, skydiving, scuba diving, whale watching and hiking representing just some of the activities residents and visitors fill their day with. From backpackers to retirees, all types of people can be seen mingling and enjoying the many facets that have made this eastern pocket one of the world’s hottest destinations.

associated with an alternative and hippy movement. While much of this original culture has been left behind, remnants still exist and can be seen and experienced in the prevalence of new-age shops and spiritual services. Yoga and meditation retreats go hand in hand with health focused cafés, craft breweries and modern dance clubs. While still a reasonably small beach town, Byron Bay provides space for an array of interests and lifestyles, without judgment or persecution.

RESIDENTS

Houses: Median house prices in Byron Bay have enjoyed a reasonably steady incline over the past three years. In April 2019, the median house price was $1.45 million – an increase of 30.2% from $1.015 million in the same month of 2016. Weekly median advertised rent is $800. Units: A similar, but slightly less dramatic, story can be told for apartment prices, which over the past three years have experienced rises and declines to their current (April 2019) median price of $760,000. Weekly median advertised rent is $600.

The ABS estimated population for Byron Bay as of 2018 is 6,218; an increase of 20.2% from the 2011 Census. The predominant age group sits between 25 and 34, though each age bracket, from 0 to 80 is well represented. While permanent residents have enjoyed steady growth, an extra 2 million+ tourists visit Byron Bay annually – and this number is growing. To handle the forecasted increase in holiday makers, the local council has enacted a 10-year sustainable visitation plan.

PRICE

SIGNIFICANT PROJECTS CULTURE Since the arrival of longboard surfers in the 60s and the Aquarius Festival held in nearby Nimbin in 1973, Byron Bay has been

Seacliffs: Developer Unison Projects has almost sold through one of Byron Bay’s largest residential subdivisions, situated within a pristine rainforest only minutes

from the beach. The project encompasses 34 elevated lots in a 16-hectare eco-friendly hinterland estate, some offering ocean views. The project has a heavy rainforest focus, with 73% of the estate is set to be maintained as a nature reserve and a wildlife corridor for native animals. The blocks offer flexibility for purchasers, who can decide from a mix of home-sites including overlooking hinterland scenery.

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.

650 Botany Road

Alexandria

EOI

Tue 18.06.19

Knight Frank

View

6 Burns Point Ferry Road

Ballina

EOI

Thu 20.06.19

Knight Frank

View

45-47 Drummond Street

Belmore

Private Sale

Contact Agent

Colliers International

View

84-86 Kangaloon Road

Bowral

EOI

Tue 25.06.19

Knight Frank

View

118 Duntroon Street & 36 Floss Street

Hurlstone Park

Auction

Tue 25.06.19

Ray White Comm.

View

138-139 North Steyne

Manly

EOI

Thur 27.06.19

Colliers International

View

24-26 High Street

Mascot

EOI

Tue 25.06.19

Knight Frank

View

5-6 Kendall Place

North Kellyville

EOI

Wed 26.06.19

CBRE Western Syd.

View

5-7 Galloway Street

North Parramatta

Auction

Tue 25.06.19

Ray White Comm.

View

955 Henry Lawson Drive

Padstow Heights

Auction

Tue 25.06.19

CBRE Western Syd.

View

STATE NE W S

NEW SOUTH WALES NEWS: SYDNEY TO BECOME A 24-HOUR CITY

Content Supplied by

↘ Image: The Urban Developer

The City of Sydney has unanimously endorsed a plan to extend 24-hour trading across the inner city, in a bid to reclaim its status as a global city. New late-night planning controls, proposed in November, will encourage 24-hour trading in inner city neighbourhoods and allow businesses and low-impact food and drink venues to trade up to 2am in local centres. The 24-hour hubs will be created at Barangaroo, Green Square and Waterloo. Small bars and restaurants in inner city Surry Hills, Pyrmont and Redfern will have trading hours extended to 2am. The changes will remain subject to the NSW government’s lockout laws. Lord Mayor Clover Moore said the proposal would revitalise Sydney’s nightlife and unlock unused spaces for cultural activity. “The city’s night-time economy is an integral part of its commercial, cultural and social fabric,” the proposal said. “Late night trading premises are an important part of Sydney social and cultural life and plays an important role in contributing to the city’s economic growth and standing as a global city.” Sydney’s night-time economy is critical to the

city, employing more than 35,000 people and worth more than $4 billion to New South Wales annually. More than 170 venues across Sydney have closed since the lockout laws were introduced by the Liberal-National coalition in 2014, an inquiry into the live music and arts industry found. The chair of the inquiry, Paul Green, said that the contemporary music ecosystem in the state was “slowly disintegrating”. “There is significant economic benefit in the performance of live music. New South Wales has the largest share of Australia’s contemporary music activity.” The inquiry recommended that the premier appoint a Minister for Music, the Arts and Culture, simplify the regulatory system and remove outdated liquor licensing conditions that prohibit live entertainment. The City of Sydney approved the Draft Sydney Development Control Plan — Late Night Trading on Monday night. Businesses will soon be able to apply for new trading hours through a development application process.

