Enfield may be home to fewer than 3,000 residents, but its prime location between Strathfield and Burwood has cemented its status as one of the Inner West’s hidden gems.

The suburb offers a village-style lifestyle with an abundance of cafés, restaurants, and boutique shops, staples of Inner West living.

At the last census, there were only around 300 apartments in the suburb. Fewer than a handful of new apartment developments have been delivered in recent years, but none are as well positioned as The Carlyle, just a three-minute walk to Henley Park, arguably one of the best parks in the area.

<a href="https://www.apartments.com.au/new-apartments/the-carlyle-enfield-164-liverpool-rd-enfield-nsw-2136">The Carlyle</a> will comprise 32 one- and two-bedroom apartments, a mix rarely seen in the new development market across Sydney.

[smartcode_project:default project_id=148733 project_image_fid=6667]

<a href="https://www.apartments.com.au/project-marketer/ray-white-projects-western-sydney">Ray White Projects WS</a>&nbsp;is fielding enquiry from several buyer types.

"First home buyers are realising this is the best time to get into the market," says Mark Bernberg, <a href="https://www.apartments.com.au/project-marketer/ray-white-projects-western-sydney">Ray White Projects WS</a>&nbsp;Managing Director.

"There are now several government incentives assisting first home buyers to get onto the property ladder. The recent announcement to waive lender's mortgage insurance for those with low deposits puts tens of thousands back in their pockets. Pair that with stamp duty savings in the new apartment space, and there has never been a better time to be a first home buyer in the off the plan apartment market."

Bernberg has also seen a re-emergence of investors, attracted to the low supply of apartments in Enfield and the suburb's lifestyle, while also being on the fringe of Burwood, which is set to undergo a huge transformation with its recent rezoning around the new metro station.

"That will bring a wealth of new retail and amenity to the area, which tends to drive prices higher," Bernberg says.

"Rents are at record highs, and with interest rates coming down from the highs earlier this year, investment apartments are starting to stack up again financially."

[smartcode_project:default project_id=148733 project_image_fid=6665]

The Carlyle apartments will sit above doorstep amenity, with a two-level retail podium incorporated into the striking building. The retail component will include a new ground-floor café facing Carlyle Street.

Two-bedroom apartments range from 67 sqm to 83 sqm internally, with some of the larger residences on the top level featuring expansive wraparound balconies. These layouts are designed to enhance seamless indoor-outdoor living, maximising natural light and views.

[smartcode_project:default project_id=148733 project_image_fid=6666]

The Carlyle's proximity to Henley Park is one of its biggest drawcards. The 13-hectare park includes multiple sports fields, two fenced playgrounds designed for various age groups, and Enfield Aquatic Centre, complete with Olympic-sized swimming pool.

The Carlyle is on track to welcome residents in early 2026.

[smartcode_project_cta:default project_id=6667]

Joel Robinson

The Carlyle in Enfield launches to undersupplied Inner West market

A new Metro stop, a thriving café scene, and proximity to village-style retail have cemented St Leonards as one of the Lower North Shore’s most sought-after suburbs for new development.

Among those seizing the opportunity is Sekisui House Australia, which has chosen this prized pocket, in the St Leonards South precinct, for its first-ever inner-city apartment project, <a href="https://www.apartments.com.au/new-apartments/waterstone-st-leonards-24-berry-road-st-leonards-nsw-2065">Waterstone</a>.

[smartcode_project:default project_id=134191 project_image_fid=230]

Set for completion in the summer of 2027, Waterstone comprises 207 apartments across five buildings, designed to look south back to the&nbsp;Sydney&nbsp;CBD.&nbsp;The new project offers residents the rare balance of connected urban living and tranquil green surrounds.

