Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

What does it really mean for a building to be 'green'?

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

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First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

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<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

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Ellen Walker

Off-the-plan property explained: What is stamp duty?

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Three eastern Melbourne suburbs – Glen Iris, Armadale and Kew – achieved rental growth in excess of 10% in the last quarter, according to the latest quarterly market report compiled by RUN Property.
Kew registered the biggest increase in absolute terms, with rents rising by $52 a week over the 12 months from June 2010 to June 2011 to $567.
Glen Iris rents increased by $35 per week to $375, while Armadale rents increased by $37 per week to just under $400.
Inner-city rental increases were led by Glebe in Sydney’s inner west.
Tenants taking out new leases in June 2011 in Glebe are now paying on average $585 per week compared, with $523 a year ago, an increase of $62.
Despite the 11.8% increase in rental income generated over the year, Glebe failed to make onto the <a href="https://www.propertyobserver.com.au/hotspots/of-15000-suburbs-21-rise-to-the-top-as-worth-a-look-for-investors/2011072750933" title="Editor's commentary" target="_blank">Top 100 investment hot spots lists</a> of either Australian Property Investor or Your Investment Property.
Neutral Bay on Sydney’s inner North shore recorded the biggest percentage increase of 12.1%, with rents increasing by $53 over the period from $440 to $493.
In total, eight Sydney suburbs recorded rental increase of above 10% for the year: Kogarah, Randwick, Potts Point, <a target="_blank" title="Redfern" href="/news">Redfern</a>, <a target="_blank" title="Surry Hills" href="/news">Surry Hills</a> and <a target="_blank" title="Chippendale" href="/news">Chippendale</a>.
<a target="_blank" title="Nundah" href="/news">Nundah </a>is Brisbane’s rental hotspot, achieving growth of 5.9% over the year to June 2011. Rents in the suburb, which is about eight kilometres north east of the CBD, have increased by $17 over the past year to just over $300 per week.
The rent increases relate only to new tenancy agreements.
RUN Property chief executive Rob Farmer says rising rents will boost the confidence of investors and encourage more to buy, especially during the property market’s quieter winter months.
“Rental growth has been strong and consistent over the past 18 months, so it surprises me that more investors are not taking advantage of the dip in sales activity to secure their next bargain investment,” he says. 
RUN Property manages 18,000 properties throughout Melbourne, Sydney and Brisbane.
<img src="/images/stories/victoriarents.jpg">


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Rents rocketing in Melbourne's eastern suburbs

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A lot of emphasis is put on clearance rates each week – particularly in Melbourne and Sydney (the two main capitals of Auction sales), however few people really understand what the clearance rate represents. The broad assumption is that “sold at auction” equates to sold “under the hammer” and a high clearance rate means the market is “flying” while low clearance rates depict the opposite. However, it’s not quite so simple.
The clearance figure released on a Saturday afternoon factors in every property that has sold “under the hammer” and also sold via post-auction negotiation. The difference between the number of homes that sell out in the public arena and those that sell via negotiation always tends to fall in favour of the latter. In other words, in our experience, more homes sell via negotiation.
Without attending every auction individually it’s impossible to assess which have sold via post-auction negotiation or reached their reserve with heated competition outside the property – however, it gives a snapshot of the number of homes which have sold on the day as a direct result of the auction’s marketing campaign.
A lower clearance rate can be a combination of many factors, such as high vendor expectation or low buyer activity. It can also be influenced by larger than usual number of listings being auctioned on a particular day resulting in a lower-level buyer competition around those that don’t stand out from the crowd.
Conversely, a lower number of properties auctioned on any weekend can have the reverse effect and produce a higher clearance figure than would be typically expected. It’s important to understand the clearance figure only relates to a small proportion of the market, because most homes are sold via private treaty (the ratio is approximately 70% private sale, 30% auction sale). It also only applies to the metropolitan market, as properties in outer-metro or regional areas generally aren’t marketed for auction.
The other problem with clearance figures is that their accuracy relies on independent agent reporting, which can obviously be manipulated when not audited. Selling agents are required to work in the best interests of their vendor. Therefore they will naturally not disclose prices if asked not to do so. Some are also less likely to report an auction as passed in on the day if lengthy negotiations are still ongoing with buyers who attended the auction (including those who chased up the reserve price post auction in the hope of securing a bargain). Therefore, if the property is sold via post-auction negotiation, there can be a delay in figures being reported.
Sometimes during an auction when there is not much heated competition, the vendor may decide to alter the reserve price, thereby encouraging the agent to pass the property. After all, without this additional negotiation, the vendor will only obtain a figure one bid higher than the under-bidder. The vendor is perfectly entitled to do this.
 
