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An iconic building which was home to retailer Walton’s in Brisbane’s Fortitude Valley has been listed. 
The former Waltons department store building, which closed down in 1987, has been owned by investment company Mount Cathy Pty Ltd.
The property is being marketed by Knight Frank’s Christian Sandstrom, Justin Bond and Dominic Ong, along with Glenn Gracie of Glenn Gracie Real Estate.
Sandstrom said the property is likely to attract interest from both local and offshore investors as well as developers.
“The property could suit a large cross-section of buyers looking to undertake a substantial refurbishment for re-adaptive use.
“Alternatively under the local plan a substantial mixed use development including retail, residential or commercial of the site is allowable (STCA), which would incorporate the heritage elements of the existing buildings.”
The property has a site area of 3,489 sqm with frontages to both Wickham and Brunswick Streets.
It has an entry to the Fortitude Valley train station and adjoins the proposed $500 million redevelopment of the Valley Metro Centre.
“The property is improved by a number of classical well-constructed buildings and is well-known as the Walton’s building, which was home to one of Brisbane’s largest retailers Walton’s Limited,” Bond said.
“Similar to the recent investment trends, Fortitude Valley has experienced increased institutional foreign investment from the US, UK, South Korea, Hong Kong and China.”
The property is being sold through an international expressions of interest campaign expected to start in four weeks.
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prateek24-ezbwHMbNAk

Former Walton’s building in Brisbane’s Fortitude Valley up for sale

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ABC’s latest Four Corners program that examined the widespread use of flammable aluminium cladding on potentially thousands of Australian buildings has evoked strong responses from the strata management community.
The devastating Grenfell Tower fire in London, which claimed about 80 lives, brought into focus the flammable aluminium cladding used in buildings for decades in Australia. 
The show, titled Combustible, was reported by Debbie Whitmont and presented by Sarah Ferguson.
The Four Corners investigation revealed that some international manufacturers and their Australian suppliers knew the risks of using PE cladding on high-rise buildings, but put cutting costs over safety and continued importing the flammable material because of ambiguous regulation.
A preliminary audit in NSW has identified 1,011 buildings that require investigation. The number across Australia would go into thousands.
Leading strata management body, Strata Community Australia, says tens of thousands of apartment owners Australia wide are unfairly facing the prospect of a multi-million dollar bill to fix buildings impacted by flammable cladding.
“Our fear is that tens of thousands of apartment owners around the country, could be left to face this serious safety threat alone, and we want to see Federal Government intervention ASAP,”  said a SCA spokesperson.
And it’s not just residential buildings, even hospitals, shopping centres and commercial buildings, have been built with flammable aluminium cladding.
“Last week the Federal Government announced that it will not consider tougher screening measures at the border to stop unsafe building materials, and lieu of this decision, we want to hear from the Prime Minister on what action his government will be considering,” said the SCA media release.
SCA is the top industry body for Body Corporate and Community Title Management in Australia &amp; New Zealand that manages a combined property portfolio of more than $1.2 trillion.
Meanwhile, developers’ body, Master Builders, has sought to reach out to address the problem and said people must have faith in their work. 
“Master Builders and its 33,000 members want the community to have faith in the safety of our built environment,” Denita Wawn, CEO of Master Builders Australia said in a media response.
“It’s completely understandable that fires at the Grenfell Tower in the UK and the Lacrosse building in Victoria have highlighted the importance of a regulatory system that has the confidence of both the community and the building industry,” she said.
“As Master Builders has consistently said, the challenge is to make more effective the extensive and robust regulatory regime that ensures the safe use of building products,” Denita Wawn said.
She said that this was mainly the responsibility of government, but requires the combined effort from all those in the building and construction supply chain.
“A National Taskforce established by Master Builders and comprised of experts from across Australia is progressing policy reforms that support quality and safety of our homes, workplaces, hospitals and other public buildings,” Denita Wawn said.
“Master Builders has been calling for a range of reforms that applies to the whole building supply chain. This includes the need for a centrally administered building product certification system with clear, accessible information and improved rigor and enforcement of the current regulations,” she said.
“Ensuring that everyone in the construction chain – manufacturers, designers, importers, wholesalers, regulators and builders - has access to clear, consistent and readily available (and reliable) information about building products will assist to reduce the incidence of them being used in a non-compliant way.”
She cited government efforts so far that include draft amendments to the National Construction Code around fire safety and the online information hub established by the Australian Building Codes Board.
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Strata body calls for federal action to fix cladding issue in Four Corners aftermath

