March / April Issue 11 - The Property Development Review by The Property Development Review By Development Ready

I N C O N V E R S AT I O N W I T H

Simonds Family

AT T H E D E S K W I T H

Peter Brook

From PTA

TA L K S W I T H

The Pellegrino Family L AT E S T

National Development Site Listings.

WORLDWIDE CONNECTIONS. WORLD - CLASS EXPERTISE.

For over 55 years, our clients continue to return to us because of the unique services we offer in business aviation. Our industry leading market research capabilities and experts in sales, marketing and deal management guarantee you access to the support needed for a smooth transaction. Experience the efficiency, flexible purchasing options and extensive inventory that have made Jetcraft a leader in the industry.

Property Development Review Portrait_192mmx267mm_v1.indd 1

AIRCRAFT SALES, LISTINGS, ACQUISITIONS, TRADES & OWNERSHIP STRATEGIES Daniel Renwick, Sales Director Australia and New Zealand DANIEL.RENWICK@JETCRAFT.COM +61 4 1054 7130

2/24/20 6:52 PM

SALES OFFICE NOW OPEN W E D N E S D AY - S U N D AY 1 0 A M TO 5 P M OR BY APPOINTMENT S H O P 1 / 1 8 T E D D E R AV E N U E , M A I N B E AC H C O N TAC T 0 4 0 6 1 9 3 6 1 3

LU X U RY F U L L F LO O R A PA RT M E N T S R E S I D E N T I A L O N LY B U I L D I N G N O W S E L L I N G O F F -T H E - P L A N FROM $2.2M - $3.7M

PROJECTS

2019 Ferretti 920 (Stock available now, Hong Kong)

2020 Riva 38â&#x20AC;&#x2122; Rivamare (May 2020)

2020 Pershing 62 ( June 2020)

For Sale

FIND OUT MORE Published by Development Ready proudly in partnership with The Urban Developer. ON THE COVER Simonds Family EDITOR IN CHIEF Dion Giannarelli, The Property Development Review Nick Materia, Development Ready EDITOR Jack M. Gaffney, Development Ready DESIGN Michael Gonzalez @ Sierra Delta CONTRIBUTORS Ana Narvaez, The Urban Developer Dinah Lewis Boucher, The Urban Developer Ted Tabet, The Urban Developer Adam Di Marco, The Urban Developer CONTACT Development Ready Pty Ltd Level 1, 167-169 Buckhurst Street, South Melbourne VIC 3205 Tel. 03 9631 5476 ADVERTISING ENQUIRIES dion@developmentready.com.au EDITORIAL editor@developmentready.com.au

FROM THE EDITOR It would be remiss of me not to acknowledge the current economic disruption and importantly the impact on world health caused by the Coronavirus. I’ll leave all commentary to the respective experts and simply recognise that all industries will no doubt be facing short to medium-term operational challenges. Welcome to the 11th issue of The Property Development Review. This bumper size issue of TPDR is our biggest yet and coincides with our 5th anniversary – read about our pathway to date on page 8. In this issue we feature interviews with members of two iconic Australian family companies. The Simmonds family who have built 45,000 plus family homes and the Pellegrino family whose building resume includes restoring inner city terrace homes, building major Queensland homemaker centres and developing a wine hotel in Italy. The history and journeys of both families is amazing.

The name Peddle Thorpe is synonymous with world-class cutting-edge architecture. Their long-term Design Director, Peter Brook talks to us about the importance of pursuing functionality first in place of chasing awards. Our Market Moves section reviews all the major state-by-state property transactions over the last few months. There are a number of state-local articles including an exposé on the Gold Coast’s $2 Billion Imperial Square and a new $77 million apartment tower planned for Burleigh Heads. In Victoria we review Rothelowan Architects new 5-star luxurious office complex – 101 Moray plus the impact on Melbourne’s commercial space with the forecasted increase of workers. Sydney’s plans for a new $200 million office tower in Mascot. Adelaide’s record $1.99 billion in transactions plus lots more. Importantly we feature the latest development and investment sites for sale together with suburb profiles plus a state-by-state summary of upcoming auction and EOI dates. Enjoy the read and keep well.

Nick Materia, Development Ready

IN THIS ISSUE 12

IN CONVERSATION WITH:

THE SIMONDS FAMILY

AT THE DESK WITH: 19 PETER BROOKE THE ULTIMATE HEALTH & 32 WELLNESS LOCATION IN TALKS WITH THE 80 PELLEGRINO FAMILY

D E V E L O P M E N T R E A D Y. C O M . A U

ANNIVERSARY \

THE PROPERTY DEVELOPMENT REVIEW

/ ANNIVERSARY

HAPPY 5 ANNIVERSARY DEVELOPMENT READY! TH

I founded Development Ready in 2015, originally launched under the Permit Ready brand, and wow what a journey it has been! I’ve been a property enthusiast for most of my adult life. Through my own personal experience of seeking and also selling a development site, l identified a need for a dedicated online platform to efficiently connect real estate agents with purchase-ready developers and investors. With a lot of research, and support from those around me, I leapt straight into creating a portal that exclusively advertised development sites for sale that had been granted development approval. The reception from Real Estate agencies and developers was amazing. We quickly recognised, however, that opportunity sometimes lies beneath the surface. As a result of agencies requests and feedback, we expanded the portal in 2016 to also include all properties that had suitable development upside.

We relaunched the brand, affirming ourselves as Development Ready as we continued to grow. In 2017 we expanded beyond the borders of our Victorian base, into New South Wales and Queensland. As our service area increased, so did our team. We launched a series of video interviews and podcast conversations with key industry players under our content marque of Developers’ Corner. 2018 saw us invest and expand into more markets, stepping west this time into South and Western Australia. In 2019 we released our first technological investment, INSTADOCS, which allows sales agents to connect directly to interested parties for the expedient supply of site-specific documents and information. Simultaneously we published our first issue of The Property Development Review, Australia’s first monthly digital magazine tailored specifically for property development professionals. As our internal team has grown we’ve forged valuable business partnerships with all the leading agency groups, plus we’ve showcased all the major development sites to hit the market. We’re proud to claim our position as Australia’s only dedicated real estate portal showcasing development sites for sale. In just five years a lot has transpired – but we’re only just getting started. The next few years will see Development Ready magnify even further and explore new markets and product segments. It must be said that no one ever walks their path alone. Neither I, nor Development Ready, could be here without the support of our clients and the expertise of a significant number of people, too many to list individually. I’m truly grateful for everyone. With that I’d like to welcome you to the 11th Issue of The Property Development Review and to a prosperous future with us at Development Ready. Best regards, Nick Materia, Founder, Development Ready D E V E L O P M E N T R E A D Y. C O M . A U

THE PROPERTY DEVELOPMENT REVIEW

/ IN CONVERSATION

SIMONDS HOMES: A 70-YEAR FAMILY STORYLINE THATâ&#x20AC;&#x2122;S STILL GOT A FAIR WAY TO GO!

Spanning three generations of its namesake, delivering more than 45,000 individual homes (and still counting) and sitting among the top five homebuilders in the nation, Simonds Homes is an iconic force within the property industry. D E V E L O P M E N T R E A D Y. C O M . A U

IN CONVERSATION \

Patriarch of the family, Gary declares that no one is born a volume builder. In his view, it takes “a lot of hard work, dedication and application – and a supportive family”. The recipe may be a little bit more complex than that, but what stands out significantly is his sincerity with regard to family contribution. Over the past 70 years, Simonds has enjoyed more triumphs than can possibly be retold in a single sitting. Conversely, they’ve gone through numerous hardships too. Through every moment, however, the narrative has been shaped by the concept of family. Theirs, yours and ours.

FAMILY VALUES The story of this inimitable residential builder is interwoven, even from the start, with core family values. Gary Simonds founded the business in 1949 and his first project was to build a home for his mother. Gary’s son, Mark, joined the business in 1976 and Mark’s son, Rhett, joined in 2002. They are proudly family-oriented, but any notion of nepotism has no foundation to stand on. Gary has always been a hard worker; being still involved with the business at the age of 85 is a testament to that. He completed his five-year trade apprenticeship by the age of 19, while concurrently completing separate building and staircase courses. It took just a short stint of contract work before he decided to be his own boss. He didn’t just have the knowledge to back himself, he had a tenacity and work ethic that he has since become famous for. “The first thing that he ever taught me was how to work.” Mark Simonds informed us during a recent conversation the three Simonds men had with Development Ready. “That doesn’t just mean in a technical or practical sense, but more philosophically – Dad taught me to be a ‘good’ worker.” Mark had been going to work with Gary since he was in a bassinette. To the office, to sites, to deals, Mark was exposed from an early age and recalls honestly the excitement of joining his father in the field. At the earliest opportunity, Mark started his carpentry apprenticeship. “I was very fortunate to have a son who was keen to enter the business. At the time, I had a lot of skilled tradesmen, but they were lousy workers. I had a lot of good workers, but they were unskilled in a trade. I wanted to make sure that my son would be extremely proficient in both respects,” Gary recollected. With the necessary accreditations completed, Mark entered the business side of his family name and together they became a virtually inseparable dynamic duo. “We’ve been best mates my whole life, side-by-side through it all. We balance each other, contrast each other, push each other further and learn from each other. It’s been good for both of us,” Mark attested. Under their joint direction, Simonds began taking some big leaps forward. During the week, Gary and Mark built immaculate display homes, and on the weekends, they sold them. As they built more intricate variations, they sold more and more homes. Before they knew it, they had more work than they could cover. Mark remembers that “we had to bring some agents on to help us sell the stock, which gave us more time to build more display homes. That resulted in more sales, so more work, and we had to start hiring more supervisors. Some of the experienced supervisors that joined us taught us a lot about volume housing. So, we were growing, and learning, and growing, and constantly improving.”

THE PROPERTY DEVELOPMENT REVIEW

/ IN CONVERSATION

As the number of houses started to increase, operational efficiencies needed to be managed. They started to change their methodology, working under what Mark likes to call the ‘300 Multiple’. “We used to design ‘300 Centres’ and that’s a direct result of us buying timber in 300 multiples. Even today it’s 3m, 3.3m, 3.9m. No matter what you buy, in the economies of scale, with materials, timber, plaster, etc. it always slots into a 300 multiple. Our houses were very efficient, and it meant that we could leverage that to deliver better products.”

Following the degree, Rhett found his place in the sales and real estate division, where he worked studiously for several years. Fresh eyed and keen to contribute, Rhett decided it was time that Simonds took a step back and view how the industry at large was evolving the sales process. A quick analysis revealed, not at all. “We noticed that the sector was still being sold in the same way it had been for many years. That’s when we had a look at moving into other sales channels, rather than just focusing on a retail display home way of selling. That’s when we progressed into wholesale or what we call the investor market.” Rhett’s youth has long been one of his greatest assets. He is praised for inheriting his father’s and grandfather’s work ethic, but beyond that, he’s praised for taking Simonds into the 21st century.

a lot of hard work, dedication and application – and a supportive family.

WHILE SOME THINGS DON’T CHANGE, OTHERS INVARIABLY DO Back in 1949, houses were much more simple. There were no built-in-wardrobes, no alfresco, no theatres or special features. They were all weatherboard homes as Gary remembers them. “The youth of today don’t realise how good they’ve got it!” He joked, “Today you don’t move into a home unless it’s got all the trimmings. That’s a big change from when we first started out and I’m sure homes are going to continue to evolve in the future. “More than just trimmings, the greatest change I’ve seen is in the size of the block. Years ago, it was common to find blocks around 700sqm. Today if you have a 400sqm block, you’ve got a big block – and the price of land is much more expensive too.” Understanding the evolving property market is an understated strength of the Simonds family. They’re in-depth knowledge of construction and empathetic comprehension of what home buyers want, were key characteristics that enabled them to construct quality homes with an element of design flare.

THE BOY WONDER Like his father before him, working at Simonds was all Rhett ever wanted to do. “I finished high school and then decided to go to university to study commerce. At the same time as that however, I was working six-month stints at Simonds, each time in a different department. I wanted to understand the complexities of every sector, from cost accounting, to supervising, to sales and marketing.”

My Simonds is just one example; a new technical capability spearheaded by Rhett that allows the customer to jump online and follow the progress of their home. “It’s a modern frontier.” Rhett beamed proudly, “It allows them to feel more connected and involved along the entire way which means there’s a greater level of satisfaction at the end.” All three gentlemen are quick to point out that Simonds has consistently been a ‘first mover’. This is true whether discussing their superior quality of display homes or their consistent adoption of new technology, as Rhett recounted. “It’s exciting but the truth is, we’ve got to act like this. The whole property development process is evolving beyond the traditional bricks and mortar. Advancements in technology are bringing the modern purchaser into a more educated sphere and that means we’re having more complex and specialised conversations with our customers. It’s an enjoyable progression for both sides of the discourse.” Currently Rhett operates under many different hats. One of his more significant roles is that of joint CEO of the Simonds Homes business. This is a modern approach to the Executive position that puts himself and Kelvin Ryan in alternating two-week periods of control. During the two-week ‘spare’ time that Rhett isn’t acting CEO, he is often to be found in the family office; more officially known as Simonds Consolidated. This overarching entity holds the family assets across several predominantly property focused investments and was born out of the controversial public listing of their once private family business in 2014.

THE FLOAT THAT DIDN’T GO TO PLAN. It was a rocky time in late 2014 following the floating of the Simonds business. The company listed their IPO at $1.78 a share, delivering the Simonds family a windfall of around $151 million. In the two years that followed, the share price started dropping dramatically and has sat around 35 cents for the past four years. “Our intentions were to draw a line in the sand,” Rhett noted, “we were a family own-and-rent building company that was becoming quite diverse with other interests. The prime purpose behind the IPO was to float Simonds Homes and to set up Simonds Consolidated, keeping them, both neatly separated.” There was certainly some difficulty as the Simonds men adjusted from their private family business to their new publicly listed one. However recent reshuffles of the board and CEO positions have seen a boost in both profits and confidence.

D E V E L O P M E N T R E A D Y. C O M . A U

IN CONVERSATION \

As a family, weâ&#x20AC;&#x2122;re striving to make it easier for young Australians to get into homes...

THE PROPERTY DEVELOPMENT REVIEW

/ IN CONVERSATION

ON THE RISE WITH SIGHTS SET EVEN HIGHER In mid-2018, following the appointment of Kelvin Ryan to CEO, the group announced that they had doubled their previous year’s profits and were seeing signs of improving margins and market share as well. The following year saw the company perform strongly again, defying soft market conditions to post a 13.6% rise in market revenues from the year before. “We made a comment eight months ago that come Christmas time everything will be back to normal, while all around us everyone was saying, no it’s going to be three years.” Gary stated proudly. “I couldn’t see it because the interest rate was low, and we’ve got strong employment. So, we prepared ourselves to be back to normal at Christmas time – and it’s proved to be a wise move.” Once again, their intelligent reading of market conditions and ability to meet buyers with congruent products brought the Simonds brand back into favourable light. While not forgotten, the complications of their bumpy pubic listing are behind them. The ambition and strong work ethic that Simonds has long been famous for has set them back on the right track.

IF YOU UNDERSTAND YOUR CUSTOMERS, YOU’RE GOING TO FIND WORK “The work is there,” Mark said, “It’s just whether you’ve got the right product to meet all markets.” And that’s exactly what Simonds have worked hard to achieve. At the top end, Simonds offer their Prestige Range, with a number of luxury homes uniquely designed that sell for $13 to $20 million plus. At the bottom, it’s about understanding housing affordability. All three gentlemen recognise housing affordability as a genuine problem for many Australians, with Rhett stating the sector forms a significant component of Simonds’ future residential development plans. “As a family, we’re striving to make it easier for young Australians to get into homes. My grandfather pretty much built the business around this idea – as he likes to put it ‘to put kids into homes’.”

