By Development Ready & The Urban Developer Issue No.10 — February / March 2020
10TH EDITION
I N C O N V E R S AT I O N
The Wizest Man in Property N AT I O N A L N E W S
New Skyscrapers in 2020 AROUND THE COUNTRY
National Site Listings
In Partnership With:
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The Property Development Review
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Welcome to the return of The Property Development Review and to the first issue of 2020. 2019 wrapped up with a very strong trading final quarter, filling the property development community with a confidence that has maintained through January and February. Its been encouraging to see this momentum match industry experts’ predictions for a high performing year ahead. Momentum is an important facilitator of success in real estate and one that Mark Wizel of CBRE understands particularly well. At a remarkably young age, Mark has grown to be a prominent name within the industry and is celebrated as one of the first-movers to capitalise on the Asian buyer market. We recently met with him to discuss his path to success – be sure to check it out. In national and state news, we highlight 10 skyscrapers which are expected to top out this year; Melbourne house prices achieving record highs; the City of Adelaide’s $400 Central Market Arcade; Finbar’s $365 million Civic Heart apartment tower in Perth; the Western Sydney Airport bridge completion; and many other engaging articles. As always we’ve included the most significant development and investment sites from across the nation together with a comprehensive list of auction and EOI dates for each state. We hope you have all returned to work in fine form – enjoy the read!
Nick Materia, Development Ready
↓ On the Cover: Australia 108 by World Class Global.
INSIDE THIS ISSUE: The Wizest Man: Mark Wizel CBRE
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Market Moves
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10 New Skyscrapers Set to Finish in 2020
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State Profile: Victoria
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State Profile: New South Wales
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State Profile: Queensland
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State Profile: Western Australia
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State Profile: South Australia
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In Conversation: Mark Wizel
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THE WIZEST MAN For those familiar with Melbourne’s commercial property sector, Mark Wizel has become an industry icon. Since his first exposure to an auction at the age of 16, Mark’s penchant for real estate has been sophisticated beyond his years. Renowned widely for being one of the first movers into the Asian capital market, Mark has developed an impressive reputation with his detailed and articulate market knowledge. He has personally transacted a staggering $12 billion worth of commercial properties since 2009. Interviewed by: Robert Langton of Development Ready INTRODUCTION
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All it took was just one look. Mark Wizel started earning his keep at just 13 years old, helping his father at the Queen Victoria Market in Melbourne. While he would have preferred to be heading to the footy with friends, or even just to sleep in, the days working at the family sheepskin stand were inadvertently preparing him for the successful career soon to come. “As I’ve gotten older, I look back upon those experiences with Dad with a great level of fondness. During the seven or so years that I was in the stall, I harnessed a skillset for selling but also became very experienced at dealing with rejection.” Mark said while speaking with Development Ready’s Rob Langton. His first exposure to real estate arrived with a turn of fate, as one Sunday morning when Mark was walking home from a friend’s house he came across his first residential auction. “It was sheer luck. The auctioneer was Phillip Kingston of Gary Peer, who is in my opinion the finest residential auctioneer Australia has ever seen. I was impressed. He was making the crowd laugh, was incredibly charismatic and he even had a green Range Rover. That was it – I went home and said to Mum ‘I want to be in real estate’.” A learned experience. On his father’s direction, Mark decided to work his way into the commercial real estate sector and soon secured a work-experience position through a contact at Colliers International. In these early days, at just 16 years of age, Mark was fortunate to be rubbing shoulders with John Marasco and Martin O’Sullivan, absorbing their expertise and taking every opportunity to educate himself further. Ever-keen to learn, he began taking all the Information Memorandums he could find home with him to study further. During the campaign for 140 William Street, Mark was almost never seen without the attributing book under his arm. This enthusi-
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asm paid off and five years after he had first walked through the doors at Colliers International, Mark was offered a job. “I’ll never forget it. I was at the market on a Thursday when the phone call came through – 9629 8888 – I still remember it today. I’d never been so nervous or excited. “I answered the phone and it was Pat Burke, who’s currently at MP Burke Commercial but was at Colliers International at the time. He was calling to see if I was interested in selling strata offices with him.” This was a dream come true for the then 21-year old Mark. Now back in the Colliers International offices, he returned to his regular bombardment of questions and did all he could to learn from those around him; many of whom, including Nick Rathgeber and Tony Giuliano, were legends of the industry. Of particular influence at the time was Martin O’Sullivan, who’s calm and casual demeanour contrasted his $660 million plus in sales. Mark was in awe and desperately sought out his counsel. “I remember him (Martin) saying to me, one of the first times I approached him, ‘Mark let me teach you something about life. God gave you two ears and one mouth, use them appropriately.’ And that was the only thing he said to me in the first three months.” Mark and Martin quickly developed a strong friendship and when the latter was offered a job at CBRE, Mark received a proposition to join him. “He gave me 24 hours to decide so I went home that night and felt incredibly anxious. I didn’t necessarily want to go, because I am a loyal person, but my dad felt it would be a good move. Being so young at the time, I respected my father’s advice and decided to make the leap.” The idea to change agencies was not an easy one for Mark to make, but ultimately the opportunity to head into the market place was too enticing to pass.
Trading one jersey for another. In 2006, having made the switch from blue to green, Mark began laying the foundations for his future. He saw that CBRE was institutionally focused and primarily attentive to the top end of the market. Mark, however, had developed a strong interest in the private market and believed that in this space, CBRE could have a significant impact. As Mark progressed through the CBD Sales Department, he was able to build the necessary divisions within the company to make it a reality. As months progressed into years, Mark’s expertise grew and he soon began taking on multiple high-profile listings. After a string of new campaigns, he found himself stretched thin and with little support available. Coinciding with this, a man named Sebastian Drapac, who has since gone on to have an illustrious career, found himself underutilised and on the verge of being let go by the agency. “I said, ‘Give me a week, because if he’s any good, I’ll need him.’ And it turned out that Sebastian was a gun. Without his efforts, there’s no way that either myself or the current team would have anywhere the platform that we’ve got today.” Just like a swing – use the momentum. By 2012, CBRE was beginning to perform exceptionally well and the agency was transitioning from an outsider to a number one position. For Mark a lot of the success came from establishing strong infrastructure within the business, but he also believes that it came down to momentum. “I often say that the most valuable thing in estate agencies, irrespective of what product you’re selling, is momentum. We’re in a perception business, so we don’t necessarily have a product to sell. We’re selling a skill, a feeling, a service.
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IN PROPERTY
← Mark Wizel. Image: CBRE.
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guard and a major shake-up. The royal commission into the banking and finance sector also haltered real estate markets, as debt, the lifeblood of real estate, became difficult to attain. And an increase in capital controls in China resulted in Chinese nationals facing difficulty in taking money out of their home country to invest in commercial properties in Australia. All three of these hurdles came in quick succession at the start of 2019, but it was the latter that had the greatest effect on Mark and his team. “It was crippling to the business and a stressful time. But thankfully, things really turned around in June/July. In particular if we look at the last 60 days of the year, we transacted 59 properties, which was incredibly encouraging. We’d come full circle. “I said to the team in the end of last year that we need a strong plan in place for the beginning of 2020, because I think the market is going to come back very strong, early in the year.”
↑ Mark Wizel. Click to Play Interview.
“We never set out to be number one. We just put one foot in front of the other and put a big focus on possibility mind-set. The other aspect that really helped me, was timing. This was a great time in my life to work hard. I didn’t have to get home to read to my kids, or catch up with my wife. And sometimes I’d catch myself in a daze at 11pm on a Thursday night after uploading a thousand contacts. I think that you can’t underestimate the value in working really hard through your early to late twenties. That’s when you can set up your career.” It’s all in the timing. Hard work and timing continued to prove paramount to Mark’s success, and after receiving a significant volume of enquiries from non-English speakers, the next step was both obvious and fortuitous. “One particular call I fielded was when we were based in the Rialto, and I basically walked around the office looking for someone who could potentially speak Mandarin. I came across Lewis Tong in the Valuations Department, I handed him the phone, and he took to it like a duck to water. That was the start of a business relationship, which quickly evolved into a close friendship too. Together, we’ve been all around Asia and have transacted just under $10 billion to Asian capital.”
Where your responsibilities lie. It was through this period that Mark began stepping out of himself and saw his role as a real estate agent beyond the successes of the individual. The idea of the team-unit became of significant importance to him, as too did his client responsibilities. For example, counter-intuitively, the right advice might be to not sell the property. “That may be an odd concept for a real estate agent who benefits from commissions, but integrity is the backbone of every great operator. If you can read the situation and can see there are pitfalls in selling the property, then perhaps there are alternative avenues that would lead to a better result.” It was all going so well. CBRE continued to excel and Mark’s team soon grew to 37 members; things were looking good. Chinese investors were pouring into the country, the agency was benefiting from its embracement of the digital world, and the real estate sector in general was enjoying a substantially high volume of transactions. But as 2018 rolled into 2019, the market had appeared to stall. CBRE faced multiple hurdles that would test the foundations that Mark had been laying. The looming May federal election had sent an air of unease across the nation as many were anticipating a changing of the
2020 and the vision is clear. With the team now well and truly back in the swing of things after the summer break, Mark’s biggest hope for 2020 is to see the return of the development site sector. After the recent success of CBRE’s Caltex Portfolio, which transacted for $137 million and was the largest development site portfolio of 2019, it has become very apparent to him that development sites are in under-supply. “We absolutely need a new supply of development sites to hit the market this year. “There will be flow-on effects that will go on to have dramatic impacts on the everyday Australian. If the government doesn’t back the development sector, which I think it will, but if it doesn’t, we’re going to see an increase in rents, a decrease in lifestyle expenditure and the economy is going to suffer as a result.” This call for more development sites is placing vendors in a good position as the market starts to regain momentum. And it’s the momentum in the residential sector in particular that has Mark excited for a prosperous year ahead. “We’ve been experiencing an upswing in commercial development projects and a downswing in residential – but migration to the city is not slowing down. Carrying forward the momentum we had at the end of 2019, I think there’s an incredible amount of opportunity out there for residential developers. And I am strongly advising those around me to secure a site as soon as possible, with the outlook of delivering the project within the next 15 to 30 months. “The air is electric and the market is looking strong; I think 2020 is going to be memorable year for those to take the opportunities as they present themselves.”
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Market Moves
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Market Moves: Around the Country
VIC. 2020 has started well across the nation, carrying forward the uptick in confidence and momentum experienced in the final quarter of 2019. Metropolitan childcare centres proved hot property with the Moonee Valley Racing Club selling an early learning centre it developed at the racetrack to a local private investor for $31.6 million. The 91-place NIDO Early School in Moonee Valley was sold with a 20-year lease-back to Nido Early School and will return a net starting annual rent of $324,000. A former school site in Oakleigh South with an approved permit for 96 townhouses was snapped up by Chinese backed developer Heng Si International for $23 million. CBRE Selling agent, Julian White, said that the property represented the largest permit approved townhouse site sale in suburban Melbourne for 2019 and was a clear sign of market confidence returning to the development site sector. “The depth of bidding for this portfolio, with approximately 160 offers, really took us by surprise,” Mr White said. More overseas investors were up in the mix, this time at a large Moorabbin retail asset, which traded from Freedom Group Limited to a Macau investor for $21.8 million. The high-profile property was sold with Freedom having recently committed to a 10-year lease. The former Como Private Hospital, a Bayside healthcare facility in Parkdale,
sold for $10.2 million. New owners Little Company of Mary Health Care – a national health, aged and community care services provider, which operates 32 facilities through its Calvary Care services (the property’s current tenant) – is potentially looking to develop the site as part of its Calvary Retirement Communities division at the conclusion of its current lease.
