Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
The collapse of the debt-laden Lisa Ho fashion group has left prominent shopping centre landlords out of pocket by around $500,000.
A creditors report prepared by voluntary administrator Todd Gammell and Barry Taylor of HLB Mann Judd, appointed in May, reveals that Lisa Ho operated 10 standalone retail stores and seven concession stores within David Jones prior to its collapse.
Seven of these standalone stores and five concessions stores have since been shut down with “the balance of liabilities relat[ing] to lease arrears at appointment of approximately $500,000 and other trade creditors” according to the report:
<img alt="lisa_ho_stores" height="286" width="470" src="/images/stories/2013/01/feb1bennett/lisa_ho_stores.jpg">
The report notes that trustee Perpetual Limited is seeking payment of “$46,406.65 for base rent, outgoings and GST payable pursuant to the lease of Shop 480 in the Chadstone Shopping Centre on 12 December 2012” and commenced proceedings to recover the money in April.
Stores which continue to trade are in Ipoh's Strand Arcade on George Street in Sydney, ISPT’s Wintergarden complex on Queen Street Mall in Brisbane and at 350 Bourke Street in the Melbourne CBD.
The Lisa Ho Group closed the Woollahra store in Sydney prior to the appointment of the Administrators.
A review carried out by the creditors identified problems before the coming was placed in administration including that a number of retail stores were “unprofitable on the basis of the current rental and wage costs given the level of sales with a “number of stores” identified for closure prior to the appointment of administrators appointment.
However, such was the dire financial position – an estimated $11 million worth of debt - that the group was “unable to fund the costs of vacating and terminating the leased sites” – a number of shops had bespoke fit outs financed by St.George Bank.
The report reveals that the Lisa Ho Group made a loss of $2.3 million for the year to June 2012 with sales falling to $13 million.
Also in 2012, the group cut costs by over $1 million by reducing its head office and retail staff.
Lisa Ho sold personal assets including property and furniture amounting to $1.8 million to provide working capital for the failing business.
She also contributed $600,000 to pay wages and other business costs.
 
</body></html>

lschlesinger-FZcF9M3vE6

Shopping centre landlords owed $500,000 in rent following collapse of Lisa Ho fashion group

<html><body>
A two-bedroom converted-warehouse-apartment in Chippendale is on the market with a $650,000-plus price guide.
The Shepherd Street apartment includes industrial features such as exposed brick and beams, concrete floors and three-metre high ceilings.
The 1910 property is in a block of 14 and has use of a large shared rooftop.
The apartment last sold in 2004 for $475,000.
The block's last sale was a 78 square metre apartment for $650,000 in early 2012.
Two-bedroom apartments in the complex are currently rented out for $750 and $800 per week, offering a potential rental yield of around 6.2%.
The property will go under the hammer on July 6 through <a href="https://www.propertyobserver.com.au/https://www.bresicwhitney.com.au/#!/buy/7323" target="_blank">Nicholas Gill and Ivan Bresic of Bresicwhitney Estate Agents.</a>
The median unit price in <a href="/news">Chippendale</a> is $524,000, according to RP Data.
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ntrotman-Et3xWpamVh

Converted 1910 warehouse apartment in Chippendale Mews listed

<html><body>
Despite extending the $15,000 first-home owners grant on new homes to January 1 2016, the NSW 2013-14 budget has left first-home buyers out in the cold with the failure to reintroduce the grant for existing properties.

<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/nsw-home-buyer-grants-tempting-40-plus-of-first-timers-in-emerging-shift-away-from-established-homes/2013061862376">The budget</a> was an opportunity for the NSW Government to reinvigorate the property market with a reduction in stamp duty rates and the reinstatement of first-home buyer incentives on existing properties.

They have failed.

We are very disappointed NSW first-home buyers continue to be disadvantaged by the decision not to reinstate the first-home owners grant for existing properties.

We are not satisfied with the grants being limited to new properties and neither are first-home buyers, who instead of purchasing new properties are choosing to purchase no property at all.