IT’S STILL ALL ABOUT FAMILY Mark put it well when he said, “People are not just giving us their life-savings, they’re putting their trust in us. We don’t take that lightly.” If you move the market sensibility and the construction expertise aside, Simonds’ great strength is its sincerity and empathy towards its customer base. Their recognition of the level of significance that face each buyer in each transaction should not go underappreciated. They have maintained their core family values across their 70 plus years of building homes and have become one of the strongest builders in the country as a result. Simonds truly does represent a worthy example of how empathy and ambition are not antipodes and can be jointly beneficial on the road to success. It’s a sentiment that echoes in Gary’s assertive parlance as he closes the conversation with Development Ready. “It wasn’t me that made Simonds. It wasn’t my son, or even my grandson. It was all the people who have worked with us over the past 70 years. We’re comfortable where we are but it’s not where we’re going to end up. We’ve still got a fair way to go.” Full Interview Available online via DevelopmentReady.com.au D E V E L O P M E N T R E A D Y. C O M . A U

Smart living with Home

Smart Window & Door Sensors

Smart Hub + IR Remote

Smart Wi-Fi LED Bulb

Samrt Wi-Fi Plug

More than 50% of Australian homes have already started their smart home journey. Enquiries: info@cygnett.com

Smart Motion Sensor

Humidity and Temperature Sensor

/ AT THE DESK

T H E DESK WITH PETER BROOK

D E V E L O P M E N T R E A D Y. C O M . A U

AT THE DESK \

ITâ&#x20AC;&#x2122;S NOT ABOUT ART-CHITECTURE; PETER BROOK AND THE FUTURE OF FUNCTIONALITY INTERVIEWED BY DION GIANNARELLI

THE PROPERTY DEVELOPMENT REVIEW

/ AT THE DESK

AT THE DESK WITH PETER BROOK OF PEDDLE THORP In the eponymously titled book published in 2004 by Peddle Thorp Architects, where Peter has been Design Director since 1983, the foreword cites "We do not pander to critics, aim to win awards or slavishly follow fads"; and this has been his mandate since the firm’s inception. Even if you don’t recognise the name, you’re probably far more familiar with his design credentials than you realise. In Melbourne alone you’ll find Peter’s hand at Melbourne Park’s Rod Laver and Melbourne Arenas, the Grand Hyatt on Collins, Sealife Aquarium, Airport Hilton, ANZ Gothic Bank in Queen Street, Melbourne Sports & Aquatic Centre, and AMREP at the Alfred Hospital; just the ‘tip of the iceberg’.

become more than just a ‘tennis court’; it had to become an entertainment centre that could feature major concerts and events year-round. For Peter, architecture has always been about much more than aesthetics. Functionality and things that ‘will stand the test of time’ are his badges of honour. This has at times been difficult in Australia where ‘the bigger picture is hard to achieve’, but nevertheless Peter believes, in time, these factors will play a larger role in design.

Internationally, Peddle Thorp has established operations in China, starting around 20 years ago and having since cemented itself across four locations with over 2,000 employees. But it doesn’t stop there.

Overseas, where Peddle Thorp is involved in creating comprehensive lifestyle environments, Peter is able to flex his creative muscles in ways that remain somewhat restricted back home. In China and the Middle East for example, Peter is no longer just creating buildings, but rather total environments that include multi-faceted places, spaces and landmarks.

“We’ve entered the Middle East and expanded our skills into India. We’re also exploring further projects across Asia, including Malaysia and Vietnam.” Peter mentioned recently while in conversation with Development Ready.

“Currently I think Australia is building too many decorated boxes. In the future, I think we’ll see simplicity and elegance in a way we never have before. We’ll see new technologies emerge that will change how we develop our environments.”

Peddle Thorp’s portfolio and history is nothing short of impressive, but Peter is quick to point out that no endeavour stands more special above the rest. “There’s not one ‘favourite’ project; we would never consider one project more important than another. The attitude of an architect should be that every client is special and therefore every project is special. You should be seeking a unique solution every time you tackle a new project.”

Peter Brook is not interested in chasing fashion statements.

This idea of a unique solution comes across clearly as Peter’s principle motivation as an architect. While there is obviously still a high-level of ambition, he is not enticed by awards or acclaim (though his work has been lauded by many) but rather by problem solving and the architect’s role within that.

This attitude does well at explaining the diversity of projects across the Peddle Thorp business, which extends from the aforementioned, down to small-scale townhouse and apartment developments. “We like to pursue any project that we can. We’re just trying to produce really smart solutions to complex problems; and in fact, we get our creative inspiration from attempting these problems.” A good example of this lies with the moving roof at Rod Laver. Peter was tasked with creating an outdoor tennis court in an indoor arena. The answer of a ‘moveable roof’ might seem obvious now, but back in 1982 when the original designs were conceived, it wasn’t so clear. The site couldn’t justify the scale of this proposal and so it had to

One component of his vision that is of particular note is in the area of sustainable development. Peter sees this as an absolute must for our future. “It has to be. We can no longer continue wasting resources. If architects looked closer at the simple principles of site planning, shading and infrastructure, we’d be able to increase the effectiveness of our environmental model much more efficiently than any engineered add-ons.

“Environmental performance should be the basic logic of everything that we do. We should all be invested in the materials that we are using, reducing the amount of resources used, and ensuring the efficient functionality of all our designs.” Peter’s philosophy is about taking a walk down a path with confidence, not certainty, of what the solution will entail. By staying away from ‘new design trends’ and looking for intelligent solutions, new opportunities will present themselves. Currently in development, Peter is investigating alternative methods of environmental integrations for his projects; such as implementing solar technology in building facades, or creating dynamic buildings that change function and appearance by day and by night. Tackling problems and pursuing functionality is a mind-set that has kept Peter and his colleagues ahead of the pack. And paradoxically, by actively not pursuing critics, awards or fads, Peter has himself been followed by them.

D E V E L O P M E N T R E A D Y. C O M . A U

ON THE GO? Receive The Property Development Review directly to your inbox. S u b s c r i b e a t d e v e l o p m e n t r e a d y. c o m . a u .

STRATEGIC NATIONAL PORTFOLIO OF MIXEDUSE KAUFLAND ASSETS COMES TO MARKET Colliers International expects strong contest among diverse range of local and offshore buyers A diversified national portfolio of nine strategically located, mixed-use properties is set to draw significant interest from local and international buyers in the most significant value-add opportunity of the past decade. Colliers International has been exclusively appointed by Kaufland Australia to sell nine retail, industrial and mixed-use development sites across Victoria, Queensland and South Australia as part of the company’s orderly withdrawal from the Australian market following Kaufland’s announcement earlier this year. “This is an unprecedented opportunity to secure a national pipeline of prime development sites, all of which are strategically located in growth areas that offer substantial upside,” John Marasco, Colliers International Managing Director of Capital Markets, said. “Rarely do we see such a significant value-add opportunity come to market in Australia.” Alysia Reilly, Colliers International Director of Industrial Capital Markets, said: “We are already fielding strong interest from a wide range of Australian and offshore buyers, from institutions and developers to owneroccupiers and syndicates.”

The portfolio of Kaufland’s existing Australian investments comprises four sites in Victoria, three in Queensland and two in South Australia: •

177-207 Reedy Creek Rd, Burleigh Heads, QLD: A large mixed-use development site of 32,850sqm, a scale that is rarely offered in such a prime location.

•

177-189 Morayfield Rd, Morayfield, QLD: Morayfield Village boasts some of the most highprofile retailers in the retail heart of Brisbane’s northern growth corridor. It offers a large site area of 17,020sqm, with a total GLA of 6,939sqm and 260 car parks.

•

159-177 Progress Rd, Richlands, QLD: A strategic opportunity to acquire a 3.1ha (31,190sqm) District Centre zoned development site in Brisbane’s surging western corridor.

•

10 Anzac Hwy, Forestville, SA: A landmark 36,000sqm site on the doorstep of the Adelaide CBD within the affluent City of Unley, already cleared of improvements.

•

250B Churchill Rd, Prospect, SA: A substantial 23,699sqm site, already cleared and remediated, that offers an unprecedented, landmark development opportunity with exciting potential for an integrated mixed-use development.

•

266 Maroondah Hwy, Chirnside Park, VIC: One of the last remaining infill sites of scale in Melbourne’s east. Located within the prime centre of Chirnside Park, this large 39,146sqm site, has flexible Commercial 1 zoning allowing for the development of a vibrant mixeduse commercial centre and complementary residential uses STCA.

•

1-5 Gladstone Road, Dandenong, VIC: A large 30,607sqm site, one of the last remaining infill sites of scale in Melbourne’s South East. Infill sites with development upside and scale rarely come to market in Dandenong.

•

592-694 High Street, Epping, VIC: A high profile, 31,470sqm site on a busy main street, within the retail core of a very high order activity centre – an estimated 30,000-plus vehicles pass the site daily.

•

1126 Centre Road, Oakleigh South, VIC: A large, high profile corner site measuring 44,013sqm, a rare scale offering in a core infill industrial precinct in Melbourne’s east.

D E V E L O P M E N T R E A D Y. C O M . A U

The National Value-Add Portfolio

Queensland 197-207 Reedy Creek Road, Burleigh Heads 159-177 Progress Road, Richlands 177-189 Morayfield Road, Morayfield

A diversified national portfolio of nine strategically located, multi-sector value-add opportunities for sale separately, in groups or in-one-line

Victoria 1-3 Gladstone Road, Dandenong

South Australia 10 Anzac Highway, Forestville

592-694 High Street, Epping 1126 Centre Road, Oakleigh South 266 Maroondah Highway, Chirnside Park

250B Churchill Road, Prospect

FOR MORE INFORMATION, CONTACT THE EXCLUSIVE AGENTS

Alysia Reilly

Gavin Bishop

James Wilson

Tim McIntosh

+61 487 576 881

+61 401 146 051

+61 402 079 304

+61 488 320 063

266 Maroondah Highway, Chirnside Park, VIC

1-3 Gladstone Road, Dandenong, VIC

1126 Centre Road, Oakleigh South, VIC

592-694 High Street, Epping, VIC

197 -207 Reedy Creek Road, Burleigh Heads, QLD

177-189 Morayfield Road, Morayfield, QLD

159-177 Progress Road, Richlands, QLD

10 Anzac Highway, Forestville, SA

250B Churchill Road, Prospect SA

OUTLINES INDICATIVE ONLY

KAUFLANDPORTFOLIO.COLLIERS.COM.AU

MARKET MOVES: AROUND THE COUNTRY

MARKET MOVES \

THE PROPERTY DEVELOPMENT REVIEW

VIC. As the property world now swings well and truly back into action, weâ&#x20AC;&#x2122;ve noted many strong sales across all sectors. Charter Hall shifted the value of Bunnings retail warehouses up a notch with a recent splashing out of $42.3 million for the new 16,000sqm centre in Melbourneâ&#x20AC;&#x2122;s south eastern Clyde North. The freestanding Bunnings opened its doors in September 2019 and was sold with a 12-year lease back to the building and construction retailer. Quintessential Equity made a pretty penny trading their 2.4-hectare, leased industrial investment in Noble Park North for $14.7 million, after acquiring the same site in 2013 for $6.8 million. CBRE agents were touting the strength of the emerging freehold aged-care sector, following the sale of a 70-bed medical and aged-care facility in Boronia for $11.3 million to a Singapore-based investor. The agents indicated that they had observed particularly aggressive investment sentiment within the space. A local developer did well to snap up a prime development opportunity at 67-69 Palmerston Crescent in South Melbourne for $8.55 million following a highly competitive auction that went $3 million above expectations. The property comprises a two-level office building, and was sold with an approved permit for a luxury 10-level residential project featuring 29 apartments. Truganina continued to see assets trade with a stonemason securing a 4,347sqm facility on a 9,543sqm site, at 42-44 Jessica Way, for $5.6 million in a private sale.

*image; Martin Place, supplied ARUP

/ MARKET MOVES

NSW.

QLD.

WA.

SA.

After a hotly contested fivemonth long sale campaign, the superannuation fund-backed ISPT emerged as the successful bidder for the Martin Place station tower with a final sale tag of $950 million. The building encompasses 30,000sqm and is one of two buildings being developed by Macquarie Group within the new over-station project. Architecture firm Tzannes handled the office tower designs, while Lendlease was appointed to build both towers and the new metro station. Macquarie will retain ownership over the larger north tower, which will be 39 storeys high and present 75,000sqm of office space.

The Thai-based Minor Hotel Group has expanded its portfolio with a third hotel on the Gold Coast for an undisclosed amount. The hotel owner and operator has acquired the management letting and caretaking rights and freehold of the management lot of the Gold Tower located on the Gold Coast Highway. It has subsequently rebranded the site under Minor International’s Oaks Hotels, Resorts & Suites brand, as the Oaks Gold Coast Hotel.

Private equity real estate investment group Dorado secured an iconic four-level office building located at 2 Newcastle Street on the northern fringe of Perth’s CBD for $24.25 million. The iconic city building was constructed in 2010 and offers a total net lettable area of 4,637sqm. It was sold with a long-term lease to Fortune 500 company Compass Group, who already occupy 58% of the complex.

A 6,261sqm industrial site in Adelaide’s inner-west recently settled for $4.4 million. The Thebarton property, situated at 8-16 Smith Street, holds zoning which will allow for a mixeduse or residential development up to six storeys. Colliers International’s Alistair Mackie, Paul Van-Reesema and Paul Tierney managed the expressions of interest campaign.

Independent Sydney-based pub group, Tilley and Wills Hotels, acquired The Elephant Hotel in Fortitude Valley for more than $20 million marking its first foray into the Brisbane pub market. That wasn’t the only hotel news as Hotel Property Investments made their second acquisition of the joint asset deal, the Acacia Ridge Hotel for $20 million.

The Carnarvon Central shopping mall was sold on to an Adelaidebased syndicator in an off-market sale worth $16.1 million. The 1.63 Ha the neighbourhood shopping centre in the heart of Carnarvon is anchored by Woolworths and has 15 specialty stores and four offices – including a BWS, Amcal Pharmacy and Smokemart. CBRE sales agents Anthony Del Borrello and Richard Cash stated that, “the sale reinforces a growing confidence in WA’s north-west, which is being spurred by improved mining conditions and is set to see workers drawn back into the region.”

A 26-storey office tower at 59 Goulburn Street in Sydney’s CBD has been purchased by Chinese developer Poly for $270 million. The building was sold with development approval for a 38-storey tower with 407 hotel suites and 90 residential units, retail and office spaces. However, the new owners have announced that they do not yet have plans to pursue development. The Gregory Hills Hotel, near Campbelltown, recently traded hands for $40 million as one of two hotels secured by Hotel Property Investments; their first assets acquired since the Hotel HQ in Underwood in 2014. A Coles supermarket in Sydney’s West Ryde CBD sold with a leaseback for just under $24 million. The new owner is a Victorian private investor who will receive an annual rental return of $1.395 million across the 12-year leaseback agreement; Coles will retain options until 2072. Sydney-based Stanley Xue moved on a four-storey office building in western Sydney, banking on a promise of an infrastructuredriven uplift from the new airport in western Sydney. The Liverpool property, located at 211 Northumberland Street, was originally acquired in 2016 for just $31.8 million by Propertylink and Goldman Sachs, who then sold it to Mr Xue for $52.5 million.

A Medical and Convenience Centre in Waterford West in Brisbane’s south was picked up by a local private investor group for $7.9 million. The twolevel building featured a mix of 13 medical, service and retail tenancies with 40%* of the centre comprising medical and allied health. The buyer was said to be attracted to the centre’s strong mix of medical tenants and the potential to introduce additional allied health users to the centre over time. Two adjoining sites at 21 and 27 Agnes Street in Albion, in Brisbane’s inner-north-east, were snapped up by Golden State Developments for $5 million. The dual-property offering holds development approval for a residential project comprising of two nine-storey towers each with 52 apartments. A 1.83-hectare development site in Brisbane’s northern fringe suburb, Bridgeman Downs, has been picked up by developer Ekkopoint Properties for $6.2 million. The site, located at 229 Graham Road, was previously approved for a development comprising of 27 residential allotments.

A modern three-year-old industrial complex in the Bibra Lake Industrial Estate sold for $9 million. The fully leased asset comprises a 5,244sqm building on an 8,455sqm property and was purchased by a South Australiabased property syndicator that placed the property into an industrial investment trust.

A main street development and investment site in South Australia’s oldest country town recently sold for $2.535 million. The 3,117sqm property, located at 41-57 Murray Street in Gawler, presents a multi-tenanted building encompassing a total lettable area 2,366sqm. The tenancies include AWL Retail, Aspire Homes, Laundromat and Slice Pizza and return the new owners with approximately $198,000 annually. Evan Florinis and Andrew Turner of Commercial SA Property Group handled the sale. An investment property comprising of eight units on the one title in the popular beachside suburb of South Brighton recently traded hands for $1.15 million. The fully leased asset included six one-bedroom units and two bedsitters on a 1,600sqm property and returned a total annual income of $90,000. Harcourts’ Sharon Gillard handled the campaign.

A newly finished childcare centre in North Coogee in Perth’s south was passed on to a syndicate arranged by Perdaman for $7.1 million. The centre was developed by property investment and development firm RG Property and comprises a two-level purpose-built centre and accommodates 125 children. Savills Australia’s Barney Dear noted that the sale marked the “highest value for a childcare centre we’ve seen in the Perth market.”

D E V E L O P M E N T R E A D Y. C O M . A U

THE PROPERTY DEVELOPMENT REVIEW

$2 BILLION IMPERIAL SQUARE TO TAKE GOLD COAST TO NEW HEIGHTS THE first stage of the $2 billion Imperial Square masterplanned development is currently being launched to the market, paving the way for a major transformation of the Gold Coast’s CBD suburb of Southport. The launch of the Regal Residences, to include 144 apartments and a luxury hotel component, will mark the start a landmark project that is set to establish the new cosmopolitan heart of Southport and redefine the Gold Coast skyline. Ensuing stages will include the jewel in the crown, known as The Majesty, rising to 108 levels to rank it among Australia’s tallest buildings. Regal Residences is the first of four stages in the highly anticipated development by one of the Gold Coast’s most seasoned developers Azzura – a company that has shaped key projects along the Gold Coast for more than 30 years. The debut release at Imperial Square will comprise 18 levels, bringing to the market 144 apartments and 200 hotel suites. “We are absolutely delighted to be bringing a project that has been the subject of meticulous planning and design for more than three years,” said Azzura’s CEO Mr Robert Badalotti. “This is a defining project not only for Southport city’s cosmopolitan hub but for the Gold Coast in general, taking advantage of the enormous infrastructure such as the light rail, the new Gold Coast Hospital and Griffith University.” “Imperial Square has been designed to become the cosmopolitan new heart of the Gold Coast’s CBD and the dream we have had as a company for many years is about to come to life.” Regal Residences offers a combination of one, two and three-bedroom apartments. It has been designed to set the standard for the masterplanned Imperial Square project that, when completed, will ultimately include commercial and business spaces, chic rooftop bars, and luxury amenities such as a pools, gymnasiums and spas, as well as a cinema with spectacular views to the ocean. “As the first stage, Regal Residences will set the bar for what’s to come, and that is a development that we believe will drive an economic and social renaissance for Southport, and the Gold Coast more broadly,” said Mr Badalotti.

Imperial Square will take shape on a high-profile 1.34ha site bounded by Ferry Road and Meron Street, strategically positioned to support one of the Gold Coast largest employment hubs. The site is currently occupied by Azzura’s highly active Mercato on Ferry retail-commercial development. The site is just a short walk to two of four light rail stations in Southport, and uniquely positioned to capitalise on the sophisticated public transport network that connects Southport CBD to the nearby Gold Coast Health and Knowledge Precinct, home to Gold Coast University Hospital, Gold Coast Private Hospital and Griffith University. “Demand for accommodation within Southport CBD is consistently strong, supported by short-stay tourism and business visitors as well as resident Gold Coasters who are among the most connected in the city to public transport infrastructure,” said Azurra’s sales and marketing director Julian Sutherland. “Imperial Square is strategically positioned to capitalise on the jobs that are being created in and around the Southport precinct, and the master plan for this site has been thoughtfully designed to cater for future growth prospects which are enormous as the city continues to intergrate with Asia as a key tourism and education hub.” When completed, Imperial Square will comprise four towers in an integrated development that will feature stunning architectural features and a highly active innerurban precinct set against the backdrop of landscaped common areas. The first stage, Regal Residences, will be followed by the 48-level Monarch Place, and then the jewel in the crown, known as The Majesty, which will have 108 levels and rank it among Australia’s tallest buildings. The final stage is Imperial Tower, which will have 68 levels. “We are taking a strategic approach to this development over many years,” said Mr Badalotti. “The potential of Southport is only now starting to be realised and, with conditions primed for growth, we see ourselves on the ground floor of an incredible journey ahead.” Southport’s status as the Gold Coast’s CBD hub is reinforced by data that shows almost $300 million in infrastructure spending either planned, under construction or completed within the last 12 months, according to Urbis. Recently completed projects include the $2.5 billion stages one and two of the Gold Coast light rail, the $1.76 billion Gold Coast Hospital, and the $550 million Smith Collective (formerly the Commonwealth Games athletes village) as well as a range of major road and parkland infrastructure upgrades. Southport, which fronts the beautiful Broadwater, is set to add almost 1300 new residents to the suburb every year between 2016 and 2041, according to the Urbis data - an increase of 2.8 per cent which is higher than the city average of 2 per cent. Employment growth projections are predicted to almost double, with a staggering 95.7 per cent growth projection over the same period.

“This is where it all begins and we’re proud to be a part of one of the most significant urban renewal projects in the city’s history.” D E V E L O P M E N T R E A D Y. C O M . A U

S TAT E L IBR ARY OF VI CTO R IA

Entry 1

VIC

F E AT U R E

MELBOURNE CBD ADDS NEW WORKERS SUBURB REPORT

ELSTERNWICK BEST IN THE BUSINESS

WATCH THIS AGENT PROPERTY

VICTORIAN DEVELOPMENT LISTINGS

STATE SPOTLIGHT D E V E L O P M E N T R E A D Y. C O M . A U

THE ULTIMATE HEALTH & WELLNESS BUSINESS DESTINATION Designed by renowned architects Rothelowman, 101 Moray is set to redefine the traditional commercial office environment with features that reflect a 5-star luxurious hotel. Encompassing seven levels of commercial and retail space the ground floor is designed to be an interactive cohesive area that encourages fluid interaction. Levels 1 through to 6 at 101 Moray include flexible office space available to lease with sizes ranging from 280m 2 up to 5,000m 2, and a move in date of Q3 2020. The new commercial office building is not just an object, it’s a place. 101 Moray is comprised of as a series of overlapping and interlocking terraces. This formal arrangement allows for the curation of the internal workspace with unique outdoor terraces that tune each office level into its context and vistas. 101 Moray, with an end value of $175 million and being constructed by Hutchinson Builders, is located just metres from the current Deague Group headquarters situated at Kings Business Park. This commercial family owned asset has five buildings with approximately 33,000m2 of office space. South Melbourne’s resurgence as a sought-after office market in its own right continues at a strong pace, attracting interest from tenants from all Melbourne markets looking to take advantage of its extremely close proximity to the CBD, main line rail and access to the arterials, accessible street car parking, its vast array of restaurants, bars and cafes and its health and wellness offerings. No other fringe market offers such a complete package. 101 Moray has so much to offer tenants with a strong focus on health and wellness, facilities include; extensive end of trip and gymnasium with yoga and pilates classes, Australia’s first ever NeuroPOD station – 20 minutes using this technology is equal to 2 hours of meditation and a ground floor restaurant dedicated to providing healthy nutritious offerings. Ease and convenience also sets 101 Moray apart from its competitors with multiple car spaces on-site, a VIP chauffeur service to the CBD in a luxuriously fitted out Mercedes Sprinter, an innovative cloud based secure platform ensuring all tenants are connected, informed and engaged, cardless access control to your office along with close-proximity to the many attractions of South Melbourne and Melbourne’s CBD. 32

THE PROPERTY DEVELOPMENT REVIEW

Perfectly situated close to the CBD and the bay, South Melbourne really is one of Melbourne’s most impressive suburbs, full of leafy luscious streets with beautiful terrace houses, there is an ideal blend of work and lifestyle attractions. Streets are lined with amazing food and coffee venues such as Chez Dre, Half Acre and Kettle Black just to name a few. The beating heart of South Melbourne is Clarendon Street which is a thriving hub of retail activity with the famous South Melbourne Market and all it’s amazing fresh produce and delicious eateries only metres from your door at 101 Moray. The close-proximity to all major arterials including Kings Way, CityLink, West Gate Freeway and Princess Freeway means you have easy access to all sides of Melbourne and beyond.

WORK ALONGSIDE HIGH CALIBRE TENANTS Leading Australian and New Zealand media company oOh! media is the first major company to sign at 101 Moray, securing over 2,000m 2 in the new building. Steve Reid, Chief People & Culture Officer at oOh media has welcomed the move. “The opportunity to move to an incredible new development of the quality and vision of 101 Moray is very exciting for us. The location, facilities, unique design as well as the commitment of Deague Group to the project and oOh! as a future tenant, all led to our decision to select 101 Moray as our future Melbourne office site,” he said. “oOh! has grown rapidly over the last few years both organically and through multiple acquisitions, so bringing together our officebased Melbourne employees into one location where we can be close to our clients is a high priority for us. 101 Moray will allow us to create an inspiring, purpose-built office environment that reflects the dynamic and innovative nature of our culture with spaces to engage our employees, customers and partners through an unmissable experience. oOh! is equally excited to be partnering with Deague Group to help activate 101 Moray to install and manage digital offerings that complement the inspired building design,” said Mr Reid. Adobe, the leader in the design and delivery of exceptional digital experiences, has confirmed it will move its Melbourne-based operations to the new Deague Group building to be situated on Level 2. “This new workspace has been thoughtfully designed to promote collaboration, creativity and community and meets the demands of our thriving Melbourne-based team, our customers and partners,” said Suzanne Steele, Managing Director of Adobe Australia and New Zealand. “We look forward to the flexibility that our new Melbourne workspace will provide as Adobe continues to grow in Australia.” Axil Coffee has taken the main retail space at 101 Moray providing a premium coffee and food offering for the expected 1,600 tenants and the Deague Group’s Family Office will also be re-locating to the building. Deague Group Managing Director Jono Deague is thrilled to have partnered with the new tenants and is looking forward to welcoming more. “We will draw on our experience of creating luxurious hotels and replicate this throughout 101 Moray. There will be a full concierge service, an interactive ground floor which will include a state-of-theart 7 metre digital wall showcasing local artists and a world’s best practice app for tenants that will create a wonderful community and family feel,” he said. “We will be like no other traditional office building and will set a new bar for commercial tenants,” he said. F O R F U R T H E R I N F O R M AT I O N C O N TA C T D E A G U E G R O U P O N 03 9 8 6 3 9 9 9 9 O R B I L L I E O ’ H E A R E YO U N G O N 0 4 6 6 6 3 4 6 3 3 D E V E L O P M E N T R E A D Y. C O M . A U

VIC

IDEAL BLEND OF WORK AND LIFESTYLE

MELBOURNE CBD TO ADD 15,000 NEW WORKERS RENEE MCKEOWN

Melbourne’s CBD is still the tightest office market in the country, with net absorption turning negative for the first time in six-and-ahalf years.

“There are very few options for tenants in the market, particularly for requirements seeking over 5,000sqm of contiguous space in prime grade buildings.”

This coupled with up to 15,000 new office workers expected to move to the CBD and Docklands over the next six months will lead to a big market shift, according to Colliers International’s latest office research and forecast report.

“This trend is set to continue for the remainder of 2020 until any decent trenches of contiguous backfill hits the market in 2021.”

Occupancy declined by 10,432sq m over the six months to January 2020 and strong rental growth was expected to continue with increased pre-commitment levels, employment and demand. This also helped the real estate in the area in 2019 with transactions including $830 million for 242 Exhibition Street, $1.4 billion for 80 Collins Street and $200.5 million for 31 Queen Street recorded. Related: Sydney, Melbourne Office Vacancy Still Sub 4 per cent Colliers International Office Leasing national director Andrew Beasley said limited stock additions and continued demand led to Melbourne becoming the tightest office market in Australia. “In a turnaround from the previous six months, we are expecting huge net absorption levels in the first half of 2020– at close to 145,000sq m of increased occupancy,” Beasley said.

THE PROPERTY DEVELOPMENT REVIEW

The amount of office stock added in the last six months was low at 13,069sq m, while large chunks were withdrawn from the market for refurbishment including at 750 Collins Street and 150 Lonsdale Street and 100 Queen Street. “With high pre-commitment levels for new developments and strong levels of leasing demand for any remaining space, we expect vacancy to remain below 5 per cent for the next three years in Melbourne,” Beasley said. “A total of 270,000sq m of new office space will be added in the first half of 2020, of which approximately 98 per cent has already been pre-committed or is under offer.” “We expect actual additions to vacant space available to market to be only 60,000sq m—a very small increase in such a high supply environment.” Given the continuing tight conditions in Melbourne, Colliers expected rental growth of 7.2 per cent and 4.6 per cent for prime and B-grade CBD assets respectively over the coming 12 months, as employment and demand conditions remained very strong.

VIC D E V E L O P M E N T R E A D Y. C O M . A U

SUBURB REPORT \ *image, Element – Pomeroy Pacific ^Data: CoreLogic

SUBURB REPORT: ELSTERNWICK While long being a place only for those in the know, Elsternwick has moved through the last decade rapidly evolving into a trendy and culturally diverse hot spot. A multitude of parks and gorgeous front gardens provide a green and wholesome backdrop to a bustling café scene and shopping strip that enables strollers to feel right at home. Family friendly, pet friendly and just plain friendly, a quick tour of the surrounds is confirmation that everything one could ask for lies on the doorstep. It comes as no surprise that young families are keen to enter this quaint and affable community.

RESIDENTS The 2020 forecast population of Elsternwick is 12,671, with forecast expectations that this figure will grow to 14,390 by the year 2041. This is a steady increase from the 2011 census, which recorded 9,774 residents. The median age is in line with the state median at 37. Elsternwick is heralded as a young family’s paradise, and as such sees many of the streets filled accordingly. There are however several aged-care providers in and around the area, as well. Denizens don’t just come in all ages and sizes, but also in a wide variety of backgrounds. Strolling down Glen Huntly Road, the main retail strip, you’re liable to hear Greek, Russian, Italian, Japanese, Mandarin, French, Polish, Hungarian and Hebrew. Also, while historically this has been a middle-working-class community, the demand has pushed house prices up and the locals are now reflecting a more affluent position.

CULTURE It’s easy to understand how Elsternwick has taken place as the burgeoning suburb of choice for young families. Everything and everywhere feels ‘close by’ thanks to its well-equipped shopping strip and public transport options. The city is just a short train ride away, with buses and trams as support. The beach can be reached via a gentle bike ride through quiet and safe streets. A bowls club, a soon to be large wetlands park, a skate park, a local footy oval, tennis courts, Rippon Lea Estate (one of Melbourne’s most stunning historic homes) and a cinema are all within comfortable walking territory. And then you have the abundance of quality modern cafés and restaurants intermitted by authentic multicultural cuisine offerings. There’s a lot to explore in this once humble neighbourhood.

THE PROPERTY DEVELOPMENT REVIEW

PRICE^ HOUSES: As of 5 February 2020, the median price of houses for Elsternwick was $1.8 million. While this is down from its 2017 peak, the number is a return to favour (seen across the state) bottoming out in mid-2019 at $1.745 million. Weekly median advertised rent is $750. UNITS: As of 5 February 2020, the median price of units was $600,000, which has held steady over the past three years. Weekly median advertised rent is $430.

SIGNIFICANT PROJECTS Element: Pomeroy Pacific delivered this new apartment complex on the western end of Glen Huntly Road, with the help of Plus Architecture and Crema Constructions, and paved the way for taller structures in the neighbourhood. The project comprised 83 apartments over 9 levels with rooftop garden, ground floor retail, commercial spaces and three level basement car park. Anderson Park: Citiplan have spearheaded this high-end residential development with designs by Jackson Clements Burrows. The build comprises 24 home-sized apartments, of two and three bedroom configurations, and offer park and city views.

/ BEST IN THE BUSINESS

VIC

WATCH THIS AGENT RESIDENTIAL

HELEN YAN

RAY WHITE

Crowned the number one agent back to back to back in 2016, 2017, 2018 & 2019 Top 50 women in real estate rankings, Helen is one of Australia’s highest performing real estate professionals. Helen has worked in the Balwyn area since she started her real estate career in 2010 and has an expert knowledge of the local real estate market. Speaking fluently in both English and Mandarin, Helen works closely with her clients both in Australia and abroad to guide them through their property journey. With many of her clients coming from overseas, Helen supports them in every way possible, from providing assistance with language to offering schooling advice. Helen will often drive her clients around the area and provide them with a local tour. Priding herself on her honesty, Helen believes the key to success is to be open and fair with every customer - both buyers and sellers.

COMMERCIAL

OLIVER HAY COLLIERS

Oliver is an experienced National Director with a demonstrated history of working in the Real Estate industry. Skilled in negotiation, customer service and real estate transactions, Oliver is a strong operating professional who has received numerous accolades throughout his career. Oliver’s strong client relationships are proof of his success and his drive to achieve the best possible outcome for all clients is unmatched. With a focus in the City of Melbourne, Oliver has transacted some of Melbourne’s largest and most significant deals and continues to play a major role in breaking market records. Below is a collection of Oliver’s most recent and significant transactions. • 450 Queen Street, Melbourne $333,500,000 • 412 St Kilda Road, Melbourne $107,800,000 • 640 Bourke Street, Melbourne $90,000,000 • 520 Collins Street, Melbourne $78,000,000 • 438 Elizabeth Street, Melbourne $75,600,000 • 22 William Street, Melbourne $52,000,000 • 50 Franklin Street, Melbourne $51,500,000

Contact +61 404 078 588 helen.yan@raywhite.com

Contact +61 419 528 540 Oliver.Hay@colliers.com

D E V E L O P M E N T R E A D Y. C O M . A U

PROPERTY LISTINGS \

YOUR LIST OF VICTORIA DEVELOPMENT SITES FOR SALE.

1-31 Riggall Street BROADMEADOWS

1900 Frankston-Flinders Road & 13 Boes Road HASTING

854 Melbourne Road SORRENTO

3, 3A & 5 Brookville Road TOORAK

Cushman & Wakefield VIEW

Real Properties VIEW

CBRE VIEW

JLL VIEW

14-16 Atkinson Street CHADSTONE

2-14 & 16-22 Gatehouse Drive KENSINGTON

671 Chapel Street SOUTH YARRA

25 Donna Buang Road WARBOURTON

Knight Frank VIEW

Colliers International VIEW

Cushman & Wakefield VIEW

CBRE VIEW

128 Wellington Street COLLINGWOOD (Wellington)

93-95 Earl Street KEW

11-13 West Esplanade ST ALBANS

437-441 Spencer Street WEST MELBOURNE

Colliers International/Real Prop VIEW

CBRE VIEW

JLL VIEW

Commercial Bureau Real Estate VIEW

950 Western Port Highway CRANBOURNE WEST

328-338 McKimmies Road MILL PARK

374 Saint Kilda Road ST KILDA

43-45 Victoria Street WINDSOR

Biggin & Scott Land VIEW

JLL VIEW

Colliers International VIEW

CBRE VIEW

915 DonnyBrook Road DONNYBROOK

26-32 McDowall Street MITCHAM

501-503 Ballarat Road SUNSHINE

570 Lygon Street CARLTON

Biggin & Scott Land & RPM VIEW

JLL VIEW

Dawkins & Occhiuto VIEW

Gill Property VIEW

203-207 Keilor Road ESSENDON

631-633 High Street MOUNT WAVERLEY

Colliers International VIEW

JLL VIEW

THE PROPERTY DEVELOPMENT REVIEW

VIC

For Sale: 1900 Frankston-Flinders Road & 13 Boes Road, Hastings Located within reach of both residential housing and a flourishing commercial precinct, 1900 FrankstonFlinders Road & 13 Boes Road present an incredibly rare land bank opportunity for one or two purchasers to gain ground in the historic town of Hastings. The site includes two large luxury homesteads, one two-year-old home with four bedrooms, three bathrooms, a three car garage and a solar heated pool, and a home that has been fully renovated with four bedrooms, two bathrooms and a two car garage.

Rare Mornington Peninsula Opportunity Key attributes of this impressive opportunity include: •

Large 36.94 ha* landholding.

•

Offered as a whole and/ or individually.

•

The site offers dual frontage, with access granted from two main roads: Frankston-Flinders Road and Boes Road.

•

1900 Frankston-Flinders Road includes three inground water tanks, with a capacity of 21,000L each.

•

13 Boes Road features nine horse paddocks with individual float sheds and a total of two tack rooms.

Potential For Development in the Future. Please contact the below agents for further information.

View Listing

Lucas Gentile 0418 516 056 lgentile@realproperties.com.au

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

Boundary Indicative

Permitted Luxury Project Auction 3, 3A & 5 Brookville Road, Toorak VIC – Exceptional landholding of 1,394 sqm* – Permit approved for 10 luxury apartments – Melbourne’s most prestigious residential location – Ideal project targeting high-end downsizer market

*(all figures are approximate )

For Sale by Public Auction Thursday 26 March at 12pm

Steve Kelly James Thorpe

0407 320 377 0414 510 071

property.jll.com.au/307301

VIC

Permit approved for 53 apartments For Sale 11-13 West Esplanade, St Albans VIC – Permit approved January 2020 – Clarke Hopkins Clarke design for 53 apartments – 5 levels with 63 basement car parks – Prime 2,270 sqm* landhoding of Residential Growth 1 zoned land – Located in the heart of St Albans with convenient access to *(all figures are approximate )

For Sale by Expressions of Interest Friday 20th March at 2pm Tom Aylward 0408 548 551

MingXuan Li 0498 688 998

李名轩

property.jll.com.au/307270

Artists Impression

Approved townhouse site Receivers’ Sale 328-338 Mckimmies Road, Mill Park VIC – 2.1 Ha* RGZ1 site – 107 townhouses – Opposite RMIT Bundoora, Uni Hill Shopping Centre

For Sale by Expressions of Interest Thursday 16 April at 2pm Tom Aylward 0408 548 551

MingXuan Li 李名轩 0498 688 998

property.jll.com.au/307924

Artists Impression

*(all figures are approximate )

Alex McColl 0466 620 828

Boundary Indicative

Prime Corner Project Auction 26-32 McDowall Street, Mitcham VIC – Prime 2,676sqm* corner landholding – Permit approved for 24 quality townhouses – Three street frontages totaling 183m* – Close proximity to Mitcham Shopping Centre and Whitehorse road retail precinct

*(all figures are approximate )

For Sale by Public Auction Thursday 2 April at 11am

James Thorpe 0414 510 071 Steve Kelly 0407 320 377 property.jll.com.au/307846

VIC

Ultimate flexible investment

Auction 631-633 High Street Road, Mount Waverley – Substantial freehold office perfectly located in busy retail hub – Current net income of $130,371* – Potential for immediate owner occupation or longer-term investment

For Sale by Public Auction Friday 27 March at 12pm Steve Kelly 0407 320 377

James Thorpe 0414 510 071

property.jll.com.au

*(All figures are approximate)

MingXuan Li 李名轩 0498 688 998

VIC

EXPRESSION OF INTEREST CLOSING WEDNESDAY, 8TH APRIL at 4.00PM

UPPER GROUND FLOOR STRATA 570 LYGON STREET, CARLTON. VIC

RESIDENTIAL SHELL IN THE COLLEGE SQUARE COMPLEX MELBOURNE CRICKET GROUND

RATHDOWNE ST

MELBOURNEâ&#x20AC;&#x2122;S CBD - 2*km

COLLEGE

SQUARE

LYGON ST CAFES/RETAIL - 650*m

RMIT - 2*km

MELBOURNE UNIVERSITY - 1*km

Upper ground level strata title Area approximately 420m2 Boundary - Indicative Only High ceilings, expansive balconies & garden outlook 22 car parking spaces on site Suitable uses include; student accommodation or apartments; SDA accommodation units; medical centre (S.T.C.A.) * Approximately

9602 2222 Level 6, 451 Little Bourke St, Melbourne. 3000

gillproperty.com.au

Steve Messina 0412 035 176 Stephen Bolton 0419 323 997 Graham Hemingway 0407 661 771

VIC

FOR SALE - EXPRESSIONS OF INTEREST - CLOSING WEDNESDAY 1 APRIL AT 2PM AEDT

Last Pure Development Site In South Yarra's Forrest Hill Precinct 671 Chapel Street, South Yarra VIC • Expansive 2,070sqm* site with a prominent 38.41m* frontage Guide • Development options include high end residential, luxury hotel or prime grade commercial office (STCA) • Potential for protected and uninterrupted 360 degree views Marcus Neill 0452 405 782

Lukas Byrns 0423 791 126

cushmanwakefield.com.au

• Situated in South Yarra – recently voted Melbourne’s most liveable suburb • Surrounded by landmark buildings including Melbourne High School, The Como Centre, The Jam Factory, Capitol Grand and The Olsen Hotel

*Approx

FOR SALE - EXPRESSIONS OF INTEREST - CLOSING THURSDAY 26 MARCH AT 4PM AEDT

Prime 7.54ha* Infill Development Site With Secure Income 1-31 Riggall Street, Broadmeadows VIC •Guide Within the Greater Broadmeadows Framework Plan

• Elevated site with exceptional city views

• Designated for future mixed-use development

• Four street frontages

• 3 year leaseback to Visy Industries Australia Pty Ltd

Michael Gross 0419 355 561

Andrew Waddell 0419 400 991

cushmanwakefield.com.au

Peter Sagar 0414 843 854

Michael Green 0419 380 315 *Approx

VIC

Accelerating success Reach more people – better results faster.

DEVELOP / OWNER OCCUPY / INVEST FOR SALE VIA PUBLIC AUCTION ON-SITE WEDNESDAY, 8TH APRIL AT 12PM 374 St Kilda Road, St Kilda VIC – – – –

Commercial 1 Zone 24 hour Liquor Licence Offered with vacant possession 517m²* corner site

View Now

Guy Wells 0405 612 416

Alex Browne 0418 350 545

Ted Dwyer 0411 312 165

Accelerating success Reach more people – better results faster.

APPROVED DEVELOPMENT PROPOSITION WITH INCOME FOR SALE – EXPRESSIONS OF INTEREST CLOSING THURSDAY, 9TH APRIL AT 12PM 2-14 & 16-22, Gatehouse Drive, Kensington VIC – –

Permit for 6,156m²* of NSA Substantial land area of 1,806m²* view lines over Flemington Racecourse

For more information please contact the Colliers International Development Site Sales team. *denotes approximately

View Now Jun Lai 赖锦伟 0456 535 000

Jozef Dickinson 0402 678 888

Hamish Burgess 0421 641 497

VIC

Accelerating success Reach more people – better results faster.

ULTIMATE TRIPLE FRONTED LAND HOLDING FOR SALE – EXPRESSIONS OF INTEREST CLOSING THURSDAY, 9TH APRIL AT 12PM 203-211 Keilor Road, Essendon VIC 3040

– – – –

Expansive site area of 5,304m² Primed for redevelopment, repositioning Permitted for striking 7 level building Suits retail, residential, medical and mixed-use

View Now

Leon Ma 0417 070 725

Dave Walker 0439 889 048

Allan Brodie 0419 261 138

Peter Weda 0419 767 803

Outlines Indicative Only

VIC

Connecting people & property, perfectly. Melbourne CBD 14 km* Chadstone Shopping Centre

Monash Freeway

Holmesglen Train Station

14-16 Atkinson Street Chadstone

eet

ns Str

Tim

tre

min

an Ev

Str

eet

so Atkin

14 - 16 Atkinson Street, Chadstone VIC. Auction Friday, 27 March at 12 noon on-site (ADST). Flexible Chadstone development site over 3,500 sqm of land Attention Residential & Aged Care Developers Zoned General Residential 2

Dual frontage & great exposure

Close proximity to Chadstone S.C

Surrounded by multiple schools

Excellent access to all arterial roads

View Listing

An opportunity for developers to acquire a significant premium residential land parcel with favorable planning and demographic considerations that support several development options for the site, including residential, retirement or aged care accommodation (STCA).

Ed Wright 0421 213 021 Tim Grant 0478 666 275 Tom Ryan 0419 786 244

*Approx.

Land area 3,542 sqm*

LONG CITY NAME

STATE SPOTLIGHT

NSW F E AT U R E

$200M SOUTH SYDNEY PROJECT SUBURB REPORT

GYMEA BEST IN THE BUSINESS

WATCH THIS AGENT PROPERTY

NEW SOUTH WALES DEVELOPMENT LISTINGS D E V E L O P M E N T R E A D Y. C O M . A U

TIPALEA LAUNCHES $200M SOUTH SYDNEY PROJECT RENEE MCKEOWN

Property investor and developer Tipalea Partners has submitted plans for a $200 million office tower in Mascot.

Spanton said historically the rents achieved in Mascot were too low to give them much of a construction budget.

Months after snapping up the $40 million corner block on 50 Kent Street, Tipalea has lodged a development application and is looking for tenants to fill the 11- storey office tower.

“However with the capital values now achievable in Mascot, we are able to provide a generous construction budget to deliver the latest and greatest features in a workspace,” Spanton said.

The 18,000sq m commercial office space called Fifty Kent was designed by Sissons Architects and includes a 200m running track on the roof, 600sq m of end of trip facilities and dedicated wellness centre.

Colliers International south Sydney director Michael Crombie said companies were forced to move outside the CBD due to rental increases and were looking at fringe suburbs.

Tiplea initially pinned their plans for the south Sydney area on a $90 million office space at 29 Bourke Road, Alexandria “although not part of the original investment strategy” they sold the 1.1 hectare site including the adjoining property for $69.5 million to a private investor in August 2019. Related: Cromwell Buys Mascot Office Building from Goodman Group Tipalea Partners chief executive officer Scott Spanton said despite not having turned a sod of soil, selling the Alexandria property was good for investors and the purchaser shared their vision for the site. “Whilst Tipalea have long been supporters of Alexandria, the record sale of our projects at 23 and 29 Bourke Road in 2018 reset that market to new heights and we have subsequently had to look further afield for value opportunities,” Spanton said.

THE PROPERTY DEVELOPMENT REVIEW

“The (Fifty Kent) development delivers CBD quality at 60 per cent of the rental cost; Mascot has comparable existing rents to Homebush and Macquarie Park but substantially more amenity and just two train stops to Central Station,” Crombie said. “Rents in the area are around $650 per square metre gross for a brand-new A grade building, which is $300sq m cheaper than Surry Hills or Pyrmont and $100sq m less than Alexandria, making Mascot the most affordable and well-connected city-fringe office market.”

NSW D E V E L O P M E N T R E A D Y. C O M . A U

SUBURB REPORT \ *image, LINK, Highland Project Marketing ^Data: CoreLogic

SUBURB REPORT: GYMEA 26 kilometres south of Sydney, at the gateway to the southern Botany Bay peninsula, Gymea offers a wellkept balance of urban convenience and outdoor lifestyle. The Royal National Park is close by providing nature lovers with a splendour of walking trails. While the train line easily connects denizens to both the CBD and Cronulla’s famous beaches. The nearby Westfield offers retail therapy beyond the prescription. And maybe it’s the lack of congested traffic, or the rich community atmosphere, but residents walk around with smiles. Those that grew up here invariably return, and those that didn’t are often seeking out availability for their new family.

THE PROPERTY DEVELOPMENT REVIEW

RESIDENTS The 2020 estimated population for Gymea is 8,369, with a forecast that this would increase to 9,048 by 2036. The median age is 40 - slightly higher than the 38 for NSW. And the predominant make-up of Gymea is a combination of young to maturing families. As a result, one-bedroom dwellings only accounted for 3.3% of total dwellings at the 2016 Census. This is a suburb where people want enough space for the mum, dad and the kids. That being said there is substantial opportunity to present quality homes with intelligent layouts that maximise space and provide ample living for families at affordable prices; whether they be units or townhomes.

CULTURE Gymea is a highly sought-after suburb and as such its residents are extremely proud of what the township offers. If you stopped to speak to locals in the street, to ask what they liked most about their neighbourhood, they would regularly respond that it’s ‘convenient’. Gymea railway station is on the Cronulla branch of the Illawarra railway line, part of the Sydney Trains network, which delivers commuters to the city and the surf with regular services. There is an abundance of schools in the area offering primary and secondary education, and Gymea is also home to the Sydney Institute of TAFE. On the hedonistic stand point, the proximity to the national park is a big plus, as too is the parade of pubs, cafés and restaurants that appease social gatherings throughout the week.

PRICE^ HOUSES: The median house price as of 5 February 2020 was $1.127 million. Gymea reached a peak in early 2018 of $1.28 million. The market is looking on the up for 2020. Weekly median advertised rent is $695. UNITS: Median unit price in Gymea follows a markedly similar trend to houses. As of 5 February 2020 the price is at $780,000 up from $700,000 in August last year. Weekly median advertised rent is $500.

SIGNIFICANT PROJECTS LINK: This off-the-plan residentialdevelopment comprises seven, three-bedroom family homes, designed by local architecture firm, Couvaras, with a focus on natural attributes and understated luxury. The floor plans allow flexible choices with sizes ranging from 180sqm all the way up to up to 280sqm. Lily: Offering a range of one, two and three bedroom apartments, priced from $649,000 to $1.525+ million, Lily is a premium and contemporary residential project headed up by Southern Star Property. The designs have also been produced by Couvaras Architects with Cuciti Devleopments handling the build.

/ BEST IN THE BUSINESS

WATCH THIS AGENT NSW

RESIDENTIAL

CRAIG PONTEY RAY WHITE

COMMERCIAL

DYLAN MCEVOY JLL

I’m Craig Pontey, one of the original founders of Ray White Double Bay. Our business recently celebrated 30 years in real estate, which coincides with my 40th year in real estate.

Dylan has over 11 years’ experience in the Real Estate industry selling and negotiating real estate, with the last 9 years at JLL. Dylan is a Director within JLL’s NSW Sales & Investments division.

I specialise in Prestige Property and Project Marketing in the Eastern Suburbs of Sydney. The publicity and marketing I achieve for these listings, sales, relationships and networks attracts other high end vendors through referral, reputation and word of mouth.

Recent successful amalgamation transactions he was involved in include;

Over 40 years I have seen many market cycles, technology changes, business adaptations and product and service expansions. One thing that has worked for me personally is being top of mind over numerous property cycles. Why? Because providing outstanding value to the customer doesn’t stop at exchange or settlement, it requires an ‘always on’ approach to communications to gain a reputation and win repeat business.

• 37 Gerrale Street, Cronulla $38.2m • Walter Street, Willoughby $45m • 8-12 Sorrell Street, Parramatta $44.5m • 49-55 Gerrale stret, Cronulla $54m Of recent Dylan was awarding top performer for JLL Metropolitan Sales NSW in 2017 & 2019 and was a finalist for REINSW Commercial Agent of the year 2017. Geographically Dylan focusses on any metropolitan market outside the Sydney CBD within NSW.

Some of my clients I’ve sold or transacted with over a 30+ year period; I have established deep trust and understanding of their broader property and financial aspirations. I believe the secret to success is all about energy and having passion. You have to enjoy what you do, and I still do after four decades. I love talking to people - after all we are the people business.

His area of expertise lays in amalgamation development site transactions: both representing owners to sell collectively, as well as and developer clients for off market strategic acquisitions.

Contact +61 419 40 40 40 cpontey@raywhite.com

Contact +61 406 560 204 dylan.mcevoy@ap.jll.com

Dylan has a comprehensive understanding of the unique process involved to bring owners collectively together to form a common property goal maximising their sale outcome as well as collective sale legislation.

D E V E L O P M E N T R E A D Y. C O M . A U

PROPERTY LISTINGS \

YOUR LIST OF NEW SOUTH WALES DEVELOPMENT SITES FOR SALE.

Address Available on Request BELMORE

162 President Ave MIRANDA

103-105 Hydrae Street REVESBY

201 Miller Road VILLAWOOD

Ray White - Canterbury

Cross Realty

Industrial Zone

VIEW

First National Real Estate Daystar - Daystar VIEW

2-4 Kirk Avenue GUILDFORD

11 Wyagdon Street NEUTRAL BAY

14-18 Kitchener Street ST. IVES

9 Crown Lane WOLLONGONG

Laing + Simmons - Granville VIEW

Knight Frank VIEW

Harvie Group Real Estate VIEW

JLL VIEW

111 Norton Street LEICHHARDT

2-4 Boundary Street PARRAMATTA

102 Prospect Road SUMMER HILL

Mercer

Belle Property - Parramatta

Knight Frank

VIEW

THE PROPERTY DEVELOPMENT REVIEW

VIEW

NSW

AUCTION.

11 Wyagdon Street, Neutral Bay NSW Knight Frank is delighted to offer for sale 11 Wyagdon Street, Neutral Bay. This is an extremely rare and unique opportunity to acquire a boutique DA approved and CC ready residential development site in a premium Lower North Shore location.

Key Features:

Strategically and meticulously designed to compliment the current downsizer market of the Lower North Shore, the site is nestled between the first class amenity offerings of Neutral Bay shopping district and North Sydney CBD For Sale by way of Public Auction on Thursday 26th of March 2020 in Cooley Auction Room: Dexus Place, Level 5, 1 Margaret Street, Sydney at 10:30am (AEST)

Adam Bodon +61 402 700 786

Cameron Fitzgerald +61 432 096 135

Large land holding of 1,022sqm* DA approval and CC ready for 12 apartments Potential further floor space achieavble (STCA)

NSW

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

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 propertyâ&#x20AC;&#x2122;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.

445-449 NEW ENGLAND HIGHWAY, RUTHERFORD

NSW

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 regionâ&#x20AC;&#x2122;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*.

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 tenantâ&#x20AC;&#x2122;s specific building requirements.

The site is also for sale with monthly holding income.

Parramatta Group

TWO DA APPROVED DEVELOPMENT SITES DA APPROVED FOR 4 x DUPLEXES – TOTAL OF 8 UNITS OVER 2000M²* OF LAND ON A CORNER BLOCK LOCATION

2 & 4 K i r k Avenue, Gu i l dfo rd, N SW, 2161 Each DA consists of the below:

10 3 & 10 5 Hyd rae St reet, Reves by, N SW, 2 212

•

This is a rare opportunity to purchase an already DA approved site for 4 duplexes in a well sought after location.

•

4 spacious bedrooms with wardrobes

•

3 bathrooms over two levels

• • • • • •

5th bedroom/ study

2 spacious living areas

View Now

Generously sized kitchen Oversized garage

Covered outdoor terraces

2 Kirk Avenue 613.8m2 with 18m* frontage

4 Kirk Avenue 605.1m2 with 19m* frontage. *approx

Peter Younan 0421 525 144

Ray Fayad 0411 332 552

Plans and DA plans can be provided upon request. -

Perfectly positioned near schools, shops and transport 103 Hydrae - 2 bedrooms 105 Hydrae - 3 bedrooms Currently both leased for $950 per week. View Now *approx

For further details on this fantastic opportunity get in touch.

Michael Sleiman 0433 941 863

DA Approved & Ready To Go 14-18 Kitchener Street, St Ives Oﬀering a land area of approximately 4731 SQM, the design is well suited to the landscape providing good northerly aspects and district bush views to the majority of the residences.

The DA approved site consisting of 20 generously oversized single level living over 55's apartments adheres to buyers requirements meeting the substantial demand for seniors living in the North Shore.

DEVELOPMENT SITE FOR 41 APARTMENTS + 6 RETAIL

Address available on request, Belmore, NSW

FOR SALE Inspections Strictly by Appointment Key Features Include: • • • • • • • •

DA Approved for 41 residential apartments and 479.62sqm (approx) of Ground Floor Retail/ Commercial Site area of 1,960.20sqm (approx) spanning 2 separate lots Efficient architectural scheme and unit layout design Walking distance to Station and Shops Currently comprises of 2 industrial style commercial buildings across 2 land holdings DA Approved Site 750m (approx) to Belmore Station Efficient unit designs 1 Level Basement

View Listing Manuel Roussakis 0412 973 793 manuelr@raywhite.com

Leon Roussakis 0412 246 969 leon.r@raywhite.com

NSW

Chris Harvie 0411 507 750

Sharon Palmer 0452 624 333

Fernando Yip 0404 538 438

QLD F E AT U R E

SPYRE GROUP WINS APPROVAL SUBURB REPORT

HAMILTON BEST IN THE BUSINESS

WATCH THIS AGENT F E AT U R E D

THE PELLEGRINO FAMILY

STATE SPOTLIGHT

D E V E L O P M E N T R E A D Y. C O M . A U

SPYRE GROUP WINS APPROVAL FOR BURLEIGH HEADS TOWER ANA NARVAEZ

Brisbane-based developer Spyre Group is set to replace a 12-year-old apartment block with an 18-storey apartment tower on Burleigh’s The Esplanade.

The approval comes as the Gold Coast’s southern markets clock their best performance in six years, according to Urbis’ latest apartment report.

The developer pulled together the $16 million deal from the eight owners of the existing building, submitting plans in late 2019 for a $77 million tower on the site.

Urbis consultant Lynda Campell said that the southern beaches were the star performer, recording the highest sales rate for the quarter.

The tower, which received approval on Tuesday, takes advantage of new increaseddensity zoning rules to build to the 53-metre height limit on the 112 The Esplanade site.

“In 2019, the southern beaches precinct saw a total 434 sales—its highest annual result in six years,” Campbell said.

The Bureau Proberts-designed development will comprise 33 apartments over 18-storeys, with 16-levels of half-floor apartments and one ground floor terrace unit. Spyre director Andrew Malouf said that a scarcity of development sites and a marked undersupply of luxury apartment stock attracted the developer to Burleigh Heads. “This is our fourth attempt of finding a site on The Esplanade,” Malouf said. “I think that the advantage we had was that no one looked at [this] site with the idea that an [existing 8-storey building] could be developed. “By working with the existing owners and generating development uplift from an additional 10-storeys on the land, it proved to be a very feasible project.” Related: Nielson Properties Lodge Plans for $350m Burleigh Heads Project.

THE PROPERTY DEVELOPMENT REVIEW

“The southern beaches are generally associated with more premium and boutique apartments. Of the 30 monitored developments selling in the precinct currently, only four contain more than 100 units.” The existing block of apartments on the 1,011sq m beachfront site was developed by Mimi Macpherson—the sister of supermodel Elle—in a joint venture with PM Developments in 2003. Demolition on the 18-storey apartment block could begin as early June, while Malouf said the developer will look to launch the project, “Natura”, in early March. Further down The Esplanade, Nielson Properties is working through council approval on a $350 million twin-tower project. The development is set to include Burleigh Head’s first five star hotel.

QLD D E V E L O P M E N T R E A D Y. C O M . A U

SUBURB REPORT \ *image, Gallery House ^Data: CoreLogic

SUBURB REPORT: HAMILTON Hamilton sits on the northern banks of the Brisbane River, as it winds downstream past Newstead - this is an affluent inner-city neighbourhood in a state of recent evolution. Under six kilometres from the CBD, this locale has long been a destination for the wealthy and this history is easily visible while enjoying a stroll through its streets. A number of Brisbaneâ&#x20AC;&#x2122;s iconic mansions can be found dotted through the area, often alongside large blocks that offer spectacular southern views and fantastic development potential.

RESIDENTS As of the 2016 Census, the population in Hamilton was 6,995. The median age was in line with the state at 37, and 30.4% of residents were aged between 20 and 34. The statistical boundaries of the suburb have moved, so inter-censuses comparison is challenging. The ratio of detached homes to apartments in the area has been moving in favour of the latter for the past ten years. Apartments now comprise over two thirds of all dwelling structures in Hamilton, with the number continuing to increase, as developers look to fill the growing demand in the area.

CULTURE In recent years, with the arrival of new apartment towers, the area has evolved into a trendy playground of restaurants, shops, amenities and attractions. Upscale, riverside dining spots like Portside Wharf offer a plethora of a high-end options serving cuisines ranging from Japanese to Mediterranean fare. Eat Street Northshore presents an edgier alternative, with a hip weekend food market and live gigs in a shipping container construction. But it isnâ&#x20AC;&#x2122;t all about the wining and dining. Residents are drawn to Hamilton because of many other reasons too; namely its comfort, beauty, proximity to CBD and airport, river access and the nearby Bulimba Heritage Trail.

PRICE^ HOUSES: As of 5 February 2020, Hamilton recorded a median house price of $1.26 million. This is a slight dip from a peak in mid-2019, but overall remains positive over a three-year period. The current weekly median advertised rent is $745. UNITS: Units have remained steady, with the median price resting around $500,000 for the past three years. At of 5 February 2020 it was recorded at $495,000. The current weekly median advertised rent is $430.

SIGNIFICANT PROJECTS Gallery House: A new residential development by Multiplex, currently in construction, Gallery House is a 20-storey dual- tower offering 320 new dwellings to Hamilton. This luxury development presents some breath-taking views from many of the higher-level abodes, and a diverse floor plan and interior choices that allow for a unique home personality. Some of the world class amenities announced include a shared rooftop with 20 metre infinity pool, outdoor BBQ facilities, lush landscaped rooftop gardens, an outdoor lounge and a double-storey foyer. Sutherland Residences: Also currently in construction, Sutherland Residences is an eight-storey residential development backed by Taiwanese developer Shayher Group. Shayer are no stranger to Brisbane however, having recently secured the Bulimba Barracks on the opposing side of the Brisbane River. The development will offer 42, two and three bedroom apartments, with upmarket fittings throughout. Amenities include landscaped gardens, community garden, two infinity pools and sundecks plus a communal BBQ area.

THE PROPERTY DEVELOPMENT REVIEW

/ BEST IN THE BUSINESS

WATCH THIS AGENT COMMERCIAL

QLD

LACHLAN MARSHALL & JARED JOHNSON RAY WHITE

Lachlan and Jared are a perfect choice for those seeking the difference between a modest outcome and an exceptional one. The multi-award winning team known for combining their dynamic energy, innovative marketing techniques & unique skills set in conjunction with the Ray White Group has seen them market some of the Gold Coasts most high profile development sites and exceptional Commercial & Industrial properties. Both raised on the Gold Coast, Jared holds a medium-low rise commercial builders license and has extensive project management skills. In addition to sales experience, Jared spent five years working for one of Australiaâ&#x20AC;&#x2122;s largest privately owned building and construction companies, Hutchinson Builders. He has ample experience working in various facets of Real Estate and Building and Construction management including Residential, Commercial, Industrial, Government, Investment, Retail and Development sites. The go-getter has been heavily involved in many different and iconic commercial and residential high-rise projects including Capri on Via Roma. Lachlan studied his Bachelor of Business (Real Estate and Property Development) at Griffith University. Prior to working in property Lachlan worked for a few of Australiaâ&#x20AC;&#x2122;s largest AFL clubs including Hawthorn and our very own Gold Coast SUNS. In his role he had the opportunity to negotiate many large-scale campaigns for both international and national brands where he honed his skills in client relations. Sincere, hardworking and honest, Lachlan, Jared and their team are highly organised professionals who are committed to ensuring that their clients receive quality advice teamed with unsurpassed customer service to achieve outstanding results. Contact +61 423 386 939 j.johnson@rwsp.net +61 426 259 799 l.marshall@rwsp.net

D E V E L O P M E N T R E A D Y. C O M . A U

PELLEGRINO FAMILY \

THE PROPERTY DEVELOPMENT REVIEW

/ PELLEGRINO FAMILY

FROM TERRACE HOUSES TO HOME MAKER CENTRES TO ITALIAN WINE HOTELS: HOW THE PELLEGRINO FAMILY BUILT THEIR OWN OPPORTUNITIES THAT’S 1 FOR YOU AND 19 FOR ME

Carlton’s famed atmosphere and character can in part be directly attributed to its much-loved terrace houses and Victorian era architecture. Stephen might not have been there for the initial build, but he certainly has helped a large number of them retain their place in history.

Such was the success of Stephen’s terrace house business that it wasn’t long before the tax man wanted an extra slice of the pie. New legislations impacted Stephen with what effectively equated to a double charge of stamp duty.

“I commenced in terrace house development and restoration in Melbourne’s inner suburbs,” Stephen recounted to Development Ready during a recent conversation.

“What was originally intended to return extra revenue for the government, effectively killed off the terrace house consultancy in the inner suburb industry.” Stephen recalled,

“I was in my late-teens when I started up the trade, working predominantly in Carlton, Fitzroy and Brunswick. I was eager and a hard worker, so I only had a boss for a couple of years. When I was 20 I decided to go at it on my own; I started buying and restoring terrace houses independently.”

“The two biggest operators at the time were myself and a firm that went on to become Central Equity. They chose skyscrapers and I chose to go into the commercial space.”

Representing a not too unfamiliar story, property had long been in the family and formed a big part of Stephen’s childhood. His early years were spent around Park Orchards and Warrandyte, where his grandfather was a buyer and seller of land. “Property was regularly discussed at the table. I always enjoyed it and loved looking at the varied home designs in all the different precincts.” While hard work and an aptitude for the field no doubt played a part, Stephen acknowledges that he happened to start at the right time. Restoration became his core business and he operated successfully for the decade that ran through his 20s. To this day he attests that some of the most enjoyable, not necessarily the largest, projects have involved the restoration of old buildings; to give new life and new purpose where others might have looked knock down and start again.

LIKE A ROLLING STONE Stephen found himself within an interesting period of Melbourne’s development history. The city itself was transitioning from residential development into commercial – and Stephen was there to meet the market. “I bought the corner of Punt Road and Bridge Road, and then bought all those shops along the top of the Richmond hill. I set to work converting them back into the rag trade – returning their Victorian verandas and all of that.” With more profitable work rolling in, Stephen started to realise the rate and capacity at which he could grow his business. To do this, however, he would need to create stock. This prompted a move out to Melbourne’s east where industrial estates became his core business, popping up sites in Ringwood, Bayswater and Oakleigh.

Like his father, Paul Pellegrino was exposed to the property sector from a young age. He recalls, perhaps more fondly now than what might have been the reality of the time, being taken to auctions at 12 years of age or younger. It didn’t take long for the seeds to sow. Paul got his first start at his cousin’s firm, CVA Property Consultants, before lining up a position at CBRE in their industrial team. A new Bachelor Degree in Property and Sustainable Development at Bond University then enticed Paul enough to warrant leaving the professional sphere for a moment. “I had no intention of ever going to university,” Paul confessed during the conversation. “However, it was a new course at Bond University, offered in trimesters so I could finish it in two years instead of three. I also saw that the list of lecturers included a suite of highly regarded and importantly current industry experts. They were relevant in the industry, not just old professors. I got a lot out of meeting with them.” Paul then assumed a position in the acquisitions team at Mirvac, which he was fortunate to achieve due to the Global Financial Crisis and the onslaught of redundancies that surrounded him. After four years, in 2013, it was the right time to join his father at Pellegrino Group Australia. “The six or so years I spent prior to joining the family business, educating and gaining experience proved enormously beneficial. They pushed me to be more creative in my assessment of a site – to see its full potential. We get a lot of sites come past our desks everyday so it’s incredibly important to be able to ascertain quickly if there is or isn’t an opportunity.”

THE SUN IS SHINING AND THE WEATHER IS SWEET Stephen first took his Pellegrino business from Melbourne to Queensland in 1993, after the recession. They had acquired some good quality properties, but due to market conditions saw it wise to wait for the recovery. “We basically had more time on our hands and so started to investigate Queensland properly, finding an abundance of opportunities as we did – particularly in Cairns. Our first significant purchase was the old post office and telegraph building up there.” With a restoration, the prominent, central building reclaimed a new purpose as a luxury duty free building; DFS including Louis Vuitton, etc. “The profit ratios were far superior to Melbourne or Sydney at the time – so we kept going. We bought the Northern Brewery, which was owned by CUB, and converted that into a homemaker centre. “We also started to see profits in the bulky goods sector. That started relationships with BBC, which became Bunnings, and with Gerry Harvey which proved to be a 20 year plus relationship.”

D E V E L O P M E N T R E A D Y. C O M . A U

QLD

Residents of Melbourne’s inner-north have a lot to thank Stephen Pellegrino for his contribution.

LIKE FATHER LIKE SON

PELLEGRINO FAMILY \

ON THE SUNNY SIDE OF MCLACHLAN STREET By the 21st century, the Pellegrino Group had become extremely well versed in the regional homemaker sector. They had moved at the right time and saw the opportunity and strength of margins that Northern Queensland could deliver – well above that of the more revered Melbourne and Sydney markets. When Paul joined the company in 2013, however, he brought his experience in the residential sector to unveil new possibilities. Stephen told us that “We had experience in commercial and industrial, which were always ‘hold’ properties for us. If we did a residential development, we would end up selling the stock. The building that Paul completed recently in McLachlan Street is a ‘hold’ for us. It’s a different criterion, it’s a different thought process.” In 2015, the Pellegrino Group bought the site in Brisbane’s McLachlan Street with plans for a small commercial scheme. The DA was approved the following year. “As soon as we got the DA, however, the site next door came up for sale – and it was an estate!” Paul revealed. “We got a call from a residential agent on the other side of town and decided to jump on it. So we got him in on Australia Day and did the deal the old-fashioned way, writing the contract up that night. “It gave us enough size to go up a bit higher so we drew up a mixed-use scheme in 2017 – but then got a little bit uneasy about the amount of residential stock coming onto the market at that time. The decision to shelve the project proved to be a good one. With our now third attempt, we redrafted the DA for a boutique office development with around 4,000sqm.” The resulting development offers five levels of office, ground level retail and a dedicated rooftop for the tenants.

A DEEPER UNDERSTANDING Speaking with both Paul and Stephen you quickly realise that they both are extremely in-tune with the markets they’re operating in. Many of their decisions and projects might seem to have just coincided with the ‘right time’, implying an element of luck, but this is drastically far from the truth. When prompted as to why Pellegrino Group has focused a lot of recent energy in Fortitude Valley, as opposed to other CBD fringe markets, this is what Paul had to say; “If you go back 10 to 15 years, with respect to a commercial perspective in the Brisbane fringe market, the largest and preferred area would have been Milton. This isn’t the case today. We’re now seeing a consolidation of the renewal precinct, namely Fortitude Valley, RNA Showgrounds and Newstead being the preferred fringe market. The vacancies reflect that too when compared to any other market including Spring Hill, South Brisbane or Milton. “There’s a few reasons for this. First, there’s normally a big high street, like James Street, which provides a lot of life and commercial 82

THE PROPERTY DEVELOPMENT REVIEW

attraction. Some of the other neighbourhoods, like Spring Hill and Milton struggle in that regard; there’s no real heart or soul to them and this has a significant impact on the culture. Employers are now thinking about being an employer of choice, so many are moving to Fortitude Valley because of the number of apartments that are being developed. It’s attractive to the businesses because the area is attractive to their employees.” Picking the market and coinciding with the right moment is a difficult task for any property enthusiast. However, it’s an undertaking that Stephen has built his career on and he’s adamant about it to anyone that asks “You have to have an intricate knowledge of the city.” “Townsville, Cairns and Brisbane are all different beasts – you can’t treat them the same,” Stephen continues. “You’re dealing with centres that are affected by different factors. Cairns really relies on tourism, and within that there are waves – so you have to watch and pick that five-year wave. “Townsville is different to that even though it’s the next town south. It’s a stronger market and we’ve held a lot of property there rather than turn it over. It’s home to the largest army base of the country. There’s a lot of mining activity that comes out of Mt Isa and goes direct to Townsville. There’s also a bit of tourism too. All these factors and more keep it strong and that’s reflected in our tenants. Townsville is only a town of 175,000 people, but the Bunnings is in the top 3 or 4 of the country. The Supercheap Auto is the number one performer in the nation. The Beacon Lighting is also in the top three or four – it’s an interesting town which we’ve seen present a lot of opportunity.”

YOU CAN GO YOUR OWN WAY The Pellegrino Group Australia are currently in a fairly enviable position. Their focus may be turning towards residential development, but the reality is that they have multiple paths to walk. “We’re going to pursue whatever makes sense and that we enjoy. We’ve got the ability to hold stock and we’ve got access to a mixed bag of property coming up for availability.” Thanks to many of Stephen’s developments that were taken up in the turn of the millennium, the Pellegrino family are starting to see many of their commercial centres coming back online. The large tenants that have occupied these assets for the past 15-20 years are coming to the end of their leases and that means new opportunities are knocking at the door “We’re going to review a lot of the assets and see if they can’t be repositioned as something stronger to suit the modern market. One site that we have in particular, stretches five hectares across one storey. The council are in talks with us at the moment to push it up another 10 storeys across the whole site. There’s a lot of opportunities coming up in Brisbane and that’s why we’re trying to centralise here.” The corner stone of the Pellegrino Family’s success is being able to identify opportunities. Whether your restoring Victorian terrace homes in Carlton, homemaker centres in Queensland or renaissance-era wineries in Italy, they have proved it time and time again; you create your own luck.

WHEN THE MOON HITS YOUR EYE Busy comes with the nature of the game, however Stephen acknowledges that rest is equally important. “We’re decedents of Italians and have spent a lot of time over in the mother land. In the past 20 years we’ve been spending more and more of that time in the Veneto region in particular. Through our visits, we’ve made a lot of friends and naturally this eventuated in a property deal. “They’re a group of Venetian-based investors and bankers who have a winemaker friend. They came to me with this huge property, comprised of three 16th century buildings that were surrounded by vineyards in the Verona region. They didn’t know what to do with the site – when they asked me, I suggested a boutique hotel.” As one can imagine, this soon evolved into a love project for both Stephen and Paul. There were some headaches along the way, as they both attest to, but with local friends on the ground Italian bureaucracy could only get in the way so many times. The project is now in the lock-up phase, and while it was originally only meant to be a ‘one-off ’, it seems they might not be done just yet. “We’re being approached by, and have recently had some serious conversations with, major world hotel chains who are looking to possibly roll-out a series of up to 10 wine themed hotels similar to this project,” Stephen divulged with a smile.

We’re going to pursue whatever makes sense and that we enjoy....

Full Interview Available online via DevelopmentReady.com.au

/ PELLEGRINO FAMILY

QLD D E V E L O P M E N T R E A D Y. C O M . A U

PROJECTS

The new decade heralds a new era in project marketing on the Gold Coast. Offering a unique model for the sales and marketing of residential projects in South East Queensland, Ray White Projects is a one-stop-shop for buyers and developers looking for the very best in project marketing. Combining the size and strength of the Ray White brand with bespoke marketing solutions, Ray White Projects is forging a new level of service for the sale of new and off-the-plan residences across the coast. Ray White Projects Sales Suite 4/15 Cavill Mall, Surfers Paradise QLD 4217 Open 7 days from 9am to 9pm

rwnp.net

RWSP Welcomes New Head of Projects

Caitlin Rosenboom (middle) with Ray White Surfers Paradise Group’s Director Greg Bell (left), and CEO Andrew Bell (right). THE Gold Coast’s leading real estate agency, Ray White Surfers Paradise Group (RWSP), has appointed a new head of projects as the company prepares to take further advantage of the city’s development growth.

The experienced team at RWSP has been involved in project marketing since the early 1990s and is one of Queensland’s leaders in project marketing and management. The division has been responsible for some of the leading projects on the Gold Coast over almost three decades. RWSP Group CEO, Andrew Bell said Ms Rosenboom will be a welcome addition to the thriving team which is looking to capitalise on the new development cycle the Gold Coast is experiencing. “We are thrilled to welcome Ms Rosenboom as Ray White Projects enters a new era and capitalises on the continued development growth on the Gold Coast,” Mr Bell said. “Development on the Gold Coast has reached a fascinating stage and we have been working at developing a team that can meet the needs of the high quality and sophisticated developments which are becoming more and more common across the Coast. “With Ms Rosenboom now on board we’ve also introduced a further five employees to Ray White Projects, so we have a fantastic team with expertise in projects of major significance who can assist with everything from site acquisition, to sales and successful project completions. “We know that together with Ms Rosenboom’s experience, and the strength of our team and our network, it will be an exciting time ahead for Ray White Projects as we look to further expand the division.” Ms Rosenboom has had success marketing and selling a number of key developments in Brisbane’s inner-east, working closely

Through Place Projects Ms Rosenboom has managed, marketed and sold everything from boutique apartments, to vacant land releases and mixed-use projects and was previously appointed for the sale of projects in excess of $250 million. “I’m looking forward to bringing my experience to the table with Ray White Projects, aligning with such a reputable company and growing our division as the Gold Coast continues to become a beacon for development on a national scale,” she said. “Ray White Surfers Paradise Group has such a strong presence in the industry and I’m eager to continue building on what is already a highly successful arm of the group. “There is certainly a lot of opportunity on the Gold Coast and to be a part of a team that has all the resources, knowledge and expertise to really capitalise on this is exciting,” she said. Ms Rosenboom’s appointment comes on the heels of the highly awarded RWSP group celebrating 30 years in business. Mr Bell said the company has had a strong start to 2020 and was bolstering its projects division to manage the high growth projections on the Gold Coast. “The city is growing exponentially, and we need more projects to accommodate our growing population. “Developers know they need the full package when marketing their projects and we believe the access to our expertise and the Ray White network – which is the largest real estate agency in Australasia – will maximise every opportunity to sell their projects widely. “Our networks also expend internationally into Asia, China and the Middle East, giving us an unrivalled advantage when it comes to selling off the plan on the Gold Coast.”

Caitlin Rosenboom 0412 139 144

QLD

Caitlin Rosenboom, co-founder of Place Projects, joins the group with almost 20 years of industry experience and will lead the charge in the group’s highly successful project marketing division.

with developers including Watpac, Stockland, BMI Group, Urban Properties and Jadecorp.

Interior/Exterior Textured, tactile Ceramic surfaces which compare directly with Porcelain, Engineered and Natural Stone and Concrete.

Queensland’s leading manufacturer and supplier of glass products to the Building, Design and Architectural industries. As one of Queensland’s most progressive architectural glass manufacturers, SuperKOTE are quickly becoming known for thinking outside the box.

THE PROPERTY DEVELOPMENT REVIEW

Ross Kennedy (CEO) said “I opened SuperKOTE Glass in 2001 as a specialist Glass Painter, right at the beginning of the Painted Glass Splashback boom. Since 2001, SuperKOTE Glass has become the leading manufacturer and supplier of all painted and printed glass products to the building, design and architectural industries.”

But as anyone who has toured their newest manufacturing facility will know that they have morphed into so much more. As well as the usual mainstream products on offer, SuperKOTE have an inhouse Product Development Department that have created many NEW & EXCITING products.

GLASS + IMAGINATION ®

Interior Only Available in Hone/Matte or Full Gloss Finish Compares with the look and feel of Marble, Natural Stone and Concrete. Available in 10 designs. Bespoke custom designs available on request.

‘It started with the request to develop artificial stone and marbles, which took a large commitment of time and expense over the past 4 years, but our research has had a knock on effect in which has lead to a ceramic, tactile replacement product for porcelain, and in light of the recent terrible exposure of the

Silicosis issues in the stone industry, this couldn’t have come at a more appropriate time.”

National Head Office

“We have many new products that make us stand out from the opposition, which is probably why our customers have performed consistently in the current market.”

72 Blanck Street Ormeau/Yatala QLD 4208

Phone: 1300 452 277 Fax: 1300 844 177

www.superkote.com.au

D E V E L O P M E N T R E A D Y. C O M . A U

PROPERTY LISTINGS\

YOUR LIST OF QUEENSLAND DEVELOPMENT SITES FOR SALE.

91 Lytton Road BALMORAL

159-177 Progress Road RICHLANDS

Address Available on Request TRINTY PARK

197-207 Reedy Creek Road BURLEIGH HEADS

Knight Frank

Colliers International

Knight Frank

Colliers International

VIEW

9-11 Miles Street COOLANGATTA

3 Aruma Street & 30 Anembo Street SURFERS PARADISE

177-189 Morayfield Road MORAYFIELD

159-177 Progress Road RICHLANDS

Ray White

Colliers International

VIEW

39 Barns Lane COOLUM BEACH Savills Sunshine Coast VIEW

THE PROPERTY DEVELOPMENT REVIEW

TIM KEENAN There is no substitute for experience and passion… Tim Keenan of Keenan & Co is someone who has advised on the sales and marketing process and sold all types of property over his 22 year career. Tim has decades of experience through the ‘highs and lows’ of Australia’s property markets including the GFC. We sat down with Tim to gain his insights into the South East Queensland market.

Moving forward 10 years from the GFC, Tim is now running his own successful business Keenan & Co in South East Queensland. Keenan & Co provides specialist advisory and sales solutions to developers in all aspects of the sales and marketing process for residential development. During our discussion Tim shows us that there are so many elements of the sales and marketing process that require detailed consideration, including, apartment or townhouse design, the most appropriate configuration, competitor analysis, pricing analysis, investment analysis, sales strategies, display suite design, render review, channel access and so much more. Tim says ‘It’s imperative that all aspects of the sales and marketing process is documented in a detailed program, highlighting the key milestones required to get a project to market’.

We moved our discussions to the Brisbane property market where Tim has operated in for years and seen it continue to develop into a thriving city. ‘Brisbane has certainly come of age over the past seven years and this is no doubt driven by new apartment development. In addition, Brisbane has commenced a major infrastructure boom with investments valued at over $30 billion well under way, paving the way for further confidence in the Brisbane property market’ Tim says. ‘I remember when Crown Casino and the Southbank precinct in Melbourne was completed, it really put Melbourne on the Map from an International point of view. This was a really important moment for Melbourne, and since this time Melbourne has gone from ‘strength to strength, especially in the tourism and property sectors. We can see this happening with Brisbane when the Queens Wharf Casino project is completed, and we are already seeing this with the new 2.7ha Howard Smith Wharf riverside redevelopment, which is full of people seven days a week at the many restaurants, bars, cafes, corporate events and the amazing new Fantauzzo Art Series Hotel” Tim goes on to say ‘Over the past few years Brisbane has experienced an ‘over supplied’ market in terms of residential property, and in particular inner-city apartments. With four interest rate cuts, tax cuts, reduced uncertainty around housing, more positive media and easing of overly tight lending guidelines have combined to generate a significant improvement in the property market, however it will be interesting to see if the Coronavirus has any effect on the property market.

TIM KEENAN / KEENAN & CO

Melbourne has gone from strength to strength...

Tim’s experience includes working with a cross-section of clients including, Goodman, Little Projects, Star Casino, Far East Consortium, the Deague Group, KTQ Developments, Kokoda, Bensons Property Group, BPM, Pellicano, KordaMentha, Balmain and the big four banks. Tim’s ability to understand and unpack complex issues to provide strategic advice and solutions have been the fundamental keys to his success. Tim can be contacted at tim@keenanandco.com.au

D E V E L O P M E N T R E A D Y. C O M . A U

QLD

“During the GFC in 2009, we would often come to work on a Monday morning and be in another part of the country that afternoon, dealing with a property development that was in serious trouble or had gone into receivership” says Tim. This period of Tim’s real estate career had a real impact on how he operates as an agent today – especially recognising the needs and requirements of constantly changing property market.

THE BRISBANE MARKET HAS COME OF AGE

An 18 hectare land holding at Half Moon Bay, located in the Northern Beaches region of Cairns, on Reed Road at Trinity Park, will hit the market in February

ABSOLUTE OCEANFRONT LAND AT HALF MOON BAY FOR SALE Queensland, Australia – ONE of Cairns’ last remaining premier secluded waterfront development sites will be offered to the market in February, with potential buyers expected to range from locals to offshore investors. The large oceanfront land holding of 18,708sq m is located at Half Moon Bay, north of Cairns, on Reed Road at Trinity Park, has 350 meters of frontage to the pristine Coral Sea. It will be marketed exclusively via Knight Frank agents Christian Sandstrom, Dominic Ong and Greg Wood. Situated between Trinity Park and Yorkeys Knob, Half Moon Bay is the first headland north of Cairns. The area is bounded by the Coral Sea to the north-east, Captain Cook Highway further to the west and Half Moon Creek to the east, and opposite is the Yorkeys Knob Marina and Golf Course. Half Moon Bay is located around 18 kilometers or 20 minutes north of the Cairns CBD and 10 minutes from the Cairns International Airport. Surrounding development to the south-west of the site is Bluewater Estate, currently being developed by Brookfield Residential Properties for a number of land and house packages across three precincts including internalised private marinas. Mr. Sandstrom said the sale campaign for the 18 hectare Half Moon Bay property would target local, interstate and offshore development companies looking to capitalize on Australia’s improving tourism market.

The oceanfront property has 350 metres of frontage to the Coral Sea and is also bordered by Half Moon Creek

“There were 24.1 million visitors to Queensland in 2018, which was a 9.8 per cent increase, and Cairns, which is the main tourist hub of North Queensland, had 2.96 million visitors. “Cairns has always been the centre for tourism in Far North Queensland, attracting multitudes of local and international visitors due to the abundance of natural attractions found within the greater region. “Half Moon Bay is located in the idyllic northern beaches region of tropical North Queensland. “Occupying the mouth of Half Moon Creek, it is surrounded by an exuberant tropical environment and exclusive white sandy beaches and will draw in a huge number of visitors.” Mr Wood said Half Moon Bay, which occupies a significant, expansive and prestigious land holding, has the potential to become a worldclass development. “Half Moon Bay is truly a unique, one-off property in North Queensland which has not previously been available to the market, being held by its current ownership for a considerable length of time. ”It simplistically combines location with beachfront within the proven tourism destination of Cairns, with substantial local facilities and domestic and international airport. “The property provides a high quality opportunity for a variety of applications, involving permanent residential options and resort destination facilities which can be combined with other uses over this large beachfront site. “The site has an existing approval for multiple dwellings and holiday accommodation, with amenity including pools, cafes and restaurants, and more than 13 hectares of the 18 hectares is developable.

The development site will be marketed exclusively by Knight Frank, with the sale campaign targeting local, interstate and offshore development companies

“The Cairns tourism market has grown and flourished with recent significant hotel and tourism additions in the CBD, which have been provided through multiple development sites. Half Moon Bay is one of the first true opportunities that can expand on both traditional markets and resort development. “The developer of this site will also be able to capitalize on current infrastructure and cultural projects in the Cairns region.” These projects include: A $176 million redevelopment of the Cairns Convention Centre, setting it apart to become a world leader in business events and a tourist destination. Construction is commencing in June 2020. The $127 million Cairns Shipping Development, which aims to widen the shipping channel to allow for larger cruise ships of up to 300 metres to enter Cairns. The Cairns Global Tourism Hub, a Government announced planned development site offering 4.4 hectares of development opportunities in the heart of the Cairns tourism precinct to attract more overseas and interstate visitors into the FNQ region. An expressions of interest campaign for the Half Moon Bay property will close at 4pm on Thursday, April 2.

For further information, please contact: Christian Sandstorm +61 419 784 317 Greg Wood +61 418 772 555 Dominic Ong +61 468 969 298

Connecting people & property, perfectly. Premium Oceanfront Development Opportunity.

Outline Indicative

QLD

Half Moon Bay, Trinity Park, Cairns, QLD. For Sale by Expressions of Interest closing Thursday, 2 April at 4pm (AEST).

Significant 18.708ha* land holding

Opportunity - World class development

On the doorstep to the pristine coral sea

2.96 million visitors to Cairns in 2018

One of the Worldâ&#x20AC;&#x2122;s most desired places

Christian Sandstrom +61 419 784 317 Greg Wood +61 418 772 555 Dominic Ong +61 468 969 298

https://www.developmentready.com.au/properties/address-available-on-request-trinity-park-qld-4879

*Approx.

350 m* beach frontage

Knight Frank is pleased to offer For Sale an exciting future development opportunity located in Half Moon Bay, Cairns. The site offers a significant and expansive land holding of 18.708 ha* with 350 m* of beach frontage access. Half Moon Bay offers the opportunity to be developed into a world class development.

QLD

2.33 Ha* Infill Site In Premium Residential Development Inner-Brisbane Precinct Opportunity (STCA^). 91 Lytton Road, Balmoral, QLD.

Knight Frank are pleased to exclusively offer For Sale a large 2.33 hectare* inner-city development site located at 91 Lytton Road, Balmoral. Located within immediate proximity to the Brisbane River and the recently sold master planned Bulimba Barracks site, this large infill parcel of land is also walking distance to Bulimba State School and retail amenity along Oxford Street. The property is less than 4 radial kilometres* from the Brisbane CBD and is located in one of Brisbaneâ&#x20AC;&#x2122;s most exclusive residential catchments renowned for itâ&#x20AC;&#x2122;s riverfront lifestyle and $1m+ median house price. With a regular shape and 3 street frontage, the site also benefits from favourable town planning provisions being predominately zoned Low-Medium Density Residential.

For Sale via Expressions of Interest Wednesday, 15 April at 4pm (AEST).

View Now

Adam Willmore 0418 789 072 Blake Goddard 0407 604 307 * Approx

QLD

Accelerating success Reach more people – better results faster.

PRIME RICHLANDS COMMERCIAL DEVELOPMENT SITE FOR SALE – EXPRESSIONS OF INTEREST CLOSING FRIDAY 3 APRIL 2020 AT 3:00PM (AEDT) 159-177 Progress Road, Richlands, QLD, 4077 – – – – –

Huge landholding of 31,190m²* Flexible District Centre (Corridor) Zone Suits a wide range of end uses (STCA^) Provides scope for national occupiers and investment grade master planned development outcomes Benefits from proximity to the Ipswich Motorway and other major infrastructure.

View Now Philip O’Dwyer 0451 419 885

Stewart Gilchrist 0439 034 042

Accelerating success Reach more people – better results faster.

PARKFRONT CHEVRON ISLAND DEVELOPMENT APPROVED OPPORTUNITY FOR SALE – EXPRESSIONS OF INTEREST CLOSING WEDNESDAY, 1ST APRIL 2020 AT 4PM. 3 Aruma Street & 30 Anembo Street, Surfers Paradise, QLD, 4217 – – –

Expansive 1,121m2* corner site with extensive frontage to Aruma Street & Anembo Street in the heart of Chevron Island. Located directly opposite Korman Family Park with significant opportunities for park views for the proposed apartments. Development Approval for a residential building of 48 apartments across 9 levels, designed by renowned architects BDA.

View Now

For further information please contact the Exclusive Agent.

James Holland 0420 487 427

For Sale: 39 Barns Lane, Coolum Beach, QLD, 4573 SIGNIFICANT LAND HOLDING WITH FUTURE DEVELOPMENT POTENTIAL

The Sunshine Coast has been named in the top 5 regions to invest in,right across Australia. This is a rare opportunity to take advantage of a prime parcel of land. – – – – – – –

Land Area: 68,280sq m* 450m* frontage to Sunshine Motorway 5* minutes to Sunshine Coast Airport Located at entrance to Coolum Beach Predominantly level site 2* minutes to Coolum Beach/retail 5* minutes to Sunshine Coast – International Airport – 450m* frontage to the Sunshine Motorway offering excellent exposure – Zoned “Rural” under the Sunshine Coast Planning Scheme 2014 - Coolum Local Plan Area. Outline indicative only

*Approx.

More Exposure More Competition Record Prices

Scott Gardiner 0415 679 112

Mark Dann 0408 778 756

VIEW LISTING

STATE SPOTLIGHT

SA F E AT U R E

COMMERCIAL TRANSACTIONS SUBURB REPORT

NORTH ADELAIDE BEST IN THE BUSINESS

WATCH THIS AGENT PROPERTY

SOUTH AUSTRALIA DEVELOPMENT LISTINGS D E V E L O P M E N T R E A D Y. C O M . A U

COMMERCIAL TRANSACTIONS HIT $2BN TED TABET

Commercial deals in Adelaide hit record heights over 2019 as transaction volumes reached $1.99 billion across all commercial sectors, accounting for 9 per cent of commercial deals across the country. According to new figures from JLL, transaction volumes last year surpassed the previous annual record of $1.6 billion recorded in 2003, as investors continue to look for appealing opportunities outside of the tightlyheld CBD markets of Sydney and Melbourne. Driving those office deals are tightening vacancy rates, currently sitting at 12.8 per cent, which is underpinning growth in rents and creating upside expectations for investors. Prime gross effective rents have increased by 5.5 per cent over the past 12 months with defence, aerospace, technology and health sectors having a positive impact on leasing enquiry and activity. The city also has an undersupply of A-grade office towers with vacancy in that prime category currently below 5 per cent. Investors tapping into the market have an eye on future-proofed assets with Adelaide benefitting strongly from the rollout of its Ten Gigabit project, which has enabled up to 700 commercial buildings to access high-speed fibre optic internet.

THE PROPERTY DEVELOPMENT REVIEW

Billions of dollars in infrastructure investment is also forecast across the state which is expected to generate significant employment in the long-term with defence, medical, road networks, technology and renewable energy among the emerging sectors. The financial year finished with a run of headline deals including Soilbuild’s acquisition of 25 Grenfell Street for $134.2 million from Credit Suisse, topped only by Suntec Real Estate’s acquisition of 55 Currie Street for $148.2 million from Arc Equity Partners. Offshore investors were net buyers of commercial property in Adelaide, accounting for 61 per cent of total transaction volumes across the office, industrial and retail sectors. Conversely, offshore groups were net sellers of commercial real estate nationally in 2019the first time in more than a decade. “These figures validate South Australia’s position as an established destination for both domestic and global institutional capital,” JLL South Australia managing director Ben Parkinson said. “Attractive comparative yields to the eastern seaboard office markets and an ongoing positive occupier demand profile has resulted in an unprecedented weight of capital into the Adelaide CBD market.”

SA D E V E L O P M E N T R E A D Y. C O M . A U

SUBURB REPORT \ *image, Adelaide Oval Hotel ^Data: CoreLogic

SUBURB REPORT: NORTH ADELAIDE North Adelaide is a highly coveted and elevated pocket of Adelaide’s inner city suburbs, bordered to the south by the Karrawirri Parri (River Torrens) and encircled by multiple parks, a golf course and of course the famous Adelaide Oval. There’s a lot of history in the area, being one of the first premier settlements of Adelaide, and given its immediate CBD proximity the hill has long been a spot for the affluent. The leafy streets are an intermingling of grand two-storey stone terraces, Victorian villas and modern town homes; this isn’t a location for towering lowdensity units.

100

THE PROPERTY DEVELOPMENT REVIEW

RESIDENTS The 2020 estimated population for North Adelaide is 7,331, with a forecast to grow to 8,167 by 2041. Two of Adelaide’s universities are close-by, which helps to pull a younger crowd to the area and keeps the median age at 37. Young professionals with solid salaries also have good representation. That being said, North Adelaide is predominantly an aging demographic. Average-income families may struggle to find the right property. These factors have meant that recent successful developments often cater towards spacious living, with quality fixtures aimed at the top-tier buyers.

PRICE^ HOUSES: As of 5 February 2020, the median house price was $1.165 million. House prices have been enjoying a steady rise since early 2017 and it’s hard to predict if this upward trajectory will continue or not, but upscale developments are a sure bet high on the hill. Weekly median advertised rent is $500. UNITS: As of 5 February 2020 the median unit price sits at a comfortable $450,000. It’s worth keeping in mind that larger, 3-bedroom residences can reach higher than $720,000. The trajectory has been steady over the past three years. Weekly median advertised rent is $380.

CULTURE While the streets generally provide an air of prestige, the late 20th century saw a number of mixed medium-density developments. These properties often hold a more affordable value, both in renting and sales in addition to contributing to a mixed demographic. Importantly they ensure a strong business regular trade for the pubs (amazing around a dozen here), cafés and restaurants. It’s activities galore on the north side of the river, and residents can enjoy a round of golf, a few laps in the aquatic centre, a stroll through the park, or a cheer watching the Crows, Port Adelaide or the cricket at the Adelaide Oval.

SIGNIFICANT PROJECTS Adelaide Oval Hotel: The Adelaide Oval Stadium Management Authority (AOSMA) are leading a upscale accommodation project in what will become the first boutique hotel to be integrated into an Australian stadium. Designed by Cox Architecture, the 128-room luxury hotel proposal will be incorporated into the Eastern Stand at an estimated cost of $42 million and is expected to be completed by mid-2020. The Brougham: This mid-rise residential development encompasses stylish building designs by Pruszinski PACT Architects, with the assistance of sophisticated plans by interior architects, Williams Burton Leopardi. The build covers 16 apartments, with just two dwellings per floor, and is filled with amenities. These include; resident’s lounge and dining area with fully-equipped kitchen, hotel-style lobby, level one outdoor terrace for socialising, temperature-controlled wine cellar (170-bottle allocation for apartments, 1000-bottle allocation for penthouse), and a private yoga studio.

/ BEST IN THE BUSINESS

WATCH THIS AGENT COMMERCIAL

ROGER KLEM JLL

Roger Klem is the Head of Sales and Investments in South Australia for global real estate company JLL. During his property career of over 35 years Roger has personally concluded over $4.5bn of real estate transactions including the sale of many of Adelaide’s largest commercial office towers. The seven person JLL commercial sales team in Adelaide, including dedicated marketing personnel, closed out $537m in transactions in 2019 which included the sales of 55 Currie Street and 25 Grenfell Street together with the sale to Kaufland of 250 Churchill Road, Prospect and the waterfront Seawall Apartment site at South Esplanade Glenelg.

A Fellow of the Australian Property Institute, Roger has provided strategic advice to a number of ASX listed companies on their property portfolios and recently presented the commercial state of the market address to 150 valuers in Adelaide. Outside of a busy real estate life Roger loves adventure travel and with real estate and work colleagues and clients has walked the Kokoda Track, climbed Mt Kilimanjaro and trekked through the Andes in Peru. He’s become a big fan of Development Ready and has first hand success using the platform to penetrate the interstate developer market for key Adelaide development sites.

Contact +61 423 919 373 Roger.Klem@ap.jll.com

D E V E L O P M E N T R E A D Y. C O M . A U

101

Klem says that Adelaide is definitely finding its place in the sun with strong purchaser enquiry on the back of an impending wave of Australian defence spend, huge biomedical precinct and growing international student influx studying at Adelaide’s internationally recognised universities. ‘Offshore investors and developers are making strategic acquisitions including Chip Eng Seng’s proposed Hyatt Hotel in Pirie Street and ICD’s recently announced plans for the redevelopment of the Central Market Arcade’.

PROPERTY LISTINGS \

YOUR LIST OF SOUTH AUSTRALIA DEVELOPMENT SITES FOR SALE.

141-149 Currie Street (Corner Light Square) ADELAIDE

15 Kondoparinga Rd MEADOWS

Lot 255 Harrison Road PENNINGTON

250B Churchill Road PROSPECT

JLL VIEW

Elders Real Estate VIEW

JLL VIEW

Colliers International VIEW

10 Anzac Highway FORESTVILLE Colliers International VIEW

102

THE PROPERTY DEVELOPMENT REVIEW

Secure prime real сtate For Sale 47-53 Light Square & 141-149 Currie St, Adelaide SA – Large development site of 3,267sqm* with multiple street frontages – 332 car park bays comprising six level multi deck station and on grade – Significant holding income with further upside – Existing Hotel and Gaming Entitlements available – Capital City Zone providing huge score for redevelopment *(Approx.)

For Sale by Expressions of Interest closing Wednesday 8 April at 4pm Jamie Guerra 0418 849 780

Roger Klem 0423 919 373

Jed Harley 0418 807 920

property.jll.com.au/307553

Boundary Indicative

RLA1842

Shovel ready development site

For Sale Penny’s Village, Harrison Rd, Pennington SA – Residential development site of 12,400sqm*

– Approvals in place for 46 allotments – Significant infrastructure already completed – Sales centre, marketing collateral and buyer database included

For Sale by EOI closing Friday 3 April 2020 at 2pm (ACDT) Jed Harley 0418 807 920

*(Approx.)

Roger Klem 0423 919 373

property.jll.com.au/307819

Boundary Indicative

RLA1842

15 KONDOPARINGA ROAD MEADOWS SA, 5201

•

Land Area: 6 acres across 2 Title, zoned residential.

•

Opportunity to subdivide into approximately 20 prestigious residential blocks (STCA^).

•

Two old homes remain across the two titles.

•

One of the homes may have the potential to be renovated.

•

Quality bore, the gardens contain, apple, walnut, plum and fig trees to name but a few.

•

The property is within walking distance to shops, schools and transport.

A rare opportunity to purchase quality land in this growing township. (^ Subject To Council Approval.)

SYLVIA JEMSON-LEDGER 0487 301 390

ENQUIRE NOW

EXPRESSIONS OF INTEREST CLOSING 31ST MARCH 2020

R ARE LAND DEVELOPMENT OPPORTUNIT Y

WA F E AT U R E

TOP 5 CITY INVESTMENTS SUBURB REPORT

ROCKINGHAM BEST IN THE BUSINESS

WATCH THIS AGENT PROPERTY

WESTERN AUSTRALIA DEVELOPMENT LISTINGS

STATE SPOTLIGHT

D E V E L O P M E N T R E A D Y. C O M . A U

107

FIVE CITIES TIPPED FOR PROPERTY INVESTMENT GROWTH RENEE MCKEOWN

Four capital cities and one major regional location are the best picks for investors in 2020 with major infrastructure projects and rental yield driving property investment growth. Although first home buyer loans hit the highest rate since 2009, investor lending also increased 4.9 per cent reveals year-on-year data from the latest Australian Bureau of Statistics report. Major infrastructure projects were also expected to fuel house prices and rent in most of the top cities. The five top locations to invest in are Brisbane, Adelaide, Canberra, Perth and the Sunshine Coast according to analysis by InSynergy Property Wealth Advisory. InSynergy chief property investment advisor Richard Sheppard said property prices in the strongest markets over a six to 10-year growth cycle could increase by 80 per cent to 120 per cent while also enjoying higher yields at the start of the cycle. “However, the worst performing markets could see prices slide by up to 20 per cent over the same period, which means choosing the wrong location could cost you dearly,” he said. Sheppard said recent price growth in Sydney and Melbourne could falsely entice investors back to overpriced markets. “When I don’t believe the current supposed upswing will last long,” he said. “The only exception would perhaps be units in Melbourne as they are so much more affordable than houses, as well as having one of the biggest price differences between houses and units we have ever seen in Australia.” 108

THE PROPERTY DEVELOPMENT REVIEW

5. SUNSHINE COAST

4. PERTH

Big projects in the area include Yaroomba Beach Village, Aura Caloundra South masterplan as well as the new Sunshine Coast CBD in Maroochydore.

Major projects for the area include Metronet, Perth City Link, Civic Heart apartment towers, Elizabeth Quay, Riverside, Optus Stadium and the new WA Museum.

There are also major rail and road projects including the Sunshine Coast Airport expansion project, $2 billion on Sunshine Coast Light Rail System, $880 million on the Bruce Highway Pine Rivers to Caloundra Road and the $195 million Beerburrum to Landsborough duplication.

“Recent data has shown Perth’s median dwelling price finally starting to strengthen, plus the resources sector has also improved significantly as well,” Sheppard said.

“Noosa is probably the most well-known part of the Sunshine Coast, but its market has already enjoyed a number of years of price growth, so it is far too close to the end of its growth cycle. “Also, geographically, it’s a fair distance from the new town centre, so savvy investors have been cherry-picking more affordable houses and units closer to where the city’s future economic action will be.” While coastal suburbs may have a few years of good times left, Sheppard said they were potentially halfway through their growth cycle. The average price to buy a Sunshine Coast house is $617,525 and rent costs $500 a week according to regional Queensland data from Domain. Houses: Buderim, Peregian Springs and suburbs close to Maroochydore Units: Maroochydore, Mooloolaba and Coolum

“At the end of the day, Perth is one of our major capital cities and is home to nearly two million people, so its market was never going to stay in the doldrums forever, plus investing now, or by next year is better than investing anytime in the past 12- plus years.” “In Sydney, gross rental yields for houses are just 2.7 per cent, but in Perth they are 4.2 per cent, so there is the opportunity there for future capital growth as well as current solid cash flow.” The average price to buy a Perth house is $537,013 and average rent is $370 a week. Units cost $342,708 on average to buy and $310 a week to rent, according to Domain. Houses and Units: areas closer to the city and coast

3. CANBERRA The average price to buy a Canberra house is $788,621 and rent $580 a week. Units cost $455,537 on average to buy and $480 a week to rent according to Domain. Due to its robust economy, job opportunities, and the highest median incomes anywhere in the country, Canberra continues to be one of the steadiest markets in the country. “Investors can earn anywhere from fiveto-seven per cent gross rental yields for apartments, coupled with vacancy rates currently sitting at just one per cent,” Sheppard said. “This also creates net rental returns about twice as high as houses, especially when you take land tax into account as there is no taxfree threshold in the ACT. “When the price gap becomes so large, history shows us that unit demand increases and prices along with it, especially when rents are so much higher for units.

2. ADELAIDE Major projects in the area include the Whyalla steel mill expansion, Olympic Dam and $80 billion Navy frigate and submarine projects. “These are very large projects that will attract very strong employment, wages and population growth, so after a slow 10- years for Adelaide property, leaving it relatively very affordable, we should finally see a great run of growth for at least a decade,” Sheppard said. BIS Oxford Economics has also forecast price growth of 11 per cent growth over the next three years for houses, which is second only to Brisbane for Australian capital cities. The average price to buy an Adelaide house is $542,947, while rent is $390 a week. Units cost $306,327 on average to buy and $315 a week to rent according to Domain.

1. BRISBANE The average price to buy a Brisbane house is $577,664 and rent $410 a week. Units cost $377,549 on average to buy and $385 a week to rent according to Domain. Major projects for the area includes the Cross River Rail, Queen’s Wharf, Roma Street Station and South Bank. For Brisbane, affordability relative to incomes was its strongest market indicator with prices at 55 per cent of Sydney and incomes only 12 per cent lower. “This is one of the reasons why about 1000 new residents are shifting to Queensland every week,” Sheppard said. Houses: Middle and outer rings of Brisbane including Wynnum, Manly and Lota.

Units and Townhouses - Bowden, Kent Town, areas close to Port Adelaide Houses: Areas close to Port Adelaide

“For these reasons, we are only recommending investment units and townhouses in Canberra. Investors should consider areas like Turner, Braddon and Kingston.”

Units only: Turner, Braddon, Kingston

D E V E L O P M E N T R E A D Y. C O M . A U

109

SUBURB REPORT \ *images, Azure Beachside Apartments, Blackburne ^Data: CoreLogic

SUBURB REPORT:

ROCKINGHAM 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, highquality 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.

110

THE PROPERTY DEVELOPMENT REVIEW

RESIDENTS The 2020 estimated population for Rockingham, including Cape Peron and Garden Island, is 17,665, with the expectation that this will increase to 20,761 by 2034. Given the area’s popularity amongst those of a higher age bracket, the median age was recorded during the 2016 Census as 47 – significantly higher than the state median of 36. With new families starting to enter the area as well, family homes make up the majority of dwellings, with 73% being of three or more bedrooms.

PRICE^ HOUSES: The median house price for Rockingham as of 5 February 2020 was $370,000. Over the past three years, this number has fallen from $410,000 making sites more affordable. Weekly median advertised rent is $300. UNITS: Unit developments fair quite well in this coastal town, with the median price sitting at $197,000 as of 5 February 2020. This number has fluctuated up to $310,000 over the past three years, so there’s room for growth if quality dwellings are pursued. Weekly median advertised rent is $280.

CULTURE Out-and-about, Rockingham delivers its denizens a suite of activities thanks to its stunning beach setting as well as its range of amenities, recreational facilities and entertainment options. The much-loved foreshore sees greens turn into yellows turn into blues and is decorated by jetties, cafés and pubs. This enviable lifestyle has long been attractive proposition for retirees and has also seen a number of new families entering the mix. This is aided by the myriad local schools catering to all levels, as well as the Murdoch University’s Rockingham campus. It’s both a place to grow up and grow old.

SIGNIFICANT PROJECTS Azure Beachside Apartments: Just 300m from the Rockingham Foreshore, Azure is a new mid-rise, beachside apartment development offered by local property group Blackburne. The project comprises of a mix of 50 one, two and three bedroom options across eight floors, with a total of 80 car spaces. Residents can enjoy the beach-club styled, timber pool deck with sun lounges and shared barbeque area. Blackburne have assigned DMG Architecture for the designs and Pindon for the build. Defence Housing Australia: Defence Housing Australia (DHA) have also submitted a development application for the construction of approximately 350 apartments across a 3.76-hectare site on the corner of Fisher and Lake Streets in Rockingham. The DHA specifically aims to provide quality housing and related services for Defence members and their families.

/ BEST IN THE BUSINESS

WATCH THIS AGENT COMMERCIAL

TONY DELICH

KNIGHT FRANK Director of Knight Frank’s Investment Sales Division, with over 33 years’ experience in marketing commercial, investment and industrial sales and englobo land parcels, plus providing consultancy advice to numerous clients, Tony has been involved in all aspects of the industry. His vast knowledge of the commercial, industrial and residential market place is a tremendous asset to Knight Frank in his dealings with clients throughout the metropolitan area. Qualifications & Professional Accreditations: • Bachelor of Business, Accounting • Certificate of Real Estate Management • Licensed Real Estate Agent

Contact +61 418 926 410 Tony.Delich@knightfrank.com.au

WA D E V E L O P M E N T R E A D Y. C O M . A U

111

PROPERTY LISTINGS \

YOUR LIST OF WESTERN AUSTRALIA DEVELOPMENT SITES FOR SALE.

108 Stirling Street DAYTON

28 Kinnimont Ave NEDLANDS

41-43 Stirling Highway NEDLANDS

Dayton Local Centre PERTH

CBRE

Brett Halvorson & Associates

LJ Hooker Commercial

CBRE

VIEW

112

THE PROPERTY DEVELOPMENT REVIEW

Nedlands 41-43 Stirling Highway Occupy / Invest / Develop 41-43 Stirling Highway are offered individually or together totalling a site area of 1064sqm* suitable for developers or owner-occupiers. Recently rezoned to allow for mixed use development up to 9 storeys (STCA), 41-43 Stirling Highway offers two street frontages and a plot ratio of 3.0:1.0.

For Sale: Offers Invited Closing 2pm (AWS Wednesday 8th April 2020, unless sold prio Total Land Area: 1,064m² Total Building Area: 610m² Car Bays: 20 on-site car parking bays

Individually each property comprises two-storey freehold commercial buildings with excellent exposure and natural light. Both properties enjoy access to the rear Right of Way. Rezoned to ‘Mixed Use’ R-AC1 under TPS3 by City of Nedlands Holding Income Significant redevelopment upside up to 9 storeys (STCA)

Jack Bradshaw Vincent Siciliano

0439 095 336 0488 355 535

08 9220 2200 Commercial Perth

*approx. (STCA) Subject to Council Approval

ljhcommercial.com.au

Flexible uses including Medical / Office / Retail / F&B / Residential (STCA) Corner location with 2 street frontages + R.O.W

FOR SALE

BE PART OF THE GENTRIFICATION OF STIRLING STREET, PERTH

URBAN RENEWAL DEVELOPMENT OPPORTUNITY WA, Perth: 108 Stirling Street VIEW LISTING

+ Prime central location 500 metres from the Perth CBD + 2,266sqm* significant land footprint of square dimension + Prominent frontages to Stirling and Aberdeen Streets + 1,554sqm* single level buildings plus 16 car parking bays + Potential to lease and derive meaningful holding income + 4: 1 plot ratio, with a maximum 50% bonus achievable + Development Approval for 34-storeys mixed use project comprising 157 apartments, 180 car bays, 3 ground floor commercial / small bar + Immediate access to Perth train station, bus port and freeway

FOR SALE VIA AN OFFERS TO PURCHASE CAMPAIGN CLOSING THURSDAY 2 APRIL 2PM AWST BEN YOUNGER 0410 533 679

MICHAEL MILNE 0403 466 603

Outline Indicative Only

*approx

FOR SALE

MORTGAGEE IN POSSESSION LOCAL RETAIL CENTRE SITE

2.2HA* FOOTPRINT - RETAIL | FOOD | MEDICAL WA, Perth: Dayton Boulevard Retail Centre Site VIEW LISTING

+ Gateway location to the irresistible Swan Valley - huge growth corridor + Established built-up suburban master planned estate community + 22,249sqm* total combined land area comprising 3 titles + 4 street frontages for efficient design and potential subdivision + Classified ‘Local Neighbourhood Centre’ by District Structure Plan + Versatile use potential - ideal for retail, food, medical (STCA) + Development plans for 5,615sqm* (GLAR) retail shopping centre + Mortgagee has slashed price expectations for promt sale

FOR SALE BY PUBLIC AUCTION THURSDAY 2ND APRIL 2020 AT 12PM TO BE HELD ON SITE MICHAEL MILNE 0403 466 603

BEN YOUNGER 0410 533 679

Outline Indicative Only

*approx

CORNER BLOCK WITH POTENTIAL

Nedlands, WA, 28 Kinnimont ave cnr Carrington

FOR SALE $2,000,000 • • • • •

Brett Halvorson M: 0414 75 3232 E: Bhalvorson@iinet.net.au

1012 m2 (*approx). Residential Townhouse Site Family home with development potential. Corner block, with Gracious home surrounded by large gardens and pool area. R60 Zoned Residential Development Opportunity (STCA^)

View Listing

^ Subject to Council Approval

www.bretthalvorsonassociates.com.au

*Approx.

/ AROUND THE GLOBE

INTERNATIONAL DEVELOPMENT

D E V E L O P M E N T R E A D Y. C O M . A U

117

AROUND THE GLOBE \

DUBAI

118

THE PROPERTY DEVELOPMENT REVIEW

/ AROUND THE GLOBE

DUBAI TO 3D PRINT 25PC OF BUILDINGS BY 2030 DUBAI RENEE MCKEOWN

The first fully-operational 3D-printed building opened in Dubai as the United Arab Emirates indicates plans to use this technology in a quarter of new buildings by 2030.

“We see this project as a case study that will provide valuable lessons for the entire construction industry,” Sheikh Mohammed said.

It took 17 days to print and build the “Office of the Future” a 250sq m building with flexible office space, meeting rooms, exhibition space and public cafe located at the foot of the Emirates Towers.

“It will also benefit governments around the world as they seek to better understand and take advantage of this important technology.”

The building officially nabbed the Guinness World Record for “the world’s first 3D printed commercial building” in February. The one-storey building on Sheikh Zayed Road was dwarfed by neighbouring buildings including the Burj Khalifa, officially the tallest building in the world at 163-storeys and 830 metres high since 2010. However the Dubai Creek Tower is expected to eclipse this record by 100 metres along with the $3.5 billion project to create the world’s biggest shopping mall. Related: The Top 10 Tallest Buildings of 2019 UAE prime minister Sheikh Mohammed bin Rashid Al Maktoum said the office was part of Dubai’s greater 3D printing strategy.

A 3D-printer measuring 20 feet high, 120 feet long and 40 feet wide was used to print the building. The labour cost of creating the office was cut in half compared to traditional building methods—a technician monitored the printing, then over two days the building was installed on site. The building was also created with energy efficiency in mind with digitally sculpted overhangs above the windows, LED lighting and orientation to minimise direct solar heating. The building was constructed as part of the Dubai Future Agenda with the hopes the process could be extended to other construction, real estate, consumer and medical needs.

D E V E L O P M E N T R E A D Y. C O M . A U

119

AROUND THE GLOBE \

120

THE PROPERTY DEVELOPMENT REVIEW

/ AROUND THE GLOBE

HONGKONG LAND SECURES US$4.4BN SHANGHAI SITE RENEE MCKEOWN

Hongkong Land Holdings Limited secured a US$4.4 billion (A$6.6bn) mixed-use site on the West Bund of Shanghai in a deal with the Chinese government.

Their first development in Shanghai was Parkville which opened in 2018 and the Group also had the Caohejing Project in development.

One of Asia’s largest conglomerates, Hongkong Land is developing a A-grade office, retail, residential and hotel precinct with a gross floor area of 1,087,050sq m, built across multiple stages by 2027.

This latest Shanghai project would be partially funded by pre-sales with about a quarter of the land able to be sold in accordance with the land grant.

The transaction for the 23.1 hectare site— along the Huangpu River South Extension area—is in line with the group’s strategy to acquire prime sites in key gateway cities across Asia. Hongkong Land has extensive large commercial development projects in Hong Kong, Singapore, Beijing and Jakarta.

The term of land use rights was 70 years for residential purposes, 50 years for office and 40 years for retail and hotel. Hongkong Land is a member of the Jardine Matheson Group and is listed on the London Stock Exchange with secondary listings in Bermuda and Singapore.

Related: Chinese-based Dahua Moves On $350m Sydney Masterplan

D E V E L O P M E N T R E A D Y. C O M . A U

121

CLICK HERE tp sign up and receive a printed copy of the monthly magazine d e l i v e r e d t o y o u r d o o r.

Development Ready Pty Ltd (Development Ready) is the publisher of The Property Development Review (the Publication). In preparing the Publication, Development Ready has not taken into account the individual circumstances of readers and users of the Publication and the material provided in the Publication is not intended as legal, financial or investment advice and should not be relied upon as such. Readers and users of the Publication are advised that opinions expressed throughout the Publication are those of the contributors and, unless expressly stated otherwise, have not been endorsed by Development Ready and do not necessarily reflect the views or policies of Development Ready. Development Ready does not make any representations, express or implied, as to the accuracy, timeliness or completeness of any material (including advertisements) contained in the Publication. Development Ready may use trade marks and names in the Publication with the permission of the owners, however this does not imply ownership or endorsement by Development Ready. Development Ready is not responsible for the content of any third-party websites to which links are provided in this Publication. Any links to websites are provided for the information and convenience of readers and users only. Development Ready does not endorse or control these websites and cannot guarantee that material on those sites is in all respects accurate, complete and current. Readers and users of this Publication acknowledge and agree that to the fullest extent permitted by law, Development Ready and its related bodies corporate, their directors and employees are excluded from any liability, including liability for negligence and for any loss or damage arising in connection with any reliance placed by readers and users on any material (including advertising) contained in the Publication.

“... la ricerca della bellezza come concetto fondamentale, un’opera d’arte spensierata, intelligente ed in topless ...” “... the pursuit of beauty as a fundamental concept, an unbridled work of art, intelligence and open-air passion ...” Horacio Pagani

PAGANI AUSTRALIA & NEW ZEALAND 420 Swan Street, Richmond VIC 03 8866 3133 zag.com.au LMCT9479