Just moments from home lies Smoothey Park, a blend of natural bushland and manicured parkland. It forms part of the Wollstonecraft cluster of reserves, including Gore Cove, Badangi Reserve, and Berry Island, all offering peaceful escapes on the Harbour’s edge.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KCD5mtyKBjc?si=DcC6Koxg6shdDFzq" title="YouTube video player" width="560"></iframe>

When it comes to lifestyle, St Leonards and its neighbouring suburbs, Crows Nest, Waverton, Greenwich, and Wollstonecraft, deliver an endless array of cafés, restaurants, and boutique retailers. Nearby Mall 88, only 650 metres from Waterstone, adds convenience with over 30 specialty stores.

Connectivity is another major drawcard. The new Crows Nest Metro Station is just one kilometre away, while St Leonards Train Station is a short seven-minute walk. For a more scenic commute, the Greenwich Point Wharf ferry reaches Circular Quay in under 30 minutes.

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For peace of mind, Royal North Shore Hospital, one of Sydney’s most prominent medical hubs, sits just 650 metres away, making Waterstone ideal for healthcare professionals or residents seeking easy access to world-class medical facilities.

Perfectly positioned on the fringe of vibrant activity yet embraced by parkland serenity, Waterstone offers the best of both worlds in Sydney’s evolving Lower North Shore.

[smartcode_project_cta:default project_id=134191]

Urban Editorial

Nature and connection define life at Waterstone in emerging St Leonards South precinct

A new collection of residences is now available at <a href="https://www.apartments.com.au/new-apartments/sol-by-walker-maroochydore-first-avenue-maroochydore-qld-4558">SOL by Walker</a>, the residential development that continues to take shape within the Maroochydore City Centre.

The second release introduces 137 apartments to the market, adding to the growing community in what is set to become one of South East Queensland’s most significant urban renewal precincts. The new offering includes a mix of one, two and three-bedroom apartments, alongside a limited number of terraces and penthouses designed to suit a range of lifestyle needs.

“SOL represents the beginning of <a href="https://www.apartments.com.au/developments/maroochydore-qld-4558">Maroochydore</a>’s exciting next chapter, redefining expectations around life in this beautiful coastal city,” David Gallant, Chief Executive Officer and Managing Director of <a href="https://www.apartments.com.au/developers/walker-corporation">Walker Corporation</a>, said.

[smartcode_project:default project_id=147777 project_image_fid=319853]

Located on South Sea Islander Way, SOL forms part of the broader vision to deliver a connected and vibrant city heart for the Sunshine Coast. Construction is already underway on the first 19-storey tower, with completion targeted for early 2028. The development is being delivered by Walker in collaboration with Sunshine Coast Council and SunCentral.

SOL’s second stage continues the project’s focus on high-quality apartment living, with access to a suite of resident-only amenities including a rooftop sky terrace, wellness retreat, co-working lounge, gym and landscaped garden spaces.

Interiors by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> combine timeless design with natural materials, generous layouts and panoramic outlooks to the ocean, hinterland and river.&nbsp;

“SOL by Walker establishes a new standard in apartment quality, seamlessly integrating superior craftsmanship with unmatched design,” Danny Juric, Director at Plus Studio, said

[smartcode_project:default project_id=147777 project_image_fid=346899]

Apartments feature open-plan layouts with high ceilings and expansive glazing to enhance natural light and ventilation.&nbsp;

A warm, neutral palette ties together stone benchtops, brushed platinum accents, and sandstone-toned carpet, while large sliding doors connect living areas to generous outdoor spaces.&nbsp;

Kitchens are fitted with integrated Miele appliances, refined cabinetry and thoughtful storage, while bathrooms offer double vanities and oversized showers to balance function and comfort.

As part of the Sunshine Coast’s new CBD, residents will be within walking distance of local retail, dining and green space, with transport connections set to expand as the precinct grows. Once complete, Maroochydore City Centre is expected to deliver thousands of new homes as part of the region’s long-term housing strategy.

[smartcode_project_cta:default project_id=147777]

Second release at SOL by Walker expands residential offering in Maroochydore City Centre

<a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a> has marked the topping out of Prince &amp; Parade in Brunswick, celebrating the completion of the building’s highest point and a major step forward for one of the developer’s landmark Melbourne communities.