NSW. Mirvac has recently settled a deal for the Nine Network head office site in Sydney's Willoughby for $249 million. The developer also acquired the adjacent TX Australia transmission property, making the deal comprise of a total 3.2-hectares. Plans have been announced to develop 460 new dwellings and 6,000sqm of public open space. Mirvac expects to launch the sales campaign for the project in 2021. A 15-storey tower in North Sydney was sold discreetly for $113.9 million transferring from Yuhu Group to local developer Sarkis Nassif, of Holdmark Property Group. Huang Xiangmo, the former chairman of Yuhu, is currently under investigation by the NSW corruption watchdog and has been transferring assets out of his name from 2016 following the beginning of enquiries from the Australian Taxation Office. Industry experts suggest that "a lot was left on the table" with price estimates ranging between $125 million and $140 million. The Sydney CBD City Ford site, a land-
mark commercial building in Woolloomooloo, traded hands to Sydney fund manager Centennial Property Group for more than $100 million. The Art Deco-style building was originally held by Vendor Corim East Sydney who had acquired it for $16 million in 2011 before going on to redevelop the site, turning it into a six-storey, mixed-use commercial and residential building. A spate of hotel deals kicked off early in the year, with four NSW pubs taking advantage of improved sentiment and changing hands for a combined total of around $40 million. Camelia Grove in Alexandria traded from Adella Wright Young to local Sydney hoteliers for $16 million. The Illinois Hotel, a gaming pub and sports bar, on Parramatta Road in Five Dock achieved a $15 million sale price. The Australian Hotel in Ballina on the north coast traded for $4 million. And the Southern Highland’s Sutton Forest Hotel was picked for around $5 million by Sydney publican Ray Reilly. A large Merrylands site traded hands from Stockland to Coronation Property for $41 million. The 12,418sqm site will form the base for Coronation’s first build-to-rent project, saying the market was increasingly willing to accept such a housing type. It is also the first step in their plan to develop a portfolio of 5,000 build-to-rent units planned over the next seven years. An office building in Port Macquarie was snapped up for just under $38 million by Perth-based Ascot Capital. The sale follows a trend of private fund managers looking for high-yield-returning commercial properties in regional locations. Leasebacks continued with fervour as a Coles supermarket in Sydney’s West Ryde CBD was sold with a 12-year leaseback agreement (and options until 2072) for just shy of $24 million. The new owner is a Victorian private investor who will receive an annual rental return of $1.395 million.
QLD. Hot off the blocks in the new year, Lendlease traded a landmark building in Brisbane’s CBD to German property group Deka Immobilien for $380 million . The sale of Central Plaza 2 was welcomed and combatted concerns that a new surcharge for foreign landholders could diminish sales values. A Brisbane CBD-fringe office complexsettled for $85.2 million to petrol king and property investor Nikos Andri-
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anakos’ Nikos Group. The campus-style, dual-tower asset is located in Hamilton and was sold with leases to MHPS Plant Services and the Presbyterian Church of Queensland. The Rockhampton Bunnings Centre traded from Charter Hall to real estate fund manager MPG for $43.5 million . The new acquisition has formed part of MPG’s regionally focused portfolio, lifting the value to over $700 million. Charter Hall acquired the asset in 2017 for $37.5 million following a conversion from Masters home-improvement store to Bunnings. The St Lucia Marketplace in Brisbane’s south west sold successfully, with MRL Investments paying Marquette Properties $15 million for the asset. The IGA-anchored shopping centre encompasses 3,033sqm and consists of two, two-level buildings just 4km from the Brisbane CBD. A Gold Coast industrial investment site has been scooped up by Trilogy Funds Management for just over $12 million . The Carrara site was sold fully leased to CPG Resources – Mineral Technologies Pty Ltd.
SA. South Australia kicked off the year well with the state Government awarding a $470 million-contract to a Tetris Capital-led consortium for the purpose of building and running two schools in Adelaide's growing southern and northern suburbs. The agreement will run for 30 years and will see the two schools, in Aldinga and Angle Vale, open in time for the 2022 academic year. A large residential development site in Adelaide’s inner-south-east traded hands for a dollar shy of $2.42 million . The Ashford property held an in-operation medical facility within a converted 1940s Grand Tudor home, but is ideally positioned for a residential and commercial development project. In Goodwood in Adelaide’s inner-city south, a vacant retail space sold for close to $1.4 million . The property encompassed a total site area of 503sqm and a net lettable area of 147sqm, with space for seven car parks in the rear. Also transacting for $1.4 million was a prominent warehouse within Newton’s industrial hub. Situated around 11km north-east from Adelaide’s CBD, the
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property comprised a 1,200sqm warehouse on a 2,000sqm secure corner allotment.
WA. A four-level office building in West Perth found new ownership, transferring from Warrington Capital to newly listed fund manager Primewest for $33.1 million . The former owners picked up the office complex in March 2017, when it held just 20% occupancy, for $16.1 million. They then went on to spend $6.5 million on a two-year-long refurbishment before making the decision to put the property on the market, 100% occupancy before selling. Private equity and real estate investment group Dorado purchased a four-lev-
el office building on the northern fringe of Perth’s CBD for $24.25 million . The iconic building on the corner of Newcastle and Lord Streets was constructed in 2010 and was sold with a long-term lease to London Stock Exchange-listed and Fortune 500 company Compass Group, who occupies 58% of the complex. An 8.4-hectare institutional investment site in Perth’s south traded hands for $20 million with a 20-year leaseback. The new and modern complex occupies an island site in Henderson and was developed 10 years ago by Matrix Composites and Engineering who have occupied part of the space since. The Western Australian Land Authority is also staying on with a 35-year lease. A local private investor secured a high-profile bulky goods property in Beckenham for $6.7 million. The site was sold leased to national tenants Adairs and Early Settler and is well position within Beckenham’s established Bulky Goods Cannington Precinct.
National News By:
Author: Ted Tabet
Listed real estate investment trusts and top-tier property developers constructing mega-projects across the country are putting the final touches on a number of city shaping projects which are set to finish over 2020. Sydney will soon welcome the city's tallest residential tower, being developed by Greenland in the CBD, as well as a new $1 billion landmark tower set to house the Nine Network and Microsoft. Melbourne's tallest tower, delivered by World Class Global, is closing in on completion after five years of construction while the $1.25 billion mixed-use development affectionately referred to as “the pantscraper� is also winding up. Sustained demand for high-quality commercial projects has helped push vacancy rates for office buildings across the eastern seaboard to record-lows and construction activity to its highest level on record. The commercial boom, which started in 2016, has also driven an expansion of commercial investment and planning beyond the nation's two largest cities with a number of high-profile commercial projects coming online in 2020. The residential high-rise market, which is slowly emerging from a two-year slump, has also benefited from pent-up demand that is not satisfied by the current low supply within the premium market. Take a look at some of the major developments launching across the year that have pushed the limits of architectural and sustainable design.
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1 DENISON STREET, SYD Winten Property Group's new $1 billion landmark tower, 1 Denison Street, which is being built by Multiplex is close to completion and more than filled with pre-commitments. Winten bought the site, which combines the former North Sydney Shopping World and an adjoining office building, for around $80 million in 2016. The Bates Smart-designed towner will offer 60,000sq m of premium office space with 2000sq m floor plates and a two-level lifestyle precinct. The soon-to-be tallest building in North Sydney will also be the new home of the Nine Network, which is moving from Willoughby further north. Microsoft will also occupy seven levels, spanning levels 25 to 31 of the tower, up to 10,655sq m, with plans to move into its new premises in mid-2021. AUSTRALIA 108, MELB Australia 108, set to be Australia's tallest tower, is on track for completion in Melbourne's CBD. The $900 million skyscraper which was approved in June of 2014 will comprise 1,105 apartments across 99 levels. The tower is being developer by Singapore-based property group World Class Global, a subsidiary of listed Singaporean group Aspial, and being constructed by Multiplex. Residents began moving into the tower in mid-2018 as part of a staged handover having access to lower level apart-
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ments and completed amenities. In the next few months, owners of the project’s premium Cloud Residences between levels 72 and 83 will begin moving into their apartments, which overlook most of Southbank’s existing towers. World Class Global chief executive David Ng said Australia 108 was rising rapidly and would reach its full height early this year, with the building expected to be fully completed in mid-2020. In July of last year, residents of the partially completed super-skyscraper claimed to have experienced loud cracking sounds among a number of smaller defects. COLLINS ARCH, MELB Cbus Property's 44-level twin-tower project at 447 Collins Street in the heart of Melbourne's CBD, affectionately dubbed “the Pantscraper”, was originally tipped to be finished by late-2019. The $1.25 billion development being built on a 6,000sq m corner site at Collins and William Street will comprise 49,500sq m of premium office space, 184 apartments and 294 hotel rooms in Melbourne's first five-star W hotel, along with 950sq m of ground-level retail. The tower, which was approved in April 2016, is co-owned by commercial property investment group ISPT, was designed by local architects Woods Bagot and New Yorkbased SHOP Architects. It is being built by Multiplex. Six storeys were removed from the
original design to alleviate concerns that the skyscrapers would shade the north bank of the Yarra River. Collins Arch is also pushing to receive a 6-star Greenstar accreditation and 5.5 star NABERS energy rating to make it among the best in the city for the environment, as well as its workers. An inclusion within Collins Arch is the 1,900sqm Market Street public park, Melbourne’s first park in 40 years. 130 LONSDALE STREET, MELB Charter Hall's $750 million commercial tower at 130 Lonsdale Street is on track to be completed in the second quarter of 2020. The building, which received approval in 2016, is one of three towers within its $1.2 billion development precinct in central Melbourne and is held in the unlisted Charter Hall Prime Office Fund. The A-Grade tower, known as Wesley Place, will offer 60,000sq m of vertical campus-style office and premium retail space across 35 floors. The project is targeting a Platinum WELL certification, 6-Star Green Star and 5-Star NABERS rating. Major tenants will include Vanguard, Telstra Super, Cbus Super and the Australian Financial Complaints Authority which signed a 12-year lease.
