High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

[smartcode_project:default project_id=5743 project_image_fid=372394]

For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

[smartcode_project:default project_id=5743 project_image_fid=927]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

[smartcode_project:default project_id=5743 project_image_fid=375255]

The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

[smartcode_project:default project_id=5743 project_image_fid=375281]

For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

[smartcode_project:default project_id=5743 project_image_fid=925]

The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

[smartcode_project_cta:default project_id=5743]

Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

[smartcode_project:default project_id=145324 project_image_fid=354343]

The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

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]

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

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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Walker Corporation has launched the second stage of its Vicinity Industrial Base in Adelaide given the<a href="https://www.vicinityindustrial.com.au" target="_blank" style="line-height: 1.3em;"> first stage of the 100 hectare estate has almost sold out</a>.
Cahill Transport, Nick Scali Furniture, Rand, Toll NQX, and Kimberly-Clark have taken space at the Direk estate since its initial 2008 launch.
<a href="https://www.realcommercial.com.au/property-land+development-sa-edinburgh-5558505" target="_blank">Vicinity</a> ranks as Adelaide’s most successful industrial subdivision in recent years. It will eventually have about 4000 workers.
 
 
 
<img src="/images/2014/06/18/industrila-estate-june-18-one.jpg" alt="">
However, Colliers International’s latest industrial report <a href="https://www.colliers.com.au/~/media/Files/Corporate/Research/Industrial/Industrial%20First%20Half%202014.ashx" target="_blank">Investors Tighten Their Grip</a> suggests the pending Holden’s Elizabeth plant closure would put pressure on Adelaide’s industrial market.
"The announcement of the Holden plants closure has come as a blow to certain parts of to the South Australian industrial market. 
"Holden and suppliers to the Holden plant account for a significant amount of employment, economic activity and occupiers in the Adelaide Outer North industrial market.
"Although this is likely to have a significant impact on the Outer North, other significant industrial markets in the West, Inner North and South are unlikely to see significant falls in occupancy. 
"Also the full effects of this closure are likely to be staggered as the plant will not cease production until 2017.
"This allows for some time for the South Australian economy to readjust and absorb some of the workforce left from the Holden closure.
"Increases in vacancy in the Outer North are likely to be most acute from 2017 onwards," the Colliers report suggested.
Overall Colliers considers demand for industrial space appears to have improved over the last six months with the level of enquiry and size of requirements improving over this time.
Logistics and transport have been the key tenant type which has driven demand over the last 12 months, supported in part to the significant increases in online retail. 
Tenants looking for prime quality industrial space over 5,000m2 have very limited choices in the Adelaide industrial market with the vacancy rate tightening in the Adelaide industrial market to 4.2%, compared to 4.4% in the second half of 2013.
Overall rentals have eased slightly over the last 12 months with a rental range of $78 per square metre in the Outer South to $143 per square metre in the Inner West.
"Incentives across the market have remained stable with prime incentives currently quoted between 10-15%.
"The outlook for the Adelaide industrial market will be challenging in the Outer North and possibly Inner North in the medium term.
"This is due to the structural change from the automotive industry to another use, which will take time. "For the other industrial regions the outlook is more positive, with demand and enquiry likely to pick up and the lack of A grade space is likely to drive more new construction to meet demand over the next 12 months to two years."
It was in 2008 when Walker Corporation announced it was partnering with prominent South Australian developers Daycorp and Badge on the industrial estate in Adelaide's northern suburbs after the investment by government in transport infrastructure in the region.
The land was being offered from $85 per square metre in 2008.
Some $88 million of Adelaide industrial property transacted during 2013, around 42% below the transactions in 2012.
The largest sale in the year was the new Rand facility which sold in August for $32.3 million by the developer, Pacific Group to Cromwell Property Trust.
Rand Refrigerated Logistics is a 10,500 square metre food distribution centre at the corner of Heaslip and Edinburgh roads. 
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jchancellor-FAypfDUnLy