STATE NE WS

STRONG RECOVERY AFTER ELECTION RESULTS

While sizeable parts of Australia were disappointed with the recent national election results, overall the property industry has welcomed the outcome. “A labor win may have been better for some but the May election result will prove a long-term benefit for our property market,” Alex Mirzaian, Investment & Development Properties Agent at CBRE NSW, said. “Development should see an increased interest as construction loans are being reviewed and will provide a second opportunity to cycle growth.” Victory for the Coalition means that there should be no increase or alterations made to existing national property taxes, such as negative gearing and capital gains tax – a big win for the Australian housing market. Many saw Labor’s intended interference as counter-productive to an industry that needed assistance rather than more hurdles. Construction activity and house prices across the nation were both in decline while economic growth also showed signs of slowing. In the less than three weeks since results were announced, most states have seen a return to favour with property development activity picking up. NSW in particular has welcomed the news. “We have seen increased activity in all of our on-market campaigns since the election result,” Mr Mirzaian said. “Amenity and delivery of key infrastructure in our growing western Sydney suburbs is setting up our next cycle and we are helping clients get into great deals that will no doubt see strong growth with our Government heading in a more progressive direction.” Clearance rates and auction results are showing a promising recovery, with rate cuts and further incentives from the government expected to continue to drive interest. Mr Mirzaian notes that this is just the beginning and has confidence in the market’s positive performance through the remaining months of 2019. “Combining effects of lower rates, easier borrowing, tax cuts and rising market confidence will help power along our economy and get our employees on better wages. “We are genuinely excited for the second half of the year and see a strong number transactions heading our way!”

For further information, please contact: Alex Mirzaian CBRE Western Sydney 0400 523 523 alex.mirzaian@cbre.com.au

STATE NE W S

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

DevelopmentReady.com.au

NE W SOU TH WALES LISTINGS

BOUTIQUE DEVELOPMENT SITE^

North Parramatta, NSW 5-7 Galloway Street

AUCTION

Tuesday 25 June 2019 at 10.30am • • • • • • • •

Site area 692sqm* Zoned R4 High Density Residential Frontage of 20* metres Existing immaculate three bedroom cottage over two levels Concept drawings prepared for 8 x two bedroom apartments Flexible zoning allowing various development options^ Cleared level block Moments to the thriving Parramatta CBD

Joseph Assaf 0401 397 696 jassaf@raywhite.com Robert Napoli 0421 412 799 rnapoli@raywhite.com

*Approx. ^S.T.C.A

View Listing

raywhitecommercial.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

INNER WEST BOUTIQUE DEVELOPMENT SITE^

Hurlstone Park, NSW 118 Duntroon Street & 36 Floss Street

AUCTION

Tuesday 25 June 2019 at 10.30am • Site area of 1,111.90sqm* • Zoned B2 - Local Centre (incl Shop-top housing, child care and boarding house development)^ • Cleared site, ready for future development^ • <60m* to Hurlstone Park station • Quiet location with minimal competing stock • 150m* to Hurlstone Park shops and amenities

Jeff Moxham 0413 838 339 jmoxham@raywhite.com Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com Patrick O'Brien 0439 025 188 pobrien@raywhite.com

*Approx. ^S.T.C.A

View Listing

raywhitecommercial.com.au

NE W SOU TH WALES LISTINGS

FOR SALE

5-6 KENDALL PLACE NORTH KELLYVILLE NSW 2155 LAND SUBDIVISION OPPORTUNITY CBRE are pleased to present to market 5-6 Kendall Place, North Kellyville, for sale via an Expressions of Interest campaign. + Total Land Size: 4.31 Hectares + Zoned E4 – Environmental Zoning & R2 – Low Density Residential + Excellent mix of lots ranging from 375sqm – 2,051sqm + One of the last development opportunities in North Kellyville + Larger lots appeal to expanding owner occupier upsizer market + Close proximity to Rouse Hill Town Centre, North Kellyville Square Shopping Plaza, Bernie Mullane Sports Complex, Castle Hill Commercial Hub and the Sydney Metro Northwest trainline (opening May 2019) *Approx

ALEX MIRZAIAN 0400 523 523 property.cbre.com.au

LORD DARKOH 0434 675 724

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

FOR SALE

955 HENRY LAWSON DRIVE PADSTOW HEIGHTS NSW 2211 PRIME LAND HOLDING DEVELOPMENT OPPORTUNITY CBRE is pleased to present, 955 Henry Lawson Drive, Padstow Heights to the market for sale via Public Auction. This terrific land holding is a great opportunity and should not be overlooked for your next development. 955 Henry Lawson Drive, Padstow Heights offers the following key attributes: + Opportunity to develop a fully serviced 2,418sqm* site + Accessibility to the M5 on/off ramp & major local CBD’s + Moments to Padstow and Revesby Village Centres + Zoned R2 – Low Density Residential *Approx

ROBERT DOWDY 0499 007 000 property.cbre.com.au

RAYMOND AHSAN 0434 666 411

VICTOR SHEU 0412 301 582

VIEW LISTING

NE W SOU TH WALES LISTINGS

Creative Warehouse with Upside in Alexandria. 650 Botany Road, Alexandria NSW 2015.

Site area 725 sqm*

Zoning 2:1 FSR 22m Height Limit

10 On Site Car Spaces

1.3km* to Mascot Station & 1.6km* to Green Square Station

For Sale via Expressions of Interest in one-line or individually closing Tuesday, 18 June 2019 at 4pm. View at knightfrank.com.au

Adam Bodon 0402 700 786 Demi Carigliano 0423 015 815 * Approx

DA Approved Townhouse Development. 84-86 Kangaloon Road, Bowral NSW 2576.