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↑ 1 Denison Street, Sydney Image: The Urban Developer ← Collins Arch, Melbourne Image: The Urban Developer
National News By:
477 COLLINS STREET, MELB Mirvac's
$800 million-plus redevelopment above the historic Olderfleet Buildings on Melbourne's Collins Street topped out late last year. The 40-storey Grimshaw-designed premium office tower, which provides 58,000sq m of state-of-the-art workspace has been constructed behind the historic facade of the Olderfleet Buildings, one of the best-preserved examples of the “marvellous Melbourne” era of the 1890s. Mirvac bought the Collins Street property from Aviva Investors in late 2013. Anchor tenant Deloitte has committed to more than 22,000sq m of office space across 12 floors for 12 years, while law firms Norton Rose Fulbright and Lander & Rogers have also taken space along with property consultancy Urbis. The tower is targeting a five-star Green Star rating and a Platinum WELL certification. 118 MOUNT STREET, SYD The future home
of Zurich Financial Services in Australia is nearing completion in North Sydney. The A-Grade building which was designed by FJMT is currently being constructed by firm Roberts Pizzarotti. Zurich lodged a development application for the commercial tower mid-2017. The global insurer went on to sell its future Australian headquarters in late last year to CBRE Global Investors on behalf of a German pension fund in a fund-through transaction worth about $350 million. Anchor tenant Zurich had originally pre-committed to more than 80 per cent of the tower on a 10-year term, but it will now take up about 64 per cent of the building. The 21,000sq m tower is expected to be finished in late 2020 and will feature a rooftop terrace, end-of-trip facilities and a lobby cafe. With a strong focus on sustainable design, the building is targeting 5-Star Green Star and 5 Star NABERS ratings. 380 MELBOURNE, MELB Developer Brady
Group will round out its $500 million 380 Lonsdale Street project this year, its largest development to date, which features two towers rising 52 and 68 levels. The under-construction skyscraper, dubbed 380 Melbourne, will feature 700 apartments as well as a 252-room Voco branded hotel lead by British accommodation giant IHG, replacing an existing seven-level carpark on site. The Elenberg Fraser-designed towers will rise from a seven-level podium with apartments comprising of 616 residential units and another 112 premium apartments and provisions for 254 car
→ Sydney Greenland Centre, Sydney Image: The Urban Developer
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parks. The Melbourne-based private developer picked up IHG's Voco branded hotel, a new 4.5 star upmarket boutique brand designed to fill a gap between its premium Indigo and midscale Holiday Inn offerings, in November of 2018. IHG will also open a 164-room Holiday Inn in Ringwood in the city's eastern suburbs in 2020. JEWEL, GOLD COAST The beachfront
Jewel development topped out in 2018, yet a year on the finishing touches are still being applied to the project which is now set for completion later this year. The Jewel, comprised of three crystalline towers, represents the first absolute beachfront resort development on the Gold Coast in more than 30 years. The project will be home to a five-star 169-room hotel and two other residential towers comprising 512 apartments. Architect Chad Oppenheim and DBI’s Barry Lee designed the towers’ glass curtain wall, drawing inspiration from three smokey quartz crystals discovered in the Gold Coast region. The eye-catching venture has not been without its problems having changed hands three times since it was started by the Dalian Wanda group early in 2015, now with developer Yuhu Group who paid $1.13 billion for the project. Development contractor Multiplex and subcontractors on the project, about 800 subbies, walked off the project in protest in late 2018. SYDNEY GREENLAND CENTRE, SYD The
66-level Greenland Centre, at the corner of Bathurst and Pitt Streets in Sydney, is set to be one of the city's tallest residential towers when completed this year. The
$400 million tower, being delivered by Chinese-backed developer Greenland Australia, was one of the earliest apartment buildings released at the start of the 20122017 boom with most of the 481-apartment sold quickly in 2014 and 2015. The 235-metre skyscraper, which is being delivered by tier-1 builder Probuild Constructions, after Greenland and Multiplex parted ways in 2017. Greenland acquired the former Sydney Water Board site in 2013 for $113 million, submitting plans for the ambitious tower and tapping Multiplex to build it. The residential tower is designed by architecture firms BVN and Woods Bagot. SWANSTON CENTRAL, MELB Giant Chi-
nese property developer Hengyi is close to completing more than 1,039 apartments in a 72-storey tower at 170 Victoria Street in Carlton. The Chinese group, an affiliate of mainland Chinese player Shandong HYI, acquired the former CUB site in Carlton from listed Singaporean developer Chip Eng Seng for $64.8 million in late 2017. Builder Multiplex commenced construction on the Elenberg Fraser-designed tower in 2016. The residential tower includes 2,700sq m of mezzanine retail space with a food and beverage offering fronting Bouverie Street. In October, Min Wang of Shandong HYI had assets frozen by the Australian Federal Court after issuing an assessment totalling $103 million for the 2015 and 2016 years. Wang and her husband, Liang Chen operate the Shandong Hengyi Group.
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Real Relationships Real Reach Real Results MELBOURNE CBD
WILLIAMS L ANDING (10 M I N S)
WERRIBEE CBD (5 M I N S)
W E R R I B E E R A I LWAY STAT I O N
WILLIAMS L ANDING (10 M I N S)
P O I N T CO O K ( 10 M I N S)
W E R R I B E E P R I M A RY S C H O O L
W E R R I B E E R AC EC O U R S E
WERRIBEE RIVER FUTURE RESIDENTIAL PROPOSED FUTURE SCHO OL
R I V E RWA L K V I L L AG E PA R K
FUTURE TOWN CENTRE
FUTURE RESIDENTIAL
LO L LY P O P C R E E K FUTURE SP ORTS PRECINCT
FUTURE TOWN CENTRE FUTURE TOWN CENTRE
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16 Aegean Avenue, Keysborough
96 Sette Circuit, Pakenham
Real Properties is proud to have been a part of several successful transactions in 2019 and are delighted to present these highlights to you.
For a confidential discussion about how we can deliver results for your property, contact us today.
Melbourne Phone: 03 8527 0750 Level 9, 500 Collins Street Melbourne, VIC 3000 Sydney Phone: 02 8014 5562 Level 4, 10 Bond Street Sydney NSW 2000
info@realproperties.com.au
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Located 38 kilometres west of Melbourne’s CBD, Riv Town Centre offers a unique mixed-use developmen opportunity within an established community. Feat Commercial 1 Zone (C1Z) and General Residential Zo (GRZ1), the site allows for an ideal mix of commercia and medium density residential housing.
State Profile: Victoria
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State Profile: Victoria
INSIDE:
Spotlight: Camberwell
Victorian Auction Schedule
Melbourne House Prices Hit Record High
Victorian Listings
Victorian Experts Corner
The Property Development Review
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Spotlight: Camberwell, 3124 Tree lined and decorated by an array of beautiful period homes, Camberwell sits high in Melbourne’s east with an alluring air of affluence and lived-in suburban community. Cafés, restaurants, parks, high-quality schooling options and a historic theatre to boot, have all made this celebrated neighbourhood a popular spot for mature and independent professionals. Older couples and families still make up the predominant mix of denizens, and as such large blocks of land are still in abundance. Sure enough, there’s an abundance of untapped development potential just waiting to be unlocked. RESIDENTS The 2020 forecast population of Camberwell is 25,421, with expectations that this will grow to 32,001 by the year 2041. This is a steady increase from the 2011 census, which recorded 20,029 residents. The median age is 41, with 90.5% of residents listed as ‘white-collar workers’. 42.19% of Camberwell denizens are living in fully owned homes, while 30.05% have mortgages and 26.63% are renting. Camberwell is still very much a family centric suburb and this is easily noted in the distribution of age-brackets where the most significant representations are found in dependent teenagers and adults between 4059.
→ Bijou.
CULTURE Its most notable attraction, the Camberwell Market, sets an appealing and convivial community scene, offering brica-brac, vintage items, a wide array of foods and people of all ages hustling and bustling about. This ‘out-and-about’ attitude spills into the main shopping precincts, where locals are serviced by a multitude of hospitality ventures and the stunning Art-Deco Rivoli Cinema. Camberwell is above all a neighbourhood to be proud of and the residents wear the locality on their sleeve. Successful new developments take care to assimilate well, with conscious designs that don’t negatively contrast the existing heritage home landscape. And when quality supply meets a keen audience, good things can happen for all parties. HOUSE PRICES As of 19 December 2019, the median price of houses for Camberwell was $1.96 million. While this is down from its 2017 peak, the number is a return to favour (seen across the state) from $1.861 million in mid-2019. Weekly median advertised rent is $750. UNIT PRICES As of 19 December 2019, the median price of units was $770,000. Down from a peak in 2018, this number is seeing
the same recovery with positive growth in the last quarter of 2019. Weekly median advertised rent is $430. SIGNIFICANT PROJECTS Bijou: Comprising of 37 residences spread across nine storeys, this sleek mid-rise residential development boasts a stunning facade direct to the busy Bourke road intended to catch the attention of passers-by. Royal Fund have joined forces with Fender Katsalidis Architects to bring this project to life, which currently has a range of one, two and three-bedroom residences for pre-sale. Anderson Park: Targeting the local owner-occupier, Anderson Park is a luxury residential project promising green open spaces and elegant communal areas. 52 separate residences are spread out over four elegant stories. Ascui and Co. Architects have been taken on for the project’s designs, and have offered the opportunity for purchasers to discuss bespoke desires and requirements to be included in the plans before construction begins.
14
State News By:
Author: Dinah Lewis Boucher
Melbourne House Prices Hit Record High Melbourne's median house price has surpassed $850,000 for the first time, as Victoria's property market returns to growth after last year's period of uncertainty. The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000, according to data from the Real Estate Institute of Victoria, following two consecutive quarters of growth of more than 3 per cent. REIV president Leah Calnan says that the last time this occurred was in June 2017. Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.
“The latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,” Calnan said. “For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.” The data shows Melbourne’s eastern and south-eastern region dominated the top quarterly growth for both houses and units. Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million medi-
an house price mark. Corelogic expects Melbourne’s market to surpass Sydney this year. In December the data house forecasts that Melbourne’s median house values could rise up to 14 per cent, while Sydney was tipped to increase by 12 per cent. Corelogic’s home value index December 2019 shows a strong finish for housing values across the country, with the national index rising 4 per cent over the December quarter.
The Property Development Review
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The Property Development Review
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Melbourne's Top Growth Suburbs: Houses SUBURB
DEC-19 MEDIAN
SEP-19 MEDIAN
QUARTERLY CHANGE
Port Melbourne
$1,670,000
$1,301,000
28.4%
Strathmore
$1,461,000
$1,195,000
22.3%
Sunshine
$815,500
$667,500
22.2%
Mitcham
$1,128,500
$938,500
20.2%
Cheletenham
$1,267,000
$1,063,500
19.1%
Kew
$2,515,000
$2,135,400
17.8%
Wheelers Hill
$1,150,000
$980,500
17.3%
Nunawading
$1,050,000
$899,000
16.8%
Blackburn South
$1,190,000
$1,025,000
16.1%
Blackburn North
$1,151,000
$991,000
16.1%
Note: Only quarterly median prices from suburb with at least 30 sales in the relevant quarter are included.
Melbourne's Top Growth Suburbs: Units SUBURB
DEC-19 MEDIAN
SEP-19 MEDIAN
QUARTERLY CHANGE
Ormond
$713,000
$489,000
45.8%
South Yarra
$780,000
$537,000
45.3%
Abbortsford
$625,000
$455,000
37.4%
Black Rock
$1,135,000
$830,000
36.7%
Thornbury
$720,000
$529,250
36.0%
Murrumbeena
$640,000
$490,000
30.6%
St Kilda
$595,500
$490,000
21.5%
Docklands
$665,000
$563,000
18.1%
Sandringham
$920,000
$780,000
17.9%
Blackburn North
$650,500
$557,500
16.7%
Note: Only quarterly median prices from suburb with at least 25 sales in the relevant quarter are included.
Introducing The Rightsider
18
Article Supplied By: Cera Stribley Architects
Introducing the Rightsider
The 2010s saw an explosion of investor-grade apartment projects, often within large multi-residential buildings. Generally speaking, the design, size and built quality of these apartments were poor. The target market either bought off the plan and didn’t fully understand the nature of the dwelling or was purchasing as an investor to claim rent or a tax deduction and therefore the quality of the apartment was of less importance. The target market for highend apartments has traditionally been retirees and downsizers, however, the pool of buyers today is far more diverse.
Rightsizers, otherwise known as single professionals, entrepreneurs, DINKS (double income no kids) and young families. require large apartments that share the same level of amenity that a traditional home may provide. This new generation of apartment dwellers want more than space, they are also expecting a 5-star living experience. Apartment developments with common amenities were typically only seen in large projects where it was more financially viable, however in this new decade developers now must look to include them in smaller, more boutique buildings.
With the start of a new decade behind us, we now embark on a new paradigm in property, ‘rightsizing’
These facilities may include everything from a pool, spa and yoga studio to co-working spaces, wine cellars and private cinemas. This Rightsizer generation is also more conscious of the environment, actively researching and basing purchasing decisions on the level of sustainability within a new apartment project. This includes high stars in NatHERS thermal performance rating, renewable energy sources, carbon-neutral options and healthy interiors and water-based, lowVOC ( Volatile Organic Compounds) paints
These market conditions present architects with many exciting opportunities for this decade of design. We are now looking at intelligently designed housing projects that offer a hotel-like experience to residents. Moving away from a cookie-cutter approach, the changes to materiality and textures, amenity inclusions, and the creative exploration of space offer a newfound freedom in architectural expression
Cera Stribley Architects Dom Cerantonio (03) 9533 2582 info@cs-a.com.au
Auction & EOI Schedule
19
Your list of Victorian development sites for sale. Click on the link to view the listing.
6-10 William Street
Balaclava
JLL
View
51-61 Station Crescent
Baxter
Knight Frank
View
18 Thomas Street
Baxter
Knight Frank
View
85 High Street
Belmont
Aston Commercial
View
156 Elgar Road
Box Hill South
Aston Commercial
View
461-463 Albion Street
Brunswick
Allard Shelton
View
25-29 Keilor Road
Essendon
Gross Waddell
View
265-269 Burke Road
Glen Iris
Aston Commercial
View
583 Ferntree Gully Road
Glen Waverley
CBRE/ Vinci Carbone
View
297-307 Roslyn Road
Highton
Knight Frank
View
33-35 Ringwood Street
Ringwood
JLL
View
23-27 Rosebud Parade
Rosebud
CBRE
View
17-19 Balmoral Avenue
Springvale
Aston Commercial
View
14 Beaumont Parade
West Footscray
Colliers
View
855-869 Ferntree Gully
Wheelers Hill
Colliers
View
1 Lakeview Avenue
Williamstown
Colliers
View
Victorian Listings
20
Boundary Indicative
Exceptional land holding of 1,158sqm* For Sale by Public Auction 6-10 William Street, Balaclava VIC
For Sale by Public Auction Thursday 12 March at 11am
James Thorpe
0414 510 071
– Ultimate development potential with CZ1
Steve Kelly
0407 320 377
– 50m* from Balaclava Station & Carlisle Street Retail precinct
property.jll.com.au/307303
– Perfect Location & Development Upside
– Strong holding income
*(all figures are approximate )
The Property Development Review
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Permit approved development
For Sale 33 - 35 Ringwood Street, Ringwood – Plans and Permits in place for 28 quality apartments over 7 levels – 670sqm* allotment zone CZ1, DD03 – Moments from Ringwood Station – Potential to reposition into serviced apartments *(all figures are approximate )
For Immediate Private Sale James Thorpe 0414 510 071
Steve Kelly 0407 320 377
property.jll.com.au/306506
BRUNSWICK WEST 461-463 Albion Street
FOR SALE BY PUBLIC AUCTION on Friday 6 March 2020 at 1pm
DOUBLE WHAMMY! RARE OPPORTUNITY! Two titles offered together •
Substantial land area of 1,004 sqm* with rear access
•
Combined 24 metre* frontage to Albion Street
•
Residential Growth Zone 1 (RGZ1)
•
Potential for townhouse development or multi-level apartment development (STCA)
For more information please contact: Michael Ryan
0433 180 199
Joseph Walton
0417 309 347
Joshua Colosimo
0413 790 309
VIEW LISTING *Approx
9654 3222
Level 3, 267 Collins St Melbourne allardshelton.com.au
22
The Property Development Review
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Accelerating success Reach more people – better results faster.
12 DWELLING PROJECT FOR IMMEDIATE SALE FOR SALE – EXPRESSIONS OF INTEREST CLOSING FRIDAY, 6TH MARCH AT 12PM 14 Beaumont Parade, West Footscray VIC 3012 – – – –
Mid-construction, nearing completion Suits developers & builders Mortgagee in possession A twelve (12) unit development, spanning three (3) levels plus a basement level comprising thirteen (13) car spaces and bicycle storage.
View Now
Dave Walker 0439 889 048
Joe Kairouz 0421 430 638
INSERT LISTINGS REFER TO TEMPLATES AND LISTING GRID MASTER PAGES
Accelerating success Reach more people – better results faster.
ELEVATED CORNER SITE IN EASTERN CORRIDOR FOR SALE – EXPRESSIONS OF INTEREST CLOSING THURSDAY, 12TH MARCH AT 3PM 855-869 Ferntree Gully Road, Wheelers Hill – – – –
Total site area of 1.59ha* General Residential Zone Permit for 17,211m²* Townhouse GFA 220m²* of street frontage
*Approximately
View Now Ted Dwyer 0411 312 165
Alex Browne 0418 350 545
Hamish Burgess 0421 641 497
Joe Kairouz 0421 430 638
South Australian Listings
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VIEW LISTING
For Sale: 25-29 Keilor Road, Essendon VIC 3040 EOI Closing: Wednesday 4th March at 4pm Andrew Greenway — 0409 547 626 Alex Ham - 0410 545 226
OCCUPY, INVEST OR DEVELOP (STCA) Substantial Opportunity In Sought After Suburb – – – – –
Total landholding: 4,010m2* Dual street frontage totalling over 110m* ( Keilor Rd - 49.43m* and Queen St - 60.96m*) Zoning: Commercial 1 Located within the Essendon North Shopping Village Offered with Vacant Possession *approx.
The Property Development Review
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Permit approved with ultimate flexibility. 297 – 307 Roslyn Road, Highton VIC. For Sale by Expressions of Interest closing Thursday, 19 March at 3pm (AEDT).
Ideal townhouse opportunity (STCA)
General residential zoned (GRZ2)
Located close to retail shops
Approved 122 bed Aged Care planning permit
Only 6km from Geelong CBD
Ed Wright 0421 213 021 Tom Ryan 0419 786 244 View Listing View at knightfrank.com.au
IT RM ED PE ROV P AP
*Approx.
8,244 sqm* rectangular land parcel
Artist’s impression of approved Artist development impression
View at knightfrank.com.au /1234567
/1234567
Connecting people & property, perfectly.
51-61 Station Street, Baxter VIC.
18 Thomas Street, Baxter VIC.
Thursday, 26 March at 3pm (AEDT).
Thursday, 26 March at 3pm (AEDT).
For Sale by EOI closing
General residential zoned (GRZ1)
Ed Wright 0421 213 021 Andrew Hansen 0434 411 911
View Listing View at knightfrank.com.au
8,352 sqm* vacant land parcel
Ideal future townhouse development *Approx
4,041 sqm* vacant land parcel
/1234567
General residential zoned (GRZ1)
Ed Wright 0421 213 021 Andrew Hansen 0434 411 911
View ViewListing at knightfrank.com.au
Ideal future development opportunity (STCA) *Approx
For Sale by EOI closing
/1234567
26
All these properties are different. That’s why our approach is. When it comes to gaining the maximum from a property investment, there’s no one size that fits all.
From there it’s up to you.
That’s as true of the four properties across the page, as any other we deal with.
As a trusted generational advisor with a commitment to embracing change, we have strong experience with development, do our homework first and talk second.
Each has qualities that immediately stand out.
We’re not in it for the quick sting, but for the long term and we think that’s a bit different.
Park views, generous street frontage and strong income in prime corner position.
Good luck and good buying.
astoncommercial.com.au
Talk to us about a different way. Call 8532 2222.
The Property Development Review
27
265-269 Burke Road, Glen Iris
156 Elgar Road, Box Hill South
SALE
SALE BUY & BUILD IN BOX HILL
BUILD THE BOUTIQUE ON BURKE
Permit approved for 21 Apartments & Retail space
Dual frontage site with a land area of 722 sqm*
Land Area: 525 sqm*
Price Guide: $2.5 Million
Zoned Commercial 1 (C1Z)
Premium location with park views
Zoning: Commercial 1
Long Term Settlement Offered
Substantial 15m* street frontage
Flexible Deposit terms
Scheme available for 71-bed student accommodation within existing permitted envelope (STCA)
Expressions of Interest closing Thu 27 Feb at 2pm. Liam Rafferty 0421 886 655
Jeremy Gruzewski 0422 211 021
85 High Street, Belmont
SALE/LEASE
17-19 Balmoral Avenue, Springvale
INCOME + POSITION + POTENTIAL = GOLDEN PLAZA
Impressive land footprint of 1,184 sqm*
Building Size: 350 sqm*
Food Ready Premise
Existing Drive-Through
Max Warren 0488 296 892
Max Warren 0488 296 892
SALE
HUNGRY FOR EXPOSURE
Excellent Parking On-Site
Fred Nucara 0418 567 560
Separate Vehicle Entry & Exit
Fred Nucara 0418 567 560
Land Area: 2,968 sqm*
Permit for 10 levels with 11,128 sqm* NSA
Zoning: Commercial 1
1,865 sqm* arcade with 14 ground shops and first floor restaurant
Strong income with significant upside
Prime corner position
Jeremy Gruzewski 0422 211 021
Fred Nucara 0418 567 560 *approx
a different way
State Profile: New South Wales
28
State Profile: New South Wales
INSIDE:
Spotlight: East Ryde
New South Wales Auction Schedule
Q&A: Harj Uppal: Leading Experts of Affordable Student Housing and Co-Living
New South Wales Listings
Western Sydney Airport Bridge Completes Construction
The Property Development Review
29
Spotlight: East Ryde, 2113 Located just 12 kilometres north-west of Sydney’s CBD, East Ryde is the kind of quaint pocket of suburbia that young families dream of. An abundance of rivers and creeks flow through and around its geography, which is also home to numerous parks and playgrounds. Its calm disposition is a clear draw card for the pram-pushers amongst us, yet the streets are in fact filled by a much broader demographic. This is classic Australia in its most neighbourly form, with plenty of potential to deliver conscious projects tailored to a waiting audience. RESIDENTS The 2018 estimated population of East Ryde was 2,654 people, only a gradual climb from the 2011 Census record of 2,337. East Ryde denizens hold a median age of 41, higher than the broader state median of 38. Unsurprisingly the area has long been fairly family oriented, and as the youth come of age a new generation of younger families are set to make their entrance. As of the 2016 Census, detached homes accounted for 93.5% of all dwellings. While this share has diminished slightly over the past four years, there are still an incredible number of good quality, well-sized blocks ready to meet residential demand. The time to move is now.