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Commercial property sector returns and capital growth eased in the year to June from the previous year, recent figures from the Property Council/IPD Australian All Property Index, released by MSCI, show.
Leading index provider and analytics firm MSCI Inc. recorded an annual 11.9% total return for Australian property to June 2017,  a step down from 13.4% in June 2016. 
While the number indicates that the commercial property market is still strong, it has stabilised in recent quarters, according to a media release.
The index covers 1396 assets across all the sectors of office towers, shopping centres, industrial property, healthcare and hotels.
That the market had cooled off slightly, was evident from the drop in both income return (down from 5.6% to 5.0%) and capital growth (6.6% to 5.6%) between June 2016 to June 2017. 
However, office markets outperformed, driven by strong capital growth in Sydney (10.9%) and Melbourne (5.8%).  Perth continued to soften, with negative annual capital growth of -2.7%, but Brisbane showed positive growth of 1.9% in the office sector. 
MSCI also noted that “strong market movements in Sydney office rents have not translated into higher income returns for investors as capital growth has continued to outpace income growth”. 
Valuations are however clearly reflecting changing rental assumptions, it added. 
Summing it up, Mitchell McCallum, vice-president for MSCI, said the results show that “markets have stabilised in recent quarters, although we continue to see strong growth, especially in the non-core sectors, with Healthcare showing a record annual total return of 25.1%”.
“The limited scale that the non-core sectors currently offer in Australia has contributed to the interest we are now seeing in the build-to-rent sector as a viable option,” said McCallum. 
MSCI’s global property database illustrates that this is not a new idea, as it is a substantial sector in other global markets, making up 50% of MSCI’s national database in the Netherlands, 23% in the US and 6% in the UK, to highlight a few. The lower yields have generally been offset by a strong capital growth profile. Over 14 years the residential sector has recorded a 7% total return on average across global markets, added McCallum.
Other highlights from the index:
<ul>
<li>Super and major Regional Shopping Centres were the only retail sub-sector with a higher return than for June 2016, with some of the largest shopping centres changing hands over the past year. </li>
<li>The Hotels and Healthcare segments were still performing very strongly, showing total returns of 22.8% and 25.1% respectively. </li>
<li>As tightening cap rates and lack of stock have fueled demand for other none core property options, build-to-rent has seen a major surge in Australia. </li>
</ul>
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Australian commercial property market stabilising after strong growth: MSCI

