Edition #2 | The Property Development Ready by The Property Development Review By Development Ready

I N S I D E T H I S I S S U E : I WA N S U N I T O · A F F O R D A B L E H O U S I N G M A R K E T S · N AT I O N A L D E V E L O P M E N T S I T E L I S T I N G S

B Y D E V E L O P M E N T R E A D Y I N PA R T N E R S H I P W I T H T H E U R B A N D E V E L O P E R I S S U E N O. 2 · M AY 2 0 1 9

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.

THE PROPERT Y DE VELOPMENT RE VIE W

Welcome to issue 2 of The Property Development Review. Response to our first April issue has been extremely encouraging. Many thanks to all our clients and readers who offered us valuable feedback. In this issue, our partners The Urban Developer have provided some great content. Firstly, we have an in-depth interview with industry doyen Iwan Sunito, co-founder, architect and chief executive of the internationally acclaimed Crown Group. With the Australia’s property market slow down, suburbs across the country have seen stagnation in price values. Our feature on “Five Affordable Housing Markets that are Tipped to Rise” provides a helpful guide for investors and developers. Property writer Marc Pillisco provides a summary of recent nation-wide sales transactions. In addition, we have included a state based auction and EOI schedules – check them out. St Moritz, is one of the most anticipated projects in Australia. Our feature reviews Tim Gurner and Barana Group’s redevelopment of the renowned Novotel St. Kilda hotel site.

Lenny (161 Buckhurst Street), Development Ready's former head office.

There’s lots more content - enjoy reading The Property Development Review and importantly keep well.

NICK MATERIA, MANAGING DIRECTOR

INSIDE THIS ISSUE:

Developers Journey: Iwan Sunito

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Five Affordable Housing Markets

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Market Moves

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State Spotlight: Victoria

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State Spotlight: New South Wales

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State Spotlight: Queensland

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State Spotlight: South Australia

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State Spotlight: Western Australia

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Opinion Piece

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EDITORIAL

DEVELOPER'S JOURNEY Supplied by

Since establishing the privately owned group in 1996, Crown Group has evolved from a boutique operation to an enterprise with an established portfolio of projects across Australia and Indonesia in its pipeline worth $5 billion. The founder and chief executive, who has plans to take Crown Group public in 2021 with a float of no less than $1 billion, says he suffered from thoughts of not being good enough on his path to becoming a major property player. But it was humble beginnings for Sunito, as he grew up in what he describes as “the jungles of Indonesia,” a small town of Pangkalan Bun in East Kalimantan. When the crocodile infested river near his childhood home would rise, often flooding his house, Sunito says those were the times he’d take advantage of high tides and go swimming. “If you survived that, you were really making it,” Sunito said.

THE FIRST 5 YEARS OF STARTING CROWN “I DOUBTED”

Sunito easily commands the room with an air of confidence, but on seeing him most wouldn't guess he's wrestled with low self esteem. “When I grew up I had a lot of setbacks and failures,” he said. “I thought I was nobody. A lot of my self-talk was, ‘why was I born so stupid? “And I used to often talk myself into defeat,” Sunito told The Urban Developer. Sunito says he especially struggled when he arrived in Australia to complete his studies in architecture in the early nineties, the cultural differences combined with the philosophical language of the degree almost eluding him. “I nearly failed my first year. But i had a great teacher who became a mentor to me. I was, and still am, always hungry to learn.” It’s this awareness of his personal struggle Sunito brings to his business. “Often leaders think they have to know it all,” he says. “But don't be afraid to say you don't know.” And even after Crown Group’s 22 years of business and billions of dollars worth of property development, Sunito says self doubt doesn't go away. “I feel like giving up every development launch that we have,” he says. “Even in starting Crown Group, for the first five years I doubted if it would work.” Following his studies, Sunito originally started his own construction company building residential homes which he says

gave him the foundation to get into developing. The site was a parcel of land in Bondi Junction on Spring Street secured for $5 million that would kick start the company. After borrowing a large sum of money from his Dad, and contacting two of his friends to secure the deal, Crown Group was officially created, along with a 10-storey development they later sold for $28 million. “I thought developing would be something high risk, but also high return and I knew that’s where I wanted to be,” Sunito said. “Those early years I was only paying myself $20,000 a year... there were a lot of hard times.” Some 20 years later, Sunito says Crown Group has around 200 people running the operation. A man with a penchant for quotes and personal affirmations, Sunito says “you don’t have to be great to start, but you have to start to be great.” Mindful of his start in life, Sunito’s developments are informed by his upbringing in tropical East Kalimantan. “Jungle and water, these elements of nature inform my design,” Sunito says. “I don’t try to be something I’m not.” Sunito also says he was conscious of keeping the media at arms length until Crown Group really knew its brand. “I stayed out of the media for the first eight

THE PROPERT Y DE VELOPMENT RE VIE W

IWAN SUNITO

EDITORIAL

years of our business… until we really knew who we were, our colour, and our unique identity,” he says. In launching the $120 million Greensquare Infinity development Sunito said the group sold $385 million in just five hours, describing the sale frenzy “as a fruit market”. “But in the past, it took me years just to sell a $30 million job. Because we had no brand,” he said. “So the reality of business is, it takes time. You almost need to move from a Hyundai, to a Toyota, to a Lexus. “Even though I had the goal to produce the best of the best in development, the reality was as a company we moved very slowly.”

AGAINST THE GRAIN In 1998 Sunito said the Asian financial crisis hit, and then in 2008 the global financial hit, but weathering the tough

times is what sets you apart. “Everybody tells you, 'don’t do anything in these times'. But that’s when you do deals,” he says. “We made a fortune, because in tough times you can buy a site and there’s no competition.” It was also during the GFC, Sunito discovered the Blue Ocean Strategy a book he says "shifted his perception" as a developer. He attributes this book as a turning point for Crown Group, as it gave way to a new focus on what he describes as “urban resort” developments. With this focus he approaches his projects from three areas. The building has got to be an architecturally iconic building. The foyer has got to be a five-star resort foyer. And the third thing, the landscape has got to be like an urban resort. “From 2007 to 2009, our company expanded from a team of 25 people to more than 100,” Sunito said. “And that was during the downturn.” Looking ahead, Sunito has expansion plans for a 500 apartment project in downtown Los Angeles in the US, along with a colossal 3000-5000 apartment waterfront development in Jakarta. And while the Australian market is well

Japanese architect Kengo Kuma and Sydney architect Koichi Takada designed the $500 million development 'Mastery' in Sydney's Waterloo. Image Credit: The Urban Developer

into its current trough, Sunito says he’s been around long enough to know the market is a cyclical one. And like a career, or a life well lived, it’s filled with highs and lows. “Every success is often followed by failure,” Sunito says. “I really like that quote by Bill Gates” he adds, “success is a lousy teacher. It seduces smart people into thinking they can't lose. “As much as I’m optimistic, I’m optimistically cautious,” he added.

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Real Relationships Real People Real Results

Establishing real relationships to deliver exceptional outcomes. 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. For a confidential discussion about how we can deliver Results for your property, contact us today.

Melbourne (Head Office) Phone: 03 8527 0750 Level 9, 500 Collins Street Melbourne, VIC 3000

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Sydney Phone: 02 8014 5562 Level 4, 10 Bond Street Sydney NSW 2000

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EDITORIAL

FIVE AFFORDABLE HOUS THAT ARE TIPPED TO RIS

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Analysis by sellorhold.com.au has identified key suburbs with median prices around the $500,000 mark forecast to grow in value come 2022, identifying markets such as Karabar in New South Wales Queanbeyan region which it expects to rise by 28.8 per cent across the three year period. While the $500,000 benchmark price range eliminated Sydney and Melbourne offerings from the final list, the top performing suburbs were identified in New South Wales, Queensland and South Australia. Sellorhold.com.au head of research Jeremy Sheppard says the markets making the top five list are forecast to grow in value by up to $150,000 across the next three years. Sheppard says the new proptech platform enables property owners to determine whether they should sell or hold their assets based on an algorithm that calculates potential capital growth in 6000 markets across Australia. Karabar, roughly 18 kilometres from Canberra CBD, in the Queanbeyan region of New South Wales is forecast as the number one house market for this price bracket according to the proptech analysis. With proximity to Canberra, Karabar benefits from its location near the nation's capital, considered a commuter region for public servants. Recent Corelogic data shows housing values were down across six of the eight capital cities, with the exception of Canberra and Hobart values according to the March Index.

Second spot went to Middle Ridge in Toowoomba. The analysis forecasts its median house price will increase by up to 24 per cent, or $125,000, in the next three years. “Middle Ridge is one of Toowoomba’s premier suburbs and is located in a region with a strong local economy as well as a number of large infrastructure projects, including the Toowoomba Wellcamp Airport, which was Australia’s first privately funded major airport,” Sheppard said. While South Australia's Seaton in Adelaide took the third spot. Seaton has proximity to both the beach and city, with the research showing its median house price is forecast to grow by around $119,000 in the next three years. The research also identified the bottom five national locations where prices are expected to stagnate in the same three year period. These suburbs called the Northern Territory, Western Australia and Queensland home. Darwin's property market peaked in late 2010 and is still suffering from the end of the mining boom. Home to suburb Rosebery which tops the list as likely to record a price fall of about $3,150 over the three year period to 2022. Sheppard said the bottom performing suburbs were all located in markets that had struggled in recent years, with the exception of Bahrs Scrub in Greater Brisbane's Logan region. “Which is partly due to there being ample land available for new supply in that market,” Sheppard said.