→ Stellar Ryde.
CULTURE East Ryde has proven itself has a highly sought-after locality for those seeking a ‘true blue’ Australian home and lifestyle. Despite its small size, the suburb is incredibly well-equipped in terms of amenities, shopping and services. And with easy access to freeways, parks and schools as well, it is easy to understand why many are looking for a ticket to Ryde. Residents of both the suburb itself and its neighbouring communities are often found out-and-about on the stroll; whether it be heading to Sugarloaf Point, along Lane Cove River, or through the many green patches and parks that provide an air of tranquillity. HOUSE PRICES The median house price as of 19 December 2019 is $1.52 million. Having been hit hard by the recent market correction, this median is much lower than its February 2018 peak of $1.825 million. However, with the market in a current turn around phase, there are multiple opportunities to be had before the next boom. Weekly median advertised rent is $850. UNIT PRICES Due to the virtually non-existent unit market, there is not enough data for median unit prices. There does exist opportunities to target downsizers who enjoy the
neighbourhood with quality sizeable townhomes and apartments. SIGNIFICANT PROJECTS Stellar Ryde: Situated in East Ryde’s neighbour-suburb, Ryde, Stellar is comprised of 95 residences (mix of one, two and three bedroom) spread across two buildings of nine and five storeys. Developer CWJ is leading the project, electing SJB Architects to deliver the striking designs. A very smart looking façade presents a unique blend of colours, with radiant orange hues on lower-level apartments ascending to yellow and white. PEAK Apartments (Putney Hill): Nearby Putney Hill is a newly established 13.9-hectare community on the border of Putney. PEAK represents two buildings within this new masterplanned development, offering 174 residences across seven and six storeys. Frasers Property are responsible for this grand-scale development opting to collaborate with Cox Architecture for the designs. In creating this urban escape, the team focused on liveability with a display of enjoyable green landscapes and stunning waterways.
30
THE IDEAL SITE TO FIND THE IDEAL SITE
Namuste essitatiae nos aute
volliquo mil earis dolento tassequ LESS SEARCHING. iberfer feriorp orepediaeris aute MORE nullessitam DEVELOPING. es ipicia dolo dicabo.
developmentready.com.au developmentready.com.au
LESS SEARCHING. MORE DEVELOPING.
Q&A: Harj Uppal, Ralton Property Group
31
Leading Experts of Affordable Student Housing and Co-Living Image: The Urban Developer
There is no doubt that Australia is a commercial real estate hot spot for international developers. With the Sydney housing market, out of reach for a majority of Australians – especially young professionals and students, there is a strong demand for flexible, community-based living options. The ‘build-to-rent’ property market is rapidly growing in Australia and key indicators point to continued growth. A highly sought-after market from international investors. Singapore investment in Australian property is an aggressive market, with properties and large-scale development sites being hungrily snapped up. In late 2019, The Ascott Limited purchased a 252-room hotel in North Sydney's tallest tower – a deal estimated at $202 million. In another deal, Singaporean developer Oxley Holdings has snapped up 40 per cent stake in WA-born property and construction company Pindan Group, taking effective control of the company. Hmlet, Singaporean co-living company has also hit Australian shores with the launch of two co-living properties in Sydney’s inner west suburbs of Newtown and Marrickville. Further development projects are in sight for Melbourne and Brisbane. The market is showing no sign of slowing down. The perfect storm. To international developers the Australian market is the perfect combination of an undersupplied and
low-risk from these emerging asset classes. Sydney and Melbourne represent the most sought-after destination for international students. Additionally, the growth in mobile domestic students is also steadily on the rise, further fuelling the demand for affordable co-living and student accommodation. The recent Sydney city infrastructure and transport upgrades combined with limited quality rental accommodation has contributed to a boom in the student housing market. Sydney remains the most sought-after city yet the most out of reach for many. An undersupplied student housing market has propelled the sector with the rest of Australia following suit. With International Education ranking as Australia’s 3rd largest national export, this market sector is only set to continuing rising. Supporting a market growth forecast, International student’s education contributed $30.3 billion to the Australian economy in 2017. This represents an 8.1% increase compared to the previous year and is steadily rising. Move to 2018 and the market experienced a similar positive increase of 11.4% also compared to the previous year, plus there has been notable growth from several emerging markets. The bottom line is student accommodation, dual living and buildto-rent markets are gaining strong traction across the country. With high demand and limited supply, it has international developers chomping at the bit. And it is showing no signs of slowing down.
Ralton property assisting developers to find the right investment. As commercial and development site specialists Ralton Property’s expertise focuses in site amalgamations, land and site acquisitions and development sales. Ralton Property has been assisting those actively seeking additional development opportunities within the student housing, build-to-rent and co-living markets. Dissatisfied with the status quo of services available to property developers and property agents was the catalyst for the establishment of Ralton Property. Leading agent Harj Uppal is in high demand with international developers wanting to capitalise on his knowledge, insights and strength in this specialist sector. “The most important factor to note here, however, is that even though we work on behalf of the developer for acquisitions, we work extra hard to deliver a transaction that the vendors are comfortable with too. We look after our clients by ensuring that all parties walk away content and respected.” Says Harj.
For More Information Harj Uppal 02 9096 4664 harj@ralton.com.au
State News By:
32
Author: Dinah Lewis Boucher
Western Sydney Airport Bridge Completes Construction A new bridge at Western Sydney Airport, as wide as Sydney’s Harbour Bridge at 49 metres, marks the completion of the first phase of construction on the new airport at Badgerys Creek. The bridge to Badgerys Creek, which opened on Monday, was built as part of initial earthworks on the Airport site. Stage one of construction at Western Sydney's airport, which involved moving 1.8 million cubic metres of earth, spans six per cent of the 1780-hectare airport site located roughly 44-kilometres west of Sydney CBD. Construction giant Lendlease was appointed to undertake the major earthworks contract, valued at $644 million for the development of the airport officially named after Nancy-Bird Walton.
↓ Image: The Urban Developer
With initial earthworks almost complete and part of the site officially open, Western Sydney Airport chief executive Graham Millett said the bridge completion marks a milestone. “Technically we’ve built two bridges,” Millett said. “One north bound and one south bound, both 39 metres long and with a combined width of 49 metres – around the same width as Sydney’s Harbour Bridge. “It’s built on 21 mammoth 45-tonne girders manufactured with almost 900 tonnes of concrete.” Major earthworks are also expected to kick off this year, which will involve moving more than 23 million cubic metres of earth to make way for the construction of the airport's terminal and runway. Its expected the airport, planned to be open in 2026, will initially cater for up to 10
million international and domestic passengers a year. Following decades of debate, the airport site was officially designated by the Federal government in 2014 as the location of Sydney's second airport. The first design images for the terminal building were released in October last year, after Zaha Hadid Architects and Cox Architecture were appointed to design the Nancy-Bird Walton international airport. Construction on the terminal building is slated to start in 2022.
Auction & EOI Schedule
33
Your list of New South Wales development sites for sale. Click on the link to view the listing.
1b Barcom Avenue
Darlinghurst
JLL - Sydney
View
1-12 Burkill Close, 38-46 Turner Street & 51 Almond Street
Denman
Matrix
View
42 Georgetown Road
Georgetown
Commerical Collective
View
9 Hezlett Road
Kellyville
Colliers International - Residential
View
Lot 34, 1 Fitzgerald Avenue
Muswellbrook
Matrix
View
20-28 Munni Street ess
Newtown
Colliers International - South Sydney / CBRE
View
6c Elizabeth Avenue
Raymond Terrace
Commercial Collective
View
445-449 New England Highway
Rutherford
Commercial Collective
View
110, 111A, 111 & 121 Dove Lane
Warriewood
JLL - Sydney
View
9 Crown Lane ss
Wollongong
JLL - Sydney
View
42 Georgetown Road
New South Wales Listings
34
Artists Impression
DA approved multilevel terrace For Sale 1b Barcom Avenue, Darlinghurst NSW
– Architecturally designed terrace sympathetic to the Victorian era
For sale by Expression of Interest closing 12 March at 4pm (AEST)
Julian Bullen-Zorin 0405 597 669
– Significant surrounding amenity – 405sqm* land holding
property.jll.com.au/307069
– 700m* walk to King Cross Train Station – 2km* to Sydney CBD – Situated within close proximity to various private schools and well regarded public schools. – High demand residential area, with a low vacancy rate and a median house price of $1.7m (realestate.com). *(Approx)
The Property Development Review
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Infi ll development site For Sale 110, 111, 111A & 121 Dove Lane, Warriewood NSW
– Large site area with the potential to yield 33 residential lots (STCA) – DA Approved for subdivision into three super lots with roads & infrastructure – Opportunity to create a new and exclusive residential community – Approved Concept Plan for recreational District Park and a connecting footbridge – Close to local amenity Warriewood Square, educational establishments such as Mater Maria Catholic College, an IGA supermarket and Mona Vale & Warriewood beaches – Zoned R3 – Medium Density Residential *(Approx)
For sale by Expressions of Interest closing 3 March at 3pm (AEST)
Dylan McEvoy
0406 560 204
Ben Hunter
0499 486 999
property.jll.com.au/306141
New South Wales Listings
36
DA approved CBD development site Auction 9 Crown Lane, Wollongong NSW – Premium CBD Development Opportunity
For sale by Public Auction Tuesday 17 March 2020 AuctionWORKS, Mezzanine Level, 50 Margaret St, Sydney
– Significant site area of 1,194sqm* – DA Approved for 9 storey building - 95 studios + ground floor commercial – Zoned B3 Commercial Core, 1.5:1 FSR & 32m HOB – Permitted uses include Hotel/Motel Accommodation, Commercial Premises, Shop Top Housing, Education – Heart of the Wollongong town centre, immediate vicinity to Shopping centres, Wollongong train station, Wollongong Hospital and Education precincts *(Approx)
Dylan McEvoy
0406 560 204
Gordon McFadyen 0451 956 273 property.jll.com.au/307268
The Property Development Review
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Accelerating success Reach more people – better results faster.
DA APPROVED TERRACE SITE FOR SALE – AUCTION THURSDAY, 12TH MARCH AT 10:30AM Level 5, 1 Margaret Street Sydney 2000 20-28 Munni Street, Newtown NSW 2042 – – – – – –
DA approval for 4 stylish terraces + basement carpark 498m²* approved GFA 622.28m²* land area 6 car spaces in the basement Zoning is flexible for multiple uses in childcare, boarding house and single dwelling Potential to amend the existing DA to increase the yield S.T.C.A
View Now Trent Gallagher 0432 242 063 Matthew Fenn 0416 925 444
William Gathercole 0403 618 757
Accelerating success Reach more people – better results faster.