Site area 8,107 sqm*

18 Townhouses

Cost Effective Design

Moments to Town Centre

For Sale via Expressions of Interest in one-line or individually closing Tuesday, 25 June 2019. View at knightfrank.com.au

Harry Kimpton 0418 427 337 Cameron Fitzgerald 0432 096 135 Adam Bodon 0402 700 786

* Approx

THE PROPERT Y DE VELOPMENT RE VIE W

Residential Or Boarding House Development Site. 24-26 High Street, Mascot NSW 2020.

Site area 872.6 sqm

FSR 2:1

$124,680 per annum

200m

For Sale via Expressions of Interest Tuesday, 25 June 2019 at 3pm. View at knightfrank.com.au

Adam Bodon 0402 700 786 Linda Zhu 0488 082 909 * Approx

Rare DA Approved Townhouse Opportunity. 6 Burns Point Ferry Road, Ballina NSW 2478.

Site area 4,047 sqm*

Residential Market Demand

DA Approved 25 Townhouses

Moments to Town Centre

For Sale via Expressions of Interest in one-line or individually closing Thursday, 20June 2019 at 4pm. View at knightfrank.com.au

Cameron Fitzgerald 0432 096 135 Richard Garland 0412 630 530 * Approx

NE W SOU TH WALES LISTINGS

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

THE PROPERT Y DE VELOPMENT RE VIE W

Accelerating success Reach more people – better results faster.

ABSOLUTE MANLY BEACHFRONT RESIDENTIAL DEVELOPMENT SITE

View Now

EXPRESSIONS OF INTEREST Closing Thursday 27th June at 4pm 138-139 North Steyne, Manly, NSW, 2095

– DA approved for a boutique development of six luxurious residences – Unit mix of 2 x 4 bedrooms & 4 x 3 Bedroom residences – Single level basement for 15 cars – Panoramic views from all apartments – Excellent transport links with CBD buses and ferries within close walking distance – Premium apartment sales results being achieved in the local area

Henry Burke 0418 238 636 henry.burke@colliers.com

Steam Leung 0412 236 138 steam.leung@colliers.com

Blake Harvey 0423 146 453 blake.harvey@colliers.com

colliers.com.au

STATE SPOTLIGHT

STATE SPOTLIGHT: QUEENSLAND

Suburb Report: Albion

Queensland Auction Schedule

Sunshine Coastâ&#x20AC;&#x2122;s New $430m CBD

Queensland Listings

Suburb Report Text by Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

SUBURB REPORT: ALBION

↑ Crosby Park Apartments. Image: Property Mash

This accessible and convenient inner-north suburb, is a highly sought after pocket of Brisbane brimming with character both visible and hidden. An early settlement town, the area is home to an abundance of heritage listed buildings which provide a warm and welcoming feel. Breakfast Creek, the nearby Brisbane River and the winding side-streets encourage visitors to stretch their legs and discover the true Albion behind the veil. RESIDENTS The population of this charming suburb has risen 15.6% between the 2011 and 2016 census to 2,296. The median age reduced slightly from 33 to 32 over this same period, significantly lower than the state and national ages (QLD; 37 – AUS; 38). Residents between the ages of 20 and 34 account for 41.6% of the total population. From 2011 to 2016 there has been a significant shift in dwelling structure. Separate houses accounted for 43.7% of dwellings and apartments 47.5%. In 2016 this had swung to 32.8% for separate houses and 61% for apartments respectively. CULTURE Encompassing a quaint 1.5-square-kilometres, Albion offers terrain that some say ‘blink and you’ll miss it’. This is further compounded by the significant space occupied by the Allan Border Sports Fields

and Albion Park Raceway. This density only adds to its charm. Residents praise its walkability, friendly neighbours and hidden cafes and lunch spots attained by spending a little extra time perusing the winding side-streets. The suburb also benefits from a central train station and multiple bus routes. PRICE Houses: Albion’s median house price is currently $705,000 – April 2019. The current weekly median advertised rent is $475. Units: With an increased amount of smaller format apartments (one and two bedroom) coming onto the market, the median price has fallen by 11% over the past three years to $400,000 (April 2019). There has been a slow down over the past 12-months in the number of apartments listed for sale which appears to be flattening out. The current weekly median advertised rent is $400. SIGNIFICANT PROJECTS Crosby Park Apartments: Crosby Park Apartments, at 52 Crosby Road, has just about reached completion. Headed up by Butterfield Projects, and designed by Husband Architects, this mid-rise building delivers 102 apartments across two buildings of six and seven levels; dwellings comprise one, two, and three-bedroom combina-

tions. Further amenities and benefits includes secure underground parking, a pool and recreational space, barbecue facilities and lush landscaped gardens across an expansive five acres of green space – there’s even a mini-golf putting course.

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.

57 Main Street

Beenleigh

Auction

Thu 20.06.19 @ 11am LJ Hooker Comm.

View

57, 57A & 59 Kenmore Road & 21 Ranger Street

Kenmore

Offers By

Thu 13.06.19 @ 4pm

View

"The McEwan"

Riverview

EOI

Wed 24.07.19 @ 4pm Ray White SP

View

2835-2843 Gold Coast Highway

Surfers Paradise

For Sale

Contact Agent

View

579 Yadina-Coolum Road

Yadina Creek

EOI

Wed 19.06.19 @ 4pm Ray White SP

Savills

First National Comm.

View

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.