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Obviously the attraction of listing a property for auction is the hope heated competition will push the price over and above expectation. An auction campaign is generally a short four-week process – typically three weeks of marketing, with the auction taking place during the fourth week. It often results in a successful sale because by all intense purposes, it puts pressure on buyers to act within a short time frame. Also – under auction conditions – once the property is sold, the sticker goes up! There is no cooling-off period, no subject to finance – the buyers must do due diligence prior to auction day.
However, when vendors list a property, they also understand that the auction is essentially a three-stage process during which the property can sell before auction, under the hammer, or post auction. Those properties that fail to sell under the hammer or via post-auction negotiation generally sell within two weeks as a direct result of marketing. As any selling agent will tell you, once an auction has failed, there are usually numerous calls from buyers wanting to know the reserve price, assuming that the “failed” auction will result in added pressure for the vendor to sell and reduce price expectation.
So how important is it to monitor the clearance rate? When the RBA assess house price movements it takes into account a broad range of data collected from suppliers such as RP Data-Rismark, APM and the ABS. It also monitors monthly movements and clearance figures. If there is any doubt about the accuracy of reported clearance figures – or whether there should be some differentiation between properties that sell under the hammer, compared with those that sell via negotiation – it’s worth noting the graph on the RBA website, which shows a very close correlation between month –to-month price growth and clearance rates.
<img src="/images/stories/cashmoreaugust2.jpg">
The fact that both clearance figures are low and overall turnover is low indicates perfect conditions for those wanting to step in. However, caution prevents most buyers acting against the herd mentality and purchasing while there is apparent doom and gloom flattening expectation and providing better buying conditions.
This is understandable – after all, to the average Australian, the family home is not just a place for shelter, it’s one of the biggest purchases they’ll make in a lifetime, and their future security. For this reason, caution must always rule the heart and buyers cannot afford to enter the market on a whim without plenty of due diligence. However, if you are planning on purchasing, waiting for certainty to set in and the spring market to kick off is not necessarily the best answer.
We should however avoid making broad statements about real estate because the Aussie market is fragmented – despite the 12-month “correction”, some suburbs have continued to outperform overall flat conditions – and some have yet to fall. Each property has its own intrinsic quality, and part of purchasing well is understanding the long term value of what you’re assessing. 
You’d be woefully ignorant if you still live under the conception that purchasing real estate is a simple as paying the price listed on the price tag. There is more than one number involved in any negotiation and assessing a property’s worth takes into account a number of factors.
The agent is only interested in meeting vendor expectation. The buyer is only interested securing their dream property for the lowest price possible. The valuer only cares about market value... and so on. Therefore, if you want to place yourself ahead of the competition, employing a savvy negotiator with plenty of experience to understand these fractions is a step in the right direction.
Catherine Cashmore is senior buyer advocate for JPP Buyer Advocates – the largest dedicated buyer advocacy service in Victoria. With extensive experience in all matters regarding real estate, JPP successfully purchases and negotiates more than $100 million worth of property each year. <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.jpp.com.au/">www.jpp.com.au</a>
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catherinecashmore-6LXia3pPQj

