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The highest rainfall in the Illawarra region in NSW in 50 years, which has delayed activities at two residential projects, has contributed to Stockland issuing an earnings downgrade for the 2012 financial year.
The two projects are Brooks Reach in Dapto, comprising 618 lots, and McCauley's Beach in Thirroul, comprising about 160 lots.
The developer has cut its full-year earnings guidance from 31.6¢ earnings per share to 30.2¢ per share, a drop of 3.5%.
The decline is 50% attributed to weaker sales, 35% attributed to delays in settlements in the Illawarra projects due to rain and the balance due to lower-than-expected sales of superlots (larger lots sold off for other uses, such as lots sold to a government for a school or sold to another developer, which may choose to develop apartments).
Stockland’s announcement has prompted analysts' outlook for the residential market to weaken.
“[The downgrade] will erode any underlying hope that the residential consumer will become more active near term”, says Simon Wheatley, senior REIT analyst at Goldman Sachs, following the announcement.
Stockland shares fell 13¢, or 4.1%, following the announcement to $3.01 in early trading, making Stockland the second-worst performer among the top 200. Stockland CEO Matthew Quinn says the wet weather in the Illawarra – the wettest in 50 years –resulted in production delays and settlement delays in the two projects.
Lots in McCauley's Beach are for sale for between $400,000 and $700,000, and those in Brooks Reach (pictured below) are for sale for between $159,000 and $250,000.
<img style="border-style: initial; border-color: initial;" src="/images/stories/brooksreach.jpg">
“We thought we had factored in weather … but it’s something we will have to factor into future forecasting,” Quinn said in an analysts’ briefing following the downgrade announcement.
“We had pre-sales in place, but these will now only settle in 2013 financial year,” he says.
Furthermore, Quinn says residential lot sales are being affected by competitors cutting their prices of lots sales by between $50,000 and $70,000.
In November, <a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-takes-29-seconds-to-sell-40-illawarra-lots-in-online-blitz/2011110352211">Stockland heralded the sale of 40 Brooks Reach lots in just 29 seconds</a> in an online sale, with lots ranging in size from 550 square metres to 700 square metres and priced around the low- to mid-$200,000 range. They were sold online to avoid potential buyers camping out to secure a lot and were part of a batch of 70 sold in the first week after the project’s launch.
A spokesperson for Stockland says settlement of some of these online sales might have been delayed as consequence of the weather.
Quinn says the downward shift in market sentiment followed <a target="_blank" href="/news">interest rate increases by the banks</a> as well as other localised factors such as a “marked shift” in Queensland sentiment ahead of the recent election.
“Queensland demand has been quite soft due to people being frustrated… Queensland needs an injection of activity,” he says. 
Quinn says sales were strong in January and February but there had been a degree of softness in March sales, “ based on wet weather and softness to continue for rest of financial year”.
"National dwelling approvals are running well below historical trend, and we expect the residential market to find a floor in the next six to 12 months," he said in an earlier statement.
Quinn also highlights the market’s sensitivity to interest rates.
“Unfortunately the residential market has deteriorated since banks lifted interest rates independent of the RBA, and March sales have been lower than expected. The revised guidance assumes sales will continue to be slow for the balance of the financial year,” he says.
“If the RBA were to cut rates and the banks passed this on it would spur people on and give a kicker to confidence.
“But realistically when it comes through it is unlikely increase sales for this financial year, but only impact on next financial year,” says Quinn.
 
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lschlesinger-FZcF9M3vE6

Stockland downgrades earnings as wet weather delays Illawarra residential projects