THE PROPERT Y DE VELOPMENT RE VIE W

SING MARKETS SE The Top Five State

Area

Suburb

Current Median

Growth Forecast

Change Forecast

NSW

Canberra â&#x20AC;&#x201C; Queanbeyan

Karabar

$522,986

28.80%

$150,620

QLD

Toowoomba

Middle Ridge

$524,490

23.90%

$125,353

Adelaide

Seaton

$508,280

23.40%

$118,938

NSW

Newcastle - Maitland

Ashtonfield

$538,227

23.20%

$124,869

Adelaide

Brompton

$519,077

22.80%

$118,350

The Bottom Five State

Area

Suburb

Current Median

Growth Forecast

Change Forecast

Darwin

Rosebery

$524,700

-0.60%

-$3,148

Perth

Wandi

$525,638

-0.40%

-$2,103

Perth

Piara Waters

$495,624

3.60%

$17,842

Darwin

Malak

$469,952

3.80%

$17,858

QLD

Brisbane

Bahrs Scrub

$490,432

4.90%

$24,031

* 'Growth Forecast' and 'Change Forecast' data based on 3-year period. * Markets circa $500,000 over three years.

MARKE T MOVES

MARKET MOVES

VICTORIA

QUEENSLAND

Besgate sold two development sites it acquired in 2013, then obtained permits to redevelop, in the Melbourne CBD: 640 Bourke Street traded to Far East Consortium as an apartment play for $90 million – a rise on the $23.9 million Besgate paid, while 140-146 King Street is exchanging for about $29 million. The latter site, which cost Besgate $10 million, is being acquired by Harry Triguboff AO marking his first Melbourne investment after more than 50 years in the construction industry. It will make way for a Meriton Suites serviced accommodation complex. In the suburbs, Dahua Group is paying $140 million for a 98.4 hectare site at 688 Aviation Road, Point Cook. Dahua paid $52 million for the neighbouring 96 hectare block at 640 Aviation Road in 2016. Frasers Property Australia is outlaying about $80 million for a 41.3 hectare industrial development site in Dandenong South. The acquisition follows its $40 million acquisition of a 63.4 hectare block in the city’s Epping late last year – where it is also proposing an industrial park. CBD investments with long-term development potential also found buyers last month. Boston-based AEW Capital Management stumped up some $200 million for a 22-storey office on a corner site at 31 Queen Street. Swinburne University meanwhile is paying about $45 million for the historic seven-storey Invicta House at 226-232 Flinders Lane.

Poly Australia is now a true eastern seaboard developer after paying $35.25 million for its first Queensland site - a 6.2 hectare residential building block on the corner of Lamington and Mordant streets, Ascot, near the Doomben Racecourse. The site is seven kilometres north-east of the Brisbane CBD. Poly Australia has been active in New South Wales and Victoria since 2015. Some significant investment property deals were also sealed in the sunshine state last month. In the Brisbane CBD, Perri Projects and AMB Capital Partners offloaded a 16-storey office at 179 North Quay for $52.6 million to an offshore party. A little closer to the City Botanic Gardens, ARA Asset Management paid Canada’s Quadra Pacific $96.5 million for a 15-level commercial building at 133 Mary Street. Five kilometres west of the city, in St Lucia, the University of Queensland outlaid $19 million for a five-storey office until January occupied by Allianz Global Alliance. The college needs the additional space ahead of a refurbishment of its 114-hectare campus, nearby, which is expected to take about five years to complete.

140 -146 King Street. Image Credit: Victoria State Government

Content by: Marc Pallisco realestatesource.com.au

179 North Quay, Brisbane. Image Credit: JLL

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NEW SOUTH WALES

WESTERN AUSTRALIA

SOUTH AUSTRALIA

Yuhu Group finally settled on the $380 million purchase of the Bakehouse Quarter site in North Strathfield. It bought the property from BlackWall in mid-2017 then exercised extension options to finalise the purchase - until last month. The six-hectare property, including office and retail investments built around the refurbished Arnott’s biscuits factory, has long-term potential to be replaced with a new township with an end value of about $1 billion. Charter Hall Retail REIT paid $142 million for the Rockdale Plaza. The shopping centre investment includes 21,000 square metres of lettable area and 907 car parks. In the east, philanthropist Tanya Nelson Carnegie sold the former Jackie’s Restaurant & Bar site, overlooking Bondi Beach, for almost $9.7 million. Now configured as two shops and three upstairs apartments, agents were quoting a guide price of $9.2 million for 132 Warners Avenue. It sold prior to auction. Collette Dinnigan offloaded her former company’s headquarters in Surry Hills for $6 million. The fashion designer paid $1.23 million for the 22-24 Hutchinson Street warehouse in 1998. Another high-profile vendor, movie director George Miller AO, also signed a property deal – selling the historic Metro theatre in Potts Point to ASX-listed Abacus Property Group for $19.8 million. Meanwhile building manufacturing CSR Limited traded an Ingleburn factory leased to Veridian Glass to Fife Capital for $66.3 million. Coincidentally a Melbourne warehouse owner-occupied by Viridian Glass was listed for sale last month with a price guide of about $100 million. In the state’s Central Coast, media industry businessman John Singleton spent close to $25 million for the Elanora Hotel, at 41 Victoria Street, East Gosford.

A 200,000 hectare agricultural site in Western Australia’s wheatbelt region sold for a speculated price of between $60 million and $70 million. Known as the Baladjie aggregation, the deal needed to be approved by the Foreign Investment Review Board. The Saudi Agricultural and Livestock Investment Company (SALIC) is the buyer. The vendor was the Nicoletti family, of grain farming fame. Twenty five dwellings and 40,000 merino sheep formed part of the deal which also includes 76,000 hectares of freehold cropping land, the balance held on a leasehold basis. It is SALIC’s first Australian acquisition. ASX-listed Cedar Woods Properties Limited, meanwhile, is paying private landholders including members of the Kailis family $28.25 million for a Perth landholding. The 20.2 hectare block in Brabham has the potential to be subdivided into about 380 residential lots. It lies adjacent to Cedar Woods’ Ariella housing estate the developer’s best-selling project out of 34 it controls nationally.

A fully-leased Wayside office sold for just over $16 million late last month – a deal which reflects a 6.9 per cent passing yield. The investment, 67 Greenhill Road, includes 3,308sqm of area over three levels and 120 car parks. With naming rights to one of the tenants, AMP Advice, it is rented to multiple occupiers. Meanwhile a small Adelaide CBD office at 453 Morphett Street has netted an impressive price, trading for between $1.2 million and $1.3 million on the last day of April. The two-storey building, with 439sqm of lettable area, sits on a 253sqm plot between Whitmore Square and South Terrace. Agents marketed the attractive site to investors, owner-occupiers and developers.

132 Warners Avenue, Bondi Beach. Image Credit: realestate.com.au

Ariella Housing Estate, Cedar Woods. Image Credit: Ariella Private Estate

67 Greenhill Road, Wayside. Image Credit: Colliers International

STATE SPOTLIGHT

VICTORIA

INSIDE:

Suburb Report: South Melbourne Victorian Auction Schedule Gurner's Saint Moritz Melbourne Development Site Market Victorian Listings

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RESIDENTS The ABS estimated residential population for South Melbourne for 2019 is 10,535; an increase of 13.1% from the 2011 census. While the median age has reduced by just one year to 36 (VIC; 37 – AUS; 38), the most significant age bracket (accounting for 24.4%) exists with the 25-35 yearold bracket. When comparing census statistics from 2011 and 2016, there is a noticeable shift away from dwellings with three household members in favour of one-bedroom domiciles, which have absorbed an extra 5.5% of the private dwelling share. 56.5% of residents in South Melbourne are renting (an increase of 3.5%), which is significantly higher than the state average of 28.7%.

161 Buckhurst Street. Image Credit: STAB

CULTURE

SIGNIFICANT PROJECTS

Clarendon Street is the heart of the suburb, but there is still much to be found on the intersecting streets that make walking throughout South Melbourne an enjoyable experience. The well renowned South Melbourne Market, with its high-quality produce, independent craft and accessory retailers and live music, delivers a lively atmosphere that entices many visitors from near and far. With many primary producers in the area, South Melbourne belies its proximity to the city and feels more like a quaint village than a fast-paced urban outfit. Whether it’s high-end restaurants, authentic local pubs, gorgeous parks and architecture, whisky, beer, wine or coffee, South Melbourne provides significant justification for the pride that locals hold for their suburb.

Lenny (161 Buckhurst Street): This site was the former head office of Development Ready. Zoned Capital City 1 it has an approved planning permit for 5 luxury full-floor apartments above a ground floor café over 6 levels in total. Located less than 2ks from both the Melbourne CBD and Port Melbourne beach this location has a 94% Walkability Score rating. Each apartment will have private lift access and comprise of 3 bedrooms, 2.5 bathrooms, open plan kitchen / living / dining area, 2 carparks plus city views. Designs by Bayley Ward Architects' and marketed by Eton Property Group. FIFTEEN85 (15-85 Gladstone Street): This significant high-rise project, developed by CEL Australia and designed by Elenberg Fraser, presents three individual glass towers of 30-storeys each. The development will encompass a total of 746 dwellings, 596 car spaces and 235 bike spaces. Parent company Chip Eng Seng Corporation are yet to appoint a builder, but are accepting applications for the purchase of dwellings within FIFTEEN85’s Tower 1.