Walker Corporation launches Vicinity Industrial Base, Adelaide second stage

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Ice cream retail chain Baskin-Robbins plans to open 20 new stores across Australia over the next year, with the first five to open in coming months.
The new stores will be a combination of company-owned and franchise stores, adding to the Palm Oasis Ventures-owned brand’s stable of 78 stores in Australia.
Baskin-Robbins announced in 2013 <a href="https://www.smartcompany.com.au/growth/franchising/30732-we-scream-for-ice-cream-baskin-robbins-and-ben-jerry-s-plan-another-230-stores">plans to open another 200 outlets in Australia</a>, following the signing of a new master franchise joint agreement with Galadari Brothers.
The first of the new stores will be located in Forest Lake, West End, Townsville, and Bayside in Queensland, and Nedlands in Western Australia, with more to come in New South Wales and Victoria.
Baskin-Robbins Australia general manager David Jordan told SmartCompany the 25% increase in the chain’s network is part of its “aggressive growth strategy”.
“We’ve been consolidating our brand over the past two years and we are now in the position to grow our stores at a rate that is both sustainable and meeting consumer demands,” says Jordan.
Jordan says ice cream is especially popular in Australia and Baskin-Robbins is looking to extend its store network to better meet the demand.
”The Australian market has one of the highest per capita rates on spending of ice cream – we’re the third,” says Jordan.
“Australians can’t seem to get enough of ice cream. We believe the marketplace can hold and warrant a far greater amount of ice cream stores,” he says.
While the first handful of new stores will be located in the brand’s Queensland and Western Australia homeland, Jordan says Baskin-Robbins will be focusing on new stores in Victoria and New South Wales between October and December—with a view to opening even more stores further down the track.
“We believe the dessert industry in Australia is strong,” says Jordan. “We could open another 50 over Victoria, most definitely,” he says.
Despite <a href="https://www.smartcompany.com.au/growth/economy/42155-consumer-confidence-hits-gfc-lows-450-jobs-to-go-at-qantas-midday-roundup">cooling consumer confidence</a> and the <a href="https://www.smartcompany.com.au/growth/franchising/42244-wow-cow-frozen-yoghurt-chain-milked-dry-as-only-bondi-store-left-standing">recent decline of Australia’s first frozen yoghurt chain Wow Cow</a>, Jordan says the Baskin-Robbins brand is strong enough to weather the storm.
 “The brands that are able to build strong loyalty and get passionate will always be able to ride the ebbs and flows of consumer confidence,” says Jordan.
“As long as you stay true to values as a brand and build on your values,” he says.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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jake-cSmGT7VXVf

Baskin-Robbins planning a sweet future, despite cool consumer sentiment

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Victoria's Secret will open a store next month at the Emporium, Melbourne.
The beauty and accessories store will open the 142 square metre store which will feature two video walls broadcasting footage of Victoria's Secret Angels.
Victoria's Secret opened its first "downtown" store in Australia in March, <a href="https://www.ragtrader.com.au/news/secret-s-out4?utm_medium=email&amp;utm_campaign=RTR+ENEWS+TUESDAY+17TH+JUNE+2014&amp;utm_content=RTR+ENEWS+TUESDAY+17TH+JUNE+2014+CID_50493109927e7a06773c396df7827d47&amp;utm_source=Email%20marketing%20software&amp;utm_term=more" target="_blank">Ragtrader reported</a>, in Sydney's Queen Victoria Building.
Prior to that there was a network of five travel retail locations in Australia, including Sydney Airport's terminals one, two and three as well as Melbourne Airport's domestic and international terminals.
Showman Baz Luhrmann will officially open Emporium Melbourne on 20 August, although <a href="/expert-insights/investing/the-emporium-melbourne-officially-opens-its-doors">the </a><a href="/expert-insights/investing/the-emporium-melbourne-officially-opens-its-doors">doors to the $1.2 billion shopping centre opened </a>in April.
The 48,000 square metre shopping space will be home to around 225 stores. 
The much delayed Emporium Melbourne, which occupies the site on Lonsdale Street that was formerly Myer, is credited as the biggest retail development in Melbourne’s CBD in more than a century.
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Baz Luhrmann to officially open Emporium, Melbourne which snares Victoria's Secret