STATE NE WS

QUEENSLAND NEWS: SUNSHINE COAST’S NEW $430M CBD

Top-tier investment and development firms are being invited to partner on the next stages of one of south-east Queensland’s largest urban regeneration projects.

THE PROPERT Y DE VELOPMENT RE VIE W

Content Supplied by

← Image: The Urban Developer

Top-tier investment and development firms are being invited to partner on the next stages of one of south-east Queensland’s largest urban regeneration projects. The vision for the Sunshine Coast's new central business district has continued to take shape with an expression of interest campaign launched for the forthcoming development stages. The 15-hectare site of the proposed Sunshine Coast's central business district, formerly Horton Park Golf Club, was bought by the Sunshine Coast Council for $42 million in 2015. Sunshine Coast Council-owned company SunCentral, kickstarted by Queensland Premier Annastacia Palaszczuk in 2016, has since completed civil works in the core commercial precinct with construction of the CBD’s first buildings expected to start mid-year. Underground waste and digital infrastructure facilities have now been completed with construction on 38,500sq m of commercial buildings in the first stage, which has already gone to market, was expected to start mid-2019 along with 23,000sq m of retail and 460 new apartments. The city centre’s first buildings include an eight-storey commercial property by local developer Evans Long and a two-tower 152-unit residential complex by Brisbane’s Habitat Development Group. This is in addition to a nine-storey Sunshine Coast Regional Council headquarters building, tipped to commence construction over the next six months. SunCentral Maroochydore chief executive John Knaggs said the EOI process for the extensive next stages of the project called for experienced urban development capital funding partners to help develop key precincts. “This is a unique opportunity for experienced developers and institutional capital groups to enter into a long-term partnership with SunCentral Maroochydore and set a new benchmark for city centre design and development in one of the fastest growing regions in the country,” Knaggs said. The EOI campaign is offering the opportunity to build 67,500sq m of commercial space as well as retail floorspace and residential apartments across a number of precincts in the new city centre. The site includes $10 million in underground digital waste and lighting facilities and includes space for 25,900sq m of retail and up to 1,390 apartments along waterways. “Some of this development opportunity is located in the core commercial precinct while the majority is in the area south of the Corso waterway, adjacent the future rail station and transit plaza and in mixed-

use apartment precincts alongside planned waterways and parkland,” Knaggs said. The CBD will also feature a 250-room hotel, 100 residential apartments, 40,500sq m of retail as well as commercial and entertainment space. “Offering individual parcels has worked well for the first stage of the commercial precinct,” Knaggs said. “However, in response to market feedback these next stages, involving both commercial and mixeduse areas, offer larger precinct-wide approaches.” “We are able to provide a wider platform for capital groups and developers to operate longer term – and I’m sure this approach will help facilitate the development of key parts of the city centre.” Apart from the new international broadband cable that will connect to a landing station located alongside the new CBD, more than $10 million in underground telecommunications and services capacity has been installed beneath the city centre’s new streets. “Once people see the cable landing station completed and the cable connected from Guam giving this site and the Sunshine Coast the fastest data connection cable to Asia on the east coast of Australia that will generate additional interest,” Knaggs said. The smart city framework for the new CBD includes digital signage, lighting and other "smart" technologies as well as the country’s first CBD-wide underground automated waste collection system which will transport waste from businesses and apartments through a series of underground pipes to a central collection station. The Sunshine Coast Council has estimated up to 2 million more passengers would be flying into the region by 2040 once the region's expanded airport was operational by 2020. Over recent years the Sunshine Coast has attracted billions of dollars in public and private investment, making the regional economy one of the strongest in the state. With the arrival of new infrastructure, analysts project the Sunshine Coast’s population to grow from 346,522 to 500,000 by 2036. The expressions of interest on the next 15 hectares of the site can be lodged until 30 August.

QUEENSL AND LISTINGS

40HA* PARCEL - 5KM* TO COOLUM BEACHFRONT Yandina Creek, 579 Yandina-Coolum Road

Outline and Locations Indicative Only

Outline Indicative Only

EXPRESSIONS OF INTEREST Closing Wed 19 Jun 2019 4pm • • • •

Land area: 40.01* hectares Adjoining Coolum Beach Christian College 3mins* to the Sunshine Motorway 20mins* to Noosa

• Within 15mins* of the Sunshine Coast Airport and Maroochydore Business Centre comprising major retail, dining, education and lifestyle amenities • Zoned Rural

*approx.

Matthew Fritzsche 0410 435 891 matthew.f@raywhite.com Andrew Burke 0417 606 128 andrew.burke@raywhite.com

raywhitespecialprojects.com

“THE MCEWAN” APPROVED TOWNHOUSE SITE Riverview

Outline and Locations Indicative Only

Outline Indicative Only

EXPRESSIONS OF INTEREST Closing Wed 24 Jul 2019 4pm • • • • •

Approval for 115 townhouses + 257m²* retail + 4 apartments Strong building design efficiencies and green space dedication “Island site” with no adjoining neighbours and 3 street frontage Total land area of 2.4925* hectares $656,548 in available infrastructure credits

*approx.