PRICE Houses: In January 2019, the median price has almost returned to its same position three-years prior. The median house price experienced a peak at $1.52 million in August 2018 and is currently $1.3 million. Current weekly median advertised rent is $650. Units: The current median price of units $570K. Current weekly median advertised rent is $510.

SUBURB REPORT: SOUTH MELBOURNE

Offering residents a village atmosphere that doesn’t sacrifice proximity to the beach or city, it’s easy to understand why South Melbourne is one of the state capital’s most highly sought-after residential destinations. The well-renowned market, leafy streets, Victorian-era architecture and multitude of eateries and bars provide significant appeal, keeping locals from leaving and visitors coming back.

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 in further detail.

48 Hood Street

Airport West

Deadline Sale

Wed 22.05.19

ICR Property Group

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941-951 High Street

Armadale

Private Sale

Contact Agent

Allard Shelton

View

42 Milton Street

Ascot Vale

Private Sale

Contact Agent

Alexkarbon

View

836-842 Sydney Road

Brunswick

EOI

Wed 12.06.19

Savills

View

368 Lygon Street

Brunswick East

SOLD

—

Knight Frank

View

19 The Esplanade

Cowes

Auction

Sat 08.06.19

Gross Waddell

View

35 Herberts Lane

Diamond Creek

Private Sale

Contact Agent

Knight Frank

View

415 Cooper Street

Epping

—

Contact Agent

JLL

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6 Davey Street

Frankston

Private Sale

Contact Agent

Colliers Intl.

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1443 High Street

Glen Iris

Private Sale

Contact Agent

Real Properties

View

265-269 Burke Road

Glen Iris

Private Sale

—

Savills

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32A Green Gully Road

Keilor

Auction

Wed 08.05.19

Melbourne Acquisitions

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53-55 Robertson Road

Kensington

Private Sale

Contact Agent

Allard Shelton

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14 Camira Street

Malvern East

Auction

Thu 30.05.19

Colliers Intl.

View

195 Peel Street

North Melbourne

—

Contact Agent

Alexkarbon

View

442-446 Malvern Road

Prahran

EOI

Tue 28.05.19 2pm

Savills

View

13 Lewisham Road

Prahran

Private Sale

Contact Agent

Knight Frank

View

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356-362 Murray Road

Preston

Private Sale

Contact Agent

Knight Frank

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120-128 Murphy Street

Richmond

Private Sale

Contact Agent

CBRE

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524 Bridge Road

Richmond

â&#x20AC;&#x201D;

Contact Agent

Allard Shelton

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490-500 Burwood Highway

Vermont South

EOI

Wed 29.05.19 2pm

CBRE

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27-31 Dudley Street

West Melbourne

Private Sale

Contact Agent

Savills

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102 Douglas Parade

Williamstown

Private Sale

Contact Agent

Allard Shelton

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VICTORIA NE WS

TIM GURNER'S SAINT MORITZ PENTHOUSES FETCH $78 MILLION IN SALES

Gurner proves there’s still strong demand for high-end offerings in the luxury residential sector of the market.

The sales follow the record-breaking $30 million penthouse sale to ex-Domain boss Antony Catalano who emerged as the buyer of the full-floor seven-bedroom residence in February, known as Melbourne’s most expensive apartment. Gurner said Melbourne’s wealthy emerged as buyers of the multi-million-dollar properties, rumoured to include cricketer Shane Warne as one of the buyers, as he described the appetite for penthouse offerings as “insatiable”. “Within 36 hours we had multiple parties bidding on five of the penthouses,” Gurner said. To kick off construction, which is earmarked for later this year, the developer needs to sell approximately 60 per cent ($330-million) of apartments in the $550 million development to unlock the project’s finance. Something Gurner

Supplied by

is confident about, with the project set to officially launch in the coming months. “We have been blown away by the response to our limited penthouse collection release,” Gurner said. In 36 hours, two penthouses sold for $19 million, along with two penthouses priced between $15.5 -$17 million, and one sale for $9 million. “Our strategy for releasing the penthouse collection first was all about providing our buyers with the opportunity to custom design their residence from the ground up, so the remaining floorplates will be designed around these penthouse offerings,” Gurner said. “We quietly approached a number of Melbourne identities who fit the profile of this sort of residence, and within a matter of weeks, we had dozens of interested parties all

vying for one of the five penthouses.” Penthouse features include internal pools that submerge into the rooms below, private steam rooms, private art gallery spaces, solid marble joinery and bench-tops, floating marble fireplaces and Nero Marquina bathtubs which offer 180-degree water views of the St Kilda waterfront location. The 6,000sqm St Kilda site, located at 14-16 The Esplanade, is owned by Sydney property developer Greg Shand, who partnered with Gurner to replace the existing Novotel Hotel. Plans will see it transformed into three 8-storey towers. When complete, the Saint Moritz development will offer 120 residences offering a mix of two, three four, five and six bedroom dwellings, with prices ranging from $1.4 million to $30 million-plus.

THE PROPERT Y DE VELOPMENT RE VIE W

Penthouse living at Saint Moritz. Image Credit: The Urban Developer

VICTORIA NE WS

Melbourne Development Site Market: What We're Seeing in 2019

The Melbourne development site market is going through a period of transition. The depth of international apartment buyers, fewer tax incentives for investors and uncertainty regarding access to finance, from the apartment buyers and developers alike, have all resulted in a slowing down of acquisition and delivery.

lack of reliance on pre-sales, have gained competitive advantage in the market and have been active in acquiring sites that are permit approved for residential and converting the end use.

taxation policy (stamp duty and land tax) if an ALP Federal Government is elected.

WESTPAC OPENING UP TO FOREIGN APARTMENT BUYERS

This does, however, create excellent buying opportunity for those with healthy balance sheets and capital capacity. We are actively receiving enquiry from many of Melbourne’s largest developers, as well as generational high net investors/developers – all of whom have made it clear that 2019 is a year in which they want to be buying multiple development sites.

Very recently, Westpac Banking Group announced it will commence funding offshore pre-sale buyers in the major Asian markets – excluding China. This is an exciting step forward for the industry, with many major residential projects reliant on offshore pre-sales to make them viable.

Irrespective of the above market factors, two reoccurring themes that we predict will drive confidence in the market are population growth and the obvious shortage of housing stock off the back of rising rents and tight vacancy.

NON-TRADITIONAL BUYER PROFILES The buyer profile for a development site has become much broader and more diverse. Only 12 months ago, 99% of enquiry received was from developers looking to undertake a major residential project on any prominent scale listing. This has now shifted dramatically and, while there are still high numbers of enquiry for residential development, we are actively fielding interest from groups looking to undertake the following development outcomes: • Office or mixed use • Build-to-rent • Hotel • Student accommodation All, bar one, of the major development site sales that have occurred in the Melbourne CBD or immediate fringe this year have been to these buyer profiles. Far East Consortium is the exception, recently acquiring 640 Bourke Street for $90 million. These groups, given their

Our expectation is that it will take some time to filter into the market, with the other major banks needing to change policy for it to truly gain momentum – particularly NAB and ANZ who already have a strong presence in Asia. Knowledge of this, and confidence that there will not be a reversion in policy after purchase, will be very important in reinstating a strong desire to buy an Australian apartment product in the Asian markets. IMPENDING ELECTION The impending federal election on May 18 will impact real estate markets. Proposed changes to negative gearing and capital gains taxation policy by the ALP have received the greatest attention and concern from the industry. However, there are also some subtle elements to this. The Victorian State Government has put its budget on hold until after the federal election to fully appreciate the likely Federal contribution to major infrastructure spending. The Federal ALP party has promised significantly greater contributions to the state, if elected. Resulting in a potentially more modest state

POPULATION GROWTH & RENTAL RATES

Victorian Treasurer, Tim Pallas, recently advised that state policy is for 70% of population growth to be housed in the Melbourne CBD, inner and middle ring as these are areas that have access to high capacity public transport alignments. Couple this with vacancy rates at 1.8% for residential accommodation in Metropolitan Melbourne and a 7% growth in residential rents in 2018 and Melbourne is heading towards a period of accommodation under supply. This will be a major driver in the development sector. With early signs of greater openness for major banks to fund Asian pre-sales, now is the time to buy sites and build a development pipeline, to take advantage of a prosperous market in the not too distant future.

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

DevelopmentReady.com.au

VICTORIA LISTINGS

For Sale: 1443 High Street, Glen Iris VIC 3146

– Premium corner site (717m2*) featuring side laneway access – Growth Residential Zone (GRZ3) – Bountiful amenities surround the property, with education, retail, hospital, road networks and public transport on its doorstep – Long settlement considered

1443 High Street, Glen Iris represents an ideal and rarely found development opportunity in the heart of the affluent leafy suburb of Glen Iris.