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Probuild has been selected to construct the latest expansion at the Chadstone Shopping Centre in Melbourne.
It will add an office tower along with extension to the retail with the capacity for a future hotel.
Probuild has completed every major stage of the shopping centre since 1989. Work on the 29th stage starts this month.
The prior 28 stages have occurred over 21 years of transformation.
The project for CFS Retail will add 34,000 square metres taking it to more than 212,000 square metres.
Probuild is one of Australia’s largest construction companies, with an annual turnover of $1.5 billion and a staff of 1,100 nationally.
Image courtesy of Alpha/Flickr/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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Chadstone expansion project goes to Probuild

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The Gold Coast is set to host the 2018 Commonwealth Games, which will see a surge in infrastructure and investment spend. Such is the spend that it <a href="/news/qld/gold-coast-property-recovery-tipped-from-2015-as-house-prices-bounce-back-but-unit-prices-slip-to-lowest-in-a-decade-prodap-report">has had reports predicting a house price bounce since 2013</a>.
The spend, however, also includes a $55 million outlay on a velodrome.
This one is to be designed by Brisbane-based Cox Rayner architect, a project that Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney announced would keep dollars in the local economy.
“The design and construction of these facilities will provide a lasting legacy for Queenslanders to enjoy long after the Games is over, proving that we have a strong plan for a brighter future for the State,” said Seeney.
“The Games will inject an estimated $2 billion into our economy and create up to 30,000 full time equivalent jobs.”
It is to be built at the Sleeman Sports Complex near the SuperX BMX track, with the aims of making the area a “cycling mecca”.
<img src="/images/2014/06/18/gold-coast-june-18-two.jpg" alt="">
Cox Rayner Architects submitted plans and scored highly due to capability, experience, comparative cost and knowledge of the sports complex.
“The firm’s winning design capitalises on south-east Queensland’s sub-tropical climate and conservation surrounds,” he said.
“Its streamlined roof design will overcome the weather limitations of the existing outdoor velodrome, which was built for the 1982 Brisbane Commonwealth Games.”
A timber track will also be built, where the previous velodrome’s was concrete.
<img src="/images/2014/06/18/gold-coast-june-18-three.jpg" alt="">
In total 17 new and refurbished venues are expected for the games, with the Velodrome to be one of two in Brisbane. Belmont Shooting Range will also be in Brisbane.
The velodrome will include a café and improved green spaces.
The <a href="/expert-insights/buying/gold-coast-commonwealth-games-village-urban-renewal-project-underway">Gold Coast's Games Village urban renewal project is already underway</a>.
It remains to be seen <a href="/expert-insights/investing/gold-coast-to-ride-wave-of-commonwealth-games-momentum">whether the Gold Coast will ride the wave of the games' momentum</a>.
Images supplied.
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Gold Coast aiming to become new "cycling mecca" with $55 million velodrome development

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Prelease opportunities for Sydney’s industrial market are at such a low that infill sites are seeing increased demand, according to CBRE national director, industrial brokerage Jason Edge.
Edge said that englobo sites are highly sought after, but developers and investors are seeking out other opportunities due to supply issues in the market.
“A shortage of new supply entering the market has seen a shift in interest towards infill sites to satisfy the lack of new opportunities,” Edge said. This is despite a recent $55 million purchase by Mirvac in Eastern Creek.
“Furthermore, businesses relying on metropolitan distribution rather than warehouse distribution, as well as a work force reliant on office accommodation, have prompted more and more developers to look at these locations rather than the greenfield sites located at Erskine Park,” he said.
Two properties were recently purchased by Commercial and Industrial Property for $25.9 million – a 5.3 hectare Smithfield site for $14.6 million and a 4.1 hectare Chullora site for $11.3 million.
“Chullora continues to be a location in high demand. Occupiers not only benefit from the surrounding road network, but the Enfield Intermodal Terminal will see this area continue to transform,” said Edge.
Investors are still active in the inner and outer areas of Sydney’s industrial market, explains CBRE Research, with institutional investors and property trusts looking for passive plays. This is often traditional assets with long term leases around the main ring roads of the M4, M5 and M7, explains CBRE senior director of industrial investments Angus Klem.
“There continues to be a strong investment focus on assets within Sydney’s infrastructure-laden areas.”
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Sydney's lack of pre-lease industrial opportunities sees infill demand uptick