• 200m* from train station • Direct access to the Ipswich Motorway providing a link East to Brisbane and West to Ipswich

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

raywhitespecialprojects.com

THE PROPERT Y DE VELOPMENT RE VIE W

Major Re-Development Opportunity Backpackers Resort + 9x2 Bedroom Unit Block Surfers Paradise / Broadbeach For Sale: 2835–2843 Gold Coast Highway Surfers Paradise QLD, 4217

View Listing

• Genuine Retirement After 30 + Years • Zoned High density Res (HX) Unlimited Height • L and Area of 2109m2 with road frontage of 60m approx. • Currently 110 Bed Backpackers Resort • N eighbouring Crowne Plaza Hotel & direct access to Light Rail • L ocated within 5 minutes to Cavill Ave, Star Casino, Broadbeach Mall & Pacific Fair STCA this offers significant development potential for the following uses; Hotel, Serviced Apartments, Commercial & Retail uses, Landmark Apartment Building

Sales Agent: Jamie Bourke 0417 077 277 — jbourke@fncqld.com.au For further information on this opportunity please contact First National Commercial 07 5570 3300

QUEENSL AND LISTINGS

For Sale: 57, 57A & 59 Kenmore Road & 21 Ranger Street, Kenmore Queensland 4069 – 4 Adjoining allotments with an amalgamated Total land area of 14,191m2. – The site is suitable for the development of a residential community. – Frontage to Kenmore road with further access from Ranger Street. – Close proximity to a number of shopping centres, schools and other amenities. Closing date for offers 4PM Thursday 13th June To obtain the disclosure documents or draft contract of sale please contact: Robert Dunne + 61 (0) 418 888 840

Will Carman + 61 (0) 477 666 355

Closing date for offers 4PM Thursday 13th June

More Exposure More Competition Record Prices

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

57 Main Street Beenleigh, QLD

Auction

Clear instructions to Sell! 1530m2 Commercial Development Site

20th of June 2019 at 11am Rooms 3370, Pacific Hwy, Springwood QLD 4127

– Two street access – 32 meters of frontage on Main St – Located in the heart of the Brisbane/Gold Coast growth corridor – Excellent access to the M1 Motorway – Adjacent to the Beenleigh Railway station access to Brisbane - Gold Coast Rail Line – Located in a key development Zone for Logan City Council

VIEW LISTING

– Develop to 30 storeys (STCA)

Tony Hope 0427 703 990 thope@ljhc.com.au

Kerry Armstrong 0403 054 844 karmstrong@ljhc.com.au

ljhooker.com.au

STATE SPOTLIGHT

STATE SPOTLIGHT: SOUTH AUSTRALIA

Suburb Report: Prospect

South Australia Auction Schedule

Charter Hall Fund on Shopping Spree

South Australia Listings

Suburb Report Text by Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

SUBURB REPORT: PROSPECT

↑ Prospect 1838. Image: Project Website

Prospect is an increasingly sought-after neighbourhood presenting a family-oriented and personable community against a heritage architecture backdrop. The streets of this northern Adelaide suburb are lined with leafy trees and a mix of modest low-storey homes. California bungalows sit next to stone-fronted Victorian homes and Art Deco maisonettes; the effect is striking. With its gorgeous aesthetic and close proximity to the CBD, the suburb has been attracting a growing number of investors who are looking to redevelop or renovate; Prospect offers a bounty of opportunity waiting to be explored. RESIDENTS Between the 2011 and 2016 censuses, the median age of Prospect rose slightly from 37 to 38-years-old (SA; 40 – AUS; 38) while the total population saw a marginal increase of 2.1% to 13,280. Viewing the numbers across five-year age brackets, reveals an even distribution too. What we can see is that there hasn’t been significant change in Prospect’s residents, or in the dwelling configurations. While the supply of detached houses has reduced slightly, resulting in minimal increases in apartments and townhouses, the total number of dwellings has remained effectively unchanged between census dates.

CULTURE

SIGNIFICANT PROJECTS

Prospect offers gorgeous tree-lined streets to walk around and an abundance of heritage homes to enjoy as you do. There is also an array of small parks dotted throughout the side-streets. While family homes do comprise most of the dwellings, there are still multiple low-rise apartments and small duplex/ townhouses throughout the district too. Residents proclaim it “perfect for everyone, whether you're single, with a family, or retiring”. A nearby train line, access to arterial roads and nearby primary and early-learning schools round-out one of Adelaide’s most charming suburbs that many are watching with close (development focused) eyes.

Prospect 1838: Modern housing designs, well planned urban space and colourful artistic designations have this new project announcing itself as a “new benchmark for Adelaide’s future housing market”. This sustainable and master-planned community comprises 60 three and four bedroom townhouses in three different formats. Construction is already underway and a significant portion of available homes have already been sold. 1-8 / 107 Churchill Road Prospect: Eight new stylish townhouses offering over 150sqm of living space split over 3 levels. The property is guarded by electronic gates and each home benefits from a great view overlooking the leafy reserve. Three-bedroom, two-bath and a single garage with laundry and internal access. Currently in construction, the project is expected to be completed soon (mid-2019) with SA Rossdale Homes leading the build.

PRICE Houses: The median house price in Prospect has seen a reasonably steady incline over the past three years. As of May 2019, the median house price is sitting at $736,500. Weekly median advertised rent is $405. Units: A similar story could be told in relation to median unit prices having risen to $461,500 in the three years from February 2016 to 2019. Weekly median advertised rent is $325.

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.