There's more to clearance rates than meets the eye

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The failed bid by of a consortium of three hedge funds to instigate a management takeover at Charter Hall Office REIT is unlikely to deter further action, according to JP Morgan analyst Scott Jackson.
His comments follow the three US hedge funds - Orange Capital, Point Lobos Capital and Luxor Capital, which collectively hold 19.06% of Charter Hall units, announcing that they will continue with their co-operative arrangement until the end of October.
Last week, unit holder in the A-REIT voted overwhelmingly (62% opposed) against a proposed resolution by the consortium to sack the current Charter Hall Office REIT management and replace it with Moss Capital management and wind up the fund.
Despite the heavy defeat, Jackson says the action yielded benefits for the hedge funds included an increase in the unit price and a current review of corporate governance arrangements and fee structures.
A similar best practice review will also be undertaken of the Charter Hall Office REIT management team.
Since Orange Capital along with Point Lobos Capital and Luxor Capital began agitating for a management takeover the share price rose to a peak of $3.60, though it has fallen since then and is currently trading around the $3.34 mark. At the start of the year it was trading below $2.90.
The portfolio is fully price at $3.96, representing a discount on net tangible assets of about 17%, and has a market cap of $1.875 billion.
One analyst told the Australian Financial Review it would be preposterous to assume the A-REIT would not be trading where it is now were it not for the action of the hedge funds.
Andrew Parsons, managing director of Resolution Capital, writing in the Sydney Morning Herald said the shareholder revolt showed the difficulty of management of externally advised REITs to serve “two masters; “investors and the owners of the management entity”.
Parsons says a crisis of confidence still shrouds A-REITs in the wake of the Federal Court case concerning Centro - the risk of its collapse should have been apparent to experienced directors.
“On a positive note, with debt at reasonable levels and lower distributions payout ratios pointing to sustainable distributions per unit, A-REITs are becoming reliable providers of income and are capital self-sufficient. However many continue to trade at a discount to net tangible assets and their offshore REIT peers,” he says.
In tabling its resolution, Orange Capital had claimed that the board of Charter Hall Office management has an inherent conflict of interest and was incentivised to favour the interests of Charter Hall and not make decisions that are in the best interests of unit holders.
“From here it’s a matter of trying to guess what their next bet is – but hedge funds are typically not long-term holders of these assets,” Jackson told Property Observer.
“They won’t just sell out and go away. They are now a lot more determined to push up the share price to net tangible assets,” he says.
Possible option could see the hedge funds targeting large investors to buy up the assets in the fund and then get the fund wound up and realised at book value.
The office assets held by the fund are currently valued at $3.6 billion. However the fund is currently in the process of selling off its US office assets. Sale of these assets will reduce the fund to around $1.9 billion, geared to around 30%.
Prior to the takeover bid, the Charter Hall Office REIT, along with many other office REITS, was trading at a significant discount to its net tangible assets.
Mark Wist, senior asset consultant at Atchison Consultants, recently told Property Observer the Charter Hall vote could be seen as a “barometer for sentiment in the A-REIT space” indicating little appetite for change.
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Hedge funds still aggressively hovering over A-REITs

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The City of Fremantle could become a ghost town as unhappy retailers pack their wares and leave port city.
Council bosses made a dash to Melbourne recently in a bid to convince retailing giant Myer not to close its doors when its lease comes up for renewal.
Myer has been in Fremantle for 40 years, and although it is in a four-level building, only two floors are used for trading.
In recent months a national retailers including Betts shoes, Jeanswest, Jay Jays, Millers and Rockman’s have all close their shops. Local operators like the Creative Native gallery has downsized to smaller premises. Myer closing would be a major blow to the city, which has only four anchor tenants – Myer, Coles, Woolworth and Target – in place and 800 residents living in the CBD.
Rents range from about $1200 a square metre for prime retail space on High Street Mall to about $500 a square metres about 100 metres away.
“Fremantle is heading where everybody else in retails in going. The Woolstores shopping centre is struggling and so are arcades and strips shops outside the major tourist track,” says Colliers International leasing executive Anthony Unmack.
Fremantle attracts hoards of foreign and national tourists and day-trippers from Perth. It is the most visited city in Western Australia after Perth for international travellers. It has a well-used café strip on South Street, well-patronised markets, heritage-listed prison and many fine heritage buildings that continually entice thousands of visitors.
“There is a well-worn tourist trail along High Street, Adelaide Street and the café strip up to the market, which is humming to the hilt weekend. But the foot traffic doesn’t deviate away from those areas, and retail is suffering,” Unmack says.
While Fremantle mayor Brad Pettitt lead a five-man delegation to Melbourne to negotiate a package to keep Myer in town, the council is acutely aware of declining state of its shops and commissioned a study into the retail sector resulting in the just-released Retail Model Plan 2011.
“The vacancy rate of 7% in the city centre precinct must be maintained or reduced though skilful leasing and business development strategies,” the report said.
These strategies include encouraging a better mix of retail to encourage more fashion and home wares, developing a management system that runs a fund for marketing and communications, a listing of vacant premises and a desirable tenant hit list. It will have performance measures including what increases in business have occurred and what the pedestrian counts are.
Already the council has changed planning policy to permit mixed commercial and residential projects up to eight levels high in the run-down east end of town.
Andrew Eastic, Fremantle Council’s economic, marketing and development manager, agrees that the area is in decline.
“Myer’s 40-year lease is about to expire, and we are working on keeping them here. Bett’s have left after 119 years of trading in Fremantle, and there are a lot of empty shops. We acknowledge this and commissioned the Retail Model Plan. We will implement many of the excellent recommendations in order to bring Fremantle back to being a retailing centre,” Eastic says.
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andreadixon-oif3j7eKne

Fears for Freo retail as Myer considers skipping town

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Brisbane appears to be the frontrunner for the next location in the international Jamie’s Italian restaurant chain being set up by Britain's Jamie Oliver.
The Pacific Restaurant Group director Adam Heathcote confirmed a representative of Jamie's Italian International had been in Australia looking at its next site, including two strong prospects.
It is set to open Australia's first Jamie’s Italian on Sydney's Pitt Street (pictured) in October.
PRG holds a franchise for the brand in Australia and New Zealand.
Adam Heathcote confirmed to The Australian food writer John Lethlean that the organisation had a hot prospect.
The speculation was also that there could be another Sydney eatery, with a Melbourne location also mooted.
"As far as Melbourne's concerned, it's really a matter of identifying the right site more than anything else," Oliver told Lethlean.
Due to open its doors in October, Australia's first Jamie's Italian will seat 180 with a mezzanine floor that includes an antipasto bar.
Its head chef David Clarke, who graduated from PRG's Chophouse, is in Britain for further training.
Jamie Oliver has defied the European recession by cooking up a 170% rise in profits at his restaurant empire, according to the London Mirror newspaper.
Figures reveal his chain of 25 Italian eateries made £4.6 million in 2010 – up from £1.7 million the year before.
Jamie also raked in £8 million from books and TV shows – up 40% on 2009. It means he is now worth an estimated £100 million, the Mirror reports.
Oliver, the Channel 4 star, is planning to use some of the cash to open more restaurants across Britain including one opposite rival Gordon Ramsay near St Paul’s Cathedral in London as well as one in Dubai.
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jchancellor-FAypfDUnLy