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Property developer Mirvac has acquired two new residential development sites in Brisbane.
Its $18.6 million outlay is part of its efforts to increase its footprint in Queensland.
The developer recently settled a site in Arana Hills site (above) on Plucks Road for $5.35 million.
The deal was negotiated by Colliers International's Adam Rubie and Brendan Hogan.
Earlier this year, the listed property group acquired a six-hectare parcel at Ashmore Street in Everton Park for $13.25 million, in a deal brokered by Ray White's Matthew Fritzsche and Andrew Burke.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/01/EvertonPark.jpg" alt="">
It is in the process of obtaining development approval for the sites which will together deliver about 220 new homes.
At the Arana Hills development, Mirvac plans 77 three and four bedroom townhomes along with three homesites at Arana Hills. The leafy development will boast elevated aspects to nearby green corridors, and a recreation area with a pool.
The planned development at Everton Park will feature 139 lots, including 54 homesites and 85 three and four-bedroom townhomes.
The proposal also includes exclusive resident facilities with a pool and recreation centre and the retention and restoration of a heritage Queensland home, located at the community's entrance.
Mirvac Queensland Residential general manager, Warwick Bible, said the proposed projects at Arana Hills and Everton Park complemented Mirvac's fast-growing portfolio of residential communities in Queensland.
"We are actively pursuing opportunities and progressing projects in key growth precincts across south-east Queensland and see Brisbane's middle suburban ring as a prime location," he said.
"Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year (2016), with all 56 homes purchased within 18 months,” he added.
"Demand for homesites and townhomes in this precinct remains extremely strong and we believe these planned new developments will also be well received."
Launches are expected in 2018, pending approval from the Council.
Bible said the proposed projects continue Mirvac's vision for Brisbane's middle suburban ring, with the developer moving forward with plans for a 133-homesite community on a site at Rochedale, which it acquired earlier this year.
The announcement of the new projects also comes on the back of the developer receiving state government approval for a new community at Greenbank in the Greater Flagstone Priority Development Area.  
Located about 30 kilometres south-west of the Brisbane CBD, Mirvac will deliver approximately 3,300 residential homesites and community facilities including a state primary school, neighbourhood retail centre and community health centre on the Greenbank site.
The launch is expected in 2018.
While Mirvac gears up to launch the new projects in 2018, it is also continuing to deliver its well-established Gainsborough Greens community at Pimpama, in the corridor between Brisbane and the Gold Coast.
Bible said Gainsborough Greens was one of the fastest-selling projects in Queensland, with 307 lots totalling over $75 million settled since January.
Mirvac said it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The developer’s 3,311 lot settlements was 17 per cent higher than last year. It secured $2.7 billion in residential pre-sales.
 
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Mirvac buys two Brisbane development sites for $18.6 million

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Mirvac will launch the second building at its Sydney Olympic Park development, Pavilions, in September and is targeted towards first home home buyers.
In February, Mirvac announced The Right Start initiative — where first home buyers get the first pick of apartments —  at the launch of the first stage of Pavilions. 
The scheme also offers a lower deposit and assists with the process of buying off-the-plan.
Mirvac said more than one-third of the total 69 apartments in the new building release, Verde, will be reserved for first home buyers and priced below $650,000 to qualify for full stamp duty exemption with around a dozen under $600,000, meeting the criteria for the state government’s $10,000 first home owners’ grant. 
First home buyers will be able to exchange on a 5 per cent deposit and pay the remaining 5 per cent in two annual instalments.
The 12-level Verde building will comprise one, two and three bedroom apartments from $595,000. Two and three bedroom split level terraces start from $1.39 million and have their own street entry. 
Mirvac general Manager NSW Residential, Toby Long, said the successful launch of Pavilions showed demand coming from a diverse range of buyers from all over Sydney with a greater proportion of first home owners.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/28/Pavilions2.jpg" alt="">
“The Right Start lowered the deposit hurdle to get into the market allowing 55 people who had been locked out of the market to realise their dream of moving out of home or making the transition from renter to home owner,” said Long.
“That was a fantastic result and we believe first home buyers will find the boutique nature of Verde in a premium development appealing.”
Currently, more than 80 per cent of the released apartments have sold.
Mirvac recently said during its earnings announcement that it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The development falls in the area for which the NSW government has earmarked $10 billion for infrastructure spending, including a station on the proposed Parramatta to Sydney Metro line.
“We have a long and proud history in this area and buyers are familiar with our completed projects at nearby Rhodes Waterside, Newington and Cabarita,” said Long.
Mirvac built the Athletes Village before the Sydney 2000 Olympics.
Long said the terraces added a new dimension to living at Sydney Olympic Park for buyers who wanted the lifestyle benefits of Pavilions along with the comforts of a house and courtyard.
“High-rise living is an appealing lifestyle for many however there are others, particularly families, who value being able to walk through their own front gate and enjoy the outdoors in the privacy of their own courtyard.”
Residents’ facilities at Pavilions will include a community room, gymnasium, play area for children and landscaped spaces. There is a 4,000 square metre central courtyard as well.
The existing retail and office space is expected to expand to provide for 34,000 new jobs. 
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Mirvac set to launch second building at Olympic Park development, targets FHBs