215 Grote Street

Adelaide

EOI

Fri 21.06.19 @ 4pm

CBRE

View

19-23 Cypress Street

Adelaide

Private Treaty

Contact Agent

JLL

View

213-217 Franklin Street

Adelaide

Private Treaty

Contact Agent

JLL

View

5 Nelson Road

Mount Barker

EOI

Thu 04.07.19

Colliers International

View

831 Main North Road

Pooraka

Private Treaty

Contact Agent

JLL

View

23-27 Walsh Street

Thebarton

Private Treaty

Contact Agent

JLL

View

Lot 51 Adelaide Road

Victor Harbour

EOI

Thu 13.06.19 @ 4pm

Colliers International

View

STATE NE W S

SOUTH AUSTRALIA NEWS: CHARTER HALL FUND ON SHOPPING SPREE

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↘ Image: The Urban Developer

The move bolsters the REIT's unlisted the $966 million PFA Fund, which owns fourteen office buildings in capital city markets across six states and the ACT. Charter Hall's latest acquisition, located at 737 Bourke Street, was sold by Malaysian public services pension fund KWAP after acquiring the Docklands building in 2010 for $113 million. The 18,500sq m asset in the heart of the business sector of Melbourne’s Docklands has a 98 per cent occupancy and a weighted average lease expiry of 5.5 years. The A-grade office building is tenanted by Lion Dairy and Drinks, owned by the global Kirin Holdings, Symbion Health and the Victorian Building Authority. The building, that sports an on-site cafe and restaurant, secure parking, dedicated onsite building management and end-of-trip facilities, sits next to Southern Cross Train Station. The deal was brokered by JLL's Leigh Melbourne, Nick Rathgeber and Paul Kempton. Charter Hall's Bourke Street acquisition followers the capture of a smaller office building at 121 King William Street in the Adelaide CBD for $82.25 million, which has also been added to PFA Fund's portfolio.

The officer tower was purchased from private equity group Blackstone marking the largest commercial deal in Adelaide this year. The King William Street property is an A-grade building spanning 12,410sq m that sits in the CBD and has a strong underlying covenant base. The building is tenanted by Ernst & Young and Jacobs Engineering Group. Head of Charter Hall Direct Steven Bennett said the acquisitions are consistent with the funds strategy and represent its first assets in both the strong performing Melbourne CBD and improving Adelaide CBD office markets. “These acquisitions reflect strategic investments in the core Melbourne and Adelaide office markets which are continuing to experience strong tenant demand and effective rental growth,” Bennett said. “The relatively new properties are strategically located, multi-tenanted and further improves the PFA portfolio quality.” Adelaide's prime vacancy rate has trended down since 2016, reaching 9.7 per cent in the first quarter, a dip from 12.1 per cent in the previous quarter.

SOU TH AUSTR ALIA LISTINGS

S U B STA N T I A L R ES I D E N T I A L D E V E LO P M E N T S I T E 5 Nelson Road, Mount Barker SA

VIEW LISTING JUSTIN HAZELL 0414 232 022 justin.hazell@colliers.com

TOM ISAKSSON 0422 154 570 tom.isaksson@colliers.com

Outline indicative only

THE PROPERT Y DE VELOPMENT RE VIE W

Medical & commercial development site For sale 831 Main North Road, Pooraka SA

For sale

– Substantial main road corner site of 5,055sqm*

property.jll.com.au/301566

Tom Bailey 0407 607 266 Jed Harley 0418 807 920 View listing

– Development Plan Consent for a two level medical centre – 90m* frontage to Main North Rd

City fringe site with DA For sale 23-27 Walsh Street, Thebarton SA

For sale

– Development ready site of 2,091sqm* over three Certificates of Title

property.jll.com.au/301561

Tom Bailey 0407 607 266 Jed Harley 0418 807 920

– Close proximity to parklands, City, RAH and Tramline

– High exposure location with over 36,000* vehicles passing daily *Approx.

– Zoned Urban Corridor - City of West Torrens *Approx.

Adelaide 08 8233 8888

Eastern city development site For sale 19-23 Cypress Street, Adelaide SA

For sale

– 609 sqm* site on three Certificates of Title

property.jll.com.au/302187

Tom Bailey 0407 607 266 Jed Harley 0418 807 920 View listing

– Development potential up to 53 metres*

View listing

– Current approval for an 8 storey residential apartment building

– Outstanding location in the eastern side of the city

Adelaide 08 8233 8888

Strategic CBD development opportunity For sale 213-217 Franklin Street, Adelaide SA

For sale

– Site of 762* square metres with dual access points

property.jll.com.au/302524

Jed Harley 0418 807 920 Roger Klem 0423 919 373 View listing

– Closely located near the RAH and China Town – Flexible Capital City Zoning, prescribed height limit of 53 metres

*Approx.

Adelaide 08 8233 8888

*Approx.

Adelaide 08 8233 8888

SOU TH AUSTR ALIA LISTINGS

FOR SALE

SECURE CITY INVESTMENT FAVOURABLE REDEVELOPMENT CLAUSE MASSIVE DEVELOPMENT POTENTIAL + High-density development upside with zoning allowing 53m* of built form (STCC) + $531,726pa* passing net rental + National tenant with lease expiring 31st October 2024 with further option + 2,787sqm* site area and 3,685sqm* GLA + Three street frontages

FOR SALE BY EOI CLOSING FRIDAY 21ST JUNE 2019 AT 4:00PM (ACST) MITCH CURNOW 0415 494 056 HARRY EINARSON 0421 747 442 ALISTAIR LAYCOCK 0412 136 011

VIEW LISTING

property.cbre.com.au *approx

Connecting people & property, perfectly. 1215-1217 South Road, St Marys SA.