View Listing

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

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Real Properties celebrates 2 years of unwavering commitment to helping clients realise the full potential of their investment. â&#x20AC;&#x153;Our success has been based on long standing, deep and mutually respected relationships. The authenticity, loyalty and passion shown by the Real Properties team is a true reflection on our client engagement, people and brand.â&#x20AC;? Joseph Catanese Chief Executive Officer For a confidential discussion about how we can deliver Real Results for your property, contact us today on 03 8527 0750.

realproperties.com.au

VICTORIA LISTINGS

442-446 Malvern Road, Prahran For Sale by Expressions of Interest closing Tuesday 28 May at 2pm

A premium Hawksburn Village landholding with a first-class permit for a luxury 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

0458 488 888 bzhou@savills.com.au

27-31 Dudley Street, West Melbourne For Immediate Private Sale

High profile corner office building with major upside

VIEW LISTING

Clinton Baxter

0413 569 888 cbaxter@savills.com.au

Nick Peden

0402 011 266 npeden@savills.com.au

Glenn Ye 叶格林

0476 938 888 gye@savills.com.au

More Exposure More Competition Record Prices

PLEASE BE AWARE OF 18MM CENTER PAGE MARGIN

THE PROPERT Y DE VELOPMENT RE VIE W

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

265-269 Burke Road, Glen Iris For Immediate Private Sale

Prominent retail freehold with large landholding and huge upside VIEW LISTING Jesse Radisich

0402 085 702 jradisich@savills.com.au

Nick Peden

0402 011 266 npeden@savills.com.au

Glenn Ye 叶格林 Outline Indicative Only

0476 938 888 gye@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

THE PROPERT Y DE VELOPMENT RE VIE W

AUCTION THIS WEEK

32A Green Gully Road, Keilor VACANT CORNER SITE WITH ENORMOUS POTENTIAL AUCTION Wednesday 8 May 2019 at 12:30pm On-Site >> >> >> >> >>

Infill residential land holding overlooking park Exceptional development opportunity Massive 310m approx. street frontage Easy access to Brimbank Park, Schools, Keilor Central and Keilor Village Shops CBD 18km*, Melb. Airport 9km*, Western Ring Rd 4km*

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

Connecting people & property, perfectly. 356-362 Murray Road, Preston VIC.

13 Lewisham Road, Windsor VIC.

For Sale or Lease

For Sale

Prominent Corner allotment of 2,873 sqm*

Zoned Priority Development Schedule 2

Stephen Kelly 04107 320 377 James Thorpe 0414 510 071

View Listing View at knightfrank.com.au

Immediate proximity to amenity

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Stong holding income of $210,000 pa*

Flexible General Residential Zoning

631 sqm* allotment

Stephen Kelly 04107 320 37 James Thorpe 0414 510 071

Tom Zhou 0433 311 280

View Listing

368 Lygon Street, Brunswick East VIC.

35 Herberts Lane, Diamond Creek VIC.

For Sale

Sold

Refurbished building of 592 sqm*

Large land allotment of 595 sqm*

On-site car parking

Significant land holding of 2.45 ha*

Premium elevated location

Stephen Kelly 04107 320 377 James Thorpe 0414 510 071

View Listing

Immediate proximity to amenity

THE PROPERT Y DE VELOPMENT RE VIE W

WILLIAMSTOWN

ARMADALE

102 Douglas Parade

941-951 High Street

MELBOURNE CBD 6KM*

102 DOUGLAS PARADE WILLIAMSTOWN

Doug las Para de

PLANS AND PERMITS APPROVED FOR TOWNHOUSE DEVELOPMENT

EXCEPTIONAL FREEHOLD WITH UPSIDE - LOCATED IN THE HEART OF MELBOURNEâ&#x20AC;&#x2122;S MOST SOUGHT AFTER SUBURB

For more information please contact:

0433 180 199 0421 516 480 0417 309 347

Michael Ryan James Gregson Joseph Walton

VIEW LISTING

RICHMOND

0433 180 199 0417 309 347 0421 516 480

VIEW LISTING

KENSINGTON

53-55 Robertson Road CBD

EPWORTH HOSPITAL

MELBOURNE CBD 2.5KM*

CHURCH STREET

524 Bridge Road SPORTS PRECINCT

Michael Ryan Joseph Walton James Gregson

524 BRIDGE ROAD

cityli

RICHMOND

53-55 ROBERTSON STREET

BURNLEY STREET

BRIDGE ROA

KENSINGTON

613.16 SQM*

rt so n

re e

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

LOCATED IN THE ARDENMACAULAY URBAN RENEWAL AREA

For more information please contact:

Joseph Walton James Gregson Michael Ryan

0417 309 347 0421 516 480 0433 180 199

VIEW LISTING

Joseph Walton Michael Ryan James Gregson

0417 309 347 0433 180 199 0421 516 480

VIEW LISTING

9654 3222

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

VICTORIA LISTINGS

VIEW LISTING

For Sale: �� The Esplanade, Cowes VIC �� Auction: Saturday 8th June at ��pm Alex Ham �� 6

Andrew Greenway �� 6�6

Permit Approved Beachfront Development Opportunity – Approved for �� apartments (�� x � beds & �� x � beds) – Generous north facing landholding of �,�86sqm approx. – Uninterrupted views over parklands and bay beach – Comprising substantial � bedroom residence generating holding income – Located directly opposite Cowes Beach and ��m approx. to Cowes retail precinct

AIRPORT WEST 48 HOOD STREET

AIRPORT WEST WAREHOUSE/OFFICE DEVELOPMENT OPPORTUNITY • Land area: 780 sqm* • Commercial 2 Zoning • Regular shaped allotment • Current improvements: Residential dwelling • Ideal warehouse/office development (STCA) • Situated between Tullamarine Airport and Essendon Fields Airport • Supported by nearby transport infrastructure (Tullamarine Fwy: 1km*, Western Ring Rd: 3.3kms*)

DEADLINE SALE: WEDNESDAY 22ND MAY AT 12PM Raff De Luise Julian Materia

9321 6888

*Approx.

0418 533 633 0498 188 011

icrproper t ygroup.com

THE PROPERT Y DE VELOPMENT RE VIE W

Accelerating success Reach more people – better results faster.

PREMIUM LANDHOLDING WITH DIVERSIFIED INCOME AUCTION Friday 7 June at 12pm on-site 1-6, 17 Moresby Avenue, Bulleen, VIC 3105 – – – –

6 existing townhouses in one line Site area of 3,002m2* Strong and diversified holding income General Residential Zone (GRZ1)

View now

Hamish Burgess James Wu +61 421 641 497 +61 423 675 777

Joe Kairouz +61 421 430 638

MIXED USE BAYSIDE DEVELOPMENT SITE

APPROVED SITE MOMENTS FROM CHADSTONE SHOPPING CENTRE

FOR SALE 6-12 Davey Street, Frankston, VIC 3199

AUCTION Thursday 30 May at 12pm 14 Camira Street, Malvern East, VIC 3145

View now

Hamish Burgess Jozef Dickinson +61 421 641 497 +61 402 678 888

Joe Kairouz +61 421 430 638

View now

Hamish Burgess Joe Kairouz +61 421 641 497 +61 421 430 638

Jun Lai +61 456 535 000

colliers.com.au

VICTORIA LISTINGS

North Melbourne. 195 Peel Street

Ascot Vale. 42 Milton Street

Zoned for University High, and moments from universities, hospitals, Queen Victoria Market, Errol Street cafes, shops, trams and the CBD, this site delivers an unbeatable inner city potential.

With approved plans and a permit for three townhouses in a premium location, this site is a standout. Set just a short walk from Puckle Street, Union Road precincts and Ascot Vale train station. Approved plans for three architecturally designed townhouses are ready to herald in a new chapter for this well positioned development site.

Alex Puglia 0458 393 162 alex@alexkarbon.com.au

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

VIEW LISTING

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

VIEW LISTING

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

M A R I O M OS CO N 0404 783 888

TH E FU T U RE IS NOR TH

ANTHONY CANNIZZARO 0 4 3 1 674 47 2 CO O PE R T P.CO M . AU

is the newest industrial offering from Time & Place in Epping, part of Melbourneâ&#x20AC;&#x2122;s booming Northern suburbs. Located opposite the Melbourne Market with an abundance of largescale amenities nearby, now is the time to secure your direct pipeline access to the Hume Hwy, Metropolitan Ring Rd and Melbourne Airport.

D E V E L O P E D B Y:

VIEW LISTING

PA R T N E R A G E N T:

MELBOURNE CBD 23KM

S TAG E 1

HUME FWY

FUTURE RELEASE

COOPER STREET

CooperTP_DevReady_FP ad_final.indd 1

03/05/2019 09:15

STATE SPOTLIGHT

QUEENSLAND

INSIDE:

Suburb Report: Highgate Hill Queensland Auction Schedule Brisbane Welcomes the Fantauzzo Queensland Listings

THE PROPERT Y DE VELOPMENT RE VIE W

Situated in a tightly held bend on the southern side of the Brisbane River, Highgate Hill is a high-density suburb with undulating hills and multiple apartment complexes. Proximity to and views of the Brisbane central business district have drawn residents, primarily young professionals and students, to the area. Many of Brisbane’s attractions are within walking distance, or accessible through well serviced public transport.

nade are easily reached on foot, as too is the Brisbane CBD, an easy 2km stroll. The University of Queensland rests on the opposing side of the river, accessible via the Eleanor Schonell Bridge through Dutton Park. Highly regarded for its stunning views, Highgate Hill is absolutely a suburb to be enjoyed on foot, though trains and bus routes make moving to-and-from an easy experience.