The milestone forms part of Mirvac’s strong construction momentum across Victoria, with <a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> and The Albertine both recently reaching structural completion. Together, the two projects will deliver 265 new apartments, contributing to much-needed housing supply in Melbourne’s inner suburbs.

[smartcode_project:default project_id=4802 project_image_fid=3627]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>, Prince &amp; Parade continues a long-standing partnership that has delivered The Melburnian (2002) and The Eastbourne (2019).

The new <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> address comprises a mix of one to four-bedroom residences complemented by extensive amenity, including a residents’ lounge, shared dining room and kitchen, library, yoga room, gym, and rooftop terrace, with landscaping by Jack Merlo and a concierge service.

Construction is rapidly transforming the site, with significant milestones achieved across two buildings, supported by 73 slab pours and six fully constructed building cores. Completion is expected in 2026.

[smartcode_project:default project_id=4802 project_image_fid=269383]

Mirvac’s General Manager, Residential Development Victoria, Elysa Anderson said Prince &amp; Parade has been strongly received by buyers seeking quality design and trusted delivery.

“These communities have been well received, attracting strong interest from downsizers and professionals who value high-quality design, premium locations and the confidence of buying with Mirvac,” Anderson said.

Prince &amp; Parade has also achieved a record-breaking apartment sale in Brunswick, underscoring its design quality and market appeal.

“We’re incredibly proud to see Prince &amp; Parade set a new benchmark for Brunswick. This <a href="https://www.apartments.com.au/news/vic/exclusive-mirvac-breaks-brunswick-record-with-prince-parade-sale">record-breaking sale</a> is a testament to Mirvac’s design excellence, quality craftsmanship, and our strong reputation for delivering high-quality residential communities across the country,” Anderson said.

[smartcode_project_cta:default project_id=4802]

Prince & Parade tops out in Brunswick as Mirvac marks dual Melbourne milestones

<a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a> has celebrated the topping out of The Albertine, marking the completion of the 14-storey structure on the edge of Melbourne’s CBD and signalling strong progress across the developer’s Victorian pipeline.

The milestone forms part of Mirvac’s $7.4 billion Victorian development portfolio, which includes both residential and mixed-use projects such as Prince &amp; Parade in Brunswick, which also reached its highest point recently, and Trielle at Yarra’s Edge, scheduled to top out in early 2026

[smartcode_project:default project_id=138659 project_image_fid=294831]

<a href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004">The Albertine</a> offers one to four-bedroom residences complemented by exclusive resident-only amenity, including The Circadian Club, a wellness centre with an indoor pool and spa, gym, yoga and Pilates studio, and sauna, as well as The Elysian Room, a private dining space on level 10 with sweeping views across Melbourne.

Since construction began in August last year, up to 240 workers have been on site daily, pouring 7,000 cubic metres of concrete across 72 pours and installing more than 1,000 tonnes of steel reinforcement to bring the project to this landmark moment.

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Mirvac’s CEO, Development – Residential and Commercial Mixed Use, Stuart Penklis said the achievement highlights Mirvac’s design quality and sustained delivery across Melbourne.

“We are proud to be delivering The Albertine and Prince &amp; Parade, two projects that embody Mirvac’s design excellence, commitment to quality, and focus on creating homes that connect people to their communities," Penklis said.

"With cranes rising high across Melbourne, Mirvac’s residential pipeline is moving strongly, and these milestones are a testament to that momentum."

[smartcode_project:default project_id=138659 project_image_fid=294826]

Penklis added that Mirvac’s growing portfolio demonstrates its commitment to providing diverse housing options across Victoria.

“We have recently opened our third build-to-rent community in Melbourne, LIV Albert at Brunswick, our fifth nationally, which together with our master-planned communities ensures that we are providing a full spectrum of housing options to Victorians.

Completion of The Albertine is expected in 2026.

[smartcode_project_cta:default project_id=138659]

The Albertine reaches its highest point on Melbourne’s city fringe

Build to Rent

Brisbane developer Belmonde Property Group, in a joint venture with Sun Luxe Group, have filed plans for their over 1000 build to rent units in the heart of the 2032 Olympic precinct.