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Surrounded by misty green mountains and quaint Victorian-era shopping streets, the west coast Tasmanian town of Queenstown is the cheapest locality on a list of 601 hotspots named by Smart Investor magazine.
The hotspot list is based on those suburbs where dwelling prices appreciated the greatest over the 12 months to December 2011.
Houses in the Tassie town can be snapped up for less than a 20% deposit on a house in any of the mainland capital cities.
Queenstown has a median house price of just $89,500, making it the least expensive of all 601 localities featured on the Smart Investor “Top Suburbs” list.
The median house price in the former turn-of-the-20th-century mining town is nearly $40,000 cheaper than the next cheapest place on the list, remote Broken Hill, which has a median house of $127,500.
Investors can expect more than 4% capital appreciation in 2012 and a gross rental yield of 8.2%, the highest income return of the 12 cheapest locations on the list.
Currently up for sale in Queenstown is this 1935 two-bedroom miners’ cottage on Hunter Street (below), listed by Wendy van Balen from Roberts Real Estate West Coast with a $52,000 price tag.
It last sold for just $1,800 in 1992 and is currently rented at $140 per week.
At the asking price and current rent, this would equate to a yield of nearly 14%.
<img src="/images/stories/queens1.jpg" width="470">
On Jankins Street, this three-bedroom wood panel house (below) built in 1957 is up for sale at just below the median Queenstown price at $89,000. Listed by Bradlee Martin from Roberts Real Estate West Coast, it last sold in 2003 for $40,500.
<img src="/images/stories/queens2.jpg" width="470">
Grant Innes from Emu Bay Real Estate is selling this freshly painted three-bedroom house on two titles featuring a large wooden deck for barbecues (below). It is on the market for $85,000 and is currently tenanted at $150 per week, equating to a yield of 9.2%.
<img src="/images/stories/queens4.jpg" width="470">
The house sold for $90,000 in 2008.
Broken Hill is the only NSW town on the list of cheapest investment hotspots, with the remaining 10 localities made up of country locations in Victoria, Tasmania and South Australia.
The 12 cheapest investment hotspots
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="97">
Suburb
</td>
<td valign="top" width="91">
State
</td>
<td valign="top" width="90">
Distance from capital city
</td>
<td valign="top" width="88">
Median price
</td>
<td valign="top" width="88">
Median weekly rent
</td>
<td valign="top" width="81">
12-month price growth forecast 
</td>
<td valign="top" width="81">
Gross rental yield 
</td>
</tr>
<tr>
<td valign="top" width="97">
Queenstown houses
</td>
<td valign="top" width="91">
Tasmania
</td>
<td valign="top" width="90">
260 kms
(Hobart)
</td>
<td valign="top" width="88">
$89,500
</td>
<td valign="top" width="88">
$150
</td>
<td valign="top" width="81">
4% plus
</td>
<td valign="top" width="81">
8.2%
</td>
</tr>
<tr>
<td valign="top" width="97">
Broken Hill houses
</td>
<td valign="top" width="91">
NSW
</td>
<td valign="top" width="90">
511 kms (Adelaide)
</td>
<td valign="top" width="88">
$127,500
</td>
<td valign="top" width="88">
$200
</td>
<td valign="top" width="81">
4%
</td>
<td valign="top" width="81">
7.5%
</td>
</tr>
<tr>
<td valign="top" width="97">
Mt Gambier units
</td>
<td valign="top" width="91">
SA
</td>
<td valign="top" width="90">
435 kms
(Adelaide)
</td>
<td valign="top" width="88">
$149,500
</td>
<td valign="top" width="88">
$178
</td>
<td valign="top" width="81">
-1%
</td>
<td valign="top" width="81">
5.2%
</td>
</tr>
<tr>
<td valign="top" width="97">
Whyalla Norrie units
</td>
<td valign="top" width="91">
SA
</td>
<td valign="top" width="90">
383 kms
(Adelaide)
</td>
<td valign="top" width="88">
$153,000
</td>
<td valign="top" width="88">
$185
</td>
<td valign="top" width="81">
1%
</td>
<td valign="top" width="81">
5.3%
</td>
</tr>
<tr>
<td valign="top" width="97">
Moe houses
</td>
<td valign="top" width="91">
Victoria
</td>
<td valign="top" width="90">
135 kms
(Melbourne)
</td>
<td valign="top" width="88">
$160,000
</td>
<td valign="top" width="88">
$190
</td>
<td valign="top" width="81">
1%
</td>
<td valign="top" width="81">
6.7%
</td>
</tr>
<tr>
<td valign="top" width="97">
Ravenswood
</td>
<td valign="top" width="91">
Tasmania
</td>
<td valign="top" width="90">
204 kms
(Hobart)
</td>
<td valign="top" width="88">
$163,500
</td>
<td valign="top" width="88">
$200
</td>
<td valign="top" width="81">
4%
</td>
<td valign="top" width="81">
6.4%
</td>
</tr>
<tr>
<td valign="top" width="97">
Morwell houses
</td>
<td valign="top" width="91">
Victoria
</td>
<td valign="top" width="90">
150kms
(Melbourne)
</td>
<td valign="top" width="88">
$165,000
</td>
<td valign="top" width="88">
$180
</td>
<td valign="top" width="81">
2%
</td>
<td valign="top" width="81">
6.8%
</td>
</tr>
<tr>
<td valign="top" width="97">
Red Cliffs houses
</td>
<td valign="top" width="91">
Victoria
</td>
<td valign="top" width="90">
527 kms
(Melbourne)
</td>
<td valign="top" width="88">
$173,500
</td>
<td valign="top" width="88">
$180
</td>
<td valign="top" width="81">
4%
</td>
<td valign="top" width="81">
7.9%
</td>
</tr>
<tr>
<td valign="top" width="97">
Bridgewater houses
</td>
<td valign="top" width="91">
Tasmania
</td>
<td valign="top" width="90">
178 kms
(Melbourne)
</td>
<td valign="top" width="88">
$177,000
</td>
<td valign="top" width="88">
$245
</td>
<td valign="top" width="81">
3%
</td>
<td valign="top" width="81">
7.3%
</td>
</tr>
<tr>
<td valign="top" width="97">
Renmark houses
</td>
<td valign="top" width="91">
SA
</td>
<td valign="top" width="90">
251 kms
(Adelaide)
</td>
<td valign="top" width="88">
$180,000
</td>
<td valign="top" width="88">
$185
</td>
<td valign="top" width="81">
3%
</td>
<td valign="top" width="81">
5.4%
</td>
</tr>
<tr>
<td valign="top" width="97">
George Town houses
</td>
<td valign="top" width="91">
Tasmania
</td>
<td valign="top" width="90">
250 kms
(Hobart)
</td>
<td valign="top" width="88">
$184,500
</td>
<td valign="top" width="88">
$200
</td>
<td valign="top" width="81">
2%
</td>
<td valign="top" width="81">
5.2%
</td>
</tr>
<tr>
<td valign="top" width="97">
Maryborough houses
</td>
<td valign="top" width="91">
Victoria
</td>
<td valign="top" width="90">
168 kms
(Melbourne)
</td>
<td valign="top" width="88">
$185,000
</td>
<td valign="top" width="88">
$230
</td>
<td valign="top" width="81">
4%
</td>
<td valign="top" width="81">
6.5%
</td>
</tr>
</tbody></table>
Source: Smart Investor magazine
 
 
 
 
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Queenstown in Tasmania cheapest of 601 hotspots

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The general consensus is that there is an oversupply of apartments in Melbourne.

According to figures from the Victorian Building Commission, there was a 42% jump in apartment building permits in 2011, so the oversupply problem is not likely to go away in 2012. 

Valuation firm WBP believes established apartments within 15 kilometres of the CBD offer the best prospects in 2012 while new apartments further out are expected to decline in value due to oversupply.
Click to enlarge
<a href="/images/stories/clockmelbourneunits.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/clockmelbourneunitsthumb.jpg"></a>
Time: 4.30
Michael Yardney highlights the oversupply of inner-city and CBD apartments, with more being completed in the next few years. 

“This is occurring at a time when there is less demand from the demographic of tenants that rent in the CBD. This will put downward pressure on prices and rentals,” he says.

“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors. Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price.”

Yardney expects there will be an oversupply of inner-CBD and near-CBD apartments in Melbourne for a few years, causing prices to fall slightly.
Population: 4.1 million  
Median unit price: $416,000 
Unit price growth in February 2012: 0.8% 
Annual unit price growth to December 2011: -3.6% 
Annual unit price growth to July 2011: -2% 
Rental yield: 4.3%
To find out where your capital city sits on the property clock, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-autumn-2012-property-clock">download our free eBook. </a>
 
 
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Melbourne unit market at 4.30 in its cycle and not yet bottomed out: Experts

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Melbourne’s housing market was one of the worst-performing markets in 2011, with the pace of capital decline picking up in the second half of the year.

According to Michael Yardney, different segments of the Melbourne housing market are at different stages of the property cycle.

“The top end of the market is at three o’clock, with an oversupply of property relative to the reduced demand for luxury property,” he says.

“There is more demand for properties in the middle end of the market – but there is still an oversupply of properties relative to demand. 

“Builders and developers have got ahead of themselves, and there is an oversupply of newly built house-and-land packages in the outer suburbs. This will create downward pressure on property values in these locations,” he says.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/clockmelbournehouses.jpg"><img src="/images/stories/clockmelbournehousesthumb.jpg"></a>
Time: 4.30
SQM Research’s Louis Christopher forecasts no real recovery in the Melbourne market until the third or fourth quarter of 2012, and he expects that any recovery will be modest.

Charles Tarbey is more bullish and says the Melbourne house market is close to bottoming out, with supply diminishing.

“As this happens Melburnians will become more excited about the residential property market,” he says.

WBP says established houses within 15 kilometres of the CBD have bottomed out while values for new houses further out will decline further.

“We expect activity in the established housing sector to improve in the first half of 2012. However, there is still an oversupply of new houses, which will see this market slightly under-perform in 2012,” WBP says.
Population: 4.1 million  
Median house price: $500,000 
House price growth in February 2012: 2% 
Annual house price growth to December 2011: -6.8% 
Annual house price growth to July 2011: -5% 
Rental yield: 3.5%
To find out where your capital city sits on the property clock, <a href="http://propertyobserver.com.au/ebooks/free-ebook-australias-autumn-2012-property-clock" target="_blank">download our free eBook.</a>
 
 
 
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Melbourne house prices at 4.30 in their cycle. with prices still falling: Experts

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Unlisted property investments are delivering better returns than both Australian and overseas equities in superannuation fund portfolios, a new APRA working paper shows.
The following graph compares the total return of various asset classes between June 2004 and June 2010 and clearly shows that better recent performance and upward trajectory of unlisted property investments compared with equities, which have declined sharply since early 2010.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/apramarch27.gif"><img src="/images/stories/apramarch27thumb.gif"></a>
The graph is part of a working paper titled “Effect of fund size on the performance of Australian superannuation funds” written by Dr James Richard Cummings, senior research analyst at APRA.
 
 
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Property periodically outperforming shares in super fund portfolios between 2004 and 2010: APRA

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The auction clearance rate improved slightly in both Sydney and Melbourne over the weekend ahead of next weekend’s pre-Easter super Saturday weekend.
Melbourne achieved a clearance rate of 61% over the weekend, compared with 59% last weekend and 59% over the same weekend in 2011.
“The level of demand this weekend is consistent with the performance of the market over the last two months and provides an indication about how it will perform over the winter months,” says Enzo Raimondo, CEO of the Real Estate Institute of Victoria. “From the perspective of auction volumes this fortnight marks the high point for the market this year, with around 1,870 homes expected to be offered for sale,” he says.
Next weekend 1,050 auctions are expected in Melbourne. The following weekend has only 40 auctions scheduled due to the Easter holiday.
St Kilda, the busiest suburb this past weekend with 17 auctions came close to matching the Melbourne average, with a 59% clearance rate. Eight properties sold at auction and two sold ahead of auction, with the most expensive being a four-bedroom unit on Marine Parade that sold for $625,000.
There were fewer buyers willing to meet the reserve price in Richmond, the second busiest Melbourne suburb of the weekend. It managed a clearance rate of just 43%, with six sold and eight passed in. The most expensive property was a four-bedroom house on Griffiths Street that sold for $1.08 million through Biggins Scott.
Kieran Whaley, director of Barry Plant Ivanhoe and Rosanna, tweeted that his team had sold four out of five properties on Saturday, with “all smashing reserves”.
The Melbourne property market performed dependably for yet another week, notes WBP Property Advisory.

“These results are consistent with recent weeks where quality real estate continues to transact because of strong demand and average properties demonstrate difficulty in attracting buyers, resulting in increased pressure on vendors to reduce asking prices. “This provides a level of predictability and greater certainty regarding price expectations for buyers and sellers,” WBP’s Greville Pabst says.
Sydney’s auction clearance rate improved to 60.3% over the weekend, with 205 properties sold out of 302 auctions. This is up from 56.4% last weekend and slightly up on the 59.6% achieved for the same weekend last year.
The top sale of the weekend was a four-bedroom house on Goodhope Street in Paddington that sold for $4.9 million through McGrath Edgecliff.
The median auction price for houses was $845,000 and $580,000 for units.
Cooley Auctions managed a 52% success rate in Sydney, with 26 out of 50 properties selling over the weekend.
Cooley’s most notable sale was a one-bedroom apartment in Circular Quay with “breathtaking views over Sydney Harbour Bridge” that sold for $1.5 million through Morton &amp; Morton.
Stephen Nell, chief executive of Ray White NSW, tweeted the success of Ray White Castle Hill, which sold three out of a five properties.
 
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Auction clearance rate picks up in Sydney and Melbourne ahead of pre-Easter super Saturday

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The higher numbers of Australians heading overseas on holiday and doing their shopping there is having a more damaging effect on the retail sector than online shopping, according to BIS Shrapnel managing director Robert Mellor. 
Mellor said internet shopping was an important factor in the current challenges facing retail, but stressed that the “lost dollars” from people travelling and spending overseas was a “more critical factor” in the current soft market during an address in Melbourne recently. 
According to the Australian Bureau of Statistics, the number of Australians travelling abroad rose to 7.8 million in 2011, and Australians took nearly 2 million more overseas trips in 2011 than they did in 2010. 
A survey released by Roy Morgan in October last year showed that overseas travel intentions are at their highest point in five years, with one in 10 Australians planning to go abroad in 2012.
BIS Shrapnel is forecasting a stabilisation in retail construction in 2012-13 with building commencements rising 7% to $4.65 billion in 2012-13 following a contraction of 11% to $4.35 billion in 2011-12.
Click to enlarge
<a href="/images/stories/bismarch26.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/bismarch26thumb.gif"></a>
“[Retail property investors] have been cautious due to the current softness in retail sales growth,” Mellor says. 
“We won’t see a surge in investment but a stabilisation,” he says. 
BIS Shrapnel chief economist Frank Gelber says speciality stores, which provide retail landlords with their “bread and butter” rents, are doing it tough at the moment. 
“We have actually seen a lot of people walking away from their leases and not renew them for the first time in a very long time. 
“Some of it is cyclical and some is structural due to the consequences of online shopping and more Australians spending their money overseas than here,” Gelber says. 
The latest March BIS Shrapnel bulletin notes that the retail sector has a struggled since early 2011, with a relatively sharp slowdown in the rate of retail turnover growth. 
“This weakness reflects a range of interconnected factors, most significantly the loss of government stimulus, a weakened and volatile economy and a high Australia dollar which is intensifying overseas online shopping competition,” says the BIS Shrapnel March 2012 Building Industry Prospects report. 
The research firm expects consumer confidence to gradually improve over 2012, which will flow into retail sales. 
“With no fundamental oversupply of retail space, improving confidence will aid investment decisions, particularly for larger retail centres. Bulky good related construction is expected to persist at a high level,” says BIS Shrapnel in its March outlook bulletin. 
According BIS Shrapnel, the 2011-12 result would be weaker, if not for the commencement of high-end developments such as the $200 million Indooroopilly Shopping Centre expansion in Brisbane and $400 million Melbourne Emporium project. 
“Also, despite the weakness, a number of major retailers have pushed forward with aggressive expansion plans including ALDI, Woolworths (especially with new Masters hardware chain), Westfarmers (Coles) and Costco. As a result, bulky good and to a lesser degree smaller neighbourhood shopping centre retail construction has performed strongly. 
“Conditions in the retail sector are expected to gradually improve into 2012-13, which is expected to flow into warehouse space requirements and improved business confidence. Activity is still heavily reliant on pre-commitments with limited speculative development evident, and this is expected to continue,” the report says. 
“The strongest market through to 2012-13 is forecast to be NSW, with the value of building works set to expand by 27%.” 
BIS Shrapnel notes there are “quite a number of shopping centre redevelopments proposed in Sydney, and as trading conditions improve, one or two of these is anticipated to commence”. 
Currently the two biggest retail projects are both being undertaken by Stockland – the $130 million redevelopment of Merrylands (stage 3 and 4) in Western Sydney and the $180 million redevelopment of the Shellharbour Retail Centre near Wollongong. 
There is also expected to be a strong 17% surge in retail construction in WA in 2012-13, with the  strength of the state economy continuing to support investment “as excess capacity is quickly absorbed”. 
“Strong population and wage growth will result in solid retail spending growth, supporting investment in retail building,” says BIS Shrapnel. 
In Victoria, retail construction is expected to fall modestly in 2011-12 (-4%) even with construction of the $400 million Melbourne Emporium development now underway. 
In Queensland, with retail construction already at a high base and the $200 million Indooroopilly Shopping Centre Expansion the only major project expected to commence in 2011-12 in Queensland, retail building is forecast to contract by 30%.
 
