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.

Joel Robinson

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;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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I had a call this week from a chap who was weighing up whether he should develop property or just go out and buy some new properties.  I explained that buying existing property is like buying at full retail prices or perhaps at sale prices if you are lucky. 
But by building your own properties, and I mean two or more, not just one, is more like buying at cost prices as you can manufacture equity through the development process. 
I thought I’d share what I believe to be the main benefits of developing property over buying an existing today and give you my three top tips to get started on your development journey.  This will run as a three-part series, beginning with part one today.
Property development can encompass many activities including renovating an existing dwelling or building, demolition of buildings and/or building new and subdividing or changing the use of land.
By developing property you are adding value and will be creating or manufacturing equity through the development process rather than waiting for capital growth, as you do when you purchase an existing dwelling.  Most the towns we develop in are growing at an annualised rate of over 10%.
If you plan well and time your development so that you are adding value and manufacturing equity while the market is in an upswing, then you could make some good money, as you’ll also benefit from the capital growth during the period you are developing
But if your timing and/or location is wrong and your plan is to sell on completion, then you may find it hard to sell or your margin has diminished if values are dropping.
Developing property can be risky and not for everyone. There are many things that can go wrong, so it is important to really do your due diligence and understand the many facets involved.
I’ve compiled what I think are the top three things to do first when embarking on a property development. 
Select the right location for your property development 
Which region and then which town are you going to develop in?
You'll need to do lots of research. Start with the local council's website, which will give you information on:
<ul>
<li>Community profiles – who lives in the area?</li>
<li>Population estimates – very important to see if the area is growing</li>
<li>Migration figures – where is the community coming from?</li>
<li>Working population breakdown – is it mainly a retiree area or does it have a large working community? You will obviously be looking for the latter for a strong rental market.</li>
<li>An overview on the economic development of its community – what is planned for the future?</li>
<li>Recent development approvals will be listed so you can see what type of developments are currently being approved.</li>
<li>Tourism – how much does the area rely on tourism as an industry?</li>
<li>Infrastructure investment/planning – very important, make sure there is considerable investment being made here</li>
<li>Development control plans (DCP) and local environment plan (LEP).  Find the one that gives guidelines on the type of development you are planning to do, for instance and there should be a separate DCP for dual occupancy development, which is building an additional dwelling on land that would normally house just one.</li>
<li>Long-term strategic plans – this is a really important document to read as it will show housing and employment needs for the future and pinpoint the areas earmarked for growth.</li>
</ul>
When talking to a council town planner and ask questions like: 
<ul>
<li>How long the average DA takes to process?</li>
<li>Is the council open to new development in the area? </li>
<li>What is the minimum lot size?</li>
<li>How many dwelling can you build on this particular lot; and</li>
<li>Can the planner see any issues that may impede developing this lot; for instance, is it in a flood zone? </li>
</ul>
The council website will usually include many valuable links to other websites in the area. 
Speak to local agents to understand the average lot size and use Google Earth, it’s a fantastic tool for armchair street inspections. 
Of course, you will need to visit the area and drive around, chat to the locals and take note of the type of housing currently available and what perhaps is missing. 
Look for an area that is currently undervalued and has huge potential to grow and whose population is actually growing and is supported by diversified industry. 
This means it will probably have a strong rental demand. You can find out the vacancy rates by asking all the local agents how many properties they manage and how many they have available to rent. Add them all up and divide the available for rent properties by the total under management and you’ll get the vacancy rate percentage.  Areas with a consistent vacancy rate around 1% have a strong rental market. 
For example:
Total number of properties available to rent in X town:  29
Total number of properties under management: 1,397
Vacancy rate:  2% 
You'll need an area that has affordable land with large lot sizes.  The more dwellings you can build on one block, the more equity you can create. 
Also consider how far you want to travel, in order to manage your development you’ll need to do regular site visits.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.
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The first step when getting involved in property development: Choose the right location

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Channel 7's new reality series, The Renovation Show, is currently casting for teams of two from all over Australia to compete in its home renovation television series. They want DIY stay-at-home renovators.
<img src="/images/stories/2012/08/casting.jpg">
To be eligible contestants must own their own home, and it must be their primary place of residence.
<a target="_blank" href="https://au.tv.yahoo.com/casting/">The application</a> can include a video to introduce themselves and a tour of their homes.
They must include before and after floor plans illustrating how they would like to see it laid out, preferably within the home’s existing footprint.
Successful applicants must be able to commit to a filming period of up to three to four months.
For real-life property lessons from reality TV shows, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-lessons-from-the-block-and-other-property-reality-television-shows">Lights, Camera, Auction!</a>
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Channel 7's new Renovation Show seeks teams of two from homes in the suburbs

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The Reserve Bank has backed up its August 7 cash rate statement that the housing market is showing signs of firming with expectations that residential construction activity could pick up in the second half of the year.
“There are tentative signs that housing market conditions and residential building activity may be starting to improve,” says the RBA in its August statement on monetary policy.
“Dwelling prices have increased modestly in recent months in most capital cities, but remain down a little over the year.
“Demand for housing finance is broadly unchanged from a year ago.
“With building approvals rising from low levels in recent months, there are signs that residential activity may start to pick up some time in the second half of 2012; lower interest rates, rising rental yields and population growth are likely to provide support for new housing construction," says the RBA.
In the RBA’s August 7 monetary policy decision statement put out after it announced that the cash rate would remain unchanged at 3.5%, the central bank said that while it was too soon to see the full impact of interest rate changes, "dwelling prices have firmed a little over the past couple of months, and business credit has over the past six months recorded its strongest growth for several years.”
The RBA also provided an economic update in today's August monetary policy statement, saying the  outlook for the Australian economy is largely unchanged from the May statement, though it has boosted the outlook for GDP growth over 2012 to 3.5%.
"Real GDP growth is forecast to slow somewhat over the second half of 2012 as the strong growth of domestic demand in the first half of the year moderates. While the forecast for growth in the second half of 2012 is similar to that in the May Statement, the stronger than-expected growth in the first half of 2012 has boosted the forecast for GDP growth over 2012 to 3.5%.
"The economy is then expected to grow at around 3% over 2013 and 2014," says the RBA.
It added that while an "adverse shock to global demand would be expected to reduce commodity prices, and hence Australia’s terms of trade, by more than is currently forecast" the country remains "relatively well placed to respond to such shocks given the scope to adjust macroeconomic policies and a robust financial system; movements in the exchange rate would also be expected to play an important role in adjusting to such shocks".
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New home building could pick up in second half of 2012: RBA 

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It took Johnson Controls a year to remove, retrofit and replace each of the Empire State Building’s 6,514 double-hung, dual-pane windows – 26,056 panes of glass in total. It was all part of a three-year project that has made the 1930s-era skyscraper – arguably the most famous in the world – among the most energy efficient buildings in the world as well.
The revamp also cut the 102-storey building’s energy bill by around US$2.5 million a year, meaning the US$13 million retrofit will pay itself off in only three years.
But it was a major challenge, given the building’s age and heritage status for Johnson Controls, a huge US-multinational specialising in retrofiting commercial buildings.
Johnson Controls has a long history in Australia and has also been responsible for retrofitting major building spaces in Australia, including the Gateway Plaza and Tower overlooking the Sydney Opera House and Harbour Bridge.
Other Australian projects include retrofitting of 83,000 square metres of property owned by the Victorian Department of Treasury &amp; Finance to reduce energy use by 33%, water use by 8% and greenhouse gas emissions by 9,400 tons annually.
But the Manhattan landmark was arguable the company's greatest green challenge.
<img src="/images/stories/2012/08/empirestate3.jpg">
“The Empire State Building is a historical landmark so you can’t change the look,” Clay Nesler, vice president of global energy and sustainability for Johnson Controls, tells Property Observer.
This meant Johnson Controls had to use the existing unpainted red window frames, dating back to the Empire State's construction in 1931.
The windows were never meant to be red, but because the building was constructed at the height of The Great Depression they were never painted (to save costs) and the original primer colour remains today as a distinctive part of the look of the skyscraper.
To better insulate the building, contractors had to insert an extra spacer into each window and fill this with an inert gas.
“Every day 75 windows came down and 75 new ones went up – it took us a year just to the do the windows,” Nesler says
The process paid off, with the insulation provided by the new window design removing the need to undertake a costly retrofit of the 1931 air-conditioning “chiller” plant in the building.
Replacing the windows was one of eight energy-efficiency improvement measures implemented by Johnson Controls in a project that kicked off in 2008.
Johnson Controls also implemented a new tenant energy management system, which allows every tenant in the building to monitor (via an online system) the amount of energy they are using over any period of time and compare their energy use to other tenants.
“So accounting firms can compare themselves with other accounting firms in the building,” says Neslor.
The success of the Empire State Building project comes as Johnson Controls releases the results of its latest Efficiency Indicator (EEI) survey showing that plans for green building certification in Australia grew about 50% last year.
According to the 253 Australian facility managers, building executives and owners surveyed, more than a quarter (27%) plan to pursue green certification on new construction projects and 41% plan to certify existing buildings.
 
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Nesler says the results show that energy management is growing in importance for Australian building executives with 79% describing energy management as very or extremely important to their organisations, up from 63% in 2011.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/es.gif"><img src="/images/stories/2012/08/esthumb.gif"></a>
Source: Johnson Controls
It also found that just over half (52%) of Australian respondents have invested in energy efficiency in the past year, and 35% have invested in renewable energy – both below the global averages (63% and 36% respectively).
Another interesting local result was that Australia, alongside the UK, was the only market in which respondents cited asset value as a top-three motivator for efficiency behind energy cost savings and government and utility incentives or rebates.
According to the survey, Australia’s top three energy efficiency measures adopted in the past 12 months included: lighting improvements (67%), water efficiency improvements (57%), and heating, ventilation, and air conditioning (HVAC) improvements (50%).
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Retrofitting the Empire State Building provides profit lessons for going green in Australia

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Stockland’s Highlands residential community in Craigieburn in Melbourne's outer north – its number-one selling residential project for the 2012 financial year – will become the “blueprint” for all future projects, says Stockland managing director Matthew Quinn.
Set against the backdrop of the surrounding Craigieburn hillside and with views of the CBD skyline, the $1.4 billion project achieved 550 sales over the year, well ahead of Stockland's next best performing community – North Lakes, 25 kilometres from Brisbane, which achieved sales of 360 lots over the year.
About 3,000 families are now living in the Highlands community, with 46% of the 7,058 lots sold as of June 30.
<img src="/images/stories/2012/08/stocklandaug6.gif">
In addition to the residential component, Highlands also features retirement living and schools, together with retail and commercial amenities.
Sales in this project as well as other Victorian projects were boosted and brought forward by government stimulus – the $13,000 first-home buyer boost ended on June 30, but Quinn highlighted a number of other factors in its success.
<img src="/images/stories/2012/08/stockland2.jpg">
“It’s a great community offering an affordable product, which now also has a retail centre in place," he says.
“It has all the amenities people are looking for and is the textbook project of how all communities should be developed.
“It will be the blueprint for future communities,” says Quinn.
<img src="/images/stories/2012/08/highlands3.jpg">
A four-bedroom house in Highlands is priced around $344,000, which is less than the median house price in the area and part of Stockland’s strategy of providing affordable housing targeted at families and first-home buyers.
 The community has an entry price of $311,000, compared with a local median price of $350,000.
Lots are priced from $130,000 to $262,000.
The community features a 7,100-square-metre Stockland Highlands Shopping Centre  with a Woolworth’s supermarket as the anchor tenant along with speciality stores and piazza-style town square.
A local Craigieburn bus service – route 533 – operates from 6.30am to 9.30am linking the shopping centre to the train station.
The bus services runs every 30 minutes and takes about 20 minutes.
<img src="/images/stories/2012/08/highlands4.jpg">
The community also features 150 hectares of planned open space, with a park within walking distance of every home, the Highlands lake, wetlands, walking trails and Waterside Café.
Highlands is also close to a number of primary and secondary schools, a childcare centre and the $16.7 million Hume Global Learning Centre.
Other nearby projects to open soon a $6.3 million Craigieburn Child &amp; Family Centre and the Highlands Hotel &amp; Entertainment Complex, due to open soon.
The Highlands display centre offers 47 different home types to choose from with builders Carlisle Homes, Burbank, Boutique, Homebuyer's Centre, Simonds, Urban Edge, Eight Homes, Orbit, Porter Davis, Henley, Metricon, Bentley, Dennis Famil, JG King, Allied and Zuccala.
Stockland’s next biggest Victorian residential community project, Mernda Villages, also in the outer North of Melbourne, notched up 280 lot sale over the year.
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Stockland’s Highlands residential community in Craigieburn to be 'blueprint' for all future projects

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Australia’s biggest residential developer, Stockland, has reported a 35% drop in statutory profit to $487 million for the 2012 financial year to June 30.
Despite achieving record number of residential lot settlements for the year Stockland, suggests cautious buyers have not responded as they have in previous rate-cutting cycles.
The developer’s residential development arm settled a record 5,388 lots but still reported a 15% drop in full-year profits of $198 million, compared with $233 million in 2011, principally due to a fall in profit margins.
Stockland reported that profit margins had come under pressure due to the changing project mix and lower superlot settlements.
Stockland managing director Matthew Quinn, presenting his last full-year results before retiring next February, said rate cuts were not encouraging borrowing or stimulating the housing market.
Quinn described the housing market as the toughest since the late 1980s, when he joined the group.
He called the full year performance a “reasonable result in what continues to be a very challenging operating environment”.
Quinn noted that pre-GFC, a 2% interest rate cut had resulted in a 10% increase in housing credit growth but that post-GFC, the same interest rate cut had resulted in only 3% housing credit growth.
Furthermore, he said that in previous cycles  dwelling approvals picked up within three months of rate cuts, but in this cycle dwelling approvals had declined.
However, he said the overall housing market fundamentals remained strong, with strong population growth and an undersupplied housing market.
He noted the growing number of 25- to 34-year-olds – the peak household formation age group – and a low unemployment rate low at 5.2%. He also noted housing supply had been lower than underlying demand for some time, with undersupply estimates ranging from 130,000 to 240,000 homes.
Mark Hunter, head of Stockland’s residential business, said the developer was targeting corridors that had outperformed the market – the strongest being NSW.
Hunter expects the 2013 financial year to also be challenging.
Stockland will begin the new financial year with 1,561 deposits, about 700 fewer than last year.
But Hunter says there are signs the market is near the bottom but recovery is likely to be slow as consumers remain very cautious and lack urgency.
“We expect decline in first-home buyers with re-emergence of upgraders.
“WA is showing signs of recovery, but Queensland and Victoria are weak, with NSW improving but with low margins."
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Stockland profits slide 35%, with slower than normal response from cautious residential buyers to rate cuts

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Readers of Property Observer may be well attuned to purchasing property.  I’m sure many have attended numerous free seminars and property shows, read industry websites, commented on property forums and so forth. However, think for a moment about the first-home buyer – the buyer with few assets aside from hard-earned deposit and (in the current atmosphere) work that may not be all that secure over the long term.
With little experience in the property industry, and from my own findings, woeful ignorance regarding the transaction process, they are the ones who need the most protection when purchasing.  A first property is unlikely to be a buyer’s last, therefore it’s essential to have investment as part of the criteria as well as consideration of lifestyle needs.
Governments have taken an active hand in pushing first-home buyers towards the purchase of new house-and-land sales by way of various incentives and handouts to aid increasing supply.
It’s not hard to see where the attraction lies – the advertisements look beautiful and tempting.  Developers also have their own gift spree to encourage sales – sometimes including plasma TVs or in other cases a <a target="_blank" href="https://m.theage.com.au/business/property/gifts-galore-boost-flagging-unit-sales-20120728-233eo">holiday or car</a>.
But when it comes to property – whether buying established or new – the approach to any advertisement should always be cautionary. They’re designed to show the best aspects of the home, but the information that’s really important is the information you can’t see – most of which is written in black and white on the contract of sale.
The risks are often not highlighted in detail and in many instances, the contract for house-and-land packages are often not available until some level of commitment (application fee) from the home buyer has been received.
Here’s a quick rundown:
<ul>
<li>Imagine a large block of land – perhaps once used as farmland – recently purchased by Mr Smith (owner of a development company). Mr Smith has decided he wants to divide it into lots and sell each as a house-and-land package to potential home buyers. However, he’s not sure if he’s going to have the money to complete the project and he wants to be sure potential home buyers would be prepared to buy into the development before he proceeds. 
</li>
<li>Mr Smith puts together an advertisement, showing the proposed lots, complete with artist’s impressions and floor plans of homes purchasers can choose from. Along come the home buyers, lured in by “generous stamp duty savings” (which are discounted prior to construction or before construction is completed). They’ve seen the artist’s drawings, which perhaps include “quality carpet, tiles, Blanco appliances, double-glazed windows, locks, flyscreens, recycled-water facilities” and so forth. 
</li>
<li>The costs seem low considering the inclusions, so they gingerly choose their design – which can require an application fee – (without yet seeing a contract) – mentally locking themselves into the purchase. Once the contract has been prepared with the desired prospective floor plans and so forth, they sign on the dotted line and look forward eagerly to the date they can move in. </li>
</ul>
<ul>
<li>Mr Smith now has the ability to get a loan to fund the development and can proceed with the project as planned. </li>
</ul>
It all sounds like a dream, until you consider the risks involve, because to this point they have purchased simply that – a “dream”. The developer may – or then again, may not – acquire approval for the subdivision and even if he does, once obtained, there’s no guarantee the house will represent the depicted drawing on the advertisement.   Should the council find fault with the developer’s plans, Mr Smith has every right to alter the specifications of the purchaser’s future home (with or without permission) and with a signed contract in place, there’s nothing concrete the purchaser can do to protest. Imagine for example, the council disagree with the placement of the north-facing window in the downstairs living zone or want to alter the boundaries of the land.  Unless Mr Smith can resolve the issue or draw a compromise with the town planner, the whole project is under threat of demise.  Considering the amount of investment Mr Smith has made in this project, he can’t risk a fussy purchaser withdrawing from a contract based on this alone.  Therefore the contract puts in place “special conditions” to protect the developer – conditions that can’t be altered by the purchaser and lock them in for the duration.   Most contracts will state a time during which the developer will apply for the “plan of subdivision”. However these periods are generally long (sometimes in excess of 18 months), and the developer has the entire period to resolve any disputes, during which the purchaser is tied in.  Should the plan of subdivision not arrive within the stated period, the contract will be rescinded and deposit monies refunded – however the purchaser needs to bear in mind the length of time this can take (sometimes in excess of 12 months) and make provision for the worst-case scenario. The contracts will sometimes specify “settlement dates”, however when it comes to development, nothing is set in stone.  Delays are typical, and the contract will make provision for this.  If the purchaser has made plans to vacate his or her existing dwelling, there can be significant expense and stress involved in finding temporary accommodation for what is often an unspecified period of time.  Once again, the contract makes no provision for withdrawal. In addition to this, the lot dimensions can change due to the council specifying the need for additional public space within the community.  Contracts for house-and-land package sales generally give the developer every right to make minor (which in some cases turn out to be major) alterations – not only to the land size, but also the interior fixtures and fittings.  (Note the meaning of “minor” is not specified!) Unlike with established sales, the purchaser cannot threaten to delay settlement – he or she is “locked in”. 
<hr class="system-pagebreak">
Any new home looks great at the start of its cycle, however 10 years down the line will reveal whether it was a quality product or equivalent of a factory mass-produced item.  Developers obviously build with a guaranteed seven-year period in mind – and unless you’re familiar with the builders’ work and long-term reputation, don’t expect the property to last without fault for 10 years or more. Furthermore, it’s not unusual for significant defects – sometimes established at construction – to go “unnoticed” until after the specified period expired and age begins to kick in. The time and expense involved in legal battles of this nature is often enough to deter complaint.
 When purchasing an established dwelling, it’s possible to make offers subject to a building inspection, however this option is not applicable to new home sales.  Furthermore, if there are any defects at the completion of construction, it’s not necessarily going to be an easy ride getting the issue resolved.  By the time defect has been discovered, the builder may be working on another development therefore typically hard to contact or worse still, he may have suffered bankruptcy in the interim.
Furthermore, it’s important to note that the bank cannot not provide a carte blanche guarantee they will lend against the home until construction has been completed.  Even with pre-approval the final box isn’t ticked until a valuer can inspect the finished product.  During the period of construction – which can easily take in excess of 12 months or more – the market may have fluctuated downwards and therefore there’s a significant risk the valuation could fall short of the contract price.  The purchaser may have to come up with an extra $10,000 or $20,000 to complete the contract of sale or risk losing their deposit all together. As I specified at the beginning, all house-and-land sales come with risks attached.  This doesn’t mean a purchaser need rule them out all together – however it’s essential to walk in with eyes wide open and minimise the liability involved. A good developer will generally aim to please and complete the contract as promised, however there are no guarantees and the purchaser must allow for this.
Before you buy into the government incentives read the tips below.  You may well decide to stick to the security of real estate you can touch before you buy.
<ul>
<li>If possible, check the builder's previous developments and get a feel for the quality and finish.</li>
</ul>
<ul>
<li>Allow for the worst-case scenario.  Should the master-planned community fall through or fail to settle within the specified period, make sure there’s a back-up plan that won’t leave you homeless while searching for a plan B.</li>
</ul>
<ul>
<li>Read the fine print – get the contract checked – and understand the worst of the risks involved before signing on the dotted line.</li>
</ul>
<ul>
<li>Try and negotiate a “deposit bond” rather than cash.  Should the developer become insolvent or disappear prior to construction, tracing a cash deposit may be difficult.</li>
</ul>
Ask lots of questions!  Can you visit the site prior to construction?  Will you be consulted if changes occur to the specified plans?  Where will the deposit be held? (Usually a deposit sits in the real estate agency’s trust account and doesn’t accrue interest; however this isn’t necessarily the case with off plan developments.) Can you exit the contract if the development fails to be completed on time?
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition. 
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catherinecashmore-6LXia3pPQj

Be wary of uncertain house-and-land packages

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The 10 million tourists expected to visit London for the 2012 Olympic Games will get to see the city’s latest super-high-rise development, The Shard. That’s because it’s 309.6 metres tall and is the tallest building in Europe. From the top it’s sometimes possible to see the English Channel, 80 kilometres away.
The 95-storey building topped out at the end of March and officially opened on July 5 with a massive laser show.
There are 44 lifts in the pyramid-shaped tower, including some double-decker lifts to carry the maximum number of tourists.
Though if tourists do want to try the lifts out, a family of four will have to shell out a cool £87 to reach the observation deck, 244 metres above the ground.
<img src="/images/stories/2012/08/shard2.jpg">
The tower was first envisioned by British developer Irvine Sellar and architect Renzo Piano, most famous for the Pompidou Gallery in Paris.
The project was then taken up by Sellar, the family trusts of Simon Halabi, a Syrian-born investor, and CLS, a British property business. The global financial crisis put the project in jeopardy but in 2008, a Qatari consortium bought Halabi and CLS out of the project and secured funding to ensure the future of the project.
The Qatari consortium included Qatar National Bank, QInvest, Qatari Islamic Bank and the Qatari developer Barwa Real Estate.
The consortium currently owns 95% of the project.
The construction was originally opposed by English Heritage but in 2003 then deputy prime minister John Prescott approved the project following a public inquiry.
<img src="/images/stories/2012/08/shardlondon.jpg">
It is reportedly the biggest mixed-use building in London, and the cladding is made of 11,000 panels angled to reflect the sky and change the appearance of the building with the weather.
It was built on the site of the Southwark Tower, a 24-storey office block tenanted by PricewaterhouseCoopers.
Sellar told Bloomberg he expects the building to be worth £2.5 billion once it’s fully leased, though to date it has only secured one tenant – Shangri-La will run the hotel on site.
The building will also have 53,350 square meters of office space, 10 luxury apartments and shops.
There will also be three floors of Michelin-star restaurants.
Sellar says no decision has been made on whether to lease or sell the apartments.
He said the total cost of the project was £1.5 billion.
The building won’t be open to the public until 2013.
London skyline photographs courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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awalsh-7Ub9EypybQ

London's visitors can't miss The Shard, new skyscraper of Olympic proportions 

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Villa Amalfi in Paradise Point, Queensland is a riverfront home advertised as a work of art.
The 1,600 square metre six-bedroom house comes with a 12-metre pool, an 180-person formal dining room, an internal lift that can carry 13 people and a gourmet chef’s kitchen.
And of course, this 38-seat home cinema is the Mediterranean masterpiece.
The four-level residence was built with its 42 metre north easterly Broadwater frontage by Geart and Birthe Bjerring, who bought the Knightsbridge Parade East block for $3.2 million in 2008 before going on to build what is their fourth Sovereign Islands home.
It was on the market with $12 million price hopes in mid-2011 and <a href="https://realestate.brisbanetimes.com.au/overview/3942957/50-knightsbridge-parade-paradise-point-4216/">Coldwell Banker</a> is now seeking interest at $9.5 million in conjunction with <a href="https://www.realestate.com.au/property-house-qld-sovereign+islands-109089731">First National Paradise Point</a>.
<img width="470" src="/images/stories/2012/07/hometheatre1.jpg">
<img alt="2009741178_24_FS" height="353" width="470" src="/images/stories/2012/2009741178_24_FS.jpg">
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With 38 seats, Villa Amalfi is Australia's second best home cinema

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This 10-seat formal theatre room is part of a five-bedroom Dalkeith home, <a target="_parent" href="https://www.realestate.com.au/property-house-wa-dalkeith-109542401">The Manhattan</a>.
The house comes with a communications centre, separate casual and forming dining areas, a formal library and a full wet bar.
The brand new home was built by multi-award winning Zorzi Builders, who believe modern homes have at least one key theme dictating the design.
To some it is generalised as "entertainment", of either a resort feel with various bodies of water and lush landscaping, a "food lovers" paradise of kitchens and alfresco dining, or dedicated spaces for the enjoyment of music and film. Or, combinations of these elements and more.
Zorzi believes home theatres have replaced the television and radio sitting atop a piece of furniture in the lounge rooms of old.
The property has $10 million-plus hopes through Libby Bridge at Area Team Real Estate Subiaco.
<img src="/images/stories/2012/07/hometheatre2.jpg" width="470">
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