Jamie Oliver rumoured to have a taste for Brisbane

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The Reserve Bank has decided to keep rates on hold for the time being, but next month's meeting could bring an interest rate hike. That would mean the headline variable mortgage rate in Australia would advance from 7.8% to 8.05%. The official “discounted” rate would also rise by 0.25 percentage points from 7.05% to 7.3%. 
This would place home loan rates at about 0.1 percentage points above their historical average since 1993, which is 7.7%. Accordingly, nobody could seriously argue that rates are unreasonably high – recall mortgage rates hit 9.6% in August 2008 – given that private wages growth is running strongly at a 4.1% per annum rate (including bonuses), disposable household incomes have risen by more than 8% over the last year, and the unemployment rate is near all-time lows at 4.9%. 
Nevertheless, higher rates would mean more repayments for the 90% or so borrowers with variable-rate loans. On the other hand, an increase in the RBA’s cash rate usually means that households who are net savers benefit from better returns on their cash investments as compensation for higher inflation. 
Banks are always looking to improve margins, and it would not surprise me to see them pass on, say, the full 0.25 percentage point RBA increase to their mortgagors (if and when rates do rise), but only give savers a slimmer increase.
In this way, the banks can widen the “spread” or “net interest margin” between the rates at which they borrow from depositors and the much higher – net 2.5 percentage points on average – rates they charge home loan and business borrowers. 
If the RBA does not hike today, savers can consider themselves hard done by, while borrowers will have received a puzzling reprieve. One would be left concluding that Australia’s central bank has developed an unusual tolerance for high core inflation, which is running about 40% above the RBA’s official 2.5% per annum target.
The “consensus” view is, in fact, that the RBA will not touch rates today. In a survey of 25 economists by Bloomberg, 21 projected that rates would remain on hold. As another guide, the financial markets are only pricing in a circa 15% probability of a hike. So, all things being equal, one would have reasonable grounds for thinking that the RBA will not step up to the plate, as it has threatened to do so many times this year. If they once again defer the decision to deal with inflation this month, most economists think we will get a hike before the year is out. 
What does that mean for <country-region><place>Australia</place></country-region>’s housing market? Ri<personname>sma</personname>rk forecasts imply that with one to two more rate hikes we will get no capital growth, or some <personname>sma</personname>ll price declines, over the ensuing year. If for some reason the RBA does not raise rates at all, we are projecting inflation-like growth in dwelling values (see two charts below) combined with attractive rental returns.
 
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/joyeaugust21.jpg"><img src="/images/stories/joyeaugust21thumb.jpg"></a>
 
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/joyeaugust22.jpg"><img src="/images/stories/joyeaugust22thumb.jpg"></a>
As we had expected, the latest RP Data-Ri<personname>sma</personname>rk house price data suggests that Australia’s housing market was finding a base before today’s RBA board meeting. In the month of June, we found that national dwelling values were basically flat (-0.2%). Over the 12 months to end June, Australian home values had retraced by a very modest 2%. 
The chart below shows the year-on-year capital growth returns (excluding rents) for both the combined capital cities index and our “rest of state”, or regional areas, benchmark. The final numbers to the right are the year-to-date results.
 
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/joyeaugust23.jpg"><img src="/images/stories/joyeaugust23thumb.jpg"></a>
While dwelling values have tapered by a <personname>sma</personname>ll margin, both raw rents and rental yields (i.e., rents expressed as a share of the property’s value) have been expanding quickly. According to the ABS, the dollar value of rents rose at a 4.4% annualised pace in the second quarter, which is well above the overall rate of underlying inflation. The combination of rising rents and softening prices has helped yields to improve, as is illustrated by my next chart. Gross yields for apartments now look to be piercing the 5% threshold.
 
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/joyeaugust24.jpg"><img src="/images/stories/joyeaugust24thumb.jpg"></a>
If you are a household with a lot of mortgage debt, fingers crossed that the RBA decides to ignore its official inflation-targeting responsibilities next month. If, on the other hand, you have prudently accumulated large net cash savings, here’s to hoping it does its job!
Christopher Joye is a leading financial economist and works with <a target="_blank" title="Rismark International" href="https://www.rismark.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Rismark International</a>. Rismark and RP Data provide house price analytics products, and solutions that enable investors to go long and/or short the housing market. The above article is not investment advice.
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chrisjoye-JYhJsTrNRC