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Investors who lost a total of about $27 million when the investment fund Wickham Securities collapsed have gained access to internal financial documents that will assist in determining whether to pursue any class action against Wickham’s trustee company Sandhurst Trustees. 
The Federal Court recently ruled the investors should have access to hard copy documents contained in 11 lever arch folders along with an electronic folder of documents with 561MB of data.
On 21 December 2012, Grant Sparks and David Leigh of PPB Advisory were appointed joint administrators of Wickham by a resolution of the directors.
Mostly self-funded retirees had invested around $27 million in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25% prior to its collapse.
Wickham had raised $38,848,471 through the issue of notes under its first five prospectuses.
The aggregate principal amount of notes outstanding was $22,096,890.
The profit for the year ending 30 June 2010 was given as $3,245. The 30 June 2009 profit was $157,711.
In January 2013, the first meeting of creditors of Wickham was held. Sandhurst, representing the noteholders, attended the first meeting of creditors.
The preliminary investigations by the administrators identified a number of “significant issues”.
Firstly the directors had “not accurately [reported] the position and quality of [Wickham’s] loan portfolio” to Sandhurst since at least August 2010 when receivers and managers were appointed to a borrower called WLP Pty Ltd.
Secondly Wickham provided Sandhurst with an “Account Balance Confirmation letter” advising that the balance of Wickham’s “Application Account” was $10,779,835.00 as at 30 November 2012 when the actual balance at that date was $264,892. 
The balance of the Application Account was overstated by $10,514,943.00. 
The administrators expressed this view: “It is our view that this confirmation letter has been fabricated”. 
The administrators also say that their investigations indicate that an account balance of $10,779,835.00 did not exist at any time in the 12 month period prior to Wickham’s letter to Sandhurst confirming that account balance.
Thirdly although the prospectus issued by Wickham dated 15 December 2010 was open for 13 months, Wickham’s records indicate that it continued to accept amounts from noteholders after the closing date of 14 January 2012. The contributions beyond the closing date amount to $1,962,500.
The administrators observed that their investigations revealed that Wickham provided Sandhurst with a schedule disclosing 21 loans totalling $28,181,010 as at 30 June 2012. 
The administrators say that they have identified another loan file where the debt was not reported to Sandhurst as at 30 June 2012. 
The administrators estimated in their preliminary report a range of “gross realisations” that might occur from the loan portfolio as $1,738,000.00 as the low estimate and $6,265,500.00 as the upper estimate with the book value of the loan portfolio recorded as $28,180,010.00 in respect of 22 loans.
The administrators set out a schedule which said that of those loans, three were supported by first mortgage  security; five by second mortgage security; three loans were not supported by any available loan file; seven of the loans were made to entities in respect of which receivers and managers had been appointed to the borrower, and in respect of four loans, the borrower was in liquidation or had become a deregistered company.
The administrators also noted aspects of the loan criteria. They note that loan terms for loans made prior to 9 July 2006 were to be no more than 12 months and loan terms after that date no more than 24 months. The maximum loan to valuation ratio was to be 85% with valuations less than six months old at the time of a loan approval.
Wickham recorded total noteholder liabilities of $27,671,014.
The estimated gross return on the loan portfolio was 6c to 22c in each dollar before taking account of the costs of recovering the loans, legal fees and the costs and expenses of the administrators.
The majority of Wickham investors are from Queensland, many knowing two of Wickham’s directors, Brad Sherwin and his brother-in-law Peter Siemons.
In 2013 ASIC took action in the Federal Court against Sherwin and entities related to him for freezing orders.
 