UNIQUE APARTMENT DEVELOPMENT SITE IN NORTH WEST GROWTH CORRIDOR 9 Hezlett Road, North Kellyville For Sale – Expressions of Interest Closing Thursday, 12th March at 4pm – – – –
Total site area of 3,692 m²* 2.5km from newly built Kellyville Metro Station Current planning controls provide excellent potential for either an apartment or mixed-use development Within 10 minute convenient drive to Castle Towers Shopping Centre, Norwest Business Park and Rouse Hill Shopping Centre
View Now
Eugene White 0423 021 439
Guillaume Volz 0404 887 717
New South Wales Listings
38
RESIDENTIAL DEVELOPMENT SITE UPPER HUNTER VALLEY FOR SALE BY EOI
UNDER INSTRUCTIONS FROM MORTGAGEE IN POSSESSION
Boundary Indicative & Approximate Only
LOT 34, FITZGERALD AVENUE, MUSWELLBROOK NSW 24 MARCH
EOI CLOSES 3PM TUESDAY 24TH MARCH, 2020 (unless sold prior)
GRAEME LOWRY-JONES 0418 475 183 GODFREY FRANZ 0425 293 999
The Property Development Review
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RESIDENTIAL DEVELOPMENT SITE UPPER HUNTER VALLEY FOR SALE BY EOI
UNDER INSTRUCTIONS FROM MORTGAGEE IN POSSESSION
Boundary Indicative & Approximate Only
1-12 BURKILL CLOSE, 38-46 TURNER STREET & 51 ALMOND STREET, DENMAN NSW 12 MARCH
EOI CLOSES 3PM THURSDAY 12TH MARCH, 2020 (unless sold prior)
GRAEME LOWRY-JONES 0418 475 183 GODFREY FRANZ 0425 293 999
New South Wales Listings
40
6C ELIZABETH STREET, RAYMOND TERRACE
INDICATIVE OUTLINES ONLY
FOR SALE
+
by Expressions of Interest closing Thursday 26 March 2020 at 4:00pm (AEDT)
*approximately NSW Government, Transport Roads & Maritime Services
Matt Kearney 0427 921 206
Brendan Sarroff 0400 986 779
PACIFIC HIGHWAY DEVELOPMENT POTENTIAL 8.44 ha* of vacant land
450 metre* frontage to the Pacific Highway
Maintains Highway frontage after Heatherbrae Bypass
Zoned RU2 Rural Landscape
48,000 vehicles passing daily+
Developer terms considered
This vacant land holding is positioned to the north of Heatherbrae and boasts more than 450* metres of frontage to the Pacific Highway. Exposed to over 48,000 vehicles daily+, the property’s strategic advantage is it will maintain frontage to the Pacific Highway under the planned and Federally funded Beresfield extension and Heatherbrae Bypass. The 8.44 hectare* property is mostly vegetated and zoned RU2 Rural Landscape under the Port Stephens Council LEP 2013.
The Property Development Review
41
42 GEORGETOWN ROAD, GEORGETOWN
FOR SALE
by Expressions of Interest closing Thursday 12 March 2020 at 4:00pm (AEDT) Site area 1,631 sqm*
Ideal for service station, car wash or food (STCA)
Zoned B2 Local Centre
Design and construct opportunities available
Adam Leacy 0421 613 160
Byrne Tran 0422 302 691
The flexible zoning and strategic location of the site presents an opportunity for fuel, car wash, food or similar tenants (STCA) to express interest in leasing the site. A new custom facility can be constructed with the rental to be determined based on the tenant’s specific building requirements.
The site is also for sale with monthly holding income.
445-449 NEW ENGLAND HIGHWAY, RUTHERFORD
FOR SALE
by Expressions of Interest closing Thursday 12 March 2020 at 4:00pm (AEDT) Site area 2,752 sqm*
53 metre* frontage to the New England Highway
Zoned B5 Business Development
Positioned on one of the region’s busiest roads
Brendan Sarroff 0400 986 779
Craig Watson 0422 633 321
Positioned on the New England Highway this site provides an excellent redevelopment opportunity (STCA). The site comprises a regular shaped allotment over three contiguous lots with a combined frontage to the New England Highway of 53 metres*.
State Profile: Queensland
42
State Profile: Queensland
INSIDE:
Spotlight: Maroochydore
Queensland Auction Schedule
Brisbane’s South Bank 2050 Masterplan Team Announced
Queensland Listings
The Property Development Review
43
Spotlight: Maroochydore, 4558 Maroochydore is the cultural capital of the Sunshine Coast. A place where funky cafés intertwine with multicultural eateries, where live music floats along a warm afternoon breeze, where ocean dips are daily and are just as regularly followed by an evening cocktail. And while the atmosphere and stunning coastline give off the impression that this a holiday-maker’s town, Maroochydore is in fact a buzzing economic hub that keeps yearround residents entertained and proud. Just ask the locals - life really can be a holiday. RESIDENTS Population saw an increase of over 16% to 16,800 between the 2011 and 2016 Censuses. The most recent estimate was conducted in 2018 and reported a growth to 18,012. The median age sits rather high at 46, compared with the state median of 37. Interestingly, age-groups across the population are well distributed, there is strong representation above the age of 55 but also too between 20 and 35. Studios and one-bedroom flats account for under 8.5% of total dwellings, while two and three bedroom residences account for 74.4%. CULTURE Pristine beaches, the winding Maroochy River and numerous parks and
→ Plaza Central.
golf courses help to explain why this coastal town’s number one industry is tourism. As a result, the majority of Maroochydore’s residents are employed in restaurants, information centres, tour groups and accommodation. But the focus remains on enjoying life to its fullest. Picnics and barbecues along the coast are a common pass-time, with several play areas for the kids and lots of shade. If people aren’t on the shore, they might be out to sea partaking in one of the many aquatic activities that keep residents fit and tourists in all-smiles. And for those that like to indulge on indoor retail pleasures, the Sunshine Plaza, the largest shopping centre in the region with over 220 specialty stores, can be found in the centre of town on the edge of Cornmeal Creek. HOUSE PRICES At the end of 2019, Maroochydore recorded a median house price of $640,000, a positive return to the same place 12-months prior following a slight dip through 2019. Three years prior the median house price was $568,000. The current weekly median advertised rent is $520. UNIT PRICES Units have seen a rather reserved median price growth over the
past three years increasing steadily from $393,000 to $431,500 at the end of 2019. The current weekly median advertised rent is $400. SIGNIFICANT PROJECTS Plaza Central: Project lead by construction and property development group Pindan and designed by Sprout Architects, Plaza Central offers 85 individual residences comprising of one, two & three bedroom apartments from $299,000. The development will rise just five-storeys high and will also present a ground floor of retail tenancies activating the street level. Plaza Central is set for completion in March 2021. Avalon: Avalon is the latest off-theplan residential development planned for Maroochydore by Queensland-based developer and designer Mosaic. The development will emulate a 6-star resort style luxury; with penthouses, sub-penthouses and apartments that represent the pinnacle of impeccable style. Located along the Maroochy River with 800m of river boarder, Avalon presents 86 luxurious two, three & four bedroom apartments across two seven-storey buildings. Prices for two-bedrooms start from $529,000, and three-bedrooms from $999,000.
State News By:
44
Author:Dinah Lewis Boucher
Brisbane’s South Bank 2050 Masterplan Team Announced A consortium to deliver South Bank's 30-year masterplan has been appointed, as part of plans to transform the 42-hectare riverfront precinct in Brisbane’s inner city. "Future South Bank Group" is the consortium, which is led by Urbis and comprises Cox Architecture, Arup, Cultural Capital, Complete Streets, London-based Gillespies and New York’s Projects for Public Spaces. “South Bank is an integral part of Brisbane’s urban fabric,” Urbis design director Natalie Hoitz said, commenting on the appointment. The consortium will deliver the 30-year vision, which is currently open to public consultation, with a finalised draft master plan slated for release in September. “No costs have been established to date as this is part of the process we need to go through,” Hoitz told The Urban Developer. “At this stage, hearing from the community and stakeholders and understanding the audience now and into the future is critical. “There are a range of activities planned in the coming months and already underway for the community to have their say,” Hoitz said. The master plan, which will be funded by South Bank Corporation, will cover the 42-hectare area, and includes the 17-hectares of parklands. The Queensland government and South Bank Corporation announced South Bank's 2050 master plan in 2018, coinciding with the approaching 30th anniversary of Brisbane hosting the World Expo in 1988. EXPO ’88 In the 1980s the industrial riverfront site was developed to become home to the World Expo ’88.
→ Image: The Urban Developer
The transformation of South Bank, first a meeting place for traditional landowners, the Turrbal and Jagera people, became an early colonial port and industrial zone. It was at the Expo’s conclusion, state government retained South Bank under government ownership, creating the South Bank Corporation in 1989. In 1992, the parklands officially opened to the public. While changes and the vision's costs are yet to be confirmed, South Bank Corporation states that heritage-listed venues and buildings will be retained. Earlier this month a masterplan for the revitalisation of inner-Brisbane's Victoria Park golf course into a 45-hectare public parkland was released, as Brisbane's inner city continues its transformation. Across the river from South Bank, located on Brisbane's CBD river edge, is the $3.6 billion Queen’s Wharf development which is slated to open in 2022. The project will join the recent completion of the Howard Smith Wharves entertainment precinct, located under the Story Bridge. The South Bank master plan will be a thirty-year document, with its final implementation subject to South Bank Corporation and state government approval.
The Property Development Review
45
Auction & EOI Schedule
46
Your list of Queensland development sites for sale. Click on the link to view the listing.
1 United Road
Ashmore
Savills
View
111-115 Grafton Street
Cairns City
CBRE Cairns
View
46 Caswell Street
East Brisbane
C Property
View
530 Logan Road
Greenslopes
C Property
View
17-21 Ludlow Street
Hamilton
Ray White New Farm
View
90-112 Coonan Street
Indooroopilly
JLL Brisbane
View
5-11 Mayes Avenue
Logan Central
Ray White Commercial
View
124 Sherwood Road
Toowong
Savills
View
The Property Development Review
47
Boost your Sales Campaign in 2020 with Video Content. Smart agencies are using video content as a key marketing component on every platform and channel. The creation of information rich video content produced by Development Ready has boosted both sales campaign enquiry levels and brand awareness for many leading Agencies.. View below some of our recent video productions.
Real Properties, Carrum
Knight Frank, Melbourne
Allard Shelton, Corporate
ICR Property, Sunbury
Make Video Content work for you – talk to us today.
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
Queensland Listings
48
For Sale: 124 Sherwood Rd, Toowong, QLD 4066 DEVELOPMENT POTENTIAL FOR MULTIPLE DWELLING
Savills are delighted to be selling a 7,036sq m* land holding with development potential at 124 Sherwood Road, Toowong. Closing Date for Offers 4pm Thursday 12th March. – 7,036sq m* – 8 Adjoining lots with 2 street frontage. – Significant land holding located in the iconic innerwestern suburb of Toowong, 5* radial km from CBD. – Located on site is a heritage listed house with 397sq m* floor plate including balconies. – Strong link to the Toowong commercial precinct including Toowong Village, Toowong Train Station and the University of Queensland St Lucia Campus.