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Australia’s tourism sector continued to thrive over the 12 months to June 2017 despite a moderation of global economic conditions, says Deloitte Access Economics’ latest report on the sector.
International visitor numbers to Australia increased 8.9% over the past year to 8.5 million, according to The Tourism and Hotel Market Outlook.
Chinese visitors eased over the first half of 2017, but was still up 9.9% over the year.
“Continuing growth in visitor arrivals and expenditure highlight tourism is among the fastest growing sectors in the Australian economy,” said Adele Labine-Romain, Deloitte national Tourism, Hospitality and Leisure leader.
Deloitte's previous report in February had said international visitation to Australia was growing at nearly three times the rate of global travel.
Commenting on the Chinese arrivals, Labine-Romain said while it was less impressive than recent years, the number still more than doubled in the last five years and now represents 15% of all arrivals into Australia.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Aug30CommPropChart1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/28/Aug30CommPropChart1.png" alt="">
India continues to gain market share on the back of exceptional economic performance, recording growth of 8.9%. Also significant, the US, which for the second year running recorded arrivals growth of around 14%, beating the UK as Australia’s third largest international market.
“Growth of this magnitude in the face of slowing arrivals from China signals a healthy diversification of Australia’s international growth profile,” said As Labine-Romain.
“Visitors from Japan, Malaysia, South Korea and Hong Kong also chalked up double-digit growth in arrivals in a further indication of the broad-based underpinnings of this current wave of international tourism.” 
International visitor trips continued to grow across all states and territories. 
Tasmania retained its position as Australia’s fastest growing stopover destination for international travellers, growing at 15.8% and the only state to post double-digit growth over the year. New South Wales, buoyed by solid demand across all major visitor segments, also outperformed the national average, growing 9.9% over the year. Western Australia came in third overall, with 8.7% growth over the year, but topped the destination growth for international holidaymakers, posting a 16.8% gain.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Aug30CommPropChart2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/28/Aug30CommPropChart2.png" alt="">
On the domestic front, growth in trips at home has slowed since the 2017 February Outlook (down to 3.1% from 4.8%), with an uptick in corporate travel insufficient to counter the stalling of growth in domestic leisure travel.
“In part, this reflects a pattern of generally weaker spending by Australian households,” explained Labine-Romain. “As growth in household incomes has slowed, so too has consumer spending and with that, spending on leisure travel.
“Growth in outbound leisure travel has also slowed from 4.5% to 3.7% over the year to June 2017. So it’s not the case that Australians are substituting international holiday destinations for Australian ones.  Rather, they are travelling a bit less overall.”
The performance of Australia’s hotel sector was modest in the first half of 2017, with room occupancies averaging 68% on the back of 0.3% growth.
“National performance was weighed down by weaker growth in Melbourne, Perth, Darwin and Brisbane. Melbourne is working to absorb recent additions in supply in the market, while Perth, Darwin and Brisbane are contending with additional supply and softer demand conditions due to exposure to the mining sector. Together, these markets represent 45% of capital city markets and 17% of aggregate hotel revenue nationally. Hence their lacklustre performance was reflected in the national figures, and ultimately weighed on performance relative to expectations,” added Deloitte Access Economics’ Bryon Merzeo.