RESIDENTS

PRICE

As of the most recent 2016 Census, Highgate Hill reported a total population of 6,194; an increase of 6.3% from the 2011 Census. The median age has moved slightly from 34 to 33 over this same period (QLD; 37 – AUS; 38), however the major age brackets remained the same, with the highest concentration of people existing between 20 and 34. Highgate Hill is a high-demand location with detached homes making up 38.2% of all dwelling structures and apartments 55.7%.

Houses: With the number of varied house sizes and positions, the median house price in Highgate Hill has seen peaks and dips over the past 36-month period. As of March 2019, the sought-after residential neighbourhood holds a median house price of $970,000. The current weekly median advertised rent is $500. Units: The median price of units is somewhat reflective of house prices, albeit with a more dramatic decrease (18%) over the past 36 months. As of March 2019, the median unit price sits at $507,500. The current weekly median advertised rent is $360.

CULTURE While Highgate Hill holds a primarily residential vibe, it enjoys close proximity to multiple retail precincts. Boundary Street in West End and the Southbank prome-

currently in construction phase if their new Sierra Nuvo luxury residential project. Projected to reach completion at the end of 2019, this five- storey will offer a range of luxury 2, 3 and 4 bedroom apartments plus 4 premium penthouses. The rooftop offers a sculptured living zone comprising of an infinity-edge pool, wading pool and spa, with city views that extend across the horizon towards Mt Coot-tha. There is also a sunken lounge, private retreat zones and gourmet cooking facilities all surrounded by a subtropical sky garden.

SIGNIFICANT PROJECTS Sierra Nuvo (18 Jones Street): Developer Skyring, with designs by Powe, are

SUBURB REPORT: HIGHGATE HILL

Sierra Nuvo. Image Credit: Powe

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 in further detail.

57 Main Street

Beenleigh

Auction

Thu 20.06.19 11am

LJ Hooker Comm.

View

31-37 Dreamworld Parkway

Coomera

Private Sale

Contact Agent

Savills

View

Lot 164 Steve Irwin Way

Glass House Mtns

EOI

Contact Agent

CBRE

View

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

Kenmore

EOI

Thu 13.06.19

Savills

View

131 Binnies Road

Ripley

EOI

Wed 12.06.19

Ray White Special

View

56 Coman Street

Rothwell

EOI

Thu 30.05.19

Ray White Special

View

41 & 43 Ward Street

Southport

Private Sale

Amalgamated Sites $2,989,000

Savills

View

Sippy Downs Town Centre

Sunshine Coast

For Sale

Contact Agent

CBRE

View

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

QUEENSL AND NE WS

BRISBANE WELCOMES NEW ADDITION TO BUSY HOTEL MARKET

Brisbane has welcomed its newest hotel – the $100 million Art Series-branded the Fantauzzo, at the riverfront Howard Smith Wharves precinct.

The Fantauzzo is the latest addition to a market that was, until recently, known for its paucity of high-end hotels — new additions include Fortitude Valley’s the Calile and the $200 million Westin Brisbane in the CBD. Queensland was Australia’s busiest hotel market in 2018, with $486 million in investment and 1,615 rooms coming on line, according to a recent Colliers hotel report. The forecast for 2019 is much slower, with just 166 rooms forecast as supply exceeds demand in the short term. CBRE’s Hayley Mantwell cites the new Brisbane airport runway set to be operational by 2020 and the $160 million cruise ship terminal as drivers of demand. “Brisbane is expected to benefit over the longer term from new development

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and the extensive range of investment projects and initiatives currently under way and planned,” Mantwell said. “CBRE forecasts market room rates to stabilise over the short term, followed by growth as a result of the quality of new product and increased demand from 2020.” Melbourne photorealist painter Vincent Fantauzzo is the artist behind the eighth hotel in the Art Series, with six of his original works and more than 500 prints adorning the walls of the 6-storey, 166room hotel. Accor owns the Art Series brand, after acquiring the Mantra Group in a $1.2 billion deal in June 2018. Mantra had snapped up the Australian-owned Art Series brand in 2017 for $52.5 million. “It’s the first Art Series hotel to open under our management, with guests

visiting Brisbane from other parts of Queensland, interstate and overseas,” Accor Pacific chief operating officer Simon McGrath said. The SJB-designed Art Series hotel welcomed its first guests on Tuesday.

THE PROPERT Y DE VELOPMENT RE VIE W

The $100 million Art Series hotel has opened its doors at Howard Smith Wharves. Image Credit: The Urban Developer

QUEENSL AND LISTINGS

10.53HA* RIPLEY VALLEY LAND SUBDIVISION SITE Ripley, 131 Binnies Road

Outline and Locations Indicative Only

Outline Indicative Only

EXPRESSIONS OF INTEREST Closing Wed 12 Jun 2019 4pm • • • •

Opportunity to acquire a strategically located development site in the fast growing western corridor of SEQld In close proximity to the Coles anchored Ripley Valley Town Centre Designated Urban Living within Ripley Valley Priority Development Area Site not affected by undermining and flood free

• • •

40mins* south west of the Brisbane CBD, 15mins* from the Ipswich CBD and Springfield City Directly adjacent existing land estates providing potential options for future connectivity to services Various investigative studies undertaken to assist with Due Diligence

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

*Approx ^Subject to Council Approval

raywhitespecialprojects.com

9,825M²* ROTHWELL APPROVED DEVELOPMENT SITE Rothwell, 56 Coman Street

Outline and Locations Indicative Only

Outline Indicative Only

EXPRESSIONS OF INTEREST Closing Thur 30 May 2019 4pm • • • •

Land Area 9,825m²* Designated Centre Zone - Specialised Centre Precinct Development Approval (MCU) for 147 bed residential aged care plus community facilities or 147 room supported living facility 5.5km* to Westfield North Lakes and 2.5km* to Rothwell Railway Station

• • •

850m* to Moreton Bay Cycle and Walkway network Located in close proximity to a large variety of local shopping, public transport, health and medical facilities Potential for other development options including residential, commercial or mixed use development (^STCA)

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

*Approx ^Subject to Council Approval

View Listing

raywhitespecialprojects.com

THE PROPERT Y DE VELOPMENT RE VIE W

FOR SALE

SIPPY DOWNS TOWN CENTRE, SUNSHINE COAST, QLD HIGH GROWTH AREA â&#x20AC;&#x201C; SUNSHINE COAST + Five "Town Centre" lots being developed completion & title due April 2019 + O nly 4 lots remain. Develop now or landbank + High profile corner opposite the University of the Sunshine Coast + Immediately adjacent to the new Coles supermarket & nearby to Youi head office + 8km* from Mooloolaba & 90km* to Brisbane + "Major Centre" zone supporting retail, hotel, commercial & high density resi to 25 metres* *approx

FOR SALE BY PRIVATE TREATY BRENDAN ROBINS 0402 159 588 REM RAFTER 0408 714 420

VIEW LISTING

property.cbre.com.au

FOR SALE

LOT 164 STEVE IRWIN WAY, GLASS HOUSE MOUNTAINS, QLD 4518 MASSIVE HIGHWAY FRONTAGE + 2.19 Ha* site + L ocated in Sunshine Coast railway township Glass House Mountains + DA approval over part of the site for a neighbourhood shopping centre (1,300sqm* supermarket plus nine specialty stores totalling 840sqm*) + Site adjacent to main business district *approx

FOR SALE BY PRIVATE TREATY

REM RAFTER 0408 714 420 property.cbre.com.au

VIEW LISTING

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

More Exposure More Competition Record Prices

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

For Sale: 31-37 Dreamworld Parkway, Coomera, QLD, 4209 Coomera Village Shopping Centre – 1,825sq m* net lettable area – 22 Individual tenancies – Additional storage sheds – 91 on-site car parks – Good tenant mix with low vacancy – Three street frontages and highway exposure – City Council bus stop within 50 meters – Easy access to the train station, M1 Corridor north and south

James Stevenson 0498 121 165

More Exposure More Competition Record Prices

VIEW LISTING

For Sale: 41 & 43 Ward Street, Southport, QLD, 4215 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 – Plans prepared for 81 units (Subject to Council Approval) – Alternative development potential: Child Care Centre, Health Care Services, Food & Drink Outlet (Subject to Council Approval)

Michelle Gee 0421 188 799

More Exposure More Competition Record Prices

VIEW LISTING

QUEENSL AND LISTINGS

57 Main Street Beenleigh, QLD 4207

Auction

Strategic 1530m2 Development Site Located in the Heart of Beenleigh

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 – Develop to 30 storeys (STCA) – Clear Instructions to sell!