Will Carman 0477 666 355
Robert Dunne 0418 888 840
– Development potential for multiple dwelling use including; accommodation, residential and retirement. – 75* metre frontage to Sherwood Road.
*Approx Outline indicative only
More Exposure More Competition Record Prices
VIEW LISTING
The Property Development Review
49
For Sale: 1 United Road, Ashmore, QLD, 4214 LOW IMPACT INDUSTRIAL AREA DEVELOPMENT OPPORTUNITY
Savills are delighted to be selling a single level property offering 5 separate tenancies with individual amenities, strategically located on a corner lot opposite the Ashmore City Shopping centre and on main arterial road. Sale by Negotiation, Asking $1,750,000 – 1596* sqm Land Area – 575* sqm sqm Building Area – Re-development Potential – Holding Income – Corner Location – Ideal SMSF or Investment purchase – 5 Individual Tenancies – Repositioning Potential
James Stevenson 0498 121 165
– Solid Building in a Great Location
*Approx Outline indicative only
More Exposure More Competition Record Prices
VIEW LISTING
Queensland Listings
50
BOUTIQUE DEVELOPMENT SITE^
Hamilton, QLD, 4007 17-21 Ludlow Street, Hamilton
AUCTION
Wednesday 26th February 6:00pm • Site area 2939 m² (*approx) • Residential: Apartment Sites, Townhouse Sites • Current DA for a new house on 19 Ludlow Street & Residential Development Opportunity ^(STCA)
Matt Lancashire 0416 476 480 matt.lancashire@raywhite.com Christine Rudolph 0400 943 984 christine.rudolph@raywhite .com
*Approx. ^S.T.C.A
^ Subject to Council Approval
View Listing
The Property Development Review
51
BOUTIQUE DEVELOPMENT SITE^
Logan Central, 4114, QLD 15-11 Mayes Avenue
AUCTION
Thursday 12th March 11:00am • • • •
Site area 3627 m² (*approx) Commercial: Office / Retail Residential: Apartment Sites,Townhouse Sites Mixed Use Development friendly ‘Centre’ Zoning ^(STCA)
Jared Johnson 0423 386 939 j.johnson@rwsp.net Lachlan Marshall 0426 259 799 l.marshall@rwsp.net
*Approx. ^S.T.C.A
^ Subject to Council Approval
View Listing
52
The Property Development Review
53
Brisbane Inner City Bunnings
For Sale 90-112 Coonan Street, Indooroopilly QLD – 61%* of passing income derived from Bunnings Warehouse (ASX:WES) – Immediate value add potential – High profile 4,657sqm* elevated site – Zoned for mixed use development up to 20 storeys (STCA) – Fully leased net income $1,138,266*^ For Sale by Expressions of Interest Closing Thursday 5 March 2020 at 4.00pm (AEST) Elliott O’Shea 0413 838 717 property.jll.com.au/307068
Boundary Indicative Only
DevelopmentReady.com.au
Want to advertise in The Property Development Review? Call 03 9631 5476 or Email enquiries@developmentready.com.au
Jacob Swan 0402 704 896
*(approx) ^(p.a)
Queensland Listings
54
FOR SALE
111-115 GRAFTON STREET, CAIRNS CITY, QLD, 4870 COMMERCIAL DEVELOPMENT OPPORTUNITY (STCA)
CBRE are pleased to present to market 111-115 Grafton Street, Cairns City, QLD, 4870, for sale, all offers considered. + Area: 5136m2* + Land area: 2,037m2* + The frontage to Grafton Street is approximately 40 metres + Zoning: Principal Centre Zone + Multiple development options available: + Major refurbishment and re-lease + Strata title and sell down + Possible conversion to residential uses + Currently 45% leased + Holding income of $670,000* + Potential net future income of $1.6m*
*Approx.
DANNY BETROS 0418 772 049 property.cbre.com.au
VIEW LISTING
The Property Development Review
55
FOR SALE 46 Caswell Street
East Brisbane
COMMERCIAL DEVELOPMENT OPPORTUNITY (STCA) > 956 sqm* land parcel with 20 m* frontage
> 375 sqm* warehouse with office component > 17 car parks + close to public transport
> Side access for cars/trucks to huge rear hardstand or extra car parking > Located less than 3km to the CBD with easy access to the Pacific & Gateway Motorways, Clem 7 Tunnel & The Inner-City Bypass > Many cafes & dining options at your doorstep.
View Now Contac t the Exclusive Marketing Agents & Inner-City Specialists C Property to inspec t this gem! Carl Charalambous
P
0422 804 462
E
carl@cpropertyqld.com.au
* Approx
FOR SALE 530 Logan Road
Greenslopes
MIXED USE ZONING AND POTENTIAL FOR A 5 LEVEL DEVELOPMENT > Superbly positioned inner-city location with outstanding 29 metre frontage to busy Logan Road > Well presented, multi-tenanted building across 4 retail/ showroom/ office tenancies > Potential to owner occupy 77m², 98m² or both (175m²) & collect income from the balance > Strategic 1,076m² land rich holding with mixed use zoning and potential for a 5 level development > Unrivalled provisions for 15+ car parks – a super rare attribute for the inner-city.
View Now Closing 28th February at 5pm, if not sold prior. Marketing Agents & Inner-City Specialists C Property to inspec t this gem! Carl Charalambous
P
0422 804 462
E
carl@cpropertyqld.com.au
* Approx
State Profile: Western Australia
56
State Profile: Western Australia
INSIDE:
Spotlight: Caversham
Western Australian Auction Schedule
Finbar’s $365m Civic Heart Apartment Towers Approved
Western Australian Listings
The Property Development Review
57
Spotlight: Caversham, 6055 Renowned as the gateway to the Swan Valley, Caversham provides the best of both country and urban lifestyles. The CBD is easily accessed, either by nearby train stations or by 20-minute car commute, yet the air is still very much filled with classic community spirit. Sitting on the west bank of the Swan River, residents are offered a choice of bounding nature or suburbia, but will more frequently decide upon both. Recent residential developments are the result of more and more people vying to enter the Swan Valley – and with the lifestyle this region has to offer, who can blame them! RESIDENTS Population between the 2016 and the 2011 censuses has almost doubled – going from 2,694 to 5,290. The median age is of note, at 31 (compared with 36 for the state) and with a high concentration of under 10 as well as between 25 and 40. This is largely due to several large estates opening and allowing young families to enter the area. Family households in fact made up 82.6% of dwellings in 2016 and most are owner-occupied. Some residents note the people of Caversham for their outgoing and social personalities. Integration has been successful between the large mix of nationalities, pro-
→ Balwyn Private Estate.
viding a portrait of a modern and real-world Australia. CULTURE Caversham is a countryside-border community that is prized for its city-proximity. Development in both the residential and commercial/industrial space has been strong over the past few years, delivering many benefits to the neighbourhood. Projects of note include; Caversham Village, a new small shopping centre purchased by Primewest for $26.5 million in 2016; upgrades to surrounding transport links; a new oval; and a new primary school. Ultimately, this is a family oriented destination with many of the new developments, whether residential or not, tailored as such. HOUSE PRICES The median house price for Caversham as of 19 December 2019 was $420,000. In the past three years, this number has fluctuated only between $417,000 and $450,000, largely due to new development stock hitting the market. Weekly median advertised rent is $378. UNIT PRICES There aren’t enough units in the area to present any notable data. There could however exist demand for spacious
dwellings of just one or two bedrooms, for emerging families, young couples and downsizers. SIGNIFICANT PROJECTS Balwyn Private Estate: Offering a mix of four and three bedroom residences, Balwyn Private Estate is a new residential project spearheaded by developers, Lester Group. The estate is also offering up a significant amount of vacant land parcels for sale. The estate also boasts views across vineyards, as well as close proximity to numerous regional breweries. Green areas with walking trails both border and intersect the development promoting an active and outdoor lifestyle. Stages One, Two and Three are currently selling.
State News By:
58
Author: Renee McKeown
Finbar’s $365m Civic Heart Apartment Towers Approved Property developer Finbar has received the green light for its controversial $365 million Civic Heart development in South Perth despite concerns it looks too similar to Gold Coast skyscraper Q1. The ASX-listed company halted trading while the WA planning minister deliberated over the future of the 8,208sq m site. The decision is more than five years in the making since Finbar's initial plans for 294 apartments received approval from Metro Central Joint Development Assessment Panel. Finbar submitted a new application for the site in December 2018 for two residential towers reaching up to 39 and 22-storeys high and designed by SS Chang Architects. It included 309 residential dwellings, a community precinct at ground level and adaptive reuse of the heritage police station and post office buildings.
Despite years of planning Metro Central JDAP refused the plans as “it replicates the design of other buildings, such as Q1 Tower” and needed to be “memorable” according to the submissions. Planning minister Rita Saffioti used legislative powers to call-in the development application for her determination due to the significance of the site. She imposed additional conditions in relation to the podium and green wall construction and sought clarification for waterproofing, subsoil seepage and 100-year-flood preparations. “I have considered this application on its merits, taking into account the strategic significance of this site, relevant planning frameworks, the submissions put forward to me and the broad range of views,” she said. The heritage-listed former South Perth Police Station and adjacent Post Office will
be retained and upgraded as part of the approved plans. Finbar managing director Darren Pateman said the development links the foreshore to the Perth Zoo and incorporates one of Australia's largest green walls at over 700 square metres. “We have recently sold out of our South Perth Stock [at nearby Reva and Aurelia developments] and are very keen to bring this flagship project to a market showing positive signs of price recovery,” Pateman said. “This development will end years of uncertainty and finally deliver on the vision for the South Perth area.” In making her decision, the minister considered submissions from the developer, the City of South Perth, the Metro Central JDAP and public submissions.
← Image: The Urban Developer
The Property Auction & EOIDevelopment Schedule Review
59
Your list of Western Australian development sites for sale. Click on the link to view the listing.
2C Matheson Road
Applecross
SALT Property Group
View
4 Currie Street
Jolimont
Knight Frank
View
80 Alderson Street
Pinjarra
Hancock Real Estate
View
Lot 500 Reserve Street
Scarborough
Colliers International
View
Western Australian Listings
60
Connecting people & property, perfectly.
4 Currie Street, Jolimont WA. For Sale by Public Auction Wednesday, 4 March at 11am (AWST). Refurbish or redevelop
Land area of 744 swm*
The property consists of 8 original 1 bed x 1 bath apartments over two levels, offering holding income for the astute buyer. Comprises 8 apartments
Located in the inner city suburb of Jolimont offering extensive facilities nearby. Within walking distance to the Daglish Train Station. For sale by Public Auction on site at 11am (AWST) Wednesday 4th March 2020.
Residential R80
James Baker 0418 912 007 View Listing
*Approx.