The most recent data from the Australian Bureau of Statistics clearly shows the first-home buyer market is in crisis.

The number of first-home buyer commitments as a percentage of total owner occupied housing finance commitments was 14.3% in April 2013.

The percentage of first-home buyers in the marketplace is getting very close to the record low of 12.5% in March 2004 and is well off the all-time high of 29.5% recorded in May 2009.

It is very disappointing that the government has not recognised the failure of this policy and amended its policy to include existing properties.

Many first-home buyers are not interested in purchasing new properties. The scheme introduced last year has failed to date because it assumes that supply is being hindered by demand from first-home buyers for existing properties.
It implies that by redirecting first-home buyers to new properties it will solve the supply problem. The truth is, supply is hindered not by first-home buyer demand but by a convoluted, inefficient planning system and a tax system that is overly dependent on property.

It is time for the government to recognise the critical role first-home buyers play in the property market and implement what really needs to be done to help them – reinstate the first-home buyers scheme for existing properties.

The first-home owner grant was due to be reduced to $10,000 on January 1 2014 and will now remain at $15,000 until January 1 2016.

Tim McKibbin is chief executive of the <a target="_blank" href="https://www.reinsw.com.au/">Real Estate Institute of New South Wales</a>.
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NSW budget ignores the needs of FHBs chasing existing properties: Tim McKibbin

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This week the NSW government <a href="https://www.propertyobserver.com.au/news/everything-you-need-to-know-about-the-nsw-first-home-buyer-%2415000-grant-scheme/2013061762349?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">extended its $15,000 first-home buyer grant scheme</a> for new homes only through to January 2016 as part of its June 2013 state budget.
The grant amount was originally scheduled to reduce to $10,000 from January 1 2014. Instead it will now only reduce from January 1 2016.
Following the release of other state and territory 2013-14 budgets over the past few months, the following pages contain the key dates and information first-home buyers (FHBs) and non-first-home buyers need to know in their state and territory as they consider property purchases:
(All information current up to June 20 2013)
NSW
No current expiry date - New Home Grant Scheme
Under the NSW New Home Grant Scheme, a $5,000 grant will be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000. This is grant is not available to investors and owner occupiers, not FHBs.
No current expire date - First Home - New Home stamp duty concessions and exemptions
The First Home—New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which they intend to build their first home. It provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550,000 and concessions on transfer duty for new homes valued between $550,000 and $650,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $3550,000 and $450,000.
Duties can be calculated using  the <a target="_blank" href="https://www.apps05.osr.nsw.gov.au/erevenue/calculators/fhnh.php">First Home—New Home calculator</a>
January 1 2016 - FHOG
From this date the NSW $15,000 First Home Owner Grant (New Home) to help eligible FHBs purchase or build a new home, will be reduced to $10,000 with no end date set.
More information: <a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/">NSW Office of State Revenue</a>
 
<hr class="system-pagebreak">
VICTORIA
June 30, 2013
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
July 1, 2013
From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
July 1 2013
The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
September 1 2014
The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.
 
More information: <a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/B82157FB72EC77C8CA2575CA00826CDD6BF180369BCB3975CA2575A1004420CF">Victoria State Revenue Office website</a>.
QUEENSLAND
No current expiry date - Great Start Grant
The $15,000 grant is available for first-home buyers buying or building a new home valued under $750,000.
No current expiry date – stamp duty concessions
The Queensland government offers stamp duty concessions for both first-home buyers and non-first-home buyers. A scaled first-home concession is available up to $550,000, no duty is paid on vacant land up to $250,000 with scaled concessions up to $400,000. For no-FHBs, the concessional transfer duty rate of $1 for each $100 or part of $100 applies to the first $350,000 of the consideration or value of the home.
<a target="_blank" href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/concessions-for-homes.shtml">Full details on concession rates can be found here.</a>
 
<hr class="system-pagebreak">
WA
No current expiry date - FHOG
The WA government offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
No current expiry date - stamp duty concessions for FHBs
When a home buyer is eligible for the FHOG, a concessional rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
The First Home Owner Rate of Duty applies to a dutiable transaction with a dutiable value of up to $600,000 for a house and land, or $400,000 for vacant land.
If the property includes a home
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $500,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$500,000 - $600,000
</td>
<td valign="top" width="357">
$22.51 per $100 or part of $100 above $500,000
</td>
</tr>
</tbody></table>
For vacant land
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $300,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$300,000 - $400,000
</td>
<td valign="top" width="357">
$13.01 per $100 or part of $100 above $300,000
</td>
</tr>
</tbody></table>
No current expiry date - stamp duty concessions for principle place of residence
This concessional rate of duty applies to a purchase of a residential property valued at less than $200,000, which will be the primary place of residence for the purchaser.
<ol></ol>
The rates of duty are as follows:
<table style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 12px; width: 470px;" border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td width="235" valign="top">
Dutiable Value
</td>
<td width="333" valign="top">
Rate of Duty
</td>
</tr>
<tr>
<td width="235" valign="top">
$0 - $100,000
</td>
<td width="333" valign="top">
$1.50 per $100.00 or part of $100.00
</td>
</tr>
<tr>
<td width="235" valign="top">
$100,000 - $200,000
</td>
<td width="333" valign="top">
$1,500 + $4.39 per $100.00 or part of $100.00
</td>
</tr>
</tbody></table>
 More information <a target="_blank" href="https://www.finance.wa.gov.au/cms/content.aspx?id=344">available here</a>
SOUTH AUSTRALIA
No current expiry date
The South Australian government offers a FHOG of $15,000 for new homes.  The property value must not exceed $575 000.
June 30 2013
The $8,000 Housing Construction Grant (HCG) will expire on this date. It applies to contracts entered into between 15 October 2012 and 30 June 2013, or in the case of owner builders, where construction commenced between 15 October 2012 and 30 June 2013. A property value cap of $450,000 applies.
June 30 2014
The $5,000 FHOG grant for existing homes expires on this date. The property value must not exceed $575 000.
June 30 2014
Up until this date first home buyers are eligible for an off-the-plan stamp duty concession of up to $21,330 (capped at stamp duty payable on a $500 000 apartment).
The concession is available if you purchase a new or substantially refurbished apartment:
<ul>
<li>within the area of the Corporation of the City of Adelaide;</li>
<li>on any land within the area where the Bowden Redevelopment project (Bowden Village); or</li>
<li>on any land located within the area known as 45 Park, Gilberton;</li>
</ul>
This concession is in addition to the FHOG.
FHBs can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
June 30 2016
A partial off-the-plan stamp duty concession will be available for contracts entered into between 1 July 2014 and 30 June 2016.
FHB can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
More information on the <a target="_blank" href="https://www.revenuesa.sa.gov.au/IamaFHB">Revenue SA website</a>.
 
<hr class="system-pagebreak">
ACT
August 31 2013
The existing $7,000 FHOG will end on this date. The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less.
September 1 2013
FHBs in the ACT will receive $12,500 if they buy or build a new home or one that has been substantially renovated. 
August 31 2013
On this date the Home Buyer Concession Scheme (HBCS) to assist persons in purchasing a new residential home or residential vacant land by charging duty at a concessional rate ceases. The HBCS applies to new or substantially renovated properties for transactions dated 5 June 2013 to 31 August 2013.
The property thresholds and concessional duty rates are worked out in accordance with the following table.
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="255">
If the Dutiable Value of an Eligible Property or Eligible Vacant Block is… 
</td>
<td valign="top" width="274">
the Concessional Duty Payable… 
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to or less than the lower threshold
</td>
<td valign="top" width="274">
is $20
</td>
</tr>
<tr>
<td valign="top" width="255">
more than the lower threshold, but less than the upper threshold
</td>
<td valign="top" width="274">
is the concessional duty rate for each $100 (or part thereof) by which the dutiable value exceeds the lower threshold (with a minimum of $20 payable)
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to the upper threshold or more
</td>
<td valign="top" width="274">
does not apply (i.e. there is no concession and full duty is payable)
</td>
</tr>
</tbody></table>
 