The project, dubbed Gabba Heart Precinct at 79 Logan Road, will see four towers built, three of which will home 1,387 build-to-rent units. The fourth tower will be part hotel, part serviced apartments.

The towers will rise above three podiums which will comprise&nbsp;significant retail and food and beverage tenancies.&nbsp;Each of the towers will have amenity on both the podium level and the rooftop. Two will have rooftop swimming pools.

Architecture firm Cottee Parker are behind the designs of the precinct, with landscaping by Urbis. Cottee Parker say the project will "reactivate the heart of Woolloongabba, embrace Brisbane’s subtropical climate, and showcase the best of Queensland’s unique climate and lifestyle with iconic architecture."

<img alt="Woolloongabba" data-entity-type="file" data-entity-uuid="74795326-8fe7-4a24-ae37-4346374cb8d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-22%20at%204.20.00%20pm.png?VersionId=uHcAQlOLQL0lq2jte_bNcoaB.h3NdEwf" />

Cottee Parker Director Martin Timms says the Gabba Heart Precinct will do for Woolloongabba what the James Street Precinct did for Fortitude Valley.

“This project will reactivate the heart of Woolloongabba, embracing Brisbane’s subtropical climate and showcase the best of Queensland’s unique climate and lifestyle with iconic architecture,” Timms says.

“The projects vision also includes upgrading Logan Road to a high street that will maximise the existing road width and create a vibrant space for a new retail precinct.

“This is the first of what I’m sure will be many developments to meet the needs of the 2032 Brisbane Olympic Games.”

The application is another which is looking to push past the height limits of the area, which is currently set at 20 levels.

Saunders Havill Group suggested in their Town Planning Report that since the adoption of the Woolloongabba centre neighbourhood, the long-term vision for the locality has changed dramatically with investment into significant transport infrastructure and the redevelopment of the Gabba stadium.

"The current circumstances mean that the provisions of the Woolloongabba centre neighbourhood plan are out of date and have been overtaken by events," their submission noted.

"The provision of key infrastructure outcomes and the intent for the locality to be the centre of the Brisbane 2032 Olympic and Paralympic Games have changed the community’s expectations about the form and scale of development that will occur within the locality. These expectations are no longer linked to the provisions of the neighbourhood plan."

<img alt="Gabba" data-entity-type="file" data-entity-uuid="d2eef504-5ae4-4212-83d9-69f7bc7554c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-18%20at%209.01.33%20am.png?VersionId=Lz5LBlJS8DTGT6qlB48q00CIZLGP4K08" />

They said this proposal seeks to align with the new expectations and builds on the vision of the locality for high quality development outcomes that leverage the government investment in the precinct.

They cited Trenert's Station Square proposal, which will have five new towers rising up to 40 levels.&nbsp;

There's also Trilogy, the 525 apartment development Arden Group on the corner of Vulture and Main Streets. They will top 30 levels, as will Aria's Canopy House development and Sarazin's Silk Three towers.

"The development of the site provides the opportunity to not only deliver a high quality, subtropical development outcome that will enliven the site, but also the opportunity to deliver significant improvements to the entirety of the heart of Woolloongabba", Saunders Havill Group added.

79 Logan Road, on a large 9,361 sqm site, is only 250m from Woolloongabba station which connects directly to Brisbane CBD Casino Precinct.

Architecture firm Cottee Parker are behind the designs of the precinct, which they say will "reactivate the heart of Woolloongabba."



First look exclusive: Belmonde plot over 1,000 build-to-rent units in "Gabba Heart Precinct"

The Electrical Trades Union of Employees Queensland has submitted plans for a 358 build-to-rent apartment tower in the heart of South Brisbane.

The 1838 sqm site at&nbsp;37-41 Peel Street, on the&nbsp;corner of Peel Street and Merivale Street, will home a 30-level building which has been designed by Nettletontribe&nbsp;to suit the rental market, with the unit mix including studio&#39;s and one and two-bedders.

With an intent to increase the pedestrian activation along Peel Street and address the footