I N S I D E T H I S I S S U E : R E M O N FAYA D · A PA R T M E N T A P P R O VA L S J U M P 1 6 % I N S E P T E M B E R · 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 ISSUE NO.8 · NOVEMBER / DECEMBER 2019
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THE PROPERT Y DE VELOPMENT RE VIE W
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Welcome to our eighth issue of The Property Development Review. While the festive and holiday season has well and truly arrived, the property market remains active as it heats up towards the back end of the calendar year. This issue features a wide selection of new national development site listings and thought-provoking articles including our editorial interview with Dyldam COO Remon Fayad. We also interviewed Julian Gerner, who discussed his plans to retain and develop Sorrento’s landmark Continental Hotel. The residential market turnaround was discussed with gusto at The Urban Developer’s Urbanity conference, which was held over two days at the celebrated Howard Smith Wharves in Brisbane last month. On the Cover: Remon Fayad, COO of Dyldam
You’ll also read about the Buildings that Go Beyond panel with co-founder of SHoP Architects Bill Sharples and Karl Fender, which kicked off day one of Urbanity. On behalf of Development Ready and The Urban Developer, we thank our readers for their on-going support throughout 2019. Stay tuned for our summer edition which will recap the year and our outlook towards 2020 Enjoy the read,
Ana Narvaez The Urban Developer
Inside this Issue:
Nick Materia Development Ready
In Conversation With: Remon Fayad
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Apartment Approvals Jump 16% in September
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Market Moves: Around the Country
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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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Which State Has the Strongest Economy?
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IN CONVERSATION: REMON FAYAD
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IN CONVERSATION: REMON FAYAD, DYLDAM Dyldam was founded in 1969 by Naim Khattar & Joe Khattar with a desire to create aspirational apartments for Australian families. From modest beginnings, the company has expanded into a multi-million-dollar family business success story.
Remon Fayad took his place in the company in 2005 and, after working his way up the ranks, was appointed Chief Operating Officer in 2018. His principal responsibility lies in the management of Dyldam’s operational systems and resources vital for continued growth. Remon is also an integral member of Dyldam’s global liaison team, which establishes strategic relationships with property industry leaders in North America, Europe and Asia. We sat down with Remon to discuss his operations within Dyldam and the significance of Western Sydney’s growth. — Development Ready: Walk us through your upbringing in Sydney. What are some of your earliest memories? Remon Fayad: Our family has a long history in Western Sydney. My passion for Parramatta and Western Sydney and my keen interest in sport began during my schooling years at Parramatta Marist High School. I played league for the school team for a couple of years and forged lifelong friendships. DR: Were you attracted the property industry through your family connection, or was it a path you sought out yourself? RF: Construction is in the family DNA – going back 4 generations. My grandfather, Naim, and his father, my great-grandfather, were in infrastructure construction back in Lebanon – they built roads,
hospitals and the like. I joined the business from an early age, it was a calling. DR: Take us through your early career in property what are some key learnings that have helped with your later life? RF: My early involvement in sport gave me a strong grounding in the importance of preparation and teamwork. I applied these skills to my career in property, particularly in the disciplines of site acquisition and planning. I also had the privilege of soaking up industry knowledge from incredible mentors - namely my father and my grandfather. DR: Tell us about Dyldam - who’s behind it, what projects do you pursue, in what locations and why? RF: Dyldam is a family business that started with my late grandfather Naim Khattar, who migrated with his family to Australia to avoid conflict in Lebanon. Over five decades, three generations have worked in the business, and Dyldam has evolved from building a modest red brick walk-up in 1969, to an integrated property company delivering master precincts of 15,000+ homes. We’re also very proud to be named New South Wales’ Number One Apartment Builder in HIA’s Housing 100 Report for the last 3 years. Since the very beginning, when my grandfather first arrived, we’ve seen opportunities in Western Sydney and the Hills District continue to reveal
THE PROPERT Y DE VELOPMENT RE VIE W
themselves. We’re celebrating 50 years of property development and construction this year and our commitment to Western Sydney is as important and relevant as ever. Billions of dollars are being invested in the area thanks to the Western Sydney Airport and other key infrastructures; we’re very proud to share in this region’s growth.
After many years at the helm, this legacy has been passed on to my brother Fayad and myself. We have been in the roles of CEO and COO respectively for the past 18 months. I feel that we have been preparing for this responsibility all our lives. Even if our uncle is not directly involved, his philosophy and business essence surrounds us.
DR: Tell us about Western Sydney and why are you’re so passionate about the area.
DR: Dyldam has seen many property cycles over the past 50 years; how have you navigated them, in particular the recent downturn?
RF: Western Sydney, and in particular Parramatta, have an electricity and buzz that you don’t see elsewhere. People travel to Western Sydney to experience the best cuisine – Vietnamese, Portuguese, Korean and of course Lebanese food. We are also committed to our sport – just look at the GWS Giants, the Wanderers and Eels – we are sports mad. It is also proving to be the economic powerhouse of NSW – with over $17 billion planned in infrastructure spending over the next couple of years. DR: How much influence does Dyldam’s founder Joe Khattar have in the running of the business?
South Quarter, Parramatta Image: Dyldam ↓
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RF: I feel that my grandfather Naim’s legacy is very much alive in the business – he taught my father and my uncles the fundamentals of the property business. The importance of value, quality, progress and strength. Joe Khatter, my uncle, laid the foundations of Dyldam with these same principals and business fundamentals.
RF: My father Sam Fayad taught Fayad and I that there is always opportunity – no matter where you are in the property cycle. Look for a challenge, not an obstacle. The mindset in which you approach each property cycle will determine how you come out of it, Dyldam has been through this for 50 years and we learn from each cycle. DR: Dyldam has delivered thousands of apartments across hundreds of projects - tell us about some of the achievements & projects your most proud of. RF: The first Dyldam development, a small 6 apartment building in Auburn which we still see today is always going to have a sentimental value to us. It’s also exciting to look to our future, with projects in the pipeline such as South Quarter. This is set to be a global destination and a gateway to Parramatta that spans three city blocks; presenting 15,000sqm of commercial space, an international hotel and 775
IN CONVERSATION: REMON FAYAD
apartments. One precinct that we have just completed in Carlingford is another example of a project that we’re proud of. After years of acquisition, planning and relocating powerlines underground, we delivered over 600 apartments to change the face of Carlingford. DR: Would you consider development properties outside of Western Sydney? If so, what are the key fundamentals you look for? RF: We have just started demolition and early works at our The Maison project, which will transform an old factory warehouse in the heart of Rosebery’s dining precinct. The location, the target market and the numbers stacked up for this development, so we chose to run with it. Ultimately, if the area and the type of development fits with the Dyldam brand and philosophy, then we will consider it. My vision is to be a national company and have developments all over Australia. We also have a project in Brisbane which is currently in planning, so we are looking forward to broadening our horizons. DR: You’ve been in the news recently after unveiling your plans to deliver a $808 million project, dubbed The Opera, comprising of 1,200 apartments across 2.5-hectares in Merrylands; what drew you to a project of this magnitude? RF: As an established suburb, Merrylands already offers much of what the modern buyer is looking for – transport infrastructure, retail, leisure and dining precincts, as well as being two train stops away from Parramatta. As the population gravitates towards employment hubs like Parramatta, living in a modern apartment in Merrylands is both more affordable and very convenient. The fundamentals were there and while it is a big project, we’re always up for a challenge.
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DR: You’ve performed a lot of sponsorship over the years, do you think that brand awareness is important for developers? RF: We have sponsored national professional sporting codes for a number of years, including the GWS Giants AFL Team, but this year we have taken a more grass-roots community approach to our philanthropy, supporting the local clubs. We also have a wonderful relationship with Ronald McDonald House Westmead and sponsor many of their events. Brand awareness is important but that’s not the reason that we do it; we do it to support the community in Western Sydney. We’re developing in the area a lot and it’s important to us to give back. DR: Who were some of your mentors, who did you turn to for advice and who do you still seek advice or counsel from? RF: Definitely my Grandfather in the early years and my father Sam who embodies the best of Australian entrepreneurship. My late Uncle, George Khattar, who was a director of Dyldam also played a large part in my upbringing through the company. Without him we wouldn’t be in this position today. DR: How would you sum up your development philosophy and what’s shaped that over the years? RF: Dyldam believes in connecting people and creating communities. We have spent the past five decades re-framing the Australian dream of home ownership. DR: When you think about the future of the Dyldam, what does it look like? RF: We are striving for the name Dyldam to be synonymous with quality apartment living. We will spend future decades delivering that standard.
↑ The Opera, Merrylands Image: Dyldam
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National News: Apartment Approvals Jump 16% in September Author: Ana Narvaez
In the latest positive economic indicator of a turnaround in Australia’s property markets, building approvals rebounded in September, led by apartments with a volatile 16.1 per cent jump for the month. New housing approvals recorded a 7.6 per cent improvement, and while attached dwelling approvals — flats, townhouses and apartments — posted the largest monthly increase, it is expected to be short-lived with approvals still trending downward. Total approvals remain 21.1 per cent lower than the same time last year, and apartment approvals have fallen by 44 per cent to 46,110 in 2018-19 — the lowest since 2012-13. The decline is even more stark for buildings of 20-storeys or more which have nearly halved in the 2018-19 financial year, falling from 19,369 approvals to 10,467. Since the peak of the apartment approval
boom in 2015-16, low to mid-storey apartment approvals—four to eight levels—have declined 37.1 per cent, while mid-storey apartments of nine to 19 -levels have recorded a 43.4 per cent fall. The lag between approvals and construction can stretch out to as much as 18 months, which means it is still too soon to confirm that we have passed the bottom of the cycle, HIA chief economist Tim Reardon points out. “But this result is another indication that the market is stabilising,” Reardon said. Detached housing figures increased 2.7 per cent compared to the previous month, but approvals for the September quarter remain considerably lower than a year earlier. HIA’s new home sales figures showed an uplift for the second month in a row, with improving house prices, low interest rates and an easing in mortgage serviceability
guidelines helping the residential market regain its footing. “However, it is not until June quarter next year that these measures are expected to drive sustained growth in dwelling approvals,” BIS principal economist Tim Hibbert said. On a state by state basis, Queensland made the largest improvement with a 19.6 per cent jump in approvals, with Victoria (3.3 per cent), South Australia (16 per cent) and Tasmania (3. 4 per cent) all recording jumps in September. Queensland apartment approvals recorded the largest peak-to -trough fall, with only 2,427 high rise apartments approved in 2018-19 — a 76 per cent decrease from its 2015-16 peak of 10,111 apartment approvals.
MARKE T MOVES
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MARKET MOVES: AROUND THE COUNTRY
Victoria
New South Wales
Newmark Capital splashed out $51 million on a yet-to-be-completed large-format retail centre in the regional Victorian town of Warragul. The 25,238sqm centre sits on a 5.7-hectare corner site and is already 85% pre-leased, including agreements with Bunnings and Kmart. Construction is expected to conclude in June 2020. Melbourne developer and investor Brendan Sullivan scooped up a near-vacant office block in Melbourne’s St Kilda Road office precinct for almost $18 million. The seven-storey building is well positioned opposite the Royal Botanic Gardens and the future Anzac metro station. Mr Sullivan’s company Sullivan Property will lease the building following minor refurbishments. Coles traded a neighbourhood retail centre in Boronia to a private investor for an estimated $35 million. Anchored by Coles and Kmart stores, the mall had recently undergone a significant upgrade with new lifts, travellators, plant and carpark works, as well as a smart carpark system. An office/warehouse positioned on Burwood Highway in Knoxfield was picked up by a Singaporean investor for $10.3 million. The 1.2-hectare industrial property retains an eight-year lease to private business Spartan. Bayswater saw a mixed-use corner site settle to a local developer for $3.91 million before the official close of the Expressions of Interest campaign. A well-positioned warehouse in thriving Collingwood was purchased by a local Melbourne developer for $3.5 million. The 358sqm property offers significant future development, and was sold with a five-year lease expiring in March 2022. Truganina continues to prove itself as hot territory for industrial property with Basa Constructions selling two adjoining industrial sites off the plan for $1.1 and $1 million respectively. A recently completed development in Deer Park comprising of a 724sqm warehouse and 234sqm office, with a container-height roller door, three-phase power and 11 parking spaces, was sold to a private owner for $1.26 million.
One of the biggest Sydney CBD office tower deals this year has come to pass with the Central Square complex trading hands to global fund manager LaSalle Investment Management for $325 million. Charter Hall signed off on an off-market property, securing two 50% stakes in Macquarie Park’s Glasshouse office building for a total of $331.3 million. Each share was purchased by two different Charter Hall trusts/funds. The new acquisition was sold with a pre-commitment to the NSW Government on a 12-year lease. Two North Sydney office towers were picked up by Stockland for a combined $121 million. The towers adjoin Stockland's existing building at 110 Walker Street and provide a total 2,300sqm redevelopment site close to the future Victoria Cross metro station. Stockland's commercial property head Louise Mason said that "subject to approvals, the amalgamated Walker Street site will have the potential to accommodate up to 60,000 square metres of prime office space in the future.” In more Macquarie Park news, the Novartis Building has recently traded hands to funds manager RF Corval for around $62m. The A-grade six-storey office building anchored by pharmaceutical company Novartis spans 8,134sqm and has onsite parking for 106 cars. The suburban office in Macquarie Park, which is comprised primarily of A-Grade buildings, is proving an attractive market for investors with vacancy at a low 3.8%, and rents having grown from about $400/ sqm to around $470-$480/sqm. Hotel transactions have frequented the news over the past four weeks with the Redcape Hotel Group recently parting with the St George Hotel in Sydney's south-west suburb of Belmore for $47.1 million. The Raby Tavern and shopping centre in Sydney's south-west also traded hands, with the De Angelis family securing the 8,000sqm property for around $35 million.
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Queensland
South Australia
Western Australia
Hotel mogul Dr Jerry Schwartz recently picked up a Gold Coast hotel at a significant discount after developer Ralan Group went into administration in August. Paradise Resort, a 360 -room family-oriented hotel in Surfers Paradise, settled for $43 million, just four years after Ralan Group paid $75 million for the site. Only one of four residential towers planned, known as Ruby Apartments, reached completion. Dr Schwartz will maintain the property as a hotel with a potential plan to refurbish and upgrade the rooms. Vicinity sold a 25% stake in their Mt Ommaney Centre for $94.5 million to YFG Shopping Centres Pty Ltd. The sale followed the $101 million sale of Corio Central in Geelong, Victoria. Vicinity chief executive officer Grant Kelly, stated that the disposal of these two non-core assets “is in line with our strategy of focusing our portfolio on market-leading destinations,” allowing them energy to focus on larger assets. A large commercial building in Upper Mount Gravatt traded for $7.5 million to the DPA Property Group, who already own the adjoining building. DPA will refurbish and lease the new acquisition. A private developer paid $2.425 million for a prominent commercial site in the burgeoning industrial precinct of Kunda Park. The large 5,972sqm site, which has housed Maroochy Auto Wreckers for the past 35 years, is believed to be a record result for the tightly held Maroochydore Road strip through Kunda Park.
Lendlease sold their half share in Adelaide's biggest mall, Westfield Marion, for $670 million to a property trust sponsored by Singapore Press Holdings at a discount of more than 9% of its book value. It was a sale that was eagerly watched by the national market, with many determining the result to set a benchmark for the valuation of major malls across Australia. The decision to sell the half stake in Adelaide's biggest mall in efforts to meet as much as $2 billion in redemption requests from its unlisted retail fund. After 66 years of operation, Coca-Cola Amatil sold its historic former Thebarton bottling site to Australasian Property Developments (APD) for $37.3 million. The new owners have long-term plans to redevelop the 3.5-hectare Port Road site into a mix of commercial and residential uses. The sale also included two nearby smaller sites. A 1.032-hectare industrial facility in Pooraka has been picked up by Perth-based fund manager Mair Property Funds, marking their first entry into Adelaide’s industrial sector. The fund paid $7.55 million for the property which remains leased to Vulcan Engineering Steels. A high-quality warehouse with significant development potential in Brompton sold for $1.1 million. The corner property sits just 3.6km from Adelaide’s CBD and was offered with a 500sqm warehouse with an 80sqm office space on a total land area of 983sqm.
The unlisted Charter Hall Direct Consumer Staples Fund has moved in to secure a Bunnings-anchored retail centre in Claremont in an off-market deal worth $35 million. The west-Perth centre offers 5,460sqm of space across three levels, with Bunnings accounting for 93% of the total retail space and a lease with options until 2027. A 1,697sqm development site in Perth’s CBD was snapped up by West Australian property developer firm Finbar for $6.5 million. The site offers a vacant 62-room hostel-style accommodation, however Finbar intend to pursue a mixed-use redevelopment, marking their fourth CBD based project. A tenanted warehouse and office located in Kwinana Beach in Perth’s industrial south, has been picked up by Developer iParks Property Group for $3.05 million. The 7,301sqm property is positioned directly adjacent to two other industrial properties also owned by iParks. An owner-occupier has secured a standalone industrial warehouse within Bibra Lake’s prime industrial precinct for $1.145 million. The property was sold with vacant possession and offered cold storage within a 656sqm building area.
→ Image: Frasers Property
STATE SPOTLIGHT
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STATE SPOTLIGHT: VICTORIA
Suburb Report: Windsor
Experts Corner
Interview: Julian Gerner
Victorian Auction Schedule
Fishermans Bend $100m Childcare Development
Victorian Listings
State News: Julian White
Author: Jack M. Gaffney
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↑ CV Windsor Image: Decibel Architecture
Suburb Report: Windsor Nestled in between notable suburbs East St Kilda and Prahran, Windsor has been steadily growing in popularity among Melbournians for the past 10 years. This transformation has seen what was once the ‘less desirable’ end of Chapel Street, evolve into a trendy and extremely popular precinct, where restaurants, cafés and bars teem with people every day of the week. Its proximity to the beach, surrounding parks, direct train line into the city and immediate access to the important arterial Dandenong Road, all make Windsor a highly sought after post code where liveability doesn’t need to be traded for atmosphere.
affordable but quality builds that offer enough space for couples or small families who still want to live in the mix of it all.
RESIDENTS The 2019 estimated residential population of Windsor is 7,644, which is estimated to grow approximately 12% by 2034. As of the 2016 Census, 59.8% of dwellings are apartments. Large homes are rare in this neighbourhood; instead it is much more common to find workers’ cottages built out to the edge of their land area. Homes of three bedrooms or more account for just 29% of all dwellings. The median age is 33, significantly lower than the state median of 37. Taking into account that around 60% of dwellings are rented, Windsor holds an opportunity for
HOUSES With homes subdividing and making way for apartment blocks, the median house price in Windsor has seen a fall in value since 2017. What once sat around $1.5 million, has been recorded at $1.14 million as of 30 October 2019. Good news for multi-residential and mixed-use developers. Weekly median advertised rent is $698.
CULTURE Located at the southern end of Chapel street, residents enjoy the easy walking distance to an abundance of restaurants, cafes, pubs and stores. The historic Astor Cinema, Albert Park Lake and Prahran Market are also all within easy reach on foot. The highly regarded Sandringham train line delivers commuters to the CBD or the Bayside beaches in 10-15 minutes, while Dandenong Road easily connects drivers to the M1 for eastern exploration.
UNITS The median unit price in Windsor has seen a fall as well over the past few years, as more one-bedroom units hit the market. As of 31 October 2019, the median unit price was recorded at $427,500. Weekly median advertised rent is $430.
SIGNIFICANT PROJECTS CV Windsor: Offering a mix of one, two and three bedroom apartments, 67 in total, CV Windsor is a nine-storey residential complex situated on Punt Road. Leading firm Decibel Architecture are responsible for the stunning designs, which also take a considerable environmentally-friendly approach. Solar panels will harvest energy for use in the communal areas, while grey water and rainwater will also be collected for reuse. Xeriscape technology preserves the roof garden’s foliage ensuring it is always flourishing. Further amenities include a resident’s lounge, complete with a shared kitchen and dining area. On the first floor, you’ll find a library with hot-desk workstations and meeting rooms. Windsor Terrace: A seven-storey residential building, this time around the corner on High Street, Windsor Terrace is currently in construction phase and headed up by TOPGAN Development. Designs are care of Hayball Architects and include 68 residences with a ground level set to showcase a number of boutique retailers.
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Julian Gerner The Continental Hotel, Sorrento
INTERVIE W: JULIAN GERNER
Development Ready: Julian, thanks for sitting down with us – this project has been a whirlwind from the get-go, run us through how the opportunity originally came about and where you’re at with it now? Julian Gerner: In 2013, I resigned as a Director of Melbourne Pub Group and was looking for a sea change. I have been holidaying in Portsea/Sorrento since I was a teenager and found a licensed site in Sorrento on the water. I fell in love with the location and the town. My wife and I relocated shortly after and have since started our family. The Continental Hotel opportunity presented itself in early 2015 when I heard whispers that it was coming on to the market. I had to have it. I commenced negotiations with an old mate, Scott Callow from CBRE, and secured an option to purchase, then set about acquiring further land and gaining planning and heritage approvals. I eventually settled in May 2017. It has been a roller
coaster ever since and I have had to endure a series of unforeseen circumstances and commercial complexity. Right now, I have secured the site under my new company, The Ocean Amphitheatre Company (named after the original Sorrento development Company), and have acquired more land and committed to a redesign of the development along with a suite of new and pending planning applications. DR: What is the vision for the project and how has it changed from the original concept? JG: The vision is to create Australia’s Premier Hotel. The original project was a mix of retail and residential with a sensitive interface and a wrestle between components to take the best real estate. The site is now 100% commercial hotel and the aim is to build a world class hotel resort on the Mornington Peninsula.
↖ Image: Continental Hotel Sorrento
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DR: What stage are you at with it now – what are the next steps? JG: I have been securing the legal position, redesigning and investing in an army of consultants to ensure the viability and commercials of the project. The Information Memorandum is complete and I am looking to close out funding pre-Christmas. Settlement is due in January. DR: How have you approached community opposition to the project? JG: This has been on my radar the whole time and is an evolving position. I continue to work closely with key stakeholders including Mornington Peninsula Shire, Heritage Victoria as well as community groups to keep people informed to the best of my ability. I have engaged Royce Communications to assist with a strategy to manage expectations and keep the community informed. DR: Tell us more about why you think this project in particular is so critical to the fabric of Sorrento and the broader Mornington Peninsula.
Image: Continental Hotel Sorrento ↓
JG: The Continental Hotel is the largest limestone building in the southern hemisphere and takes pride of place on Constitution Hill at the gateway to the township. It has the biggest retail frontage and will
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occupy 1 1/2 acres of land across 7 levels of retail. The economic impact to the town and the greater Mornington Peninsula is significant from the moment construction re-commences, to the first beer poured. Whilst it remains closed, the town seems closed. I promise it will more than make up for it once trading commences. DR: What sort of groups are you looking to partner with to get this project completed? JG: I am quite clear that I am seeking a single, like-minded investor with a long term investment horizon who wants to share in the land development as well as strong operational profits of the hotel. DR: What sort of legacy do you think this the Continental will leave once complete? JG: The legacy is that of George Coppin’s who built the hotel in 1875 and ‘fathered’ Sorrento. I have commissioned a bronze statue of the man who will sit on the corner and welcome people to the Continental and Sorrento. I am merely a custodian who has fought hard to protect, preserve and celebrate this magnificent ‘Marvellous Melbourne’ Victorian icon for generations to come. For that, I am very proud.
STATE NE WS
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Victoria News: Fishermans Bend $100m Childcare Development Author: Dinah Lewis Boucher
↑ Image: Urban
Plans for a $100 million purpose-built childcare centre designed to create a “real world” experience for children has been approved in South Melbourne’s Fishermans Bend precinct. The 8 Buckhurst Street site had originally been approved for four 30-storey towers, before Mike Wu and Shan Kuo, founders and owner-operators of Melbourne’s Little Lane early learning centres, purchased and reconfigured the development site. China-backed property group Botree Group originally had a permit to deliver more than 1000 units in the four-tower project. But Wu and Kuo purchased the 9,500sqm site for $61.8 mil-
lion in 2017, with plans to kick off construction on the major early learning centre development in January next year. The couple currently have a portfolio of seven childcare centres across Brisbane, Sydney and Melbourne, expected to fetch around $150 million on the market. Their latest venture in the works, Emerald Place, is designed by Japanese architect Takaharu Tezuka along with local architect Steve Milton. “Through the design we are intentionally taking children out of their comfort zones and creating obstacles and challenges that will aid their learning and development,” Tezuka said of the centre’s design. Tezuka said elements include
sloped and inclined surfaces, designed to create “small inconveniences” and “simple challenges” for the children. “These small difficulties are representative of the world outside the childcare centre, thereby helping prepare them as they grow,” he said. “Inconvenience is very important. That is why we have the incline. Melbourne is not flat either so why should we design the school flat? We should provide an inconvenient slope... This is the preparation for the real world. It’s training.” Wu and Kuo said the centre will accommodate up to 380 children and 100 staff. “I wanted a big site to do something visionary,” Wu said. “Something that highlights our
early childhood education philosophy.” The pair currently operate 17 early learning facilities across Australia. Last year Wu and Kuo sold nine childcare centres to Folkestone Education Trust, now the Charter Hall Education Trust, for $63 million in a sale-and-leaseback agreement.
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What is Santa Bringing Developers for Christmas? For the first time in a long time, the media is on the markets’ side (clearly execs at Newscorp and Fairfax where becoming frustrated at their eroding house values!). There is constant good news stories reporting forecasts of double digit growth in median houses prices over the next 12 months in major cities. High or well improved clearance rates are being reported in the residential market, demonstrating an increased confidence from consumers. SO WHAT’S CHANGED? NOT MUCH REALLY… Securing major bank funding is still very challenging, pre-sales are still time consuming and the product needs to be priced correctly and be of good quality to move, and despite a correction in land values, these are still at historically very high levels.
SO WHY IS THE MARKET FREEING UP? WHAT ARE DEVELOPERS SEEING THAT WAS NOT THERE EARLIER IN THE YEAR? Clearly the improved residential market, which since the federal election in May, has been building momentum. I was quietly cynical of the high clearance rates throughout the winter months given the severe shortage of stock (typically less than half compared to the same time last year). However, as Spring arrived, clearance rates have maintained a very healthy position in the mid 70% range and stock levels have increased significantly to close to last year’s levels. This is the subtle change that has occurred in the market, that was not obvious from first sweep of the data. However with volume up again, the residential market has a made a clear statement that it’s in recovery mode and gaining momentum. Developers are taking heed of these
As we head into the final month of the year, there is renewed confidence amongst developers and consultants and even some agents are starting to have a smile on their face again! The market, after close to two years of tight conditions is well and truly starting to show green shoots.
improved conditions and are returning to the market, keen to secure their next site and take advantage of the residential upswing. These acquisitions are typically targeting to be pre-selling into the market in 2021-2022, when investors in pre-sale product are anticipated to be back in force. So what is Santa bringing developers for Christmas this year? Market confidence!
— Julian White Director, CBRE City Sales and Development Sites P. 0422 764 137 E. julian.white@cbre.com.au
E XPERTS CORNER
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Experts Corner
Industry leaders with invaluable experience & capability.
Peter Lombo Archsign
James Banks Intracon
Simon Martin Ratio
Ed McDermott DCM Lawyers
Archsign brings over 30 years of building design and planning experience to assist investors and developers achieve their vision in full. They work alongside clients to enhance their investment returns and drive their projects through a disciplined design process encompassing: feasibility, planning, design and market analysis. They have two offices in Abbotsford and Brunswick, but have a broad portfolio that includes inner-city residential, sophisticated commercial and industrial, as well as regional housing estates. Peter founded Archsign in 1988 and has led his practice through more than 25 years of building and design services. His direction is prominent in the quality assurance of the design, documentation and construction phases; including the ongoing coordination with client representatives, project managers and consultants.
Established in 2014, Intracon has built a reputation as a high-quality construction firm that is responsive and collaborative. While exceeding expectations across a range of projects, in both size and style, Intracon has found their focus on multi-residential, commercial, and retail builds. They are based in Toorak but work across metropolitan Melbourne. James Banks is the Founder and Director of Intracon, bringing a wealth of experience and know-how to his daily operations. Developing key skills at Mirvac and Multiplex Constructions, James now shares his expertise in project planning, site logistics and design co-ordination with the broader Melbourne construction community.
For over 30 years, Ratio have played a key role in shaping communities through their dedicated team of planners, urban designers, traffic engineers, and waste management planning consultants. Their multi-disciplinary team of more than 70 highly-skilled people delivers innovative solutions to a rapidly changing urban environment. Crucial to their success is their understanding of the nuances and complexities of variable planning schemes, guidelines and the diverse objectives of all tiers of government. Simon Martin is a Director and Statutory Planner with over 15 years’ experience working in both the public and private sector in Australia and the UK. He has a firm understanding of the commercial practicalities associated with developments of all sizes, and firmly understands the processes involved in achieving the very best development outcome. Simon also often represents clients as an advocate at VCAT.
DCM Lawyers is a progressive Melbourne law firm servicing inner city and suburban Melbourne. Established in 2017 – the team have developed a law firm model that delivers sensible no-nonsense advice at an outstandingly reasonable price. This is value adding, plain-English law advice tailored just for you, your business and project. Edward McDermott founded DCM Lawyers with Pana Dokos and Graham Chambers after extensive law experience spanning 11-plus-years. Edward values a personal connection with his clients, offering empowerment through understanding and knowledge.
W. archsign.com.au P. +61 3 9427 2115 E. info@archsign.com.au A. Level 1, 32 Mollison St, Abbotsford VIC 3067
W. intracon.com.au P. +61 1300 280 512 E. info@intracon.com.au A. 43 Ross Street, Toorak VIC 3142
W. ratio.com.au P. +61 3 9429 3111 E. mail@ratio.com.au A. 8 Gwynne St, Cremorne VIC 3121
W. dcmlawyers.com P. +61 3 9670 0001 E. admin@ dcmlawyers.com A. 12 Collins St, Melbourne VIC 3000
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THE PROPERT AUCTION & EOIY SCHEDULE DE VELOPMENT RE VIE W
15
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.
152 Como Parade West
Parkdale
EOI
Thu 05.12.19 @ 2pm
CBRE
View
110 Albion Road
Box Hill
EOI
Wed 11.12.19 @ 3pm
Colliers
View
1261 Ballarto Road
Cranbourne East
Private Sale
$5,800,000 + GST
RealProp
View
1795 Malvern Road
Glen Iris
Private Sale
Contact Agent
Jones RE
View
1232 Beattys Road
Grangefields
EOI
Thu 28.11.19
JLL
View
58-66 La Trobe Street
Melbourne
EOI
Thu 05.12.19 @ 2pm
CBRE
View
22 Wood Street
Preston
EOI
Thu 05.12.19 @ 2pm
JLL
View
4 Charles Street
St Kilda
Auction
Thu 12.12.19 @ 11am
Colliers / VICPROP
View
7 Foundry Road
Sunshine
EOI
Thu 05.12.19 @ 4pm
Gross Waddell & Knight Frank
View
Leakes Road
Truganina
For Sale
From $485,000
JLL
View
VICTORIAN LISTINGS
16
Melbourne CBD (40mins) Cranbourne Train Station Cranbourne Park Shopping Centre Cranbourne Race Course NAR
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Primary School
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Future Residential Residential Development Under Construction
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Future Town Centre
Public Open Space
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Owned by McDonalds Future Employment Hub
For Sale: 1261 Ballarto Road, Cranbourne East 1261 Ballarto Road offers a high-profile town centre development opportunity for an owner and developer wanting to make their own mark in Australia’s largest growth suburb. This ideally positioned property is located within the Cranbourne East PSP, surrounded by established and future residential developments, a future employment precinct and only moments from the South Gippsland Highway. An existing permit exists for a 4,688m² (GLA) neighbourhood shopping centre, with potential for the purchaser to add their own mark to this exciting development.
View Listing
Jet Saliu 0432 898 689 jsaliu@realproperties.com.au
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Future Residential
Mortgagee Sale in Australia’s Largest Growth Rate Suburb • Significant 1.28ha* Urban Growth Zone (UGZ) • The designated Town Centre of the Cranbourne East PSP • Approved permit for a 4,688m2 (GLA) neighbourhood shopping centre • Significant local infrastructure investment including stage 2 of Ballarto Road upgrades in 2019/20 and construction of a roundabout at the South Gippsland Highway & Ballarto Road intersection • Immediate proximity to Cranbourne East’s future employment hub and several rapidly growing land estates For Immediate Private Sale $5,800,000 +GST www.ballartoroad.com
Ben Ameti 0434 551 577 bameti@realproperties.com.au
Joseph Catanese 0418 367 514 jcatanese@realproperties.com.au
THE PROPERT Y DE VELOPMENT RE VIE W
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I N D US T R I A L LOTS N OW S EL L I N G FRO M $ 4 8 5 ,000
TO M E DWA R D S 0 41 3 7 7 8 0 4 0 JOSH FREEZER 0466 364 808
is the newest offering from Time & Place in Truganina. It joins our other successful industrial projects in the region — The Junction in Laverton and Williams Point in Williamstown North. With enviable connectivity to the Western Ring Road, Princes and West Gate Freeway’s, now is the time to secure your small land parcel in a premium area with scarce availability.
L E A K E S T P.CO M . AU
D E V E L O P E D B Y:
VIEW LISTING
PA R T N E R A G E N T:
Price list upon request.
TA R G E T D I S T. C E N T R E
K M A R T D I S T. C E N T R E
MELBOURNE CBD (22KM)
AD LEAKES RO
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18/11/2019 17:21
VICTORIAN LISTINGS
18
Boundary Indicative
Lifestyle and amenity Mortgagee Sale 22 Wood Street, Preston VIC
For Sale by EOI Closing 5 December at 2pm (AEDT)
– Substantial land holding of 1.83Ha* (RGZ1) – Permit-approved for multi-level retirement village and residential aged care – Bordering Darebin Creek and opposite Northland Shopping Centre – Under supplied seniors living location
*(approx)
Alex McColl David Hill James Thorpe Steve Kelly
0466 620 828 0431 248 477 0414 510 071 0407 320 377
property.jll.com.au/305721
THE PROPERT Y DE VELOPMENT RE VIE W
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Boundary Indicative
Opportunity to landbank For Sale 1232 Beattys Road, Grangefields VIC
– 19.01 Hectare Urban Growth Zoned Parcel – Adjacent Thornhill Park Development and future train station – Contained within Melton East PSP
*(all figures are approximate )
Expression of Interest Thursday 28th November 2019 Steve Kelly 0407 320 377 James Thorpe 0414 510 071 MingXuan Li 李名轩 0498 688 998 property.jll.com.au/305435
VICTORIAN LISTINGS
20
VIEW LISTING
Expressions of Interest Closing Thurs 5th Dec at 4PM 7 Foundry Road, Sunshine VIC 3020 In conjunction with:
Andrew Greenway — 0409 547 626 Andrew Waddell — 0419 400 991
PERMIT APPROVED 13 LEVEL DEVELOPMENT IN SUNSHINE’S ACTIVIT Y CENTRE – Permit approved offering in excess of 13,000sqm NSA* – Designed by renowned CHT Architects – Substantial landholding of 3,984sqm* – Only 12km’s from Melbourne CBD – May suit other uses including build-to-rent, aged care, commercial and more (STCA)
Danny Clark - 0421 213 021 Ed Wright - 0448 066 889 *Approx.
PERMIT APPROVED RESIDENTIAL DEVELOPMENT OPPORTUNITY IN THE CITY OF STONNINGTON 1795 Malvern Rd, Glen Iris VIC 3146 – Expansive frontage of 24m* – Total site area of 1,200sqm* – Town planning approval to develop 16 boutique owner occupier apartments – General residential zoning – 4 00m walk to Glen Iris railway station, tram stop and bus depot – N earby Melbourne's most distinguished schools, local boutiques, amenities and parkland Expressions of Interest closing Wednesday 27th November 2019 at 12pm
View Opportunity
Commercial Real Estate Specialists
Paul Jones +61 488 779 749 Sam Guest +61 458 467 482
Tim Spargo +61 402 747 030
www.jonesre.com.au
THE PROPERT Y DE VELOPMENT RE VIE W
21
VICTORIAN LISTINGS
22
Accelerating success Reach more people – better results faster.
LARGE STRATEGIC BOX HILL DEVELOPMENT SITE
View Now
OUTLINES INDICATIVE EXPRESSIONS OF INTEREST Closing Wednesday 11th December at 3pm 110 ALBION ROAD, BOX HILL
•
Large land holding of 5,047m²*
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Special Use Zone
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Suits a variety of development outcomes (STCA)
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Parkside location in Box Hill
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Close proximity to major medical and education institutions including Box Hill Hospital, Deakin University and Laburnum Primary School
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High quality retail within close proximity including Canterbury Road Shopping Village, Box Hill CBD and The Golden Mile *Approximately
Ted Dwyer 0411 312 165 ted.dwyer@colliers.com
Ben Baines 0438 328 407 ben.baines@colliers.com
Alex Browne 0418 350 545 alex.browne@colliers.com
colliers.com.au
THE PROPERT Y DE VELOPMENT RE VIE W
23
Accelerating success Reach more people – better results faster.
APPROVED LUXURY TOWNHOUSE SITE AUCTION - THURSDAY 12TH DECEMBER 11AM ON-SITE 4 Charles Street, St Kilda • • •
Planning approval for 4 luxury townhouses Existing block of flats generating income Prime position in renowned St Kilda
View Now
Hamish Burgess 0421 641 497
Joe Kairouz 0421 430 638
Tze Chan 0451 889 854
Hao Wu 0419 221 922
Want to advertise in The Property Development Review? Call 03 9631 5476 or Email enquiries@developmentready.com.au
DevelopmentReady.com.au
STATE SPOTLIGHT
24
STATE SPOTLIGHT: NEW SOUTH WALES
Suburb Report: North Sydney
New South Wales Auction Schedule
Developers Eye Boutique Residential Sites
New South Wales Listings
Author: Jack M. Gaffney
THE PROPERT Y DE VELOPMENT RE VIE W
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↑ Vantage Residences Image: Platino Properties
Suburb Report: North Sydney Sleek, modern and vibrant, North Sydney offers patrons an intelligent amalgam of work and play. All the splendours of the city lie on the doorstep, however there’s still so much to explore within its own boundaries. High-rise office towers blend into quiet urban-living, prestigious schools meld into beautiful parklands, and streets lined with intimate homes and corner cafés flow elegantly down towards the harbour. North Sydney is defined by its well-crafted mix of residential and commercial operators, but it’s a medley that is proving increasingly popular for all the right reasons. RESIDENTS The 2019 estimated population of North Sydney is 9,517 – an increase of 52.1% from 6,258 during the 2011 Census. North Sydney holds a young median age, recording 35 in the 2016 Census as compared with 38 in NSW as-a-whole. 82.3% of residents are under the age of 60. Unsurprisingly, this neighbourhood is a popular destination for young professionals who want to live in the thick of it and can afford to do so. Development has tried to keep up with demand, with several new high-rise residential and mixed-use buildings erected, along with the many commercial towers that give North Sydney a feel of its own business district at the centre.
CULTURE Boasting outstanding views and the ability to walk across the Harbour Bridge to work, North Sydney is an impressive suburb. Neighbourly tree-lined streets run in contrast to its prominent commercial district, yet it’s a juxtaposition that works harmoniously. The area is extremely well serviced by a network of trains, buses and ferries, and its roads and footpaths are weekday-busy to say the least. Greenwood Plaza offers a line-up of shops and cafés that are lapped up by the professional crowd, as too is the historic sandstone Greenwood Hotel. And while the area buzzes through the week, the weekends are renowned for their peace and quiet – an aspect much adored by local residents. HOUSES The median house price have been on the rise over the past ten years, reaching a peak in early 2018 at around $2.6 million. This has since tapered off to a steady $2 million as of 31 October 2019. Weekly median advertised rent is $985. UNITS Median unit prices have maintained a generally stable upwards trajectory, breaking the $1 million barrier in 2017 and 2018. Recent months have seen a slight return to stability, with the median price for units
reaching $802,500 as of 31 October 2019. Weekly median advertised rent is $620. SIGNIFICANT PROJECTS Vantage Residences: Developer and architect Platino Properties are currently in the construction phase of their latest North Sydney high-rise, Vantage Residences. A total of 113 individual dwellings in a mix of one, two and three bedrooms, are spread across 20-storeys, with many offering stunning views across the city. The development also accommodates 117 bike spaces and 93 car spaces. All apartments are treated with high quality finishes including timber floor, Miele appliances and caesarstone marble benchtops. Construction is expected to be completed in early 2020. Polaris: Another high-rise residential project, Polaris is a now completed 218 apartment project designed by Allen Jack+Cottier Architects and led by Element Property Australia. The tower comprises of a mix of 1 -3 bedroom apartments across 24 storeys, including 3 levels of commercial space. The unique building shape, with its crystalline façade, was specifically designed to maximise sunlight.
STATE NE WS
26
New South Wales News: Developers Eye Boutique Residential Sites
↑ Image: The Urban Developer
Author: Dinah Lewis Boucher
While confidence in Sydney’s apartment market is improving, a new report forecasts a “stabilisation rather than a rebound” in demand for new apartments, which are unlikely to bounce back as strongly. The next cycle in Sydney’s apartment market will likely see developer focus shift towards owner-occupiers, says the latest JLL Sydney apartment market report. “This will change the current residential pipeline to more mid-density, boutique properties with larger apartments,” JLL’s head of residential research Leigh Warner said. When it comes to site sales, the report notes that developers are eyeing residential sites suited to boutique developments in preparation for the next cycle. “Record low interest rates have not only seen demand for apartments increase, but interest in residential development
sites as developers capitalise on the cheaper cost of borrowing to prepare for the next cycle of development,” Warner said. “With owner-occupiers now largely becoming the focus of developers, sites suited for boutique residential developments are in demand.” Sydney apartment completions this year are lower than 2018, while home financing commitments fell across the board over the year to August 2019. The number of apartments under construction in the inner-city regions of Australia’s six major capital cities fell a further 5 per cent in the third quarter of 2019 to 37,500 apartments. This down 23 per cent over the past year and over 30 per cent from its peak, according to JLL data. In Melbourne, Warner expects strong population growth will help absorb new stock con-
structed predominantly concentrated in and around the CBD, as likely to be absorbed first. “In comparison, Sydney’s construction cycle was much more decentralised and only reached a peak much more recently,” Warner said. “As such, residual stock to be absorbed is more spread across the entire Greater Sydney area and will take a little longer to work through. “The recent building defect issues have also affected buyer confidence in the market.”
THE PROPERT AUCTION & EOIY SCHEDULE DE VELOPMENT RE VIE W
27
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.
75 Milton Street
Ashfield
Auction
Contact Agent
Knight Frank South Sydney
View
5 Oxford Street
Burwood
Auction
Contact Agent
Knight Frank South & CBD
View
Lot 175 Barbula Road
Denham Court
EOI
Thur 28.11.19 @ 3pm
CBRE Western Sydney
View
Lot 13 Willowdale Drive
Denham Court
EOI
Thur 28.11.19 @ 3pm
CBRE Western Sydney
View
392-394 Victoria Road
Gladesville
EOI
Contact Agent
Knight Frank - South
View
Stages 2 & 3 Lachlans Line
Macquarie Park
Public Tender
Thu 05.12.19 @ 5pm
Knight Frank - Parramatta & Sydney South
View
1 Kenneth Road
Manly Vale
Auction
Contact Agent
Upstate
View
142 Merrylands Road
Merrylands
For Sale
Contact Agent
Cushman & Wakefield & CPM
View
54-58 Robertson Road
Moss Vale
For Sale
Contact Agent
Community First
View
76 Ben Boyd Road
Neutral Bay
EOI
Thu 21.11.19 @ 3pm
Colliers - Sydney North
View
45 McLaren Street
North Sydney
EOI
Thu 21.11.19 @ 3pm
Colliers - Sydney North
View
Lot 122 Putu Wargun Drive
Pemulwuy
Auction
Tue 03.12.19 @ 10:30am
JLL - Sydney Metro
View
1258-1260 Canterbury Road
Roselands
Auction
Tue 26.11.19 @10:30am
CBRE Western Sydney
View
Proposed Lots 61 & 63, 61 & 63 Werris Creek Road
Tamworth
For Sale
Contact Agent
Commercial Collective
View
171B Botany Bay
Waterloo
EOI
Thu 28.11.19 @ 4pm
Colliers - Sydney CBD
View
NE W SOU TH WALES LISTINGS
28
Accelerating success Reach more people – better results faster.
PREMIUM SITE WITH HARBOUR & CBD VIEWS
76 Ben Boyd Road, Neutral Bay, NSW 2089 Sold via Expressions of Interest Closing 21 November 2019 at 3pm (AEDT)
Colliers International is excited to offer this premium, raw, boutique development site that offers Sydney Harbour and CBD views. Conveniently located in a highly sought-after, affluent, Lower North Shore location, the end-product will undoubtedly be of great appeal to owner occupying downsizers. Henry Burke 0418 238 636
Tom Appleby 0405 693 696
View Now
– Significant, regularly-shaped parcel of land with substantial street frontage – Sydney Harbour/Bridge and CBD vistas – Excellent natural light – Tranquil setting with leafy outlook – Raw site allows for design flexibility – Perfectly-sized boutique development ideal for highnet-worth downsizers seeking a premium product in the area – Strong pre-sale market; off-the-plan sales have spiked over the past 6 months in Neutral Bay – Scope to rezone to R3 Medium Density Residential given nearby precedent
* Approx
colliers.com.au
THE PROPERT Y DE VELOPMENT RE VIE W
29
Accelerating success Reach more people – better results faster.
PRIME MIXED-USE DEVELOPMENT SITE IN THE HEART OF SOUTH SYDNEY 171B Botany Road, Waterloo, NSW 2017 International EOI Closing Thursday 28th November 2019 at 4pm (AEDT) – Quality warehouse and office building – B4 mixed-use zoning – Large functional site with double street frontages – Quality existing warehouse and office building that occupies totalling 2,188sqm* – High tenant demand in this precinct for commercial office users` – Short term rental holding income – Less than 400m* from the future Waterloo station
View Now
Joseph Lin 0452 070 980
Zhenni Lu 0433 230 625
Trent Gallagher 0432 242 063
Guillaume Volz 0404 887 717
Accelerating success Reach more people – better results faster.
PREMIUM NORTH SYDNEY DEVELOPMENT OPPORTUNITY 45 McLaren Street, North Sydney, NSW 2060 International EOI Closing Thursday 21st November 2019 at 3pm (AEDT) – Site Area: 1,793sqm* – Premium corner position with three street frontages – Outstanding Sydney Harbour views – Walking distance from North Sydney Railway Station and moments from future Sydney Metro – Minutes away from unrivalled amenity including parks, schools, cafes, shopping precincts and leisure facilities – Potential GFA: 10,670sqm^
View Now
Eugene White 0423 021 439
Guillaume Volz 0404 887 717
Henry Burke 0418 238 636
NE W SOU TH WALES LISTINGS
30
Connecting people & property, perfectly.
Spring Valley Park
Melbourne CBD 29km* Retail Strip
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1.27 ha* site in Springvale South Crown Allotment 2272, Darren Road, Springval South VIC. For Sale by Auction on-site Thursdayday, 20 June at 2pm (AEST).
392-394 Victoria Road, Gladesville NSW 2046. Exceptional in-fill site with optionality. For Sale via Expressions of Interest
Site 1,260.00 m2 (*approx)
Huge development potential
Neighbourhood Residential Zoning Ideal mixed use zoning and 2.3:1 FSR
Major Transport Links Nearby
For further information, please contact the exclusively listed agents below.
Excellent Pirrottina access to 0402 Centrally located to Anthony 666 093 major arterial roads fantastic ammenities Demi Carigliano 0423 015 815 View Listing View Listing
Perfectly positioned for a prime residential development this magnificent site abuts Keysborough Primary School BOUTIQUE LOWER NORTH SHORE encompassed within a strong residential area. Under the DEVELOPMENT SITE Neighbourhood Residential Zoning the astute buyer will seize the opportunity to create a brand new precinct within the Knight Frank as exclusive selling agents are delighted current site and harbour a new and innovative community.
to offer for sale 392-394 Victoria Road, Gladesville, an for developers acquire a higheasy Situatedexceptional momentsopportunity from Dandenong bypasstoand allowing profile and versatile development site in a premier Lower access to both Eastlink and Springvale Rd, this property is sure North Shore location.
to provide confidence to any purchaser. With Yarraman Railway Boutique development site Station,– Keysborough Secondary College and Parkmore – Premier Lower North Shore location Shopping Centre in close proximity, this property is likely to – Ideal mixed use zoning and 2.3:1 FSR fulfill even the most particular of purchasers. – Potential 2,898sqm* of gross floor area (STCA) – Regular shaped site with 60m* frontage to Victoria Rd – North facing land holding Stephen Kelly 0407 320 – Immediate access to 377 amenity via Victoria Road and Gladesville shopping village James Thorpe 0414 510 071
* Approx
*Approx.
1.27 ha* site
THE PROPERT Y DE VELOPMENT RE VIE W
31
Connecting people & property, perfectly. 75 Milton Street, Ashfield NSW 2131. INNER WEST SYDNEY'S BEST VALUE DA APPROVED DEVELOPMENT SITE
Spring Valley Park
Melbourne CBD 29km* Retail Strip
oad ra R moo Co o
– DA approved boarding house pass development ad ng By opportunity Springvale Ro ndeno a D – 37 boutique self-contained studio apartments Pa ter Keysborough – Estimated fully leased income so Primary School nR of $730,000+ pa. gross upon oa d completion – Architecturally designed to Crown Allotment 2272, Darren Road, maximise returns with minimal Springvale South construction costs
Site 929.00 m2
Darren Reserve Kindergarten
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Short walk to Ashfield Station & shopping mall South Springvale
(*approx)
1.27 ha* site in Crown Allotment 2272, Darren Road, Springval South VIC. For SaleForbyfurther Auction on-site please contact the exclusive listing agents Auction information Thursdayday, 20 June at 2pm (AEST).
Demi Carigliano 0423 015 815 Anthony Pirrottina 0402 666 093
View Listing
* Approx
Exceptional in-fill site with optionality. Perfectly positioned for a prime residential development this magnificent site abuts Keysborough Primary School encompassed within a strong residential area. Under the Connecting people & property, Neighbourhood perfectly. 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. 1.27 ha* site
Neighbourhood Residential Zoning
5 Oxford Street, Burwood NSW 2134. DEVELOPMENT OPPORTUNITY
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 Spring Valley Melbourne CBD 29km* Station, Keysborough SecondaryPark College and Parkmore Shopping Centre close proximity, this property is likely to Retailin Strip fulfill even the most particular of purchasers.
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– Boutique raw development site in a ypass Sydney location Road prime nInner BWest e ong to Excellent CentrallySplocated Stephen Kelly 0407 320 377 ringvaleto Dandaccess – Level 375 sqm* land holding with major arterial roads fantastic ammenities potential for 1,125 sqm* gross floor James Thorpe 0414 510 071 Pa ter area Keysborough s on View Ro – Listing Draft scheme for 46 room boarding Primary School ad house or 8 high end whole floor Darren Reserve apartments Crown Allotment Kindergarten 2272, Darren Road, – Generous 16m* frontage and Springvale South easterly aspect
*Approx.
Huge development Major Transport AFFORDABLE BURWOOD potential Links Nearby
Level 375 sqm* land holding
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150m* to nearest bus and 500m* to train Springvale South
1.27 ha* site in Crown Allotment 2272, Darren Road, Springval South VIC. For SaleForbyfurther Auction on-site please contact the exclusive listing agents Auction information Thursdayday, 20 June at 2pm (AEST). View Listing
Exceptional in-fill site with optionality.
Demi Carigliano 0423 015 815 Anthony Pirrottina 0402 666 093 * Approx
NE W SOU TH WALES LISTINGS
32
Connecting people & property, perfectly.
Spring Valley Park
Melbourne CBD 29km* Retail Strip
ypass
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oad Springvale R Keysborough Primary School
Pa te
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Co o o ra R
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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 at 2pm (AEST). Exceptional in-fill site with optionality. Neighbourhood Residential Zoning
Huge development potential
Major Transport Links Nearby
For further information, please contact the exclusively listed agents below.
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.
Adam Bodon 0402 700 786 18,463 sqm* Scott Timbrell Centrally 0423located 379to007StephenSiteKelly Excellent access to (Approx) 0407 320 377 major arterial roads fantastic ammenities Dominic Ong 0468 969 298James Thorpe 0414 510 071 View Listing View Listing
Zoned R4 High Density Residential
*Approx.
1.27 ha* site
THE PROPERT Y DE VELOPMENT RE VIE W
33
Stages 2 & 3 Lachlans Line, Macquarie Park, NSW 2113. For Sale Via Invitation of Tender Closing Thursday 5th Dec 2019 at 5.00pm SUBSTANTIAL RESIDENTIAL DEVELOPMENT SITE
On behalf of Landcom, Knight Frank is delighted to offer to the market Stage 2 and Stage 3 of Lachlan’s Line, Macquarie Park.
Arguably the most substantial offering of 2019, Stage 2 and Stage 3 of Lachlan’s Line presents a unique opportunity to secure an impressive development opportunity within close proximity to the newly opened Sydney Metro. Upon delivery of this project, residents will benefit from a beautiful public domain with easy access to the CBD and emerging Macquarie Park as a key commercial, retail and educational precinct. – Offered as 2 stages encompassing 4 lots
– Total Land area of 18,463 sqm, with lots ranging from 2,656sqm up to 6,397sqm – R4 High density residential zoning
– Up to 82,212 sqm of permissible Gross Floor Area
– Varying height limit between 33 metres and 99 metres
– Opportunity to acquire in one line or separately (subject to submitting a conforming offer) – Roads, Central and Linear Parks complete – Lot services to the boundary
– Immensely impressive pedestrian bridge providing ease of access to North Ryde Metro currently under construction
– Surrounded by a wealth of amenity, including Macquarie Park Shopping centre, Macquarie University and Hospital – Close proximity to Lane Cove National Park
– Lachlan’s Line retail precinct is currently under construction including Coles as anchor tenant * Approx
NE W SOU TH WALES LISTINGS
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FOR SALE
LOT 175 BARBULA ROAD DENHAM COURT NSW 2165 MAIN ROAD MIXED USE DEVELOPMENT SITE CBRE are excited to present to the market on behalf of our valued client Stockland, rare opportunity to acquire a B4 mixed use development site along the major arterial being Camden Valley Way. + Large footprint of 5,918sqm* + Triple street frontages including Camden Valley way, Willowdale Drive and Barbula Road + B4 mixed use zoning allowing for an array of development opportunities inclusive but not limited to hotel/motel, residential apartments, shop top housing, service station (STCA*) + Will benefit the 3,000+ residents who reside in Willowdale, which will increase to 10,000 on project completion* + The only vacant and serviced B4 mixed use development site located along Camden Valley Way + Can be bought separately or in one-line with Lot 13 Willowdale Drive, Denham Court *Approx
ALEX MIRZAIAN 0400 523 523 property.cbre.com.au
ANDREW SUKKAR 0432 082628
VIEW LISTING
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FOR SALE
1258-1260 CANTERBURY ROAD ROSELANDS NSW 2196 MORTGAGEE IN POSSESSION CBRE are pleased to present to market 1258-1260 Canterbury Road, Roselands to the market for sale by public auction on Tuesday 26th November 2019 at 10:30am, at AuctionWorks, 50 Margaret Street, Sydney. + DA Approved for 14 residential units & 1 retail shop + Generous unit mix of: 4 x 1 bedroom, 9 x 2 bedroom and 1 x 3 bedrooms + Land Size: 430sqm | Zoning: B2-Local Centre + Two existing retail shops with residence above + Dual street access from Canterbury Road & Farnham Avenue + 900m* to Roselands Shopping Centre & 1km* to Punchbowl Train Station For further information, please contact the exclusive agents. *Approx
Artist impression only
ALEX MIRZAIAN 0400 523 523 property.cbre.com.au
LORD DARKOH 0434 675 724
ROBERT DOWDY 0499 007 000
VIEW LISTING
NE W SOU TH WALES LISTINGS
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FOR SALE
LOT 13 WILLOWDALE DRIVE DENHAM COURT NSW 2165 B2 DEVELOPMENT SITE ADJOINING SHOPPING CENTRE CBRE are excited to present to the market on behalf of our valued client Stockland, a rare opportunity to acquire a B2 Local Centre development site. The expressions of interest will be closing on the 28th of November at 3:00pm. + Large footprint of 9,750sqm* + Triple street frontages including Willowdale Drive, Jamboree Avenue and Barbula Road + B2 Local Centre zoning allowing for an array of development opportunities STCA* inclusive but not limited to retail and shop top housing + Value-add opportunity adjoining the Willowdale Shopping Centre which is currently the only full-line shopping centre in the main trade area + Can be bought separately or in one-line with Lot 175 Barbula Road, Denham Court
*Approx
ALEX MIRZAIAN 0400 523 523 property.cbre.com.au
ANDREW SUKKAR 0432 082628
VIEW LISTING
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Boundary Indicative
Infi ll DA Approved site in сtablished suburb Auction Lot 122 Putu Wargun Drive, Pemulwuy NSW
AuctionWORKS, Mezzanine Level, 50 Margaret Street, Sydney NSW Tuesday 3 December 2019 at 10:30am
– Large site area of 2,699sqm* - corner location – DA Approved for 25 units - 15 x 2-bedroom units & 10 x 3-bedroom units – Unique & cost efficient DA design including communal roof top terrace – On-grade parking for 33 vehicles – Benefit from completed civil works and curbing – Limited unit supply within suburb, strong population growth – Immediate access to Pemulwuy market place, M4 motorway, major employment corridors and schools *(approx)
Dylan McEvoy Gordon McFadyen
0406 560 204 0451 956 273
property.jll.com.au/305641
NE W SOU TH WALES LISTINGS
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1 Kenneth Road, Manly Vale, NSW 2093
Prime Shop Top Development Site – Site area: 1,553 sqm – Two adjoining lots held by one owner – Current building areas: 1 Kenneth Road: 795 sqm; 265 Condamine Street: 1,710 sqm – Residential developments approved, underway and completed on nearby sites – Currently DA approved for Bulky Goods Showroom of 2,033 sqm + 20 car spaces
Seize a rare and prized opportunity to redevelop existing warehouses into a mixed-used development in an absolute prime location. The site area totals 1,553sqm on two separate titles with two street frontages, and sits within a rapidly growing residential area where similar properties have been recently approved, are currently under construction, or have been completed as shop top developments. Superbly located literally footsteps from the new B-line city bus service, it is only a few minutes stroll from supermarkets, cafes and eateries and minutes from major regional shopping centres, Manly Dam Reserve and Manly's Beaches, wharf and cosmopolitan eateries.
upstate.com.au
Contact: Vincent West 0403 444 000
View Listing
THE PROPERT Y DE VELOPMENT RE VIE W
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MERRYLANDS 142 Merrylands Road DEVELOPERS/ INVESTORS – A PRIME OPPORTUNITY Diagonally opposite Merrylands Railway Station and within metres to Stockland Merrylands Mall, the property is offered with a 1-year leaseback + option. We anticipate equal interest from both investors and developers especially as the building has been trading very successfully as a second-hand dealers shop and an amalgamate with the neighbours will take advantage in the uplift of a B4 zone. Set on a level site of 231sqm* and zoned B4 Mixed Use, the building provides an excellent opportunity to hold for future redevelopment (STCA). • Superb location near Merrylands Station • Redevelopment potential • Minutes walk to Stockland Merrylands
Charles Gonzalez 0412 279 588 Anthony Bray 0419 322 233
View Listing
NE W SOU TH WALES LISTINGS
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Click to view Listing
• Strategically identified land release positioned to the south of Tamworth's CBD • "Arcadia" will provide for a new community area supported by a range of lot sizes and neighbourhood shopping centre • The growth framework established bodes well to continue Tamworth as a major regional city • Ensure the consistent growth rate of 1%* is maintained and enhanced.
Adam Leacy 0421 613 160 Matt Kearney 0427 921 206
For Sale: 54-58 Robertson Road Moss Vale NSW 2577 Features of the existing include: – Inviting foyer leading to living areas – Spacious living room with combustion fireplace – Beautiful timber kitchen with meals area – Additional family room with brick exposed walls – Bay windows & high ceilings throughout – 5 great size bedrooms with built in robes – Master bedroom with walk in robe & ensuite – Main bathroom with floor to ceiling tiles – Internal laundry with plenty of linen space
For more info contact: Michael Galluzzo 0423 463 683 Click to view Listing
THE PROPERT Y DE VELOPMENT RE VIE W
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QUEENSLAND
SOUTH / WESTERN AUS.
ROB LANGTON Tel: 0438 460 801 rob@developmentready.com.au
MARCUS MATERIA Tel: 0400 582 136 marcus@developmentready.com.au
STATE SPOTLIGHT
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STATE SPOTLIGHT: QUEENSLAND
Suburb Report: Kedron
Queensland Auction Schedule
The Gold Coast’s New ‘Billion Dollar’ Industry
Queensland Listings
Author: Jack M. Gaffney
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↑ Carlos Residences Image: CDI Architects
Suburb Report: Kedron Highly prized for its proximity to Brisbane’s CBD and Chermside’s northern shopping hub, Kedron is a peaceful residential neighbourhood growing in popularity. With leafy streets, easy public transport and a number of parks dotted throughout, the strollers are out in force. The arterial Gympie Road cuts through its centre offering an easy connection to the north and south, while stepping off this busy road can lead you into the peace and quiet that your Sunday newspaper deserves. Kedron is certainly more alive in the day than it is the night, but it’s still close enough to the nightlife if you want it – and the residents prefer it this way. RESIDENTS Population saw an increase of nearly 9% between the 2011 and 2016 Censuses. The median age remained steady at 34, much lower when compared to than the QLD state median of 37. Interesting to note is that Kedron residents under the age of 55, account for 81.6% of the residential population. This popularity amongst a predominantly younger demographic is largely due to the neighbourhood’s proximity and ease of access to the CBD – just 7km to the south. Common new entrants include young and emerging families who are looking for a
mix of quaint residential atmosphere without sacrificing their pleasure-seeking preferences. CULTURE It’s not unfair to say that residents of Kedron are enamoured and proud of their neighbourhood. Bird songs are frequent, gardens are cared for, walkers are out with their kids or dogs, and an air of lunchtime snags can often be discerned from public park facilities. With its desirable attributes becoming more widespread, Kedron’s popularity has understandably grown. As of 2016, apartments accounted for just 26.4% of total dwellings, leaving considerable space for subdivision and multi-residential development projects. While this ratio has undoubtedly shifted, there remains considerable opportunity to ride the wave as land prices continue to climb. HOUSES Fitting into the narrative of “We should have bought there years ago” Kedron has proved itself reliable on the housing market. The median house price has enjoyed a steady incline over the past ten years and now sitting comfortably at $715,000 as of 31 October 2019. The current weekly median advertised rent is $480.
UNITS Conversely the median unit price has remained largely flat over the same period, peaking at around $450,000 in 2016 before returning to a steady line and a median price of $385,000 as of 31 October 2019. The current weekly median advertised rent is $360. SIGNIFICANT PROJECTS Carlos Residences: A recently completed boutique apartment development designed by CDI Architects. The project offered nine individual apartments across three-storeys with a mix of two and three-bedrooms. Each apartment provides the owners with private access to a courtyard or balcony as well as secure gated parking. Gallagher on the Park: Located with direct frontage to Bradbury Park, Gallagher on the Park is a multi-residential project with a quality offering at affordable prices. The development was spearheaded by family-owned business Ponsford Builders and Developers, which was established in 1993 and has won multiple awards for their residential projects. The project saw a mix of 27 two-and-three bedroom apartments with 12 different floor plans to choose from.
STATE NE WS
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Queenlsand News: The Gold Coast’s New ‘Billion Dollar’ Industry Author: Dinah Lewis Boucher
The Gold Coast’s international education sector could soon be worth $1 billion according to new data revealing growth in the burgeoning industry. Deloitte Access Economics research shows international education and training was worth more than $988 million to the Gold Coast region last year, showing 18 per cent yearon-year growth. Earlier this month the federal government reversed the decision to limit the number of international students on the Gold Coast, a move that is expected to inject millions into the city.
The Gold Coast is now classified as a regional centre, expected to come into effect as of November 16, which means it's eligible for 25,000 foreign students and can offer an additional year on a temporary and post study visas. “International education and training is on track to be a billion-dollar industry for the Gold Coast,” Queensland Tourism Minister Kate Jones said, while confirming government’s funding commitment to the Gold Coast’s International Student Hub, in Southport, until 2021. “It’s up there with tourism,
construction and sport as one of the Coast’s most important industries.” Research from Deloit te found that Brazil, China and India were the Gold Coast’s largest international student cohorts. The sector supports up to 4700 jobs, according to Deloitte, with an estimated 6200 friends and family of students having travelled to the region over the year, generating $21 million in tourism expenditure.
← Image: The Urban Developer
THE PROPERT AUCTION & EOIY SCHEDULE DE VELOPMENT RE VIE W
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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.
39-49 Logan River Road
Beenleigh
Auction
Thu 12.12.19 @ 11am
Avanti Commercial
View
185 Deception Bay Road
Deception Bay
EOI
Thu 05.12.19 @ 6pm
Cushman & Wakefield
View
541 South Street
Glenvale (Toowoomba) Auction
Fri 06.12.19 @ 10:30am
Ray White S.P.
View
115-125 Potassium Street
Narangba
EOI
Fri 06.12.19
Cushman & Wakefield
View
Lots 2 and 4 Dight Road
Rosenthal Heights
For Sale
Offers over $2,000,000
Ray White S.P.
View
40 Hamilton Avenue
Surfers Paradise
Offers Invited
Thu 05.12.19
Savills
View
Cnr Norfolk, Pine, Oak & Ferny Avenues
Surfers Paradise
Offers Invited
Thu 28.11.19 @ 4pm
Knight Frank
View
13-15 Perrin Drive
Underwood
EOI
Thu 05.12.19 @ 5pm
Corwells
View
QUEENSL AND LISTINGS
46
PRIME CORNER LAND ON MAIN ROAD 39-49 LOGAN RIVER ROAD, BEENLEIGH QLD 4214
PRIME LAND ON MAIN ROAD - 17,010 SQM* (1.701 HA*) Main road land site on Logan River Road, a short drive from the Beenleigh CBD with the following key attributes: • 1 7,010 sqm* of land Zoned “Mixed-Use. (1.701 hectares / 4.2acres) • 99m* frontage to Logan River Road (Arterial Road) • 108m* frontage to Spanns Road • Surrounded by development and suitable for subdivision or redevelopment. • Average Daily Traffic Count = 33,064 (2018 traffic census data)
AUC TION ON SITE - 12TH DECEMBER 2019 AT 11AM.
MASON KIDMAN 0402 125 782 mk@avanticommercial.com.au
Suitable uses include low impact industry, warehousing, logistics, retail, bulky goods, aged care, storage, fuel, fast food and office (Subject to Council Approval)
L ACHL AN HARRIS 0409 057 733 lh@avanticommercial.com.au
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For Sale: 40 Hamilton Avenue, Surfers Paradise QLD 4217 DEVELOPMENT APPROVED FREEHOLD OPPORTUNITY
Located within the world renowned Surfers Paradise precinct this corner block is located on water and has views of Surfers Paradise skyline and the Pacific Ocean. The vendors have had a pre-lodgement meeting with City of Gold Coast planning officers to increase the density to 176 Hotel rooms. – Freehold development site – 823 square metres approx – DA for 64 apartments (81 keys) – High profile corner location
Kevin Carmody 0419 721 216
James Stevenson 0498 121 165
More Exposure More Competition Record Prices
– Basement car parking – Located on water with ocean views
VIEW LISTING
QUEENSL AND LISTINGS
48
115-125 Potassium Street, NARANGBA QLD 4504 RAW SUPER LOT IN NARANGBA Cushman & Wakefield is proud to present 115-125 Potassium Street, Narangba to the market for sale via Expressions of Interest Property features include: • 28,000sqm* englobo lot in Narangba Industrial Estate • Last remaining large lot in the Estate • Zoned General Industry 24/7 operation • Suitable for heavy industry * Approx
FOR SALE VIA EXPRESSIONS OF INTEREST CLOSING FRIDAY 6TH OF DECEMBER Mitch Taulelei 0447 548 885 Morgan Ruig 0403 149 828
View Listing
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185 Deception Bay Road, DECEPTION BAY QLD 4508 4HA DA APPROVED MAIN ROAD INDUSTRIAL SITE Property features include: • 4.05ha of land • DA approved for 12 lot subdivision • Bulk works completed • Significant frontage to Deception Bay Road • Direct access to the Bruce Highway • Well below market price expectation * Approx
FOR SALE VIA EXPRESSIONS OF INTEREST CLOSING THURSDAY 5TH OF DECEMBER AT 6PM (AEST) Morgan Ruig 0403 149 828 Mitch Taulelei 0447 548 885
View Listing
QUEENSL AND LISTINGS
50
Connecting people & property, perfectly.
Spring Valley Park
Melbourne CBD 29km* Retail Strip
ypass
ong B
n Dande
oad Springvale R Keysborough Primary School
Pa te
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Co o o ra R
moo
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
Corner Norfolk, Pine,at Oak and Ferny Avenues, Thursdayday, 20 June 2pm (AEST). Surfers Paradise QLD 4217.
Exceptional in-fill site with optionality.
For Sale by Offers to Purchase via Tender
Perfectly positioned for a prime residential development this magnificent site abuts Keysborough Primary School WHOLE NEAR-BEACH CITY BLOCK - the encompassed within a strong residential area. Under VIA TENDER, ALL OR IN PART, CLOSING Neighbourhood OFFERED IN ONEZoning LINE OR INDIVIDUAL Residential the AS astute buyer will seize to create a brand new precinct within the THURSDAY 28 NOVEMBER AT 4PM (AEST)the opportunity PROPERTIES current site and harbour a new and innovative community. 1.27 ha* Neighbourhood site Residential Zoning FOR SALE BY OFFERS TO PURCHASE
Knight Frank is pleased to offer the opportunity to acquire
Huge development potential
Major Transport Links Nearby
Situatedthe moments bypass and allowing easy approvedfrom (withDandenong conditions) mixed-use development in one line. Alternatively, interested are access site to both Eastlink and Springvale Rd, parties this property is sure welcome to put forward an offer to purchase parts of Railway the to provide confidence to any purchaser. With Yarraman including a potentialCollege commercial Station,property, Keysborough Secondary and development Parkmore site with high exposure to Ferny Avenue and multiple Shopping Centre in close proximity, this property is likely to modern beach house options, as outlined in the detailed fulfill even the most particular of purchasers. information package, available on request.
View Listing View Listing
– Offered in one line or individually
Stephen Kelly instructions 0407 320 377 – Under from mortgagee
*Approx.
Excellent access0412 to 594 Centrally James Branch 551 located to major arterial roads fantastic Mark Witheriff 0439 038 100 ammenities
D.A. approved James– Thorpe 0414(with 510conditions) 071
* Approx
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13 – 15 PERRIN DRIVE, UNDERWOOD QLD 4119
EXPRESSION OF INTEREST FOR SALE OR LEASE CLOSES 5PM THURSDAY 5TH DECEMBER 2019 • 5,664sqm corner site just off busy Compton Rd • Lot 32: 2,574sqm • Lot 33: 3,090sqm • Lots may be purchased individually or combined • Owner will build to suit your requirement • Level block ready to build with 150m* of frontage
• Will suit multiple uses - zoned Mixed Use • Join the multinationals such as Bunnings, BCF, Officeworks and O'Brien AutoGlass plus more • Minutes to the M1, Logan and Gateway Motorways • Owner will consider all offers for sale or lease • E xpression of Interest closes 5pm Thursday 5th December 2019
For more information please contact: Trevor Richards 0468 316 555
VIEW LISTING
QUEENSL AND LISTINGS
52
RURAL RESIDENTIAL DEVELOPMENT OPPORTUNITY Rosenthal Heights, Lots 2 and 4 Dight Road
SALE
Dax Roep 0421 230 354 dax.roep@raywhite.com
Offers over $2,000,000 Rosenthal Heights, Warwick, QLD is a Development Approved 49 lot rural residential estate development opportunity. • 5* minute drive to retail and business centre • Development Approval for 49 rural residential lots (4,000m²* to • Elevated position 4ha*) • Additional approval for 100 (1 acre) lots • Town Water and underground power available
Brad Duncalfe 0419 641 058 brad.duncalfe@raywhite.com
*Approx
Sam Riley 0409 490 581 sam.riley@raywhite.com
raywhitespecialprojects.com
MORTGAGEE SALE - 1.295HA* DEVELOPMENT SITE Glenvale, Toowoomba, 541 South Street
Outline and Locations Indicative Only
Outline Indicative Only
AUCTION
Friday 6 December 2019 10.30am Level 26, 111 Eagle Street, Brisbane QLD 4000 • 4km* south-west of the Toowoomba CBD • Offered for sale on behalf of the Mortgagee in Possession • Well positioned to schools, shopping and transport • 1.295ha* designated Low-Medium Density Residential • Previously approved for townhouses with future options including residential subdivision
Mark Creevey 0408 992 222 mark.creevey@raywhite.com Tony Williams 0411 822 544 tony.williams@raywhite.com *Approx
raywhitespecialprojects.com
THE PROPERT Y DE VELOPMENT RE VIE W
Become a Local Area Expert Today. Join our already established team of experienced partners across the Development Ready platform. Your message & brand can exclusively appear with every property listing in your selected suburbs. J O I N O U R T E A M O F E X P ER T S
FO R M O R E I N FO C O N TAC T Ted Lloyd T. 0408 276 103 E. ted@developmentready.com.au
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STATE SPOTLIGHT
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STATE SPOTLIGHT: SOUTH AUSTRALIA
Suburb Report: Mile End
South Australia Auction Schedule
Adelaide’s Office Market Heats Up
South Australia Listings
Author: Jack M. Gaffney
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↑ Mile End Image: Total Investment Property Solutions
Suburb Report: Mile End Nestled just ‘one-mile’ west of the Adelaide CBD, Mile End is a convenient and amiable city-fringe neighbourhood with significant charm. The turn of the century architecture provides a warm and friendly atmosphere, which encourages slowing down to read the weekend paper and regular latte meetups. With the suburb receiving more attention in recent years, development has followed. Large blocks are being transformed into smaller, more economical townhomes, while many historic abodes are receiving the touch-ups they’ve been waiting for. RESIDENTS The population in Mile End has largely remained steady, with 4,413 residents recorded for the 2011 Census and 4,533 residents estimated in 2018. This is not however, an aging community. The median age as of the 2016 Census was 35, considerably lower than the SA State median aged of 40. Given its proximity to the CBD and airport, as well as the ease of access to Adelaide’s famed beaches, Mile End is a popular spot with young professionals, casual workers and students. Almost half of all homes are rented as those who can’t yet afford to buy look to live close to the city lights.
CULTURE While the first thing that people will tell you is that Mile End is close to everything, there’s still a considerable level of local amenity that keeps its residents happy. The Wheatsheaf Hotel offers one of the city’s best beer selections, Henley Beach Road delivers a smattering of African and Greek restaurants, while the Thebarton Theatre indulges rock’n’roll revellers. There’s multiple nearby parks, the city is easily reached on foot (as is Adelaide Oval), and house prices are generally undervalued compared to the North/South/East equivalents – Mile End is a liveable suburb in line for a residential boom. HOUSES As of 31 October 2019, the median house price is $590,000. The past three years have seen minor rises and falls circulating $600,000. Weekly median advertised rent is $420. UNITS As the number of apartments in Mile End is quite low, the median unit price has experienced a range of highs and lows. After a peak in 2017/2018, the median price has returned to a more stable number at $412,500 as of 31 October 2019. Weekly median advertised rent is $330.
SIGNIFICANT PROJECTS Mile End: TIPS, or Total Investment Property Solutions, are behind this eponymously named Mile End residential development, which features 16 architecturally designed townhomes in a well-located City fringe allotment. Each home will comprise two living areas, three bedrooms, two bathrooms and two car park spaces. All homes will be set on a Torrens Titled block of land.
STATE NE WS
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South Australia News: Adelaide’s Office Market Heats Up
↑ Image: The Urban Developer
Author: Ted Tabet
Increasing demand from the defence, mining and health industries has stimulated investor demand and new entrants into Adelaide’s tightening CBD office market. South Australia's long -term prospects also look favourable, with Adelaide set to become the hub for the majority of Australia’s defence manufacturing and technology research, development and investment over the next two decades. Mining giant BHP is scheduled to move into the new $250 million GPO Exchange building on Franklin Street in the December quarter of 2019 when Charter Hall's 19-floor tower is finished. Boeing and BAE Systems have also expanded their footprint in the Adelaide CBD. The limited supply of lettable space in the market has put pressure on rents, which have grown 5.5 per cent over the year. Vacancy has also trended lower
to 13.5 per cent with the prime grade sector down to 9.9 per cent. “Adelaide is one of the office markets where sentiment has improved significantly over the past 12 months,” “Defence, aerospace, technology and health are all growth sectors of the Adelaide market and are having a positive impact on leasing enquiry and activity.” “We are also seeing Singaporean and interstate investors transact regularly in Adelaide,” Knight Frank chief economist Ben Burston said. “This is due to improving conditions in the leasing market and attractive yields compared to the East Coast.” Knight Frank found that in the six months to July 2019, average prime yields tightened from 6.76 per cent to 6.62 per cent, while the secondary market saw a fall in yields from 8.23 per cent to 8.15 per cent. Year to date 2019 sale transactions
currently stand at $285.37 million for properties above $10 million in Adelaide CBD. At the current rate, sales volume should exceed the ten year average, especially given a number of office buildings in Adelaide CBD are currently under offer. Earlier this month German investment house Real I.S . swooped on a Waymouth Street office block in the Adelaide CBD for $85 million on behalf of a group of institutions. Other deals include Centuria Capital picking up 80 Flinders Street from a Lendlease-run fund. The state’s strengthening economy has provided a platform for greater investment with activity levels at an all time high. Commercial property sales in Adelaide also increased for the quarter ending July 2019, according to Corelogic. The last quarter figures of $442 million from 30 sales, compared
to the $111.1 million from 15 sales in the quarter to April 2019, and $125.9 million from 21 sales in the quarter to January 2019, Yet much of Adelaide's projected future growth relies on interstate migration, with Melbourne's rapid rise, thanks in part to its stronger economy and increased job opportunities, to blame for the state's sluggish population growth. The last time South Australia recorded a year of positive net interstate migration was 1991. Recent Australian Bureau of Statistics figures found the state’s population growth rate has jumped to 0.9 per cent, from 0.7 per cent last March. But the growth is still the second slowest in the country behind the Northern Territory, which dropped its population by 0.4 per cent.
THE PROPERT AUCTION & EOIY SCHEDULE DE VELOPMENT RE VIE W
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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.
Gouger, Grote & Blenheim Streets
Adelaide
For Sale
Contact Agent
Colliers International
View
1480 Village Terrace
Blakeview
For Sale
Contact Agent
JLL
View
4009 Park Terrace
Blakeview
For Sale
Contact Agent
JLL
View
494-496 Brighton Road
Brighton
Auction
Thu 05.12.19 @ 11am
CBRE
View
1023 South Road
Melrose Park
EOI
Thu 05.12.19 @ 4pm
JLL
View
58-62 Arthur Street & 79-85 Mary Street
Unley
EOI
Thu 05.12.19 @ 3pm
Colliers International
View
SOU TH AUSTR ALIA LISTINGS
58
Boundary Indicative
Build your next project here For Sale 1023 South Road, Melrose Park SA – Large corner site of 5,567sqm* over 7 titles – Functional improvements generating net income of $255,000 per annum
For Sale by Expression of Interest Closing Thursday 5 Dec 2019 at 4pm Jed Harley
0418 807 920
Roger Klem
0423 919 373
– Frontage to South Road of over 73 metres – Huge exposure with 50,000** vehicles passing daily
property.jll.com.au/305510
– Favourable zoning allowing a broad range of retail, commercial and industrial development
*(approx. **DPTI Traffic Volume Estimates)
RLA1842
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Boundary Indicative
Village centre development sites For Sale 1480 Village Terrace & 4009 Park Terrace, Blakeview SA – Lot 1480 – 8,302 sqm* site with 134.38m frontage
For Sale by Private Treaty Tom Bailey
0407 607 266
Jed Harley
0418 807 920
– Lot 4009 – 1,481sqm* site situated in the heart of the town centre
property.jll.com.au/304305
– Award winning Lendlease developed Blakes Crossing community
property.jll.com.au/6778
– Fast growing community with 1,500 new homes, surrounded by major national tenants – Suit mixed use retail, commercial, hospitality and other complimentary uses *(approx.)
RLA1842
SOU TH AUSTR ALIA LISTINGS
60
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STATE SPOTLIGHT
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STATE SPOTLIGHT: WESTERN AUSTRALIA
Suburb Report: Mount Hawthorn
Western Australia Auction Schedule
Primewest to Make $100m ASX Debut
Western Australia Listings
Author: Jack M. Gaffney
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↑ Image: Development Ready
Suburb Report: Mount Hawthorn Mount Hawthorn is a vibrant suburb less than five kilometres north-west of Perth’s CBD. Its considerable public transport connections and proximity to the city have made it a popular residential destination for all ages. Yet despite its location, Mount Hawthorn has retained a small-town feel where everyone offers a smile and a “G’day” as they pass on the street. Locals are out and about, walking either to the shops, or to one of the many local parks, or to drop their kids off at school. This laid-back and friendly atmosphere is mirrored by gorgeous heritage buildings and elegant townhomes to create a beautiful inner-city neighbourhood with an old-world charm. RESIDENTS The estimated population of Mount Hawthorn as of mid-2019 is 8,081. Growth has been steady over the years, but not aggressive as most residential developments have kept within the overall feel of the suburb, opting for well-considered townhomes instead of high density apartments. Each generation is well represented, with the median age matching the state’s at 36. There does however remain opportunity to provide seniors living alternatives for the higher age-brackets who wish to remain in the area. Residents also benefit from well-connected bus routes and train lines,
making heading in or out the city an easy pursuit. There is also a well-represented Italian community adding a lively Mediterranean feel. CULTURE Mount Hawthorn has a reputation as one of the few suburbs in Perth where striking up a conversation with strangers is common place. The neighbourhood has managed to retain a quaint village-like feel, benefitting from humble residential developments that focus on family living. There are numerous cafés and restaurants within walking distance, as too pubs, bars and music venues. Park options are in abundance with the very family-friendly Braithwaite Park Nature Play Area in its centre, Lake Monger Reserve on the border and Herdsman Lake just a short stroll away. There’s plenty to do within Mount Hawthorn, without it feeling too condensed or congested. HOUSES: Median house prices for Mount Hawthorn have largely remained steady over the past five years, albeit with a slight dip since the start of 2019. As of 31 October 2019, the median house price is $822,500. Weekly median advertised rent is $483.