1 July 2012 – pensioner duty concession
The Pensioner Duty Concession Scheme (PDCS) is to assist eligible pensioners to move to accommodation more suited to their needs (e.g. from a house to a townhouse) but who may find the duty involved to be a significant impediment.  Such persons are assisted to purchase a residential home or residential vacant land by paying duty at a concessional rate.  The PDCS has been extended for a further three years from 1 July 2012. The latest upper and lower value thresholds, which are updated every six months for eligible property and vacant land (usually 1 January and 1 July) to ensure that they remain current, <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance/pensioner_duty_concession/1_January_2013_-_30_June_2013">can be found here</a>.
More information on the <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance">ACT Revenue website</a>.
Tasmania
June 30, 2014
Up until this date, Tasmanian FHBs of established homes are entitled to a $7,000 grant. The grant is not means tested and there is no cap on the value an eligible home.
June 30, 2014
Up until this date the $8,000 First Home Builder Boost Scheme grant available to Tasmanians building a new home (including off-the-plan) if the qualify for theFHOG will end on this date.
July 1, 2014
From July 1, 2014, the FHOG is only available to those who buy or building a new home, including off the plan and house and land packages.
More information can be <a target="_blank" href="https://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/1D7587F444344511CA2575C10011ACBE?OpenDocument&amp;menuitem=First%20Home%20Buyers">found here.</a>
 
<hr class="system-pagebreak">
Northern Territory
No current expiry date - FHOG
The Northern Territory offers a FHOG for both new and established homes that remains ongoing. FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than $600,000. The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
The amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
<ul>
<li>$12,000 if the home is an established home in the urban area;</li>
<li>otherwise - $25,000</li>
</ul>
An urban area means all land located wholly within the boundaries of: the Darwin, Palmerston or Litchfield municipalities; Wagait Shire; the Darwin Waterfront Precinct; the “prescribed area” for the Darwin Rates Act, any other area prescribed by regulation.
No current expiry date – stamp duty concession
The Northern Territory Government provides a stamp duty Principal Place of Residence Rebate (PPRR) to persons purchasing a new home or land on which to build a home.  A new home is a home that has never been previously lived in or sold as a place or residence. Substantially renovated homes may be considered as a new home for the purpose of the PPRR. The PPRR is an amount up to $7000 off the duty payable.
A calculator is available on the NT government website to work out the <a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/StampDuty/StampDutyCalculators/Pages/PPRR-Calculator.aspx">amount of duty payable</a>.
No current expiry date – Senior, pensioner and carer concession
The Senior, Pensioner and Carer Concession (SPCC) aims to assist eligible senior citizens, pensioners and carers that are not first home owners acquire a home or land on which to build a home by reducing the stamp duty that would otherwise be payable. The SPCC is an amount up to $8,500 off the stamp duty payable which represents the stamp duty on approximately the first $263,200 of the value of the property acquired.
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State by state government property grants and stamp duty concessions: The expiry dates you need to know