Leisure travellers and people visiting friends and relatives continued to substitute traditional accommodation for sharing economy options. The growth in private rental nights is more than double the growth in nights in traditional short-term accommodation (9.2% vs. 3.7%), though from a much smaller base. Holiday travellers, in particular, look favourably upon private rentals with use of private rentals by Australian holidaymakers growing at nearly double its five-year average.
<h2>Highlights:</h2>
<ul>
<li>Highest year-to-date growth in average daily rate (ADR) and revenue per available room (RevPAR) was seen in Tropical North Queensland (TNQ), Sydney and Canberra</li>
<li>TNQ was the standout as ADR grew 4.2% over the first half of 2017 and RevPAR jumped 8.5%</li>
<li>Canberra was another standout with 3.7% room rate growth and 6.6% RevPAR growth in the year.</li>
</ul>
“Global economic conditions remain favourably orientated for Australian tourism,” said Labine-Romain. 
“Yes, travel costs are expected to increase as oil prices continue to rebound. But global output and income growth are expected to maintain momentum over the next three years. Asia’s large and fast-growing economies are forecast to largely continue the growth that has underwritten the tourism boom experienced by Australia over recent years.”
Deloitte Access Economics forecasts international visitor trips to grow by 6.9% p.a. and visitor nights by 6.4% p.a. on average over the next three years – a strengthening of growth expectations. The visitor growth will be led by India at 12%, closely followed by China and Indonesia at 10%.
“The realisation of this growth will see visitor arrivals reach the 10 million milestone in 2020 and international visitor nights overtake domestic visitor nights in 2023,” said Labine-Romain.
For domestic tourism, the recent slowdown in holiday travel by Australians points to a broader slowing of discretionary income and consumer spending. As income growth picks up, so too will discretionary expenditure and hence leisure travel. The stalling witnessed over the last 12 months is not expected to persist with domestic trips forecast to grow by 3.4% p.a. and visitor nights to grow by 3.3% p.a. on average over the next three years. 
While demand for hotel accommodation is projected to grow at 3.2% p.a., supply is also forecast to expand solidly, growing by 2.8% p.a. nationally. Although the number of new hotel rooms added to the market slowed during the first half of 2017, with 1,418 rooms added across 10 projects, another 1,407 new rooms have opened in July and August alone.
“This represents a further narrowing in the supply-demand growth differential and hence a further easing of occupancy growth expectations,” Merzeo said.
“The spread of individual market performance outlooks continues to widen. Tropical North Queensland and the Gold Coast are forecast to lead the key markets in terms of RevPAR growth over the medium-term. While Perth and Brisbane are still working through booms in their respective supply pipeline, and will struggle to realise improvements in performance over the next three years. Relative to previous editions of the Outlook, the largest movers in expected performance are Melbourne and Hobart, which have fallen away considerably on the back of greater expected supply.”
Overall, the national trend occupancy rate is forecast to grow by 0.3% p.a. over the next three years to reach 68.5% in 2019.
“This represents a softening compared to previous forecasts, clearly impacted by the significant strengthening in national supply pipeline,” added Merzeo.
Room rates are forecast to steadily grow over the next three years, increasing by 2.8% p.a. to reach $171 in 2019, while RevPAR will show healthy growth of 3.1% p.a. to reach $117 in 2019.
 
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Tourism sector posts another year of remarkable growth: Deloitte Access Economics

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A 1930s red brick building with sandstone detail in greater Hobart has sold for $910,000 at auction.
The four-bedroom house at <a href="https://www.realestate.com.au/property-house-tas-bellerive-126060878" target="_blank">13 Cambridge Road, Bellerive</a> was built in circa 1930 to replace the adjacent old Police Station.
The building demonstrates the characteristics of a two storey inter-war Gothic Government building, according to its description.
It features double hung windows, parapeted gables and lintels over the windows.
It is currently zoned General Business.
The building area is 199 sqm and it sits on a land area of 458 sqm.
The selling agents were Candice Gottschalk and Greg Gottschalk of Harcourts.
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1930s building in Hobart fetches $910,000 at auction

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Housing affordability, or rather the lack of it, is likely to persist in some capital cities because of a demand-supply imbalance and could have a big economic impact for Australia, according to the Committee for Economic Development of Australia’s latest report.
The issue of land supply needs greater focus, says the non-profit organisation's Housing Australia report 
“The great Australian dream of owning your own home has been around for more than half a century but with high house prices in some parts of Australia, there has been much debate about whether it will continue," CEDA Research and Policy Committee chairman, Professor Rodney Maddock said.
“The aim of this report is to provide a holistic review of housing in Australia and look at some of the drivers,” he added.
CEDA’s research shows that barring any major economic jolts, demand pressures are likely to continue over the next 40 years and supply constraints will continue. This is particularly the case in capital cities with a growing population and where an increasing proportion of Australia’s population are expected to reside. 
“Often the debate around housing affordability is centred on a few topics such as foreign investment, negative gearing and interest rates," said Professor Maddock.
“What the CEDA report highlights is that while these might be some of the factors, the issue is far more complex and without changes now, could have longer run consequences."
The research also considers the impact of housing affordability on the poorest citizens and includes a recommendation by Dr Judith Yates that every year Australia needs 20,000 new homes that those on low income can afford.
“Prolonged housing affordability issues will result in more people entering retirement without owning their home and low socio-economic households pushed to outer or regional areas where transport infrastructure is poor and job prospects are lower,” said Professor Maddock.
“In the long term this could have budget implications for governments as more people become reliant on government assistance.”
The report also suggested that the current structure of land supply may inadvertently make it in developers interests to drip feed dwellings into the market. 
“CEDA’s report looks at the UK as an example where developers bid high to obtain land for development and it is then in the interests of developers to build slowly to take advantage of rising market prices,” he said.
“This is an area that should be further examined and CEDA’s report highlights that a key difficulty in drawing policy recommendations for Australia is a lack of consistent and rigorous data available on supply of land for development in Australia and its correlation to housing prices.”
CEDA’s recommendations include:
<ul>
<li>Relaxing planning restrictions, particularly those imposed by local councils, making them more consistent and allowing for increased density.</li>
<li>Developing consistent planning and funding models for transport infrastructure to better connect new housing developments to the various employment hubs.</li>
<li>Improving protections for long-term renters.</li>
<li>Further relaxing rules around the means testing of income received from downsizing in situations where it results in greater housing density.</li>
<li>Moving towards annual land tax in place of transaction taxes on housing such as stamp duty.</li>
<li>Taxing a larger component of capital gains.  </li>
</ul>
“CEDA’s report in June on the service sector highlighted the majority of workers in Australia are engaged in service industries and this is growing. However, the shift to a service economy has contributed to a larger population living in our cities and coupled with overall population growth through migration, has impacted housing demand, especially in Sydney and Melbourne,” he said.
With most Australians choosing to live in our major cities, it is likely the trend of more people living in apartments and more long-term renters will become permanent and this means increased protection for renters is needed.
“In addition, we also need to ensure better transport and infrastructure to accommodate increased inner city density and to connect outer suburban developments to employment hubs.”
“Easing some of the tax incentives to invest in or retain residential property may also assist.”
He suggested that policies need to be in sync across the different tiers of government to address the issues.
“Despite the outlook of continued growth there are options for government to ease pressure and ensure long term negative consequences are reduced.”
For more information, <a href="https://www.ceda.com.au/" target="_blank">click here</a>.
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Is it time to let go of the great Australian dream? CEDA

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Rental platform Rent.com.au grew its annual revenue by 121 percent to $1.65 million over the previous financial year but made a net operating loss after tax of more than $8.5 million for the year ended June 30.
The group, which allows renters to make online rental applications, said its short-term goal was for the cashflow to break even. 
It also guided for positive revenue growth expected to be derived from renter products and third party arrangements.
It aims to achieve that by focussing on its Renter Resume online rental application system and cost cuts.
Renter Resume was launched in October 2016 and is a user-managed online profile that allows renters to automatically generate property enquiries and applications.
Agents and landlords can check the applicant’s rental history, ID verification and a tenancy database screening (via RENT’s RentCheck product).
Rent.com.au said its resume creation averaged a 500 resumes per day, totalling nearly 130,000 by June 30.
<a href="https://www.propertyobserver.com.au/images/2017/08/24/RentEarnings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/24/RentEarnings.png" alt="">
Net operating loss after tax was $8,513,631, down from $12,820,585 in the previous financial year. The loss included included a non-cash share based payments expense of $2.24 million associated with performance based convertible securities issued to advisors, shareholders and employees. 
Earnings Before Interest, Tax, Depreciation, and Amortisation (and excluding non-cash share based payments) was a loss of $5.8 million, down from $7.2 million in the previous year.
Cash reserves decreased from $6,080,209 at 30 June 2016 to $3,254,380 at 30 June 2017.
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Rent.com.au posts loss, but grows revenue on renter resumes

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Developer Sunland Group said its full-year revenue jumped 67 percent while profit rose 12 percent from the previous year to $35.3 million, helped by a rise in revenue from property sales.
The result was in line with the group’s outlook.
Sunland managing director, Sahba Abedian, said the improved earnings was due to its focus on the luxury multi-story sector.
“The strategic repositioning of the portfolio three years ago to return to the luxury multi-storey sector, and our expansion in to south-east Queensland residential markets, has delivered a strong financial performance for the year,” Abedian said. 
“This has been balanced by the continuance of our conservative capital management strategy and share buyback program, which has enhanced earnings per share and contributed to Net Tangible Asset per share growth consistently over the past eight years.”
The group announced a final dividend of 4 cents.
In addition, Sunland also announced a special dividend of 2 cents following the settlements at its luxury Abian residential tower (picture above) in the Brisbane CBD.
Sunland said it has a solid pipeline of 18 projects along Australia’s east coast, with 14 residential projects under construction in Queensland, New South Wales and Victoria.
“Throughout the course of the 2018 financial year we intend to launch a further eight projects, pending planning approvals and market conditions,” Abedian said.
During the financial year ended June 30, Sunland said it had launched three residential projects — Marina Concourse and The Lakes Residences on the Gold Coast, and 18 Macpherson Street in Warriewood in Sydney’s Northern Beaches. 
Its $3.9 billion portfolio comprises 5,601 land, housing and multi-storey housing.
Sunland’s revenue from property sales jumped 67% to $394.3 million from $235.6 million in 2016, generated from 597 settlements (2016: 443 settlements). 
“A major contributor to revenue was the luxury Abian residential tower in the Brisbane CBD, which commenced settlements in June 2017 and has increased the average revenue per lot due to the higher average contract price,” Sunland said in a media release. 
Other contributors to revenue include Magnoli Residences, The Heights, and Ancora on the Gold Coast; Carré Residences and The Gardens in Victoria; and Dahlia Residences in New South Wales. The portfolio achieved an average return of 20%, in line with Sunland’s target development margin.
Sales volume increased 23% in FY17 with new project launches in Queensland and New South Wales, in addition to sales from the existing portfolio, with 524 sales completed to the value of $376.4 million (2016: 426 sales to the value $261.3 million). 
Contracted pre-sales for projects that have been released across the development portfolio total 641 as at 30 June 2017, with a combined value of $534.4 million.
Sunland’s multi-storey portfolio is primarily located in premium, high-growth locations across the Gold Coast.
Construction of the twin six-storey, mid-rise apartment buildings at Marina Concourse, located adjacent to the Royal Pines Marina, is scheduled for completion in mid-2018. 
Other multi-storey projects in the preliminary design and approval stages include 272 Hedges Avenue (high-rise), Greenmount Residences (medium-rise), One Marine Parade (high-rise), The Lakes (medium-rise), and Palm Beach (medium-rise). 
It has also acquired sites in Sydney (Mount Annan), Brisbane (Everton Hills), and the Gold Coast (Coolangatta and Mermaid Beach) totalling $65.5 million and added 579 allotments to the portfolio with an estimated end value of $689 million. 
The two site acquisitions on the Gold Coast, at Coolangatta and Mermaid Beach, are earmarked for luxury multi-storey residential developments which, pending planning approvals, will be launched in 2018.
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Sunland revenue jumps 67, boosted by Abian tower settlements

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

Joel Robinson

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Prateek Chatterjee

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