VIEW LISTING

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

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

ljhooker.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

STATE SPOTLIGHT

NEW SOUTH WALES

INSIDE:

Suburb Report: Cronulla New South Wales Auction Schedule Global City Wealth Index New South Wales Listings

THE PROPERT Y DE VELOPMENT RE VIE W

With world class surf breaks, beautiful sandy beaches and stunning coastal parklands, Cronulla presents a vibrant and varied lifestyle in a highly sought-after pocket of Sydney’s south. Renowned energetic atmosphere, recreational activities and popular restaurants, cafés and bars, Cronulla keeps residents and visitors entertained throughout all hours of the day. RESIDENTS

benefit of proximity to Miranda Westfield Shopping Centre. Cronulla is also the only Sydney beach accessible by train, allowing CBD bound commuters the unique pleasure of avoiding traffic via an easy 50-minute journey to the city centre. PRICE

Houses: Median house prices in Cronulla have enjoyed a mix of steady and dramatic The ABS estimated population for Cronulla increases over the past three years. In as of 2018 is 19,350; an increase of 13.5% March 2019, the median house price was from the 2011 Census. As the population $2.24 million – an increase of over 24% continues to grow, residents are taking to compared to the same period of 2016. the skies, with apartments now account The most notable rise occurred during ing for 72.7% of all dwelling types; land is the middle of 2017, when the median a rare and highly sought-after commodity. price jumped $245,000 in the space of The latest 2016 census reported that three months. The current weekly median Cronulla is made up of a diverse range of advertised rent is $810. age-brackets that stretch from 20 through Units: Median unit prices may have not to 70; the median age as of 2016 was 39 experienced the same dramatic increases compared to NSW; 36 and AUS; 38. as house prices, but they have still enjoyed a steady rise of approximately 20% CULTURE (to $882,500) over the past three years. The current weekly median advertised This southern headland is most promirent is $478. nently known for its outdoor activities, suiting residents, of all ages, with an ‘out- SIGNIFICANT PROJECTS door’ lifestyle. While the beaches, walking trails and harbour are key reasons to visit Wavelength (49 Gerrale Street): Led by and stay, the area also supplies an enticIridium Developments and designed by ing retail and café lifestyle, with the added Architecture Urbaneia, Wavelength is a

mid-rise, one building residential project idyllically situated opposite Cronulla Park and Beach. Consisting of 63 luxury dwellings spread over 9-storeys, with a range of 1, 2 and 3 bedroom configurations in addition to a penthouse suite. The project will also incorporate a Green Terrace plus four swimming pools. Ozone (5-9 Ozone Street): The Ozone residential project presents 30 dwellings across its nine storeys. Designed by Vic Lake Architecture the $32 million project has been cast in some controversial limelight recently due to proposed adverse impacts, in particular the view loss for residents in surrounding homes. Design amendments were designated as appropriate, with approval for the project being granted recently. The penthouse was pre-purchased in 2018 for a record $7.5 million.

SUBURB REPORT: CRONULLA

Wavelength. Image Credit: Urbaneia

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 in further detail.

45-47 Drummond Street

Belmore

Auction

Thu 30.05.19

Colliers Intl.

View

232 Lane Street

Broken Hill

Auction

Thu 09.05.19

Colliers Intl.

View

18 The Crescent

Penrith

Private Sale

—

Colliers Intl.

View

Lots 12 & 13 Butu Wargun Dr.

Pemulwuy

EOI

Tue 28.05.19

Ray White Comm.

View

20-22 Hume Highway

Warwick Farm

Auction

Tue 28.05.19

Ray White Comm.

View

503-505 Pacific Highway

Mount Colah

Private Sale

—

Ray White Comm.

View

93 Forest Road

Hurstville

EOI

Thu 30.05.19

CBRE

View

28 Harkness Road

Oakville

EOI

Fri 31.05.19

Urban Greenfield

View

153A Marmong Street

Marmong Point

EOI

Thu 16.05.19

Ray White Comm.

View

THE PROPERT Y DE VELOPMENT RE VIE W

NE W SOUTH WALES NE WS

GLOBAL CITY INDEX: SYDNEY REMAINS IN TOP 10

Sydney has come in at sixth place for investment, and eighth overall according to the latest 2019 City Wealth Index.

Knight Frank’s latest City Wealth Index takes in the world’s leading cities to provide insights for investors. Sydney came in at sixth spot for the report's investment category, this section looks at where the wealthy are investing says Knight Frank’s head of residential research Australia Michelle Ciesielski. “Globally, we assessed data on major property investments – residential and commercial worth US$10 million or more – by private individuals and family offices,” Ciesielski said. The ranking takes into account the volume of investment and diversity measuring the number of different nationalities investing. Sydney came in 16th place for the lifestyle ranking. Ciesielski said this category draws on key lifestyle decision influencers such as education, security, and luxury

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indicators which include the number of five-star hotels and the quantity and quality of restaurants. “Finally, the wealth category, in which Sydney ranked 27th, uses data from analyst GlobalData WealthInsight to look at current ultra-wealthy populations in each city, as well as analysing recent growth performance,” Ciesielski said. Sydney’s population of ultra-high-networth individuals, that is someone with a net worth of more than US$30 million excluding their primary residence, is also set to grow. “The population of UHNWIs in Sydney was estimated at 875 in 2018 and this is projected to grow by 20 per cent over the next five years,” Ciesielski said. This is in line with the expected 22 per cent increase in the global UHNWI popula-

tion projected for the five years to 2023. Topping the global chart is London, which now has a population of 4,944 UHNWIs, the largest of any city in the world following a rise of 582 in the last five years. “Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019” Knight Frank’s global head of research Liam Bailey said. “The city sweeps the board in our annual City Wealth Index, pushing its only serious rival New York into second place.”

THE PROPERT Y DE VELOPMENT RE VIE W

THE CIT Y WE ALTH INDE X 2019

01. London 02. New York 03. Hong Kong 04. Singapore 05. Los Angeles Sydney has come in at sixth place for investment, and eighth overall according to the latest 2019 city wealth index. Image Credit: The Urban Developer

06. Chicago 07. Shanghai 08. Sydney 09. Tokyo 10. Toronto

To read more of the City Wealth Report, visit www.knightfrank.com/wealthreport

NE W SOUTH WALES LISTINGS

Accelerating success Reach more people – better results faster.

BOUTIQUE DA APPROVED DEVELOPMENT OPPORTUNITY

View Now

FOR SALE BY WAY OF PUBLIC AUCTION Thursday, 30th May 2019 at 10:30am 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.

DA APPROVED CHILDCARE CENTRE PRIVATE SALE – CONTACT AGENT 18 The Crescent, Penrith, NSW, 2750 – 75 Place childcare centre – 815.7m2* Site Area – High Exposure Corner Location

View Now Jordan McConnell 0419 990 295 jordan.mcconnell@colliers.com

Joe Sacco 0414 483 247 joe.sacco@colliers.com

Accelerating success Reach more people – better results faster.

OLD CONVENT FOR SALE FOR SALE Auction Thursday 9th May 2019 at 10:30am 232 Lane Street, Broken Hill, NSW, 2880 – Substantial site area of 6,350sqm* across six separate buildings – Expansive net lettable area of 2,128sqm* – Dual street frontages onto Lane Street and Sulphide Street – Generous on-site parking for circa 35 vehicles – Prime asset re-positioning opportunity

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

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

NE W SOUTH WALES LISTINGS

DA APPROVED RESIDENTIAL DEVELOPMENT SITE

Pemulwuy, NSW, Lots 12 and 13 Butu Wargun Drive

EXPRESSIONS OF INTEREST Closing Tuesday 28 May 2019 at 3pm • • • • • • •

Two adjoining lots with a total site area of 3.1ha* Approved GFA of 24,629.4sqm* Ability to stage project Alternate medium density^ scheme available In-fill development site located in the heart of Pemulwuy Proven successful sales precinct Within 700m* to Pemulwuy Marketplace

View Listing

Jeff Moxham 0413 838 339 jmoxham@raywhite.com Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com

raywhitecommercial.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

INFILL RESIDENTIAL DEVELOPMENT SITE^ Warwick Farm, NSW, 20-22 Hume Highway

AUCTION

Tuesday, 28 May 2019 at 10:30 am (AEST)

• • • • • • • •

Site area - 1,048sqm* Zoned R4 - High Density Residential FSR 2:1 + Bonus FSR 600* metres to Warwick Farm station Frontage of 36* metres Cleared level block Situated in high growth area with infrastructure upgrade^ 40km* to Sydney CBD & 14km* to Parramatta CBD

View Listing

Jeff Moxham 0413 838 339 jmoxham@raywhite.com Joseph Assaf 0401 397 696 jassaf@raywhite.com Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com

raywhitecommercial.com.au

VENDOR TO MEET MARKET - DA APPROVED TOWNHOUSE DEVELOPMENT SITE Mount Colah, NSW, 503-505 Pacific Highway

EXPRESSIONS OF INTEREST Closing 30 April 2019 at 3pm

View Listing

• • • • • •

CC documents prepared, pending lodgement Generous sized townhouses with a mix of 3 and 4 bedrooms No current competing townhouse stock in the immediate vicinity Land area of 1,673 sqm* 1km* to Mount Colah train station 1.1km* to Asquith train station

Jeff Moxham 0413 838 339 jmoxham@raywhite.com Samuel Hadgelias 0403 254 675 shadgelias@raywhite.com

raywhitecommercial.com.au

NE W SOUTH WALES LISTINGS

FOR SALE

93 FOREST ROAD HURSTVILLE SYDNEY 2220 DA APPROVED RESIDENTIAL DEVELOPMENT SITE

+ Development Approval + 556 residential apartments, supermarket and 7 specialty retail + 237 as built basement car spaces in Stage 2 which forms part of the sale + Gross Floor Area of 48,742sqm* + Site Area of 13,927sqm* + Existing residential apartment presales and supermarket pre-commitment + 700m to Hurstville Train Station + 500m to Westfield Shopping Centre + 150m to Hurstville Public School + Uninterrupted Sydney CBD, Botany Bay & Georges River views + Adjoins Kempt Field

BEN WICKS 0422 206 015 property.cbre.com.au

PETER KRIEG 0412 822 144

VIEW LISTING

THE PROPERT Y DE VELOPMENT RE VIE W

FOR SALE 28 Harkness Road, Oakville, NSW, 2765 EOI: Friday 31st of May • 45,084m2 of land zoned R2 - Low Density Residential, • 3,521m2 of land zoned RE1 - Public Recreation (future park); and • 16,995m2 of land zoned SP2 - Infrastructure (water management basin). • Land use: R2 - Low Density Residential, RE1 - Public Recreation and SP2 – Infrastructure • Total land area: 65,600m2 or 16.2 acres (6.56 hectares) Trent McKellar trent@urbangreenfield.com.au 0418 654 715

Emma McKellar emma@urbangreenfield.com.au 0419 242 664

Accelerating success Reach more people – better results faster.