UNITS: As of the 2016 Census, units accounted for less than 4% of total dwelling structures. There is opportunity to provide affordable premium options as this ratio starts to evolve and young professionals seek more inner-city living options. As of 31 October 2019, the median unit price is $475,000. Weekly median advertised rent is $397. SIGNIFICANT PROJECTS Milton Street: This soon to be completed premium residential development presents a small enclave of five homes architecturally designed by Mark Anthony. Each residence is three-bedroom, two-bathroom, across two storeys, and enjoys open plan living connected seamlessly with private courtyards that make the most of the natural light. Classic SOHO style kitchens and stone benchtops are utilised throughout the home with 5 zone ducted air-conditioning, CCTV, alarm system and intercom. DnD Building are leading the project with their property arm DM Property Group. Construction is expected to be completed in late 2019.
STATE NE WS
64
Western Australia News: Primewest to Make $100m ASX Debut Author: Dinah Lewis Boucher
Property fund manager Primewest will list on the ASX this week after hitting its $100 million mark. The pending listing val ues Perth-based Primewest, founded by John Bond, David Schwartz and Jim Litis, at a market capitalisation of $349 million. The company opened its IPO to existing Primewest fund investors and institutions, with the $100 million in IPO shares representing a 29 per cent stake in the company. Primewest executive chair-
man John Bond, son of the late Alan Bond, said it was encouraging for the company to list oversubscribed in the current market. “Going public after 25 years will allow us to take this business to the next level and explore even greater opportunities in Australia and overseas,” Bond said. Primewest secured a $13 million office building in San Diego late September (lead image). The US acquisition followed a purchase of another San Diego based shopping
centre in Chula Vista last year. “ W ith a solid business across all property sectors and all mainland states of Australia and a burgeoning business in the US, we will be primed to take advantage of opportunities wherever they occur.” Primewest controls $3.9 billion worth of property assets across 75 funds and seven asset classes, including com mercial, industrial, retail and residential. More than half of the fund’s assets are based in Western Australia.
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THE PROPERT AUCTION & EOIY SCHEDULE DE VELOPMENT RE VIE W
65
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.
98-100 Scarborough Beach Road & 39 Shakespeare Street
Mount Hawthorn
Offers Invited
Fri 06.12.19 @ 2pm
LJ Hooker Commercial
View
Lot 50 & 3488 Great Northern Highway
Muchea
Auction
11.12.19 @ 11am
LJ Hooker Commercial
View
74 Walters Drive
Osborne Park
Asking Price
$5,600,000
Knight Frank
View
277 Barker Road
Subiaco
EOI
Fri 29.11.19 @ 12pm
JLL
View
WESTERN AUSTR ALIA LISTINGS
66
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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 at 2pm (AEST).
74 Walters Drive, Osborne Park WA 6017. Exceptional in-fill site with optionality. Asking price $5,600,000 – Offers Presented
Land area of 4,000sqm*
Huge development potential
Neighbourhood Residential Zoning Potential to develop over 10 storeys
Major Transport Links Nearby
For further information, please contact the exclusively listed agents below.
Excellent access to 926Centrally located to Tony Delich 0418 410 major arterial roads fantastic ammenities James Baker 0418 912 007 View Listing View Listing
Perfectly positioned for a prime residential development this magnificent siteVALUE abuts Keysborough Primary School MASSIVE ADD OPPORTUNITY encompassed within a strong residential area. Under the With land Residential and buildingsZoning arguably 50% below replacement Neighbourhood the astute buyer will seize cost, 74 Walters Drive, Osborne Park represents anthe the opportunity to create a brand new precinct within enormous value add opportunity to acquire the former current site and harbour a new and innovative community.
Lotterywest Head Office building in Herdsman Business SituatedPark. moments from Dandenong bypass and allowing easy
Land Eastlink area of 4,000sqm*; access – to both and Springvale Rd, this property is sure – confidence Functional office improvements 2,897 sqm*; Railway to provide to any purchaser. of With Yarraman Massive parking over 90 bays; Station,– Keysborough Secondary College and Parkmore – Centre Suit owner occupier or investor/developer; Shopping in close proximity, this property is likely to – Potential to develop over 10 storeys; fulfill even the most particular of purchasers. – Prime location within Herdsman Business Park; – Full fitout included; – NABERS Exempt. Stephen Kelly 0407 320 377 – Opportunity to refurbish, hold and redevelop in the future. James Thorpe 0414 510 071
*Approx.
1.27 ha* site
* Approx
WESTERN AUSTR ALIA LISTINGS
68
Boundary Indicative
Super-Prime Subiaco Site For Sale 277 Barker Road, Subiaco WA
Expressions of Interest Closing Fri 29 Nov 2019 at 12pm (AWST)
– Prominent 3,177sqm* landholding
Nigel Freshwater
0417 197 375
Sean Flynn
0412 779 987
– High amenity location 3km* from Perth CBD – Former supermarket 2,300sqm* GBA
property.jll.com.au/304254
– Significant height and density potential – Uses incl. apartment, retail, office, hotel – Redevelop or reposition
*(approx)
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Summer Package Deals That Will Drive Enquiries & Save Your Vendors Money! We know that smart property developers and investors are always purchaseready and December and January are no exception. That’s why we are offering 2 exceptional great value Summer Listing Packages designed to maximise your property’s exposure across 4 channels.
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* Conditions: List and pay prior to Tuesday 12th December 2019. * Prices are for each individual property.
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VICTORIA
NEW SOUTH WALES
NICK MATERIA Tel: 0435 005 400 nick@developmentready.com.au
WILL PICKERING Tel: 0412 934 102 will@developmentready.com.au
QUEENSLAND
SOUTH / WESTERN AUS.
ROB LANGTON Tel: 0438 460 801 rob@developmentready.com.au
MARCUS MATERIA Tel: 0400 582 136 marcus@developmentready.com.au
OPINION
70
MASTERS OF COIN Author: Ted Tabet
Victoria remains the fastest growing state economy in the country new official data confirms, bolstered by retail trade, employment and construction work. For the sixth quarter in a row, Victoria retained its status of the best performing economy according to the latest CommSec rankings. CommSec's quarterly State of the States report, which is based on eight key indicators compared with the decade average within each state, ranks each Australian state based on pure economic growth terms. The metrics include economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements. Victoria maintained top spot on relative economic growth and over the June
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quarter lifted 26.6 per cent above its "normal" or decade-average level of output, ahead of NSW, with output 24.7 per cent. The robust economic standing of the the country's notoriously strong eastern states, are also being tested by Tasmania, jostling up to second position and knocking NSW's economy—which had held top stop from 2014 to mid last year—further down the pecking order. CommSec analysis revealed a widening gap between the next states, Queensland and South Australia, with Western Australia and the Northern Territory remaining as the weakest performing states. The nation's sluggish domestic economy has created calls for higher infrastructure spend which has buoyed Victoria, seeing a 25.6 per cent lift above its decade average, thanks in part to a $1 billion budget surplus in its coffers.
NSW construction was next strongest, 23.9 per cent above its decade average, and Tasmania was third. The CommSec report said that NSW was remained a solid performer in construction but was lagging on relative population growth and dwelling starts. Tasmania's economy has climbed to second on a national ladder, largely due to strong figures for home building and home buying. Tasmania ranked first on relative population growth, dwelling starts and equipment investment and second on housing finance as well as seeing annual population growth lifting at its fastest rate in almost three decades. While Tasmania's population had previously increased naturally, through births and deaths, interstate, intrastate and overseas migration was now driving up the number of residents. A tourism boom, a surge in inter-state migration, an increase in international students and an undersupply of housing are also contributing to Tasmania's popularity and economic prosperity. During the mining investment boom Western Australia enjoyed 12 quarters in a row as Australia's top economy, but the state, which has failed to diversify since, is currently amidst its worst set of economic conditions since the 1990s.
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Economic Growth
Construction
State
Level This Quarter
Compared w. Decade Avg.
State
Level This Quarter
Compared w. Decade Avg
VIC
$430,153m
26.6%
VIC
$13,176m
25.6%
NSW
$548,457m
24.7%
NSW
$15,981m
23.9%
QLD
$400,531m
21.1%
TAS
$752m
14.9%
ACT
$52,057m
20.2%
ACT
$884m
3.5%
TAS
$38,220m
19.3%
QLD
$9,481m
-23.5%
WA
$332,670m
17.2%
WA
$5,728m
-49.2%
NT
$32,715m
16.2%
NT
$473m
-67.6%
SA
$122,302m
16.0%
Housing Finance
Population Growth
State
Level This Quarter
Compared w. Decade Avg.
State
Level This Quarter
Compared w. Decade Avg.
ACT
1,086
17.0%
VIC
2.08%
-0.2%
TAS
1,027
12.9%
QLD
1.77%
4.1%
VIC
14,673
7.3%
ACT
1.66%
-12.4%
SA
3,460
0.2%
NSW
1.43%
2.8%
NSW
14,546
1.7%
TAS
1.21%
109.3%
QLD
9,067
-5.8%
WA
1.00%
-41.2%
WA
4,663
-24.2%
SA
0.85%
-3.1%
NT
225
-31.1%
NT
-0.43%
-140.9%
WHICH STATE HAS THE STRONGEST ECONOMY?
COLOPHON
EDITOR IN CHIEF: Nick Materia (Development Ready) EDITOR: Jack M. Gaffney (jack-gaffney.com) CONTRIBUTORS: Ana Narvaez (The Urban Developer) Dinah Lewis Boucher (The Urban Developer) Ted Tabet (The Urban Developer) Adam Di Marco (The Urban Developer) DESIGN / CREATIVE DIRECTION: Cam Norris (camnorris.xyz)
CONTACT: Development Ready Pty Ltd Level 1, 167-169 Buckhurst Street, South Melbourne VIC 3205 Tel. 03 9631 5476 ADVERTISING ENQUIRIES: enquiries@developmentready.com.au EDITORIAL: editor@developmentready.com.au
Development Ready Pty Ltd (Development Ready) is the publisher of The Property Development Review (the Publication). In preparing the Publication, Development Ready has not taken into account the individual circumstances of readers and users of the Publication and the material provided in the Publication is not intended as legal, financial or investment advice and should not be relied upon as such. Readers and users of the Publication are advised that opinions expressed throughout the Publication are those of the contributors and, unless expressly stated otherwise, have not been endorsed by Development Ready and do not necessarily reflect the views or policies of Development Ready. Development Ready does not make any representations, express or implied, as to the accuracy, timeliness or completeness of any material (including advertisements) contained in the Publication. Development Ready may use trade marks and names in the Publication with the permission of the owners, however this does not imply ownership or endorsement by Development Ready. Development Ready is not responsible for the content of any third-party websites to which links are provided in this Publication. Any links to websites are provided for the information and convenience of readers and users only. Development Ready does not endorse or control these websites and cannot guarantee that material on those sites is in all respects accurate, complete and current. Readers and users of this Publication acknowledge and agree that to the fullest extent permitted by law, Development Ready and its related bodies corporate, their directors and employees are excluded from any liability, including liability for negligence and for any loss or damage arising in connection with any reliance placed by readers and users on any material (including advertising) contained in the Publication.
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