Savers and borrowers both have their fingers crossed

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Property and investment group FKP will be seeking to fill a gap in the Sydney North Shore market as it undertakes a major refurbishment of its 15-storey office tower at 465 Victoria Avenue in Chatswood.
Marcus Pratley of Richardson &amp; Wrench, co-leasing agent alongside Robert Gishen of Colliers, says he expects larger companies to jump at the opportunity, as there is a paucity of space that size between North Sydney and Chatswood.
“For corporates looking for 5,000 square metres and above there is nothing available. We expect the completed building to have major appeal to larger occupiers,” he says.
Each floor of the building will be modernised, and the 15,000 square metres of space refurbished to an A-grade standard. FKP’s construction team has been appointed to complete the refurbishment.
Net rent expectations for the refurbished building, which will commence in August and take 10 months to complete, are between $400 and $460 per square metre.
Floor plates in the building are about 985 square metres.
The modernisation will include the construction of a double-height foyer incorporating a lobby lounge and café.
It will have glazed facades, sculptural ceilings, a stone feature wall, lounge-style seating, a timber-paneled lift lobby and a floor of warm-toned limestone trimmed with stainless steel. Uplighting will ensure the foyer will glow at night, enhancing the building’s street presence.
This lobby extension will create a prominent street presence, increasing connectivity to Victoria Avenue.
The foyer will flow into the outdoor retail area, which will be rejuvenated. It will have new shops, a rotunda, lawns and a dining precinct.
As part of the redevelopment the existing pedestrian bridge to the old railway station will be removed, and the entry on the corner of Railway and Brown streets will be given greater prominence.
The building and services upgrade is registered for a five-star National Australian Built Environment Rating System and four-star green star rating with sustainability upgrades to all floors maximising usable space and natural light.
FKP Property Group acquired Vero Tower, as it was then known in August 2007, for $98 million. The purchase price represented a price per square metre of $6,465 and initial passing yield of 7.2%.
The building first sold in 1998 for $78 million and then in 2004 for $86 million.
The A Grade building was purpose-built for insurance group Royal Sun Alliance in 1995.
The building is situated close to Chatswood Interchange, which services about 70,000 commuters per day as well as Willoughby Council’s $200 million entertainment quarter called The Concourse, which will open in September.
Suncorp, the former tenant, has already vacated the building.
Andrew Hall, FKP executive general manager commercial and industrial, says each floor can accommodate a workspace ratio of one employee per 10 square metres.
Office vacancies in Chatswood currently sit at about 20%, high compared with a national CBD vacancy rate of between 7% and 8%.
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Chatswood office tower refurbishment to appeal to larger tenants

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The stately Sydney mansion Boronia House in Mosman has become available for 10-year lease, with the new tenant set to take occupancy in April 2012 after conservation works are undertaken by Mosman Council.
It has been a popular restaurant and function centre for many years. The Victorian filigree-style mansion sits on a 2,400-square-metre Military Road block and comes with 500 square metres of internal space plus verandas of 140 square metres.
Boronia is one of two almost-identical neighbouring freestanding houses built by two Newtown carriage builders, James and John Keary, as residences for themselves with a common garden and entrance.
It was designed by Sheerin &amp; Hennessy in 1885, with a Clive Lucas &amp; Partners restoration in 1985.
The 1890s depression hit the Keary business so badly that all their houses had to be sold.
Boronia House remained virtually unaltered until it was acquired by Mosman Council in 1952, at which time it was considerably modified for occupation by the Mosman Municipal Library.
Between 1978 and 1985 the building was used as offices and further altered. During 1985 Boronia was restored, reconstructed and adapted for use as a restaurant.
Expressions of interest close with council August 24, but they do not require any rental figure offer at that state of the tender process.
The other Keary residence was Telopea on Cowles Road, which is now altered, and its garden has been removed and now used as a car wash.
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Heritage Mosman restaurant premises available for lease