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Are you getting ready to sell your house?  
It can be a busy and emotional experience that can seem quite intrusive.  You will receive advice from your selling agent about the appearance of your home and advice about making it as appealing to potential buyers as possible.  
This advice is important because you want to make your property look at its best to maximise its marketability. Just as you would polish your car before trying to sell it, you must also make your house sparkle.  
However, agents may not give you as much advice about preparing those parts of the house that buyers don’t see when they visit your property. These areas include the area under your house, in your roof space, on the roof or in some storage areas and outbuildings like a storage shed or garage. These areas are also important parts of your house for buyers, even if they might not inspect them personally.  
Just as the mechanical condition of your car is vital to the marketability of your vehicle, the condition of your house is very important to buyers.  In fact, even more so because, unlike your car, there is no annual roadworthy certificate or used car warranty available to the buyer of your house.  
In the same way a vehicle inspection report can be a useful marketing tool for your car, a building and timber pest inspection report from EYEON can provide strong marketing benefits for your property.  It will make it quicker, easier and cheaper for buyers to be in a position to make an offer or bid on your property.  It also demonstrates that you are being transparent about selling your property. You can find out more about this option <a target="_blank" href="https://www.eyeon.com.au/ourservices.asp?id=7">here</a>.  
Even if you choose to wait for a potential buyer to request an inspection, it is important to have your house ready for the arrival of a building inspector.  The points below can be used as a checklist for making your house inspection ready.  
Sub-floor areas
<ul>
<li>
Ensure that any access points to the sub-floor area of your house are unlocked and clear of any obstacles.
</li>
</ul>
<ul>
<li>
Remove any stored items or debris under your house so that the inspector can safely enter the sub-floor areas to inspect the foundations, drainage and underside of flooring
</li>
</ul>
<ul>
<li>
If there is no access point to the sub-floor area, please think seriously about installing one.
</li>
</ul>
<ul>
<li>
If the inspector cannot access the sub-floor area for any reason, it will be noted in the report. The inspector also needs to point out that there may be defects in that area and recommend that access be gained to the area.  Inability to access this area is frustrating for inspectors and buyers and can create doubts in their minds. What would you think if you were a buyer?
</li>
</ul>
<ul>
<li>
If your house is built on, or just above, ground level or on a concrete slab, then an inspection of the area will not be possible.
</li>
</ul>
Furniture and floor coverings
<ul>
<li>
Where possible, give the inspector access to inspect the condition of internal flooring, particularly wooden floors.
</li>
</ul>
<ul>
<li>
The inspector is not permitted to move furnishings or floor coverings to undertake the inspection due to the risk of causing damage to furniture or floors/walls.  By properly uncluttering your house, it will make the inspector’s job easier and help to make the report more complete for any buyer.  An incomplete report can cause doubts in the mind of buyers.
</li>
</ul>
Internal roof space
<ul>
<li>
Where a roof void exists in your house, please ensure that the inspector can gain reasonable access to enter the roof.
</li>
</ul>
<ul>
<li>
Please remove any stored items from the roof space
</li>
</ul>
<ul>
<li>
Where possible, please vacuum the area to remove or reduce dust that builds up over time. This makes the inspection easier and more complete but also reduces the risk of dust entering your house during the inspection.
</li>
</ul>
<ul>
<li>
Please arrange the removal of old items such as redundant water heaters that can become a hazard over time and make the inspection more difficult to complete.
</li>
</ul>
External Roof
<ul>
<li>
Where possible, make it possible for the inspector to access the roof from a 3.6 metre ladder.  On two storey properties, access may be possible from a second storey balcony or terrace.
</li>
</ul>
<ul>
<li>
Where it is unsafe to access the roof, the inspector will need to assess the roof from a distance. This may affect the quality of the report.
</li>
</ul>
Recent Works  
If recent maintenance or repair work has been undertaken it will help the inspector if invoices or other records of the work undertaken are made available. It is possible that some reference can be made to this evidence in the inspection report. This information could be valuable to buyers.  
Renovations  
If you have renovated your house, please make it easy for buyers and the building inspector to confirm that your renovations have been approved by the appropriate authorities. A building inspector will note the renovations and point out to readers of the report that approvals need to be checked. Why not make this information available to the inspector so it can be noted in the report. Also make the approval available for buyers. It gives them comfort and confidence and saves them time.  
Other inspections  
If you are undertaking work at your property in preparation for sale, specific tradesmen may be able to undertake an inspection of specific areas of your property. In particular, inspections of specialised systems like plumbing and electrical can add value for buyers as these systems do not form part of a building inspection report.  It is illegal for such inspections to be undertaken by anyone other than a licensed plumber or electrician.  EYEON offers plumbing and electrical inspections and reports.  
Summary  
As a vendor, think about the type of information you’d like to see if you were a buyer.  Better information for buyers provide powerful marketing benefits for your property and make it much easier for buyers to have the confidence to decide to buy your house.  Making an inspection report easily available to buyers at a low cost is a great way to improve engagement with buyers.  
Michael Ferrier is managing director of <a target="_blank" href="https://www.eyeon.com.au/">EYEON</a>.
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Key steps for preparing your house for a building inspection: Michael Ferrier

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Echo Entertainment’s Jupiters Casino on Broadbeach on the Gold Coast is in urgent need of refurbishment, according to Gold Coast mayor Tom Tate.
Speaking at a Property Council of Australia lunch this week, Tate labelled the casino a "three-star property” that did not represent the city well enough, in a speech reported by the Gold Coast Bulletin.
Echo Entertainment earmarked refurbishments to its Queensland casinos – Jupiters and Treasury in Brisbane - with a $625 million program in December 2010 that would transform them into “world class entertainment destinations” with plans to build two new hotels over the next five years.
But Tate said people preferred to fly to the recently revamped Echo-owned The Star casino in Sydney or go to James Packer’s Crown Casino in Melbourne.
At the lunch News Ltd ppaers noted he repeated a talk with he had earlier in the year Echo CEO John Redmond telling him if they did not spend money, Jupiters would be left behind.
"Then I said, 'If you don't like hearing the truth, we won't have dessert together,’ said Tate.
He called on Echo to fast-track a $350 million redevelopment of the casino, as promised in December 2010.
Echo is currently embroiled in a battle with James Packer over casino rights in Brisbane and Sydney.
Echo has sole casino rights in the two cities, but Packer is seeking the state government approval to build a casino at Barangaroo.
Echo is seeking to expand the Star and extend the period of its exclusive casino licence beyond 2019 - but only one project will receive approval according NSW premier Barry O'Farrell.
If Echo wins its battle with Crown, it plans to build a new casino in Brisbane, which would further delay plans to refurbish Jupiters.
Jupiters Hotel and Casino managing director Aaron Gomes said development of both Brisbane and Jupiters was dependent on the “whim of the state government”.
Echo’s February half-year results to December 31 reveal “weakness across its Queensland properties” which offset the strong performance of The Star casino.
Echo blamed this on a “softer consumer environment” in Queensland.
The results also reveal developing a new casino in Brisbane is a key priority.
“Queensland properties unlikely to fully realise underlying potential of markets until investment is made – clarity on Treasury Brisbane relocation remains first priority,” say the results.
They also reveal that discussion with the Queensland government “over potential investment in Brisbane and Gold Coast” are continuing.
 
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Jupiters Casino a "three-star property" that needs refurbishment: Gold Coast mayor

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Listed property trust Charter Hall has formed a partnership with a local super fund and a Canadian pension fund to acquire Bankwest Place and the associated Raine Square shopping centre in the Perth CBD for $458 million, seeing off competition from both local and offshore investors.
The mixed-use asset will be equally owned by the Charter Hall Core Plus Office Fund, Telstra Super and Canadian pension fund PSP, as identified by the Australian Financial Review.
The price equates to a yield of around 6% with a market capitalisation rate of 7.6%.
The complex was sold by CBRE on behalf of KordaMentha, acting as the receivers for property developer Luke Saraceni and Hossean Pourzand’s Westgem Investments Pty Ltd.
It was built at a cost of around $500 million.
KordaMentha were appointed by Bankwest as receivers in January last year in a bid to recover debts exceeding $400 million owed to Bankwest and Bank of Scotland.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/office/luke-saraceni-loses-bid-to-remove-raine-square-perth-receivers/2012091856645" target="_blank">In September last year</a> Saraceni lost his Supreme Court bid to remove KordaMentha as receivers.
In October, Saraceni launched a $200 million-plus damages claim against Bankwest over the collapse of his property empire last year.
Saraceni and Pourzand lost control of the tower after missing a vital $50 million repayment to financiers Commonwealth Bank-owned Bankwest and Bank of Scotland in late 2010.
The 22-storey office, the headquarters of Bankwest and the accompanying shopping centre, cover 61,500 square metres of lettable area on a 12,300 square metre city block with four street frontages including William, Murray and Wellington Streets.
It has 45,000 square metres of office space and is 100% leased to Bankwest on an initial 12 year lease with renewal options expiring in 2024.
There is almost 10,000 square metres of retail space across three levels in the shopping centre, anchored by Coles, which has a 15 year lease, with links to the William Street train station via an underground tunnel.
It opened in 2012 with 67 retail tenancies and a weighted average lease expiry (WALE) of six years.
There are also two hotel complexes totalling 5,700 square metres leased for a further eight years.
Total occupancy across office, retail and the hotels is 95.5%.
The selling agents were Scott Gray-Spencer, Michael Andrews and Peter Agostino from CBRE and John Williams, Simon Storry and John Talbot from Jones Lang LaSalle.
“The property was highly sought after by both on and off shore investors,” said Michael Andrews, senior director of CBRE’s international investments team.
“The popularity of Bankwest Tower and Raine Square highlights the depth of the investor market  and the popularity of core Australian CBD  assets due to our comparatively high yields and favourable debt conditions,” he said.
CBRE’s Western Australia managing director Peter Agostino said the deal “highlights the strength of the WA economy and the Perth CBD as a desirable investment location”.
“Assets of this size and quality are rarely traded and to achieve this result is a real confidence boost for the WA market.”
Charter Hall’s managing director David Harrison said the he acquisition was in line with its strategy of “raising and deploying capital into core real estate investments and continues the momentum of matching our partners’ capital with attractive investment opportunities”
He anticipates a combined annual growth rate of 5% for office rental income.
“Despite the slowdown in the resources sector, we are confident about the longer term outlook for Perth and are attracted to the security of a non-resource tenant of Bankwest’s calibre in this active precinct,” Harrison said.
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Charter Hall buys Bankwest Place and Raine Square in Perth for $458 million

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For many people, an investment property forms part of their retirement plan. In order to avoid any major cracks in the future, this precious nest egg should be nurtured along the way so it lives up to its promise of financial security when the time is right.  
This is why it is so important that you select an agency that you can trust, to manage your property as if it were their own.  
With tax time looming it’s the perfect time to ensure you’re getting the right level of service from your agent. Paying a management fee covers more than just rent collection; it is also a tax deductible service that should ensure your agent keeps your property well maintained and earns you maximum rental return.  
To ensure successful management of your investment property and returns, you need to work with a qualified agency that has a committed and professional approach. Your agency must have attention to detail, knowledge of all the appropriate legalities, and efficient procedures in place to manage the day-to-day demands of a portfolio of investment properties.
The average management fee in NSW ranges between 5% – 7% depending on location and service provided. However, it is the little things that will set a great agent apart from the average.
Ensuring the property is spotless when a tenant leaves is so often overlooked; with dirty vents, cupboards, light fittings and many small areas missed during a vacate inspection. These issues will just build up over each new tenancy and lead to early replacements. A good agent will also ensure everything is in working order rather than waiting for the new tenant to advise.
Detailed pictures of the property are essential in today’s market. Images ensure there is no debate over the condition of the property at the end of a lease, and with a furnished property, an agent can ensure the property is styled as beautifully as it was when it was handed over.
Organising cleaners, removalists, tradesmen and sourcing any service the property or landlord needs should all be part of the deal and at the end of the financial year, your agency should give you a complimentary end of year statement to pass on to your accountant.
Finally, communication is key. Keeping landlords up to date with values and market trends is something our agency is passionate about delivering on a regular basis.
Rohan Alexander, my Associate Director at Lifestyle Property Agency, has specialised in managing and leasing inner city properties for over a decade and always goes above and beyond for clients. Just recently, to ensure a deal was closed for the landlord, he organised a crane to lift a large piece of furniture onto the balcony as it wouldn’t fit in the lift of the apartment building. Both the landlord and tenant were extremely happy with the outcome.  
According to Rohan, the following checklist outlines everything a good property manager should be doing for their clients:
<ol>
<li>
Manage the property like it’s your own. Be positive, enthusiastic and proactive – there is always a solution!
</li>
<li>
Ensure there is a minimum of two routine inspections per annum – it is essential to monitor the property during tenancies. Many agencies don't even carry out one inspection per annum!
</li>
<li>
Review the market rent every 6-12 months, depending on the length of the tenancy. The smallest increase will maximise your return
</li>
<li>
Have a great relationship with both the owner and tenant; looking after both parties ensures a smooth tenancy
</li>
<li>
Be proactive with maintenance rather than reactive
</li>
<li>
Ensure your tradesmen are good at what they do, are reasonably priced and reliable
</li>
<li>
Always return calls! Many people don’t hear back when enquiring about a rental property. Prospective tenants, owners and current tenants should always receive a response, whether it is good or bad news
</li>
</ol>
Choosing the right agent is worth the initial investigation and like anything the cheapest is not always the best. Make sure that this small tax deductible cost is working for you and your property portfolio, to maximise the opportunity for positive capital growth in the future.
Carlie Ziri is the director of <a rel="nofollow" href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
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The importance of choosing the right property manager for your investment: Carlie Ziri

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St Kilda Road on the Melbourne CBD fringe has the highest residential vacancy rate in Australia, according to figures compiled SQM Research.
There were 360 properties vacant in May in postcode 3004, which is predominantly St Kilda Road, equating to a vacancy rate of 13%. 
There are 3,651 apartments along St Kilda Road, according to Census 2011 data, and only seven separate houses. 
The census data indicates it is property investment hotspot with more than half of apartments (52.6%) on St Kilda Road rented. 
SQM Research data shows that the vacancy rate has actually declined on St Kilda Road having peaked at around 24% in January 2102. 
In total there are six Victorian postal codes on the top 10 list including two more in Melbourne. 
These are Doreen, 26 km north-east from of the city, has a vacancy rate of 11.2% with 142 properties vacant over May and Southbank, just across the Yarra from the CBD, with a vacancy rate of 9.7%.
Commenting on the high vacancy rates on St Kilda Road and Southbank, SQM Research director Louis Christopher suggests this may be driven by the rise in the number of new residential property developments that have come into these areas in recent years.
"I think there is no coincidence the two postcodes are in close proximity to each other," he says.
<img alt="TEN_HIGHEST_VACANCY_RATES" height="227" width="470" src="/images/stories/AlexPerry/TEN_HIGHEST_VACANCY_RATES.jpg">
Image of Southbank courtesy of Flickr.
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Melbourne’s St Kilda Road and Southbank bookend top ten highest rental vacancy rates in Australia: SQM

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Despite a deterioration in underlying market conditions over the past 12 months, offshore investors are expected to continue to pour money into Australian commercial property, according to Paul Braddick head of property research at ANZ.
Braddick notes in the June ANZ commercial property update that "tenant demand has weakened, vacancies and incentives have risen and rental growth has slowed, particularly for secondary properties".
"Nonetheless, the global flood of liquidity, a heightened appetite for yield and the recent sharp decline in the Australian dollar are expected to continue to support investor interest in Australian commercial property (although to date offshore demand has been heavily focused on prime properties)," says Braddick.
The following graph demonstrates that offshore investment in Australian office property has not dampened despite a deterioration in demand for office space:
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/06/chartoftheweekjune19one.gif"><img src="/images/stories/2013/06/chartoftheweekjune19two.gif"></a>
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