4 Titles

Combined site area 2,774 sqm*

31 metres to South Road

Zoned Commercial

Currenly office warehouse

Branding opportunity

Garry Partington 0418 845 973 View Listing

*Approx

For Sale

RLA 199257

THE PROPERT Y DE VELOPMENT RE VIE W

STATE SPOTLIGHT

STATE SPOTLIGHT: WESTERN AUSTRALIA

Suburb Report: Applecross

Western Australia Auction Schedule

Vicinity Offloads Mall After $100m Upgrade

Western Australia Listings

Suburb Report Text by Jack M. Gaffney

THE PROPERT Y DE VELOPMENT RE VIE W

SUBURB REPORT: APPLECROSS

↑ Sabina. Image: Finbar Group

Perth’s riverside suburb of Applecross, bound by the Canning Highway and Swan River, presents an affluent residential landscape that many are clamouring to enter. While the river banks and various parks prove a major attraction for the neighbourhood, it also benefits from direct links to Fremantle and the CBD. Come Jacaranda season (November/December) the streets light up in purple and it’s easy to understand why Applecross is regularly referred to as one of Perth’s most beautiful localities.

CULTURE Applecross holds an enviable position; close to urban environments, while still retaining its suburban charm. Parks and reserves are spread throughout and the expansive Swan River adds to the enjoyable walkability of the area. The South of Perth Yacht Club, Raffles Hotel and the Canning Highway commercial area, offer residents numerous restaurants and amenities to explore and enjoy. PRICE

RESIDENTS The ABS have forecast the current Applecross population as 7,859, a 19.5% increase since the 2011 census. The median age is 42, significantly higher than the state (WA; 36 – AUS; 38), and there are a larger proportion of residents occupied in professional and managerial roles as compared to the rest of the state. The suburb’s affluence is represented in its house prices, but also in the tenure and configuration of such houses. 3-4 bedroom homes account for 80.7% of dwellings with detached homes accounting for 62.8% of structure types. Added to this, 43% are owned outright with a further 26% owned with a mortgage. Affordability is an issue for new entrants, but land sizes are large, presenting significant opportunity for watchful developers and investors.

Houses: While Applecross experienced a dip in median house prices in early 2017, it has not suffered the same tumultuous price history as other Perth precincts. Currently the median house price is sitting around $1.525 million, up from $1.48 million this time three years prior. Weekly median advertised rent is $525. Units: Units are less common in Applecross and this has helped keep prices on a steady rise. Current median unit price is at $672,500, an increase of 15.6% over the past three years. Weekly median advertised rent is $340. SIGNIFICANT PROJECTS Sabina: Set for completion in 2020, Finbar’s new Sabina venture is a high-rise apartment complex near the Canning Highway bridge to Como. Featuring 164 stylish

residences and resort style amenities over 30 levels, this new project is expected to ‘wow’. Some of the facilities adding to the luxury nature of this project include; an outdoor 25m heated pool with accompanying cabana, outdoor kitchen facilities, gym, wellness room, cinema and media hub, private dining room that will seat 14 guests as well as a business lounge, games room and music room. The Retreat: Designed by Calvin Koh Architects, The Retreat has recently reached completion and encompasses 10 two-bedroom, two-bath apartments across three-storeys. Amenities included are secure undercover parking, storage, swimming pool, deck and barbeque area. The project is tailored towards downsizers and is set near the Applecross Village. Apartments have a price tag around $700,000 with only four of the original ten still available for purchase.

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.

96 Seventh Avenue

Maylands

EOI

Thu 20.06.19 @ 3pm

Knight Frank

View

42-44 Glyde Street

Mosman Park

EOI

Thu 20.06.19 @ 3pm

Knight Frank

View

20 Lyall Street

South Perth

Private Treaty

Contact Agent

Savills

View

THE PROPERT Y DE VELOPMENT RE VIE W

STATE NE WS

WESTERN AUSTRALIA NEWS: VICINITY OFFLOADS MALL AFTER $100M UPGRADE

ASX-listed retail property group Vicinity Centres has continued its $1 billion retail selldown, listing the largest regional shopping centre in Perthâ&#x20AC;&#x2122;s east, Midland Gate.

THE PROPERT Y DE VELOPMENT RE VIE W

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The Vicinity Retail Partnership, backed by the Future Fund and the Canada Pension Plan Investment Board, is cautiously revising its $15.8 billion retail portfolio after 25 years of rising shopping centre values, tipped to now be reversing. Last year, Vicinity sold a half stake in Rockingham shopping centre, south of Perth, for $305 million to AMP Capital as well as a half stake in the $430 million Grand Plaza shopping centre in Brisbane’s Browns Plains to Invesco. In its latest move, the diversified retail landlord has appointed JLL’s Australasian head of retail investments Simon Rooney to sell both the freehold interest and management rights in Midland Gate shopping centre. The listed shopping centre, expected to draw offers in the vicinity of $650 million, is strategically positioned at the gateway to Perth’s burgeoning northern growth corridor, located on Great Eastern Highway between Perth’s premier wine region the Swan Valley and the Perth Hills. Regional shopping centres in Perth are rarely traded, given their high rate of sales productivity relative to similar assets in other states. Over the last decade, only three comparable transactions over $300 million have taken place, the last of which a one-third share in Karrinyup Shopping Centre in 2013, which UniSuper acquired from Westfield for $246.7 million. “While retail investors are selective, high quality, core regional shopping centres with management rights are a highly unique offering and keenly sought, particularly those that sit in strategic population growth corridors, within the tightly held Perth market,” JLL head of retail investments Simon Rooney said. The dominant and strong-performing regional shopping centre, which has recently undergone a major $100 million overhaul, expanding to approximately 69,000sq m of gross lettable area. Long-standing anchor tenants Coles, Woolworths, Kmart, Big W, Target, and Ace Cinemas have been recently joined by Aldi, JB Hi-Fi and Rebel Sport as well as 35 speciality retailers, a new fresh food precinct an upgraded food court and a new Kmart store. As the Australian retail sector continues to flirt with an impending cyclical downturn in retail sales growth, many landlords are opting for revised longterm strategies to combat the disruption by online retail offerings. The write down of existing shopping malls has been a recurring theme with a number of landlord giants, including Stockland, GPT and Scentre, looking to