 
 
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Overseas travel more damaging than online shopping to Australian retail: BIS Shrapnel

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Department store group David Jones endured a lacklustre six months of retail trading, reporting 20% drop in interim profits and a 6.7% drop in sales for the six months to January 29, 2012 compared with the same period in 2011.
The retailer occupies prime space in some of Australia’s biggest shopping centres, and its performance will be closely monitored by retail property investors and landlords.
These are the numbers you need to know:
<img src="/images/stories/36star.gif">
The number of David Jones department stores in Australia
 
<hr>
 
<img src="/images/stories/34.gif">
The number of store premises David Jones rents from retail landlords
 
<hr>
 
<img src="/images/stories/2.gif">
The number of store premises owned by David Jones – Elizabeth Street (Sydney) and Bourke Street Mall (Melbourne)
 
<hr>
 
 
<img src="/images/stories/462point5.gif">
The total value of land, building and integral plant facilities owned by David Jones
 
<hr>
 
 <img src="/images/stories/1point01b.gif">
The total value of sales achieved by David Jones during the first half of the 2012 financial year, compared with $1.08 billion in previous corresponding period.
 
<hr>
 
 
<img src="/images/stories/6.gif">
The number of DJ stores in the development pipeline.  Of these two are under construction: Highpoint (Melbourne), which is scheduled to open in the first quarter of 2013, and Indooroopilly (Brisbane), which is scheduled to open in the first quarter of 2014. There are four where DJs has signed  “agreements to lease”: Macquarie (NSW), Whitford (WA), Pacific Fair (south-east Queensland) and Sunshine Plaza (south-east Queensland)
 
<hr>
<img src="/images/stories/40m.gif">
The forecasted annual sales revenue for David Jones Indooroopilly in its first year of operation in 2014
 
<hr>
 
<img src="/images/stories/42000sqm.gif">
The gross lettable area of David Jones stores in the development pipeline, the biggest being Pacific Square at 14,500 square metres
 
<hr>
<img src="/images/stories/93point4m.gif">
DJ’s lease and occupancy expenses for the six months to January 29 2012
 
<hr>
 
<img src="/images/stories/5point7percent.gif">
The increase in DJ’s lease and occupancy expenses for the six months to January 29, 2012 compared with the previous corresponding period
 
<hr>
 
<img src="/images/stories/15.gif">
The number of David Jones department stores in NSW. These are Elizabeth Street, Sydney; Chatswood Chase; Newcastle; Market Street, Sydney; Hornsby, Parramatta, Bondi Junction, Kotara, Tuggerah, Burwood, Macarthur Square, Warringah Mall, Castle Towers, Miranda, Wollongong
 
<hr>
<img src="/images/stories/7n.gif">
The number of DJ department stores in Queensland. These are <a href="https://www.davidjones.com.au/stores/Queens-Plaza">Queens Plaza</a>; <a href="https://www.davidjones.com.au/stores/Garden-City-QLD">Garden City (QLD</a>); <a href="https://www.davidjones.com.au/stores/Carindale">Carindale</a>; <a href="https://www.davidjones.com.au/stores/Robina-Town-Centre">Robina Town Centre</a>; <a href="https://www.davidjones.com.au/stores/Toowong-Village">Toowong Village</a> and <a href="https://www.davidjones.com.au/stores/Chermside">Chermside</a>
 
<hr>
<img src="/images/stories/5.gif">
The number of David Jones department stores in Melbourne. These are <a href="https://www.davidjones.com.au/stores/Bourke-Street-Mall">Bourke Street Mall</a>; <a href="https://www.davidjones.com.au/stores/Doncaster">Doncaster</a>; <a href="https://www.davidjones.com.au/stores/Southland">Southland</a>; <a href="https://www.davidjones.com.au/stores/Chadstone">Chadstone</a> and <a href="https://www.davidjones.com.au/stores/Glen-Waverley">Glen Waverley</a>
 
