Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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

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Westfield Corporation chairman Frank Lowy is proud of successfully completing the restructure of Westfield during the year.
"The combined market capitalisation of Westfield Corporation and Scentre Group is now over $41 billion, representing $12 billion of value creation for the securit yholders who participated in the restructure,” the latest results advised.
Westfield Corporation is included in the S&amp;P/ASX200 A-REIT Index with a weighting of approximately 20%.
"Given this significant weighting of the Group in that index, it is informative to show the comparison of Westfield Corporation’s total returns against the performance of other index participants (excluding Westfield Corporation)," Westfield said.
WFD total return (pro-forma for Restructure) v S&amp;P/ASX200 A-REIT Index constituents (excluding WFD) (Click to open in new window:):
<a href="/images/2015/02/25/westfiled-feb-25-one.jpg" target="_blank"><img src="/images/2015/02/25/westfiled-feb-25-one.jpg" alt=""></a>
Its development pipeline is expected to create significant long-term value for security-holders, the half year report noted.
As the group’s assets and operations are located overseas, principally in the United States, the group has adopted United States dollars as its presentation currency.
Westfield Corporation owns a pre-eminent portfolio in the United States and United Kingdom valued at $28.5 billion (Group’s share: $17.7 billion) with some 7,400 retailers and 50 million sqf of gross leasable area.
"The performance of Westfield Corporation’s portfolio in the United States and United Kingdom remains strong," the report stated.
"Significant progress is being made on the $11.4 billion pipeline of current and future developments, which include Westfield World Trade Center in New York, Century City in Los Angeles and the expansion of Westfield London and Valley Fair in Silicon Valley."
Westfield Corporation announced its earnings results with Funds From Operations (FFO) for the six months ended 31 December 2014 of $391 million, in-line with forecast. 
Speciality sales across its portfolio rose 3.9% to $700 per square foot across 2014, with growth of 4.5% in its flagship centres achieving $986 per square foot.
The regional portfolio specialty retail sales achieved of $476 per square foot, up 3.3%. 
Average specialty rents for the total portfolio were $86.34 per square foot, up 4.1% with the Flagship portfolio at $115.35 per square foot, up 5.0%.
Growth over expiring rents for comparable space was 20%, comprising 26% in the Flagship portfolio and 7.7% in the Regional portfolio. This includes the five yearly rent reviews at Westfield London. 
The group’s two London assets, Westfield London and Stratford City achieved combined annual sales of almost £2.1 billion with approximately 70 million annual customer visits. The upcoming expansion at Westfield London will be anchored by a new flagship John Lewis department store. On completion, Westfield London is expected to become the largest shopping centre in Europe. 
Meanwhile Frank Lowy has convinced his son Peter to reconsider departing from his executive role.
When the Lowy family announced the controversial restructuring of its empire last year, Peter indicated that he would step back from his position as co-chief executive with brother Steven and instead take a non-executive role.
"With the group's exciting prospects, its extensive and geographically diverse development pipeline, its drive for innovation and on-going capital management initiatives, the board has asked Peter Lowy to reconsider his decision to step down from his executive position," the company said in a statement on Wednesday morning.
"The board is please to announce that Peter has agreed to remain as co-CEO together with Steven Lowy."
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jchancellor-FAypfDUnLy

Westfield's Peter Lowy is staying with the family firm

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Savills Australia open its Sydney Chinatown office last week to coincide with the Chinese New Year celebrations.
Located in Dixon Street, the new Chinatown office will showcase a selection of Savills residential listings.
The NSW Premier Mike Baird popped by the celebrations that included the traditional lion dance and firecrackers, to bring good luck and fortune for the year ahead. 
<img src="/images/2015/02/25/chinatown-feb-25-three.jpg" alt="">
NSW Premier Mike Baird (second rear from the right) attends the opening of Savills' Chinatown office opening. Photo supplied.
Declaring the Savills Residential Projects office officially open was Paul McLean, Savills CEO, Australia and New Zealand who hoped the close identification with Chinatown would "make Savills not just an important business presence but a valued community one also.”
“With the growing demand for residential property, both from local and international buyers, we felt there was a need to establish a presence in Chinatown," Ged Rockliff, head of residential projects, Savills Australia said. 
“This also reflects our rapidly changing market and the need to not only focus on local buyers but to service the growing local Chinese community and the wider international market." 
Savills has over 600 offices throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
The opening comes as the number of Significant Investor Visas granted by the federal government has had 89% of all approvals from China. Hong Kong is the next most popular source country, with 3.5% of visas granted.
Victoria has attracted most of the visas granted, followed by NSW.
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Savills open Sydney Chinatown office as SIV numbers rise

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Traditional method baker, Hometree, has committed to a new lease in South Yarra.
The deal by the high quality bread maker was negotiated by Savills Australia in conjunction with Grange Property Consultants for the 166 Toorak Road space.
It is the former Mecca Cosmetica premises comprising 140 square metres close to the railway station.
Savills Australia Victorian retail director, Michael Di Carlo, who brokered the deal, with colleague Jeremy Marmur and Grange Property Consultants director, Joel Wald, said the deal was negotiated on a seven year term. 
The rental was not disclosed but deals along the street have been struck in the vicinity of $900 to $1,000 a square metre.
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Hometree bakery takes Toorak Road, South Yarra lease

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The sale of Investa Property Group by Morgan Stanley Real Estate Funds is attracting international buyer interest.
The Australian Financial Review's Street Talk column advised interest has come from Mitsubishi Estate of Japan and Singapore's City Developments Ltd (CDL).
The early line-up of potential bidders for Investa included Blackstone with Ivanhoe Cambridge, as revealed by Street Talk, Fosun from China and LaSalle Investment Management. 
On the local front Cbus has already expressed interest in the opportunity to secure a stake in 13 towers worth at least $2.3 billion. 
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Investa listing atracts international attention

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The Queenscliff Hotel has been relisted for sale.
<a href="https://www.abercrombys.com.au/queenscliff-queenscliff-hotel-16-gellibrand-street-ab2974/" target="_blank">The striking 1887 Queen Anne-style building</a> has 16 rooms with ensuites, sitting rooms, library, bar and dining room and a breakfast room.
There is a commercial kitchen and a manager’s residence.
Abercromby’s are selling the property on a walk-in, walk-out basis at its 20 March auction, where expectations are $3.5 million plus.
The hotel is still taking guests, but the restaurant served its last meals on Christmas Day, following the death of owner Johann Schuetz.
John Schuetz and his wife, Theresa bought the property at 16 Gellibrand Street in 2002.
The 1887 built Queenscliff Hotel on the western tip of Port Phillip bay was designed by Melbourne architects Reed, Henderson &amp; Smart, the same architects responsible for the State Library of Victoria, Collins Street Baptist Church, Melbourne Trades Hall and a number of Melbourne university buildings.
It was built by NW Frogley in the English Queen Anne style for Martha Nugent and Joseph Goslin, wealthy local citizens at the time.
Heritage documents describe its polygonal tower, with its coned roof and bellcast profile and gables, as a reflection of northern European Renaissance architecture, particularly from countries as such France and the Netherlands.
The Schuetz family acquired the property in 2002 from restaurateur Patricia O’Donnell, sister of the late Mietta O'Donnell, who ran the hotel as a fine dining hotel for a number of years. The hotel was first restored for modern use in 1978.
Queenscliff became a significant tourist destination in the late 19th century with holiday-makers taking a two hour paddle steamer journey from Melbourne. 
The influx continued with the 1879 opening of the Geelong railway line, which coincided with the construction of a number of luxury hotels including the Palace Hotel, the Baillieu Hotel and the Vue Grande Hotel.
 
 
 
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Queenscliff Hotel relisted for sale with $3.5 million plus hopes

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GUEST OBSERVATION
The first comprehensive review of Australia’s competition laws and policies in more than 20 years is underway and has encouraged the retail sector to consider extended opening hours. Late last year we saw Western Australia’s first 24 hour store open in the small south-west town of Eaton, causing landlords, tenants and consumers to question if this will be a catalyst for change to come. 
Trading hours are treated differently across the country, with varying restrictions applied to different zones such as metropolitan and tourist areas. To continue with Western Australia as the example, retail trade exemptions in the Shire of Dardanup allow stores to trade 24 hours, seven days a week, unlike the neighbouring city of Bunbury where hours remain restricted.
Extended opening hours during the Christmas period are a common sight, however we need to question if this type of trading a realistic throughout the year and consider how these potential changes could impact both landlords and tenants.
What could it mean for landlords?
There are a number of factors worth considering when looking at extending opening hours.
Firstly, landlords will need to familiarise themselves with the legislation relevant to their state and zone and know what they can and cannot enforce. Tenants cannot be forced to trade for longer hours against their will unless the lease states so.
If landlords decide to enforce longer opening hours, it’ll need to be written into new leases and expressed in person with tenants.
Consider whether extended opening hours will create more foot traffic and be welcomed by the existing tenants’ customer base.
There might be a select number of stores for whom it’s worthwhile staying open into the night.
In this case, landlords may need to design a new layout of the centre to enable sectioning off of particular areas. 
What could this mean for tenants?
Tenants should consider if customer base would support extended opening hours to determine if it would have a positive impact on their bottom line. 
Department stores and supermarkets which run power 24/7 (lighting and refrigeration etc.) will not see a drastic increase in overhead costs compared to a store whose primary focus is perishable goods such as a bakery; usage of their machinery and skilled staff would double to ensure products are sold fresh. 
Don’t be fooled into assuming longer trading hours will increase the stores profitability. While it may be more convenient for some customers to shop outside of normal opening hours, it doesn’t necessarily mean they will spend more. In fact, it may mean there is a redistribution of this income among a greater number of retailers all trading later trying to catch it.
Be aware that in the medium to long term (after extended trading hours have been introduced) landlords may ask tenants to move within the centre to accommodate sectioning off for stores remaining open for longer.
When considering extended opening hours, balance the costs associated with longer hours (overheads and staffing) vs. consumer demand to help influence your decision. Perhaps consider extending the hours one day a week to gauge consumer demand. 
Gerry Gerrard is general manager of property at <a href="https://www.bakersdelight.com.au" target="_blank">Bakers Delight</a>. 
Bakers Delight has more than 700 bakeries, employing more than 15,000 people and serving 2 million regular customers per week throughout Australia, New Zealand, and Canada.
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How extended opening hours will affect retail property landlords and tenants: Gerry Gerrard

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Foreigners approved to buy established residential properties will have to pay extra when they purchase through the Foreign Investment Review Board (FIRB) under laws proposed by the federal government.
A $5,000 fee will be payable on FIRB approved properties valued under $1 million, while a $10,000 application fee will apply at over $1 million. It will be $20,000 above $2 million, then rising incrementally.
Fines of up to 25% of the value of the property will be made for non-compliance as part of the Abbott government's new regime.
There will be a four week community consultation to consider the proposals by the <a href="https://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Strengthening-Australias-foreign-investment-framework" target="_blank">Australian Treasury</a>.
There are big changes which will affect the off the plan market, though no plan to put a buyer fee for off-the-plan.
Property developers seeking an advanced off-the-plan certificate will instead be levied an application fee based on the number of dwellings sold to foreign investors, based on the $5,000 under $1 million fee, and then the rising scale. 
Currently, property developers can apply for an advanced off-the-plan certificate to sell new apartments in a development of 100 or more to foreign investors (the investor does not then need to obtain separate approval). 
These certificates are granted on the condition that the apartments are marketed in Australia, as well as overseas, to ensure that domestic buyers have the same opportunity to purchase the apartments. However, there are currently no penalties for breaching this condition.
The House Economics Committee report recommended a tightening of the rules around advanced off-the-plan certificates to ensure developers comply with their obligations to market properties to domestic buyers.
Recognising these concerns, the Government proposes to strengthen enforcement options by subjecting developers to civil and criminal penalties under the Act.
In addition, the Government is proposing to tighten the rules around the use of advanced off-the-plan certificates by limiting the value of all apartments that can be bought by a single foreign investor to $3 million in any single development. 
If foreign investors want to purchase apartments above this value, they would have to seek individual approval. This would reduce the scope for any criminal behaviour (such as money laundering) by ensuring that high wealth investors are subject to the upfront screening process. 
Many of the proposals go further than those recommended by Kelly O'Dwyer's Parliamentary committee, but Prime Minster Tony Abbott said it will mean that foreigners who aren't playing by the rules won't be in the system.
"There are millions of Australians who want to realise the dream of owning their own home," said Abbott.
"Obviously we want the dream to continue."
Abbott said the fee structure was comparable with a system in New Zealand, through less punitive than regimes in Singapore and Hong Kong.
The fees would raise $200 million a year which would fund FIRB scrutiny and the establishment of a register of foreign home owners.
Non-resident foreign persons are generally prohibited from purchasing established dwellings in Australia.
However, reflecting the fact that foreign persons who are temporary residents need a place to live during their time in Australia, temporary residents can apply to purchase one established dwelling to use as a residence while they live in Australia. 
The purchase of an established dwelling is conditional on the foreign person selling the property when they leave Australia.
Temporary residents cannot acquire established dwellings for investment (rental) or holiday purposes.
Under the Act, it is a requirement that each proposed acquisition of real estate be individually notified and reviewed, unless specifically exempted.
However, property developers (Australian or foreign) can apply for an advanced off the plan certificate to sell all new dwellings in a development of 100 or more dwellings to foreign persons, provided the development is marketed locally as well as overseas.
Foreign persons purchasing dwellings in a certified development do not require separate approval. 
But the government seeks feedback on proposed changes to advanced off the plan certificates, including:
<ul>
<li>Should penalties be introduced for developers that fail to comply with obligations to market domestically?</li>
<li>If so, what should developers be required to do to prove they have marketed domestically?</li>
<li>What level of penalty would be appropriate for developers that fail to comply with obligations to market domestically?</li>
<li>Are there alternative approaches that should be considered </li>
</ul>
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$10,000 FIRB fee to buy $1 million plus home: Tony Abbott policy unveiled

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There's a little-known government reverse mortgage scheme, the pension loan scheme (PLS), which will necessarily become part of Minister for Social Services Scott Morrison's solution to the pension assets test conundrum.
Most people may not be aware that the scheme exists and although the PLS is listed <a href="https://www.humanservices.gov.au/customer/services/centrelink/pension-loans-scheme" target="_blank">on the Centrelink website</a>, it does not appear prominently. 
My barber told me about it. 
The issue has arisen given the proposal that family homes should be included in the assets test, raised last year in the Abbott government’s National Commission of Audit and <a href="/expert-insights/investing/scott-morrison-re-considering-family-home-inclusion-in-pension-assets-test">a hot topic last wee</a>k. 
Morrison suggested he would be addressing the rules that deter the elderly from selling the family home and then downsizing to a smaller, cheaper properties, while allowing pensioners to retain some cash without reducing their entitlements.
However the government scheme is currently only available to better-off retirees exchanging equity in their homes for a loan that is repaid from the proceeds when the home is eventually sold, the interest on the loan being capitalised.
The Centrelink and Department of Veterans' Affairs scheme is restricted to those on a part age pension, who own their own home or investment property.
The loan has to be taken as an income stream and is limited to that which, when added to the part-pension, takes them to the maximum pension.
The interest rate is 5.25% and fixed, which is much lower than the variable interest rates charged by reverse mortgage providers in the wider marketplace.
But oddly retirees who are poor enough to be on the full age pension and who own their own homes are currently unable to boost their income through the government scheme.
Self-funded retirees who own property can access the scheme if they are ineligible for the age pension under either the income test or the assets test, but if they are ineligible for the age pension under both tests, they cannot access the scheme.
The Australia Institute says the scheme<a href="https://www.tai.org.au/content/can-you-eat-family-home" target="_blank"></a> is available to retirees who need it the least and says the scheme should be made available to everyone of pension age.
"This may seem consistent with the broad goals of means testing," the institute suggested in the 2014 report, <a href="https://www.tai.org.au/content/boosting-retirement-incomes-easy-way-0" target="_blank">Boosting retirement incomes the easy way - Extending the Pension Loan Scheme to all retirees</a>.
"Those with both high income and high value assessable assets cannot use the PLS.
"But it also has consequences that seem perverse. A retiree with income just under the threshold and very high value assets can use the PLS, as can a retiree with very high income but assessable assets just under the threshold.
"But a single retiree with just over $202,000 in assessable assets and just over $160 private income a fortnight cannot access the scheme, as their pension is reduced under both tests."  
On the Australia Institute's numbers complied by researchers, Richard Denniss and Tom Swann, the scheme could be expanded without significant cost to the budget. 
"A simple modification to the PLS that would, in making it fairer, significantly help to boost the retirement incomes of a large number of current retirees," the report said. 
The Australian government will spend around $36 billion in 2014-15 on tax concessions for superannuation, the stated purpose of which is to increase retirement incomes.
The PLS has been in place in some form since at least 1986, and the interest rate has since been adjusted.
The researchers noted it was unlikely that governments and policymakers would have let a costly but regressively targeted loans scheme remain in place without it attracting attention – especially given current concern about budget deficits.
They then noted that the PLS is not mentioned in the 2012-13 Department of Human Services Annual Report and the Australian Instutute could not find mentions in previous annual reports.
Nonetheless, it is likely the scheme is run at a low cost to the government and could be expanded on a cost-neutral basis, it is suggested.
Indeed, given current concerns about the budget deficit now and down the track, the Abbott Hockey government could readily reform the scheme so that it actually generates revenue.
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Scott Morrison's budget solution rests with revised pension home loan scheme

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GUEST OBSERVATION
With Sydney’s clearance rate hitting 87% on the weekend and a modest three bedroom weatherboard homes selling for $1.36 million, (some 40 minutes commute from the CBD), concerns over the role of speculative investment continue.
The ‘golden ticket’ to fast track residential status, the Significant Investment Visa (SIV), has seen <a href="https://news.domain.com.au/domain/real-estate-news/significant-investor-visa-approvals-increase-fivefold-in-a-year-20150220-13kkzr" target="_blank">a five-fold increase in applications</a> over the last year. This program has attracted$3.2 billion in investments. Direct investments in real estate are not recognised as a qualifying factor.
The federal government has expanded such incentives with the Premium Investment Visa, developed for those willing to make a $15 million investment in non-real estate related investments. We commend the government for recognising further investment in real estate undermines the competitiveness delivered by lower land prices.
However the carefully worded statement by Minister Robb <a href="https://trademinister.gov.au/releases/Pages/2014/ar_mr_141017.aspx" target="_blank">announcing the Premium Investment Visas said</a>:
"Minister for Trade and Investment Andrew Robb said that direct investment in residential real estate would not be a complying investment under the government’s proposed new Premium Investor Visa (PIV)."
Repeat – ‘no direct investment in real estate’. This implies real estate investment trusts (REITs) and other managed investments into real estate are allowed, encouraging both the further centralisation of economic power and additional investments in land. Those in the finance and real estate sectors will be delighted.
The chair of the parliamentary inquiry into foreign investment, Kelly O’Dwyer, said <a href="https://www.kellyodwyer.com.au/housing-supply-affordability-and-investment-address-to-the-committee-for-economic-development-of-australia/" target="_blank">in a speech last week:</a>
"Non resident foreign investors, while they can purchase new dwellings cannot generally purchase existing dwellings.
"Applications to purchase new dwellings are therefore generally granted, while applications to purchase existing homes are only granted if the purchaser is a temporary resident.
"So who is a temporary resident and what are the rules? Temporary residents in Australia, that is those people who have a visa to reside in Australia for over 12 months, are allowed to purchase an existing dwelling as a home but they must divest that home within three months of leaving the country at the expiry of their visa...
"The Committee found that there were loopholes in the current framework – that far from penalising individuals who made illegal purchases, in some instances it rewarded them.
"Let me give you an example. If a non-resident foreign person purchased an existing home this would be contrary to the rules. Just as it would be if that non-resident foreign person purchased multiple existing homes.
"Under the current regime, if FIRB found out and successfully divested that person of those properties – and those properties had appreciated in value from the time of purchase to the time of sale, that non-resident foreign investor would get to keep the windfall gain.
"Clearly this loophole needs to be closed."
Finally a recognition of windfall gains! If the naturally rising value of land is not fit for unlicensed foreign investors, does that mean in time the public will question all windfalls as <a href="https://www.prosper.org.au/georgist-glossary#Unearned%20Income" target="_blank">Unearned Income</a>? If the community creates that value through their development, their existence, shouldn’t they too benefit? O’Dwyer continues:
"All foreign investors in residential real estate must apply for approval from the FIRB prior to purchase.
"According to the most recent FIRB statistics, last financial year, FIRB approved foreign investment into residential property of around $34 billion, double the $17 billion approved during 2012-13.
"Much of this investment is concentrated in the Melbourne and Sydney markets. Approximately 80% of total investment is attributable to new property, which at over $27 billion 2013-14 is 170% higher than 2012-13.
"The total number of established property approvals for 2013-14 is nearly 8,000 as compared to just over 5,000 for 2012-13."
The 8,000 approved foreign investments averaged $3,375,000 – with totals up 170%!
We fear the foreign investment ‘tightening’ further elaborated on in O’Dwyer’s speech will do little to stem the tide of international capital.The capital gain on a $3,375,000 investment at the national average of 6.8% for the last year equated to $229,500 (<a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0" target="_blank">ABS 8 Capital Cities</a>). A $1,500 application fee for purchases limited to new stock only, alongside the rigmarole of applying via the Foreign Investment Review Board, will do little when such large amounts are being invested on average.
If the windfall gains for an illegal foreign investor are to be forfeited to the government, then why not all such capital gains? The conflict between sovereignty and savvy investment is mounting in the eyes of <a href="https://www.prosper.org.au/2015/02/19/the-rotting-fruits-of-a-100-year-old-trend/" target="_blank">the speculative onslaught</a>. Foreign investment is a direct challenge to the control of national resources.
Singapore has taken <a href="https://www.smh.com.au/business/a-highendproperty-collapse-in-singapore-20150219-13jkf5#ixzz3ScPhbzcR" target="_blank">a more direct approach</a>.
As progressive as that is, refinement is needed. A <a href="https://www.prosper.org.au/2012/10/02/council-rating-subsidies/" target="_blank">property tax penalises improvements</a> – install solar or renovate and you are penalised under this perverted system. This is not productive. The tax should focus on land values. Rising locational land values are the trigger for property price increases, so that is where the focus need be. The <a href="https://www.iras.gov.sg/irasHome/page04.aspx?id=2094" target="_blank">Singaporean property tax does the opposite, by not including any land value</a>. This will encourage run down properties (accompanied by generous depreciation allowances no doubt).
It must be noted Singapore has also imposed additional measures limiting debts to income ratios.
Despite the property tax shortfalls, Singaporean property prices fell 4% last year, with further falls to come. After a close election with foreign investment a major election issue, we hope the political elite can hold their nerve in the face of the predictable vested interests backlash. Perhaps the recent five year extension of <a href="https://www.bloomberg.com/news/articles/2015-02-23/singapore-to-extend-tax-breaks-for-property-trusts-by-five-years" target="_blank">the tax amnesty on REIT foreign earnings</a> is a payback for such reform.
For Australia, the much vaunted housing supply mantra is being undermined by foreign investment in new homes. New re-zonings are being snapped up off the plan as a safehaven to park money. The mobility of capital is set to increase alongside technology, ensuring the commodification of housing escalates as the global housing marketplace matures. Housing supply alone cannot keep up with international demand for a commodity returning (barely taxed) huge capital gains.
<a href="https://www.prosper.org.au/wp-content/uploads/2014/11/Speculative_Vacancies-2014_final.pdf" target="_blank">Our recent report</a> highlights the underutilised nature of many prime locations. It is important this measure expands to other cities to help the public understand just how extensive speculative holdings of housing are becoming. Then perhaps a more vocal political opposition will develop.
Until the unearned incomes in real estate are more highly taxed, the pressures on those trying to find a place to live will continue to grow.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
This article first appeared on Prosper's website.
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Foreign investment is a direct challenge to the control of national resources: Karl Fitzgerald

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Westfield shopping centre operator Scentre Group chief executive Peter Allen says the group had benefited from the recent demerger.
“The establishment of Scentre Group has allowed management to focus exclusively on the opportunities in Australia and New Zealand,” he said.
Scentre Group announced results for the six months to 31 December 2014 with arising from its ownership of 47 Westfield centres, including 14 of Australia’s top 20 performing centres, and has assets under management of $40.9 billion.
At 31 December 2014, the portfolio remained more than 99.5% leased, while average specialty retail sales in Australia had increased to $10,200 per square metre.
For the 12 months to 31 December 2014, comparable property net operating income across the Australian and New Zealand portfolio increased 2.2%.
Scentre Group has an identified future development pipeline in excess of $3 billion.
This year it commenced new developments at Chatswood and North Lakes with a combined value of $190 million, with the Scentre Group share being $150 million. 
In 2014, Scentre Group completed the $410 million development at Westfield Garden City in Brisbane and the major stage opening of the $475 million (Scentre Group's share $238 million) development at Westfield Miranda in Sydney.
Scentre Group’s development activity also includes two design and construction projects that are being undertaken for AMP Capital. The $440 million development at Macquarie Centre was opened in the second half of 2014, and the Group continues to make good progress on the $670 million development at Pacific Fair that is expected to be completed in 2016.
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