ASIC <a href="https://www.propertyobserver.com.au/queensland/wickham-securities-auditor-accepts-asic-life-ban-as-nab-seeks-to-repossess-founder-bradley-sherwins-wooloowin-house/2013062762789" target="_blank">cancelled the registration of Wickham Securities auditor Brian Kingston</a> for undertaking "inferior work" and "failing ins his job" and banned him for life.
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Wickham Securities investors win access to internal collapse financial documents

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GUEST OBSERVATION
From a single collaborative workspace in San Francisco in 2005, coworking has ballooned into a popular movement, with an estimated 3,000 spaces around the world.
Tim Butcher and Julian Waters-Lynch explain how the principles of coworking also offer advantages for big businesses, as well as for freelancers and individuals.
{qtube vid:=XB7zxBHRfho}
Julian Waters-Lynch is a PhD Candidate at <a href="https://www.rmit.edu.au/" target="_blank">RMIT University</a>. Julian is a member and previous employee of Hub Australia.
Tim Butcher is senior lecturer, School of Management at <a href="https://www.rmit.edu.au/" target="_blank">RMIT University.</a> Tim is a Hub Melbourne member.
This video is a co-production between <a href="https://www.sbs.com.au/news/" target="_blank">SBS World News</a> and The Conversation.<img src="https://counter.theconversation.edu.au/content/27443/count.gif" alt="The Conversation" width="1" height="1"> This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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po-LsXgBTHBmX

VIDEO: Coworking – the benefits of collaborative workspaces

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Agent: Dave Reardon<img src="/images/2014/06/11/reardon-profile-june-11.jpg" alt="" style="float: right;">
POSITION: Managing director
COMPANY: LJ Hooker Commerical
Office location: Penrith
How long have you been in the industry? 
I graduated with a Bachelor of Business (Land Economy) in 1991 and from there I started in commercial real estate in 1996 up until now.
What’s happening in the area you specialise in? 
Things are on the move in our area. Property is finally starting to sell after the global financial crisis. Sustained low interest rates, changing government and a positive property environment have led to businesses looking to take advantage of the affordable properties.
Describe the most interesting property you have sold. 
The most interesting property I have sold was a huge parcel of industrial land. After selling the land I was then involved with the subdivision and from there the sale of the 33 blocks of land.
What are the ingredients to being successful in your job? 
Be persistent, don’t give up and specialise in an area for a long time – it will pay off.
What aspects of your role do you enjoy the most? 
I deal with business people every day and this helps me improve as a business owner as well.
Where would you invest a spare $750,000? 
I would invest it across a few different assets – shares, property and pay off debt.
Which football team do you support? 
Penrith Panthers (who are sitting at the top of the ladder now) and the Wallabies.
What’s your favourite app or techno gadget? 
iPhone.
How do you use social media? 
I only use it on a personal level. I don’t use it for work at this point.
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In profile: LJ Hooker Commercial Penrith's managing director, Dave Reardon

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As stories go, there won’t be many bigger this year than the offshore investors who appear to be buying Australian real estate without Foreign Investment Review Board (FIRB) approval.
Back in March 2014 I wrote: <a href="/expert-insights/investing/the-end-of-the-great-chinese-property-splurge">The end of the great Chinese property splurge?</a>. This was gathering momentum as I heard that the federal government was about to announce an inquiry headed by federal MP Kelly O’Dwyer – probing offshore sales in Australia. In fairness I have watched this for quite a few years now and it was just not adding up – well not until now anyway.
The House of Representatives economic committee report has suggested that lawyers and relatives have been provided a passageway that bypasses FIRB approval as foreign investors believe the $85,000 fine for such a breach is simply the “cost of doing business in Australia”. It should be noted that since 2010 there have been no prosecutions, which is understandable as prior to this inquiry the government had absolutely no idea that this new Australian real estate acquisition method actually existed, let alone had become widespread.
Over the past 48 hours we are starting to get a clearer picture –<a href="/news/firb-powerless-to-identify-or-stop-illegal-residential-purchases-as-chinese-investment-surges"> FIRB powerless to identify or stop illegal residential purchasers, as Chinese investment surges.</a> 
This is not the first time the federal government has been found wanting. I remember back in the early 1990s when the Australian Taxation Office (ATO) wrote to every real estate agency in Australia demanding a comprehensive list of every landlord transaction, rents received, tenants names, full disbursements together with every sale we had made dating back five years (the government back then was then moving into the computer era.)
There are a number of interesting points that I have observed in recent times; the first of which is that each and every property enquiry is actually home-grown. The suggestion that Chinese buyers are looking at China’s largest international property website <a href="https://list.juwai.com/?ag_kwid=504-3-1d922c23cb56ad27.0b2639f826f4bfa3&amp;gclid=CjgKEAjwn-WcBRD61NHM-uqDrm4SJADrP4tPf9IcWh5ZVBKDht7Df4L3GWPa66SNUdaaWJ-tGCWYC_D_BwE" target="_blank" title="Juwai">Juwai</a> simply does not stack-up. We have been paid subscribers to the Juwai website for a few years now and have never yet received a single enquiry – I have also spoken to a number of other agents/agencies who all say the very same.
To try and put this into perspective it’s vital we look at exactly what’s happening here given some agencies have spruiked that such an overseas market exists when the vast majority all confirm the actual contact comes from residents here in Australia – via the Australian property portals. I am yet to speak to an agent who has received an enquiry from a Chinese property portal so that should dispel that myth of where vendors should be redirecting advertising monies.
Another factor that requires consideration is that earlier in 2014 the Canadian government immediately axed its 28 year old visa scheme designed to attract wealthy foreigners to the country. Maybe it’s just a coincidence. However, Treasury advised the Inquiry that there is currently a surge in applications – 10,244 in the nine months to March 2014, compared with 6,567 in the entire 2012/13 year. When you’re buying a multimillion dollar home a fine of just $85,000 is insignificant when one looks at the big picture.
Given these recent revelations, many would now argue the fine should be a proportion of the purchase price, should the Abbott government decide to act on these revelations.
<a href="https://www.rwm.com.au/files/2014/06/12-06-2014-11-38-49-AM.jpg"><img class="aligncenter size-full wp-image-21002" src="https://www.rwm.com.au/files/2014/06/12-06-2014-11-38-49-AM.jpg" alt="12-06-2014 11-38-49 AM" width="567" height="357"></a>
Yesterday the International Monetary Fund (IMF) announced that Australian house prices are among the top five most expensive in the world. This leads me to another observation.
Following “the recession we had to have” in the early 1990s we saw the emergence of a powerhouse new business model that drove our property markets through to the global financial crisis (GFC) – namely merchant banks.
Over the period of the GFC top-end property values dropped by up to 30% given the bankers were effectively removed from the property markets. In the interim we did see an accelerated entry into the prestige property markets by the mining fraternity albeit quick. The banks have re-calibrated and back into a better space in terms of profitability although there is serious doubt they will again dominate these markets again.
It has become very clear that the emerging new player in our top-end property markets has been the Chinese and up until now we all believed this was through the correct government channels. No doubt the vast majority did follow this process, but following what has been revealed in this inquiry the government now must fully investigate this matter.
I don’t believe the overseas investors are the main reason why we have seen a total collapse of first home buyers in Australia. Whilst they are an obvious contributing factor, we are forgetting that we are seeing unprecedented low interest rates where local and overseas investors have taken full control of this market demographic.
With governments across Australia now focused on building new infrastructure it is imperative that as a result of this inquiry a full investigation is launched immediately, as infrastructure drives property markets.
Last week the Premier Mike Baird announced that next week’s NSW budget will reveal a billion dollar plan to <a href="https://www.dailytelegraph.com.au/newslocal/north-shore/nsw-premier-mike-baird-confirms-a-military-rd-tunnel-is-the-best-solution-to-daily-traffic-woes-for-sydneys-north/story-fngr8h9d-1226950408944" target="_blank">overhaul Spit and Military Roads</a>. Now nothing has happened to these areas since they started construction on the Spit Bridge in 1952. The northern beaches are easily the most under-valued prime real estate in Australia because of this antiquated transport system. A vastly improved transport infrastructure would in all probability see top-end property prices potentially escalate by as much as fifty (50)%.
Based on this announcement this is the next Sydney boom area so it would be nice to see that those investing into these markets are 100% approved by the Australian government.
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