LAND FOR SALE EXPRESSION OF INTEREST Closing Thursday 16 May 2019 at 4pm 153A Marmong Street, Marmong Point, NSW, 2284 – DA approval 94 independent living units – Exceptional Lake Macquarie location – Two and three bed dwellings

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

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

• Net residential density yield: 15-18 dwellings/hectare • Total residential density yield: 78-81 dwellings (subject to lot size, density cap, design, road layout and Hawkesbury City Council approval) • Maximum height of buildings: 9 metres

VIEW LISTING

STATE SPOTLIGHT

SOUTH AUSTRALIA

INSIDE:

Suburb Report: Glenelg South Australia Auction Schedule Kangaroo Island Resort Developer Seeks Interest South Australia Listings

THE PROPERT Y DE VELOPMENT RE VIE W

Located approximately 10km south-west of the Adelaide CBD, the bay-side suburb of Glenelg is renowned for its sandy beach and vivacious atmosphere. With a wide range of activities to suit families, couples and tourists alike, Glenelg experiences a high level of visitation. Attractions of note include the abundance of trendy hospitality venues, the family-friendly Beachouse Amusement Centre and The Bay Discovery Centre, which offers the popular dolphin spotting tours.

pine tree border and clear blue water ideal for swimming, is the pride of residents and is often the first thing remarked. The area exudes a trendy and up-andabout vibe, with laid-back pubs, organic cafes, global eateries and indie boutiques located throughout. Jetty Road is the main commercial strip, running through the middle of the town and straight onto the Glenelg Pier. In 2016 part of the region’s seaside strips were rezoned to allow for higher density residential and commercial development.

Between the 2011 and the latest 2016 census, the median age of Glenelg rose from 46 to 50-years-old compared to SA; 40 and AUS; 38. Total population decreased slightly, falling by 2.9% to 3,349. While population is evenly spread from the ages of 20 plus, 31.2% of the population are aged between 55 and 74; this high proportion of over-55s is notably higher than the rest of the state. Glenelg residents’ background primarily lies in UK origins, with 64.9% identifying their heritage as UK or Australian; this is also reflective of wider South Australia figures.

ment development in Glenelg for more than 20 years. The site is just 200m south of Moseley Square and will comprise 52 world-class apartments. A Porte-cochère, ocean facing indoor pool and a resident’s private gymnasium will all be key features of the building. Chasecrown Director and project architect Louis Kanellos said the quality of the design and build of this project will set a new benchmark for apartment living in South Australia. 15-23 Jetty Road: Taplin Group have been granted approval for a new 32 PRICE apartment residential development in the heart of Glenelg. The building will rise Houses: The median house price has seven-storeys and is exempt from Jetty experienced a somewhat tumultuous time Road’s five-storey limit because the site is leading up to the middle of 2018, when larger than 1,500sqm. it dropped to $597,000. Since then it has This $30 million project joins another seen a return to favour, reaching $920,000 approved project by Taplin, the $28 million in March 2019. The current weekly mediColley Terrace residential. an advertised rent is $460. Units: Median unit prices have told a different story, experiencing relatively stable growth from $359,250 in January 2016 to $439,000 in March 2019. The current weekly median advertised rent is $380.

CULTURE

SIGNIFICANT PROJECTS

Glenelg is a popular tourist destination for residents of Adelaide, interstate and international visitors. The gold sandy beach,

EI8HT South Esplanade (7-8 South Esplanade): This $75 million, 12-storey project is the first new absolute beachfront apart-

RESIDENTS

SUBURB REPORT: GLENELG

EI8HT South Esplanade. Image Credit: Louis Kanellos

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 in further detail.

100 North Terrace

Adelaide

Private Sale

Contact Agent

Knight Frank

View

15-27 Halifax Street

Adelaide

EOI

Thu 16.05.19 4pm

Knight Frank

View

22-28 Anzac Highway

Everard Park

Private Treaty

In excess of $4,550,000

CBRE

View

102-122 Eastern Parade

Gillman

EOI

Thu 30.05.19

Colliers Intl.

View

26 London Road

Mile End South

Auction

Fri 24.05.19 11:30am Colliers Intl.

View

45 & 49-63 Main South Road

Reynella

EOI

Thu 16.05.19 4pm

Knight Frank

View

8-16 Smith Street

Thebarton

EOI

Thu 16.05.19

Colliers Intl.

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.

SOUTH AUSTR ALIA NE WS

KANGAROO ISLAND RESORT DEVELOPER SEEKS INTEREST

Plans for the American River Resort, a new luxury offering on Kangaroo Island, has hit the market.

Developer City & Central Consulting (CCC ) is seeking parties to participate either as a joint venture under a fund through structure, or a turnkey delivery for the 100-room island resort. Kangaroo Island, located 112 kilometres southwest of Adelaide, is the third-largest island in Australia Colliers International’s Karen Wales, Guy Wells, and Alistair Mackie have been appointed as the exclusive selling agents for the resort. “This is the opportunity to participate in the development of an approved 100-room upscale resort on a significant landholding with the opportunity for future additional luxury villa accommodation and the development of a staff village,” Colliers International Karen Wales said. The multi-million-dollar resort, de-

Supplied by

signed by Cox Architecture, was given planning approval by the South Australian government in 2017. The cost of the project has been reported at around $35 million, with plans it will be operated under the Cordis brand, by Langham Hotels & Resorts. Hospitality developer CCC is the sister company to CCD Hotels and Resorts which also has activities in Thailand and the USA. The proposed resort is located 30 minutes from SeaLink’s Penneshaw ferry terminal and about 20 minutes to Kangaroo Island’s Airport. An international expressions of interest campaign for American River Resort will close on Tuesday 21 May.

THE PROPERT Y DE VELOPMENT RE VIE W

Plans for the American River Resort, a new luxury offering on Kangaroo Island, has hit the market. Image Credit: The Urban Developer

SOUTH AUSTR ALIA LISTINGS

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

DevelopmentReady.com.au

THE PROPERT Y DE VELOPMENT RE VIE W

Connecting people & property, perfectly.

Site opposite $6b Bio-Med Precinct. Bio Med Precinct

100 North Terrace, Adelaide SA.

North Te rrace

For Sale 100 North Terrace

Near Convention Centre

Development approved* *Approx

675 sqm* site area

Adelaide Convention Centre

Guy Bennett 0418 808 548 Tony Ricketts 0418 827 911

RLA 199257

View Listing

Invest in the future. 45 & 49-63 Main South Road, Reynella SA.

For Sale by EOI closing 16 May at 4pm.

Massive site 22,660 sqm*

10 year lease

Strong cash flow *Approx

Guy Bennett 0418 808 548 Tony Ricketts 0418 827 911

RLA 199257

View Listing

Hotel development opportunity. 15-27 Halifax Street, Adelaide SA.

Adelaide CBD

For Sale by EOI closing 16 May at 4pm. 15-27 Halifax Street, Adelaide

Guy Bennett 0418 808 548 Tony Ricketts 0418 827 911 View Listing

Street

Core CBD location

King William

Proposed 200 key hotel

*Approx

1,358 sqm* site area

RLA 199257

SOUTH AUSTR ALIA LISTINGS

FOR SALE

PREMIUM LOCATION WITH FANTASTIC AMENITY DEVELOPMENT READY SITE + Enviable location 2kms* from the Adelaide CBD + Offered as a total site of 3,515sqm* encompassing four Certificates of Title + Recently rezoned Urban Corridor - Transit Living (Anzac Highway) in the City of Unley allowing up to six storeys of development + Fully cleared & serviced connections provided + Current approvals for apartment development available

FOR SALE BY PRIVATE TREATYPRICE GUIDE $4,550,000 HARRY EINARSON 0421 747 442 MITCH CURNOW 0415 494 056

VIEW LISTING

property.cbre.com.au *approx

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

WESTERN AUSTRALIA

INSIDE:

Suburb Report: Scarborough Western Australia Auction Schedule Cedar Woods Buys $28m Site Western Australia Listings

THE PROPERT Y DE VELOPMENT RE VIE W

Home to one of Perth’s most adored beaches, Scarborough is an attractive and lively coastal suburb around 12km northwest of Perth’s CBD. From sunrise to sunset, this residential hotspot is teeming with people from all over the city, enjoying the active yet laidback scene. Surfers, cyclist and families intermingle at hip cafés, parks, retail strips and (of course) the beach, while the more hedonistic keep the vibe going right into the late night. RESIDENTS Scarborough’s median age of 34-years has remained consistent from 2011 to 2016, compared to the rest of WA; 36-years and AUS; 38-years. Census data reveals an overall increase in population by 8.4% to 15,467. Overall 26.5% of the population in Scarborough are between the ages of 25 and 34, and when compared with the rest of the state, there are a lower proportion of people aged above 45. Adding to this, there is a higher proportion of couples without children and young emerging families compared to the rest of WA. CULTURE It’s hard to talk about this suburb without first discussing Scarborough Beach. An abundance of the social activity through-

out the year is centred around its Indian Ocean coastline, as revellers and relaxers enjoy every aspect of its offerings from dawn until dusk. Inland, families and sports enthusiasts are appeased with a selection of parks and reserves. Additionally, there are two primary schools, a library and a community recreation centre. The sought-after hillside streets off Scarborough Beach Road offer stunning views amid 60s-era houses, post-war red-brick dwellings, 90s townhouses and recent development projects. PRICE Houses: Over the past three years, median house prices have remained reasonably steady, decreasing 1.6% to $738,000 amidst a series of minor rises and falls. However, the number of sales has risen from 153 sales in October 2017 to 206 sales in January 2019. The weekly median advertised rent is currently $500. Units: Median unit prices have experienced an overall decrease of 5% over the past three years. Similarly to houses, the number of unit sales has seen a consistent increase, albeit not including a rather weak January, with 224 sales in November 2017 and 270 sales in November 2018. The weekly median advertised rent is currently $400.

SIGNIFICANT PROJECTS The Beach Shack: Developer Norup + Wilson, along with Plus Architecture, are bringing this two building, mid-rise apartment development to Scarborough’s shore (171 West Coast highway). With expected completion in July 2020 the towers will have nine and eleven storeys respectively, offering a total of 99 dwellings. Iconic Scarborough: This new $450 million, mixed-use development is being managed by 3 Oceans Property and designed by Hillam Architects. The multi-faceted two-tower project (43 and 33 storeys) will offer 314 apartments, a 119-room hotel, a 900-person convention centre, 2,982sqm of retail space, a three-level public observation deck with restaurant and exhibition space, and 720 car spaces plus a further 313 public car parking bays. Situated on the former Contacio site at 10 Scarborough Beach Road, this project is currently in construction phase.

SUBURB REPORT: SCARBOROUGH

The Beach Shack. Image Credit: Plus Architecture

AUCTION & EOI SCHEDULE

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

Moore River South, 2802 Barragoon Road

Wilbinga

Offers to Purchase

Wed 26.06.19

JLL

View

121 Forrest Road

Hamilton Hill

Offers to Purchase

Thu 06.06.19

Knight Frank

View

THE PROPERT Y DE VELOPMENT RE VIE W

WESTERN AUSTR ALIA NE WS

ASX-LISTED DEVELOPER CEDAR WOODS BUYS $28M SITE

Cedar Woods has sold 50% of its strata units in Melbourne’s west, while snapping up a 20 hectare residential site in an off market deal in Perth.

The Perth land parcel was purchased from private landowners, with payment on deferred terms and settlement scheduled in July this year. The Brabham property, located in Perth's north-east growth corridor, is zoned urban and is expected to offer up to 380 lots. Cedar Woods said it is dedicated to growing its portfolio by focusing on three core areas: geography, product type and price point. Cedar Woods’ Western Australian state manager Ben Rosser said the purchase was consistent with the company’s history of counter-cyclical acquisitions while also capitalising on the new site’s location directly adjacent to the company’s best-selling project “Ariella” (main image).

Supplied by

“The timing of this acquisition is ideal in terms of both the point in the property cycle and in enabling the extension of the highly successful Ariella project, the company’s strongest performing in a national portfolio of 34 developments,” he said. Rosser said Cedar Woods is actively pursuing well-located sites and the creation of quality development and is “evaluating both land and built-form opportunities across multiple states”. The company reported a net profit of $30.8m in the first half of the financial year. In Melbourne, the developer cites strong sales of its 101 Overton Road project demonstrates commercial growth and an increasing white-collar workforce in Melbourne’s west. Its second strata office in Wiliams

Landing, one of Wyndham’s new employment precincts, has sold more than 50 per cent of units since launching three months ago. The first Williams Landing strata office building, a five-level-building comprising 47 office suites and a ground floor medical centre at 111 Overton Road, sold out in seven months of launch. Construction of the latest strata development at 101 Overton Road is due to commence this year with completion slated for late-2020.

THE PROPERT Y DE VELOPMENT RE VIE W

111 Overton Road, Williams Landing by Cedar Brooks. Image Credit: The Urban Developer

WESTERN AUSTR ALIA LISTINGS

Connecting people & property, perfectly. 121 Forrest Road, Hamilton Hill WA. For Sale by Offers to Purchase closing Thursday, 6 June at 2pm (AWST).

Area 3,911 sqm*

Zoned R40

Dual street frontage

Exceptional opportunity in prime location, 2 existing modern homes Proposed Lot 19 Forrest Road, Hamilton Hill presents purchasers with an exceptional opportunity to acquire a significant land holding development situated in the sought after suburb of Hamilton Hill. Hamilton Hill comprises a mixture of housing types with original older style houses on large lots through to modern grouped dwellings. Zoned R40 under the City of Cockburn Local Planning Scheme No.3 allowing for future subdivision. *Approx

Tony Delich 0418 926 410 James Baker 0418 912 007

View Listing View at knightfrank.com.au /1234567

Meet the Team.

Rick McIntosh-Whyte Senior Sales Executive

0427 419 189

Rick.Mcintosh-Whyte@au.knightfrank.com

View at knightfrank.com.au /1234567

Todd Schaffer Partner

Tony Delich Director Commercial Sales

James Baker Senior Sales Executive

Todd.Schaffer@au.knightfrank.com

Tony.Delich@au.knightfrank.com

James.Baker@au.knightfrank.com

0409 090 855

David Mahood Analyst

08 9225 2456

David.Mahood@au.knightfrank.com

0418 926 410

Shelley Ryan Department Coordinator

08 9225 2566

Shelley.Ryan@au.knightfrank.com

0418 912 007

Georgina Tannock-Jones Department Coordinator

08 9224 2475

Georgina.Tannock-Jones@au.knightfrank.com

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 closing Wed 26 June 2019 Sean Flynn Nigel Freshwater

+61 412 779 987 +61 417 197 375

property.jll.com.au/302560

Boundary Indicative

Perth 08 9322 5111

OPINION

OPINION PIECE: SUSTAINABLE FLOATING CITIES Supplied by

The design, unveiled at the United Nations headquarters last week, could withstand natural disasters like floods, tsunamis, and hurricanes and house up to 10,000 residents. Today’s diverse urban cities face new and growing threats, from climate change, growing populations, and growing inequality. But in the round table discussion, convened by UN-Habitat involving marine engineers, scientists, architects and entrepreneurs last week, sustainable floating cities were posed as a solution to such urban challenges. Oceanix City was unveiled as a connected network of hexagon shaped platforms, anchored to the seafloor. BIG founding partner Bjarke Ingels said the proposal explores the next “frontier for human settlements” as the project addresses housing shortages and threats from rising sea levels. Remnants of Kevin Costner's 1995 sci-fi thriller Waterworld aside, the utopian vision would see its residents use 100 per cent renewable energy, eat a plant-based diet grown via ocean farming and use small smart cars to get around. The island modules can be linked together and scaled up in configurations to form city blocks or entire cities. The city would comprise a cluster of platforms that could each hold around 300 residents. The

clusters would be repeated in multiples of six to form a 12-hectare village, and scaled up with the entire city able to house up to 10,000 people. “Our approaches to development and environmental sustainability in cities need a serious retooling to meet the challenges of today and tomorrow,” UN deputy secretary-general Amina Mohammed said. “We live in a time when we cannot continue building cities the way New York or Nairobi were built. “We must build cities with solutions for low emission development... We must build cities for people, not cars. And we must build cities knowing that they will be on the frontlines of climate related risks, from rising sea levels to storms,” Mohammed said. “Floating cities can be part of our new arsenal of tools.” The villages would sit in proximity to major coastal cities. And in the event of a disaster, the platforms could be towed to safer locations. “Nine out of 10 of the world’s largest cities will be exposed to rising seas by 2050,” Ingels said. “The sea is our fate – it may also be our future.”

THE PROPERT Y DE VELOPMENT RE VIE W

Danish studio Bjarke Ingels Group and non-profit company Oceanix believe a floating city could be the future of sustainable living.

Oceanix City was designed by architect Bjarke Ingels in collaboration with Oceanix.

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Edition #2 | The Property Development Ready

Articles inside

WA Suburb Profile: South Melbourne

SA Suburb Profile: Glenelg

NSW Suburb Profile: Cronulla

BRISBANE WELCOMES NEW ADDITION TO BUSY HOTEL MARKET

QLD Suburb Profile: South Melbourne

Melbourne Development Site Market: What We're Seeing in 2019

TIM GURNER'S SAINT MORITZ PENTHOUSES FETCH $78 MILLION IN SALES

VIC Suburb Profile: South Melbourne

Market Moves

FIVE AFFORDABLE HOUSING MARKETS THAT ARE TIPPED TO RISE

Developer's Journey - Iwan Sunito CEO of Crown Group