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For sale signs have again appeared at the record-setting Woolwich riverfront mansion which last sold for more than $11 million in 2007.
The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon has been listed for August 29 expressions of interest through David Ward at Ward Partners.
<img src="/images/stories/woolwich2.jpg">
It had previously been scheduled for May 7 auction by the National Australia Bank, which had repossessed the Angelo Street house. But it was pulled from auction after internal water damage.
In April police investigated a break-in at the property during which taps in the kitchen and several of the six bathrooms were left running for days, causing serious damage. Just before the first scheduled opening for inspection, the real estate agents arrived to find the house awash.
As a result, the five-bedroom mansion, with its manicured gardens, was withdrawn from its scheduled May auction.T he water damage was the latest development in the intriguing real estate saga, which has been the talk of the prestigious Hunters Hill peninsula.
Just before Christmas 2010 Judy Obeid, the wife of the recently retired NSW Labor powerbroker Eddie Obeid, entered into a contract to buy the property from the mobile phone seller Mick Hakim.
The off-market transaction was cloaked in secrecy with the Hunters Hill peninsula rife with whispers about the deal.
"My wife has exchanged on the property but it hasn't settled yet," Eddie Obeid told the SMH after being spotted overseeing the watering of the gardenias at the property.
But the sale at an unconfirmed $8.5 million price unravelled, as Hakim’s financiers sought to control the sale process.
<img src="/images/stories/woolwich3.jpg">
For much of 2010 the house had been on the market with a price tag of $13.5 million.
Some 14 groups attended the July 30 2011 open for inspection.
“We are under instructions from NAB to sell the property by expression of Interest closing 5pm on August 29, noting that the previous sale in 2007 was $11,005,000,” David Ward noted.
“The property is looking in good shape with full security in place and several good offers have already been submitted,” he says.
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Record-setting Woolwich riverfront mansion back on the market as saga continues

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For those investors ready to step ahead of the crowd and invest in A-REITs, there are several reasons why now is the time to take action.
More bang for your buck
Currently many A-REITs are offering 10 to 25% discounts to Net Tangible Assets backing, which means investors are effectively only paying 75¢ to 90¢ to buy a dollar’s worth of prime institutional-grade property. The tendency of A-REITs to trade at premiums to NTA is common when the market values the additional liquidity provided by A-REITs. The opportunity therefore exists for savvy investors to take advantage of discounted NTAs in the listed real estate market at a time when the risk profile is as modest as it has been for 15 years.
Liquid access to prime commercial property
A-REITs offer retail investors easy access to prime-quality commercial property without a minimum investment commitment. A portfolio of A-REITs may offer investors greater diversity for the amount they have to invest.
The liquidity feature of A-REITs also means that A-REITs are open for daily purchase and sale. All you need do to access your capital is say “sell” to your broker.
Sustainable, inflation-hedged yield characteristics 
A-REITs also give retail investors the benefits of relatively high sustainable distribution yield and an effective hedge against Australian inflation. They are able to offer inflationary hedges due to many lease rent increases being tied to CPI or 3% to 4% per annum “locked in” growth.
The percentage of overseas property exposure in the index has decreased substantially, with many constituents like GPT selling all their overseas asset exposures. If an investor is indeed buying A-REITs as a proxy for an Australian property exposure this cannot be substituted by the use of global REITs.
A is for Aussie
A-REITs have the positive attributes of relatively high yield and an effective inflation hedge without currency risk and volatility. Global REITs, on the other hand, generally provide lower yield, due to structural differences and lower interest rate environments. Without the exposure to Australian property, global REITs do not provide an effective hedge against Australian inflation and are subject to differing global inflation environments.
Less gearing = less volatility
Given gearing in A-REITs has retreated to more conservative levels following the GFC (less than 30% versus 50% during GFC) A-REITs are again offering returns which are less closely linked to the movements of the broader equities market, offering diversity of returns for investors. The effect of lower gearing is lower volatility of returns as a result of less market-perceived risk associated with the asset class.
Andrew McGrath and David Curtis are both portfolio managers at <a target="_blank" title="Reliance Investment Management" href="https://www.relianceim.com/">Reliance Investment Management</a>.
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