reposition funding into future-proofed retail projects centred around customer experiences. Fewer spaces currently are being developed and devoted to department stores and more space is going to suppliers of food, cosmetics, specialty retail, cinemas and fitness facilities. Mirvac had active in preparing for the turn in the retail property cycle since 2013 by selling non-core assets and investing in development pipelines in residential and industrial. In June of last year, Vicinity announced its intentionsto divest a number of sub-regional and neighbourhood shopping centres, with the proceeds from its non-core portfolio placed back into upcoming flagship development opportunities. The retail landlord also formed a $1 billion wholesale fund with Singapore's Keppel Capital in order to forge a new network of potential investors, particularly from Asia. In February, Vicinity devalued its $15.8 billion portfolio for the first time since it listed in 2011.

WESTERN AUSTR ALIA LISTINGS

Residential Portfolio Opportunity, Refurbish or Redevelop. 42-44 Glyde Street, Mosman Park WA.

RAC-3 Zoning

Site area 1,518 sqm*

96 Seventh Avenue, Maylands WA.

15 Apartments

$75,677* fully leased net income

For Sale via Expressions of Interest in one-line or individually closing Thursday, 20 June 2019 at 3pm (AWST). View at knightfrank.com.au

Site area 2,023 sqm*

R-50 Zoning

16 Apartments

$80,372* fully leased net income

Todd Schaffer 0409 090 855 James Baker 0418 912 007 * Approx

For Sale: 20 Lyall Street, South Perth, WA 6151 Core South Perth Opportunity – – – – – – – –

322sq m* refurbished office over 2 floors 597sq m* site area with 13 car bays 300m from the Mends Street Shopping Precinct Zoned ‘Mixed Use Commercial’ Offered with Vacant Possession 4 kilometres* from the Perth CBD Interest Offered 100% Freehold Excellent surrounding amenity including the Mends Street Shopping Precinct, Perth Zoo, South Perth Bowling Club, and South Perth Foreshore

For Sale by Private Treaty Barney Dear 0437 761 029 More Exposure More Competition Record Prices

Nicholas Volk 0400 777 557

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

OPINION PIECE

PARIS APPROVES FIRST SKYSCRAPER IN 46 YEARS

↓ T he 180 -meter 'Tour Triangle'. Image: Herzog & de Meuron

The Tour Triangle, a 41-storey triangular tower designed by Herzog & de Meuron, will be located in the Porte de Versailles neighbourhood, in Paris' 15th arrondissement. The controversial project was first unveiled by architects Herzog & de Meuron in 2008 and was quickly met with fierce criticism, with local residents claiming the building would overshadow them and politicians alleging that the design would be unsustainable. The ambitious building was first rejected in late-2014, and subsequently approved after some modifications by the Council of Paris mid-2015 by a narrow majority. The project was then pushed back after three neighbourhood associations, SOS Paris, France Nature Environment Ile-de-France and the association for the Harmonious Development of the Porte de Versailles, moved to retract the approval. Since the construction of the Montparnasse Tower, no skyscraper has been built in the city proper. Most have instead been concentrated in the suburban La Defense central business district. Its towers construction follows a change in Parisian planning law, which now allows for new buildings above 37 metres, a rule that had been emplaced for 40 years. The amendment to the restriction at the end of 2011 allowed the construction of residential towers measuring up to 50 metres and office blocks up to 180 metres. Backed by property giant Unibail-Rodamco, the 180-metre-high skyscraper will contain a 120-room four-star hotel, co-working office space and cultural facilities. Herzog & de Meuron, the Swiss firm known for projects including the Beijing Olympic stadium and New York's Parrish Art Museum, said the building will restore the historical axis formed by the Rue de Vaugirard and Avenue Ernest Renan. “It will not only be a landmark from which the urban panorama can be experienced, but also an outstanding silhouette in the system of axes and monuments of the city,” Herzog & de Meuron said in a statement. Now approved, construction is expected to commence late 2019 to be in line for completion for the Olympic Games in 2024. During construction, an estimated 5,000 workers will be employed and another 5,000 employees are predicted to occupy what will be Paris’ third–tallest structure. Once built, Tour Triangle will become the city's third tallest building after the 324-metre Eiffel Tower and the 209-metre Montparnasse Tower, the last building over 100 metres to be built in the French capital.

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THE PROPERT Y DE VELOPMENT RE VIE W

COLOPHON

The Property Development Review is a new monthly digital publication curated and distrbuted by Development Ready in partnership with The Urban Developer. All content featured in The Property Development Review was correct at time of distribution and print. If there are any errors please contact the editor below.

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