Disirable inner city location
The Property Development Review
61
SALES AND LEASING TEAM
FOR AUCTION
SATURDAY 29TH FEBRUARY AT 2PM
1,017sqm
2C Matheson Street, APPLECROSS Leap into 2020 and Land on this Amazing Development Opportunity For sale by public auction onsite at 2:00pm on Saturday 29th February. The sellers reserve the right to accept offers prior to auction. A multi-generational property never before sold is now being offered for sale for the very first time. The well looked after four bedroom, two bathroom Syd Corser home has beautiful retro charm, and despite its prominent location, is extremely protected and private! Sitting on 1,017sqm under the R40 zoning of the Melville LPS6 the potential of this property is particularly exciting with a variety of viable possibilities - enquire to receive an information memorandum and architecturally prepared concept plans. Points to consider: • Prominent positioning • Potential townhouse or apartment project • Swan River foreshore at the end of the street • Easy drive to Fremantle • Only one neighbouring property and 80+ metres of street frontage • Public Transport on the doorstep
FOR SALE BY PUBLIC AUCTION
SATURDAY 29TH FEBRUARY
ONSITE AT 2PM
Close Proximity to various amenity including: • Schools (Applecross Primary School & Applecross High School, Penrhos College. Wesley College) • Parks, cafes & shops (Wireless Hill Park, Garden City Shopping Centre, Applecross Village)
VIEW LISTING
Information memorandum & concept plans available upon request. Email sales@saltproperty.com.au.
GLEN O’BRIEN 0418 923 123 DANE McKNIGHT 0435 377 647
sales@saltproperty.com.au www.saltproperty.com.au (08) 9316 3911
Western Australia Listings
62
SIGNIFICANT RESIDENTIAL DEVELOPMENT Pinjarra, WA, 6208, 80 Alderson Street.
FOR SALE
from $1,600,000 • • •
9 acres (3.75 hectares)* of prime residential R20/R40 land that has been fully approved by the WA Planning Commission to be developed. Strategically located site within close proximity to the Pinjarra town centre, state of the art new shopping precinct, schools, medical facilities and the picturesque Murray River. Existing good quality 4 bedroom, 2 bathroom home.
Contact Mal Hancock 0411 985 232 mal.hancock@raywhite.com
*Approx.
View Listing
hancockrealestate.com.au
The Property Development Review
63
Accelerating success Reach more people – better results faster.
LANDMARK OCEANSIDE DEVELOPMENT OPPORTUNITY FOR SALE LOT 500 RESERVE STREET, SCARBOROUGH, WA Offers Invited closing Wednesday 26 February 2020 at 2pm (AWST)
DEVELOPMENT SITE
Outlines indic cative only
– Land Area 6,442*m2
View Now
– Sweeping ocean views – Suits a range of development possibilities^ – Situated in Perth’s most popular coastal destination.
Shane Isaacs 0434 659 911 shane.isaacs@colliers.com
Tim Scott 0434 659 825 tim.scott@colliers.com
* Approx. ^STCA
colliers.com.au
State Profile: South Australia
64
State Profile: South Australia
INSIDE:
Spotlight: Munno Para
South Australian Auction Schedule
ICD Property & City of Adelaide Partner Together on $400m Central Market Arcade
South Australian Listings
The Property Development Review
65
Spotlight: Munno Para, 5115 Munno Para is a markedly green neighbourhood carving a shape for itself through a booming period of suburban development. Situated approximately 35 kilometres north of the Adelaide CBD, the area has grown in notoriety since the announcement of the Playford Alive development, which is one of the largest urban renewal projects in Australia. These modern, land-division plans have brought together residential, health care, education and recreational facilities, as well as a new $250 million town centre. Naturally, Munno Para has emerged as ‘one to watch’ and while early movers will have benefitted the most, there remains plenty of opportunity within this ever-growing community. RESIDENTS The 2020 estimated population for Munno Para is 3,338, with a forecast to grow to 8,417 by 2036. This significant rise is largely due to the multiple surrounding developments that are helping to improve infrastructure and desirability. Recent upgrades to the Munno Para train station will make it the fourth busiest train station in the state upon completion of the surrounding developments, connecting commuters with the state capital’s heart with ease. Apartments are almost non-existent and most current and future denizens look for a
→ Playford Alive.
higher number of square metres. As of the 2016 Census, home with three or more bedrooms accounted for 83.7%. CULTURE Those familiar with the area will have surely noted the neighbourhood’s significant evolution. Buildings are erected one after the other, there’s a new town centre and an abundance of dining options and shops where there wasn’t before. It’s a recipe that has leant itself towards a family lifestyle and does well at playing into the affordable housing space with quality upgrades ready for a modern era. Despite construction sites being a regular occurrence of late, the neighbourhood is also considerably decorated by greenspaces. A morning stroll will reveal linear parks, landscaped wetlands and a golf course too. HOUSE PRICES As of 19 December 2019, the median house price was $245,000. House prices were on a decline from $257,000 in April 2017 to $212,500 in June 2019. The suburb is currently riding the ‘return to favour’ being experienced around the nation, with experts predicting a strong year for housing prices in the year ahead. Weekly median advertised rent is $325.
UNIT PRICES There aren’t enough units in the area to present any notable data. That isn’t to say however, that well-designed, spacious apartments don’t have a place in Munno Para’s foreseeable future. SIGNIFICANT PROJECTS Playford Alive This new, large urban-renewal project comprises of 1,000 hectares of land and includes more than 500 hectares of new development. 70 hectares is dedicated to parks, wetlands and reserves as well as extensive bike and walking trails, plus improved sports grounds and facilities. There is also a $250 million new Town Centre with shops, cafés, restaurants and local services. Offered as well, is a GP Super Clinic, allied health services, aged care facilities and gyms. A wide range of housing options available for purchase include land, new homes, terraces and refurbished homes. On its completion, around 40,000 people will call Playford Alive home.
State News By:
66
Author: Dinah Lewis Boucher
ICD Property & City of Adelaide Partner Together on $400m Central Market Arcade A 35-storey tower spanning retail, commercial, residential and a hotel, form part of the City of Adelaide’s plans for a $400 million revamp of the Central Market Arcade. Redevelopment plans of the CBD project, include the A-grade office tower, a 249-room hotel and up to 210 residential apartments, which include 15 per cent affordable housing. City of Adelaide announced ICD Property as development partner on the CBD project, following a two-year long expression of interest process, touted to break ground in 2021, subject to approvals. T h e ann o un c em ent will se e M el bourne-based ICD join forces with global investors Nanshan Singapore in a joint venture partnership on the project, alongside property development firm Sinclair Brook and
Woods Bagot on the design. ICD Property will now progress the process with Woods Bagot for development approval. The precinct also has plans to deliver a central hall, public rooftop garden, and childcare centre. Lord mayor Sandy Verschoor said the council-led project, last developed in the 1960s, aims to create a food and wine destination. “Building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets,” Verschoor said. The City of Adelaide will retain ownership of 6,000sq m of retail space including market activities, specialty retail, supermarket, and 260 public car parking spaces. While ICD Property will control the A-grade office tower, hotel, residential apartments
and childcare. In Melbourne, the developer appointed Hickory to construct its 65-level skyscraper known as Aspire, with a construction contract valued at around $180 million for the CBD based 'super tower'. Last month, ICD Property won approval from the City of Sydney for stage one of the redevelopment of the City Tattersalls Club located at 194 204 Pitt Street. Plans include a 49-storey tower which will comprise around 246 residential apartments and a 100-room hotel above the heritage Sydney CBD site.
← Image: The Urban Developer
The Property Auction & EOIDevelopment Schedule Review
67
Your list of South Australian development sites for sale. Click on the link to view the listing.
28 Sturt Street
Brighton
CBRE
View
48 Wandana Avenue
Gilles Plains
CBRE
View
97 Fullarton Road
Kent Town
JLL
View
Allotments 61 & 1001 Narooma Boulevard
Murray Bridge
Knight Frank
View
70 Greenhill Road
Wayville
JLL
View
68
The Property Development Review
69
Connecting people & property, perfectly.
Lots 61 and 1001 Narooma Boulevard, Murray Bridge SA. For Sale by Expressions of Interest closing Thursday, 5 March at 4pm (ACDT). Prime Residential Land
Strategic ‘in fill’ position
Concept for 150 lots + reserve
Poss. for ind living/ aged care (stcc)
Multiple potential access points
Adjacent Murray River and township
View Listing
A compelling investment story is emerging in Murray Bridge on the back of the massive Thomas Foods meatworks rebuild, the Bridgeport Hotel apartment project, the new Gifford Hill racecourse, substantial business expansions by Ingham Chicken, Costa Mushrooms, Big River Pork, the Monarto Zoo redevelopment, and of course The Bend Motorsport facility at Tailem Bend. All of these are expected to contribute to more jobs being created locally, with a knock-on effect to increased demand for development land and housing.
Tony Ricketts 0418 827 911
*Approx.
15.90 Ha* riverside residential land
Knight Frank has released a large 15.90 hectare land offering in a most strategic part of Murray Bridge, in between the River and the township.
RLA 199257
South Australia Listings
70
FOR SALE
GENERATIONAL BRIGHTON LANDHOLDING SA, BRIGHTON: 28 STURT ROAD NEARLY 100M* OF FRONTAGE + Total land holding of 9,467sqm* in prestigious Brighton location + First time offered to the marketing over 60 years + Zoned Residential in the City of Holdfast Bay + Proposed Development Plan Reforms to reduce minimum allotment sizes in the area + Affluent Brighton address nearby Brighton Beach with a median house price of $728,000 *approx
FOR SALE VIA EOI CLOSING THURSDAY 27TH FEBRUARY AT 4PM (ACDT) HARRY EINARSON 0421 747 442 MITCH CURNOW 0415 494 056
VIEW LISTING
property.cbre.com.au
FOR SALE
PROMINENT LOCATION NEAR LOCAL COMMUNITY INFRASTRUCTURE 48 WANDANA AVENUE, GILLES PLAINS REFURBISH OR REDEVELOP + Total land holding of 2,672sqm* + Nearly 30m* of frontage of Wandana Avenue + Zoned Residential in the City of Tea Tree Gully + Envisaged uses in the area including a range of non-residential uses that serve the local community + Flexible existing improvements of 676sqm* *approx
FOR SALE VIA EOI CLOSING THURSDAY 27TH FEBRUARY AT 4PM (ACDT) HARRY EINARSON 0421 747 442 MITCH CURNOW 0415 494 056 property.cbre.com.au
VIEW LISTING
The Property Development Review
71
Invest or redevelp on the fringe For Sale 70 Greenhill Road, Wayville SA – Outstanding CBD Fringe location – Functional two level office building – Corner site of 1,106sqm* – Three street frontages – Opportunity to develop, occupy or reposition *(Approx.)
Jed Harley Roger Klem
0418 807 920 0423 919 373
property.jll.com.au/305874 RLA 1842
Prime opportunity in the east For Sale 97 Fullarton Road, Kent Town SA – Development site of 1,012sqm* – High exposure location – Three street frontages – Close to the CBD and The Parade – Flexible “Business” zoning – Adaptable existing improvements *(Approx.)
Jed Harley Roger Klem Boundary Indicative
0418 807 920 0423 919 373
property.jll.com.au/305875 RLA 1842
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The Property Development Review
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