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<img src="/images/stories/4.gif">
The number of David Jones department stores in Western Australia. These are <a href="https://www.davidjones.com.au/stores/Hay-Street-Mall">Hay Street Mall</a>; <a href="https://www.davidjones.com.au/stores/Garden-City-WA">Garden City (WA</a>); <a href="https://www.davidjones.com.au/stores/Karrinyup">Karrinyup</a> and <a href="https://www.davidjones.com.au/stores/Claremont-Quarter">Claremont Quarter</a>
 
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<img src="/images/stories/3.gif">
The number of David Jones department stores in South Australia. These are Adelaide Central Plaza; Marion and West Lakes
 
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<img src="/images/stories/2.gif">
The number of David Jones department stores in South Australia. These are Canberra Centre and Woden
 
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<img src="/images/stories/2.gif"> 
The number of DJ “rack” discounted clearance stores. These are David Jones Warehouse - Birkenhead Point (Sydney) and David Jones Warehouse Harbour Town (Gold Coast)
 
*David Jones says it has 36 department stores but only lists 35 on its store locator website. Property Observer is awaiting clarification from David Jones.
Photograph courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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David Jones retailing and property by the numbers

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Residential property developers will continue to have to pay a premium and achieve high off-the-plan presales to access the funding required to build their projects, according to the Commonwealth Bank.
Commonwealth Bank chief credit officer Ross Griffiths says banks continue to look for pre-sales of 100% “or even more in some cases” before considering providing financing.
In its March 2012 property outlook report, BIS Shrapnel noted that majority of developers and purchasers chose to remain on the sidelines in the uncertain economic climate in the past financial year. 
“The uncertain economic environment continues to place financing constraints on developers, with high levels of pre-commitments still necessary to secure funding in many instances.
“Whilst this is less evident for the larger developers who are able to borrow on a corporate basis as opposed to a project-by-project basis or even finance their projects in-house, speculative development by smaller developers has been much harder hit,” says BIS Shrapnel.
The major banks have taken over as financiers of residential developments after the withdrawal of non-banks and foreign lenders due to the high cost and high risk of funding property developments.
In addition to the requirement that they sell out their developments, property developers are also being asked to provide multimillion-dollar deposits ranging from 20% to 30% of the project cost.
According to Griffiths, borrowing costs will remain high amid the volatile economic environment and tougher regulatory requirements under Basel II and even tighter requirements under future Basel III rules.
“Unless the global markets become awash with funds,” there would be no improvement to the funding problems afflicting much of the property sector,” Griffiths said at The Australian Financial Review Commercial Property Conference last week.
Griffiths says banks are holding cash of $110 billion, on which they are making “little or no margin”.
“So the cost of our funding, if we are not able to lend it out, is much higher. We have that extra liquidity sitting there earning nothing just to make sure we can continue to lend ourselves.”
Griffiths says banks are providing funding at 200 to 300 basis points above the cash rate.
At the same time as Griffith has warned that lending rates will remain high, ANZ boss Mike Smith has been in Hong Kong reassuring Asian investors about the overall health of the Australian housing market.
In his presentation Smith highlighted that Australian households remain well-placed to service their mortgages.
He also sketched out the differences between the Australian market and the US market such as the fact that all mortgage lending is full recourse with loan-to-valuation ratios averaging less than 50%.
Figures released by RP Data show for the December 2011 quarter show that 6.4% of Australian homes were valued at less than their purchase price up from 4.9% in negative equity in the previous September quarter.
 
 
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Borrowing terms to remain harshest for residential developers until global situation improves: CBA head of credit

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The Australian housing market has already enduring the ultimate test and is sturdy enough to sustain the current market pressures, says Commonwealth Bank chief economist Michael Blythe.

He says the Australian housing market went through “ultimate test” a few years ago in the wake of GFC and “came out the other side in relatively good shape”.

“That’s probably the best indication that we’ve not got a genuine bubble as we know them from historical experience.

“As an economist, I have to believe in the laws of supply and demand, and supply and demand in the Australian housing market is in a position to at least keep a floor under prices,” Blythe said as part of a panel discussion at the recent Australian Banking and Finance Mortgage Innovation Forum in Sydney 

According to Blythe, talk of housing bubbles is nothing new and particularly comes up at times when the market is under pressure.

He says talk of an Australian housing bubble dates back to 2004.

“It’s been a persistent theme and a persistent question we get from clients, particularly from those offshore,” he said.
 
 
 
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Australian housing market sturdy and there is no bubble: CommBank’s Michael Blythe 

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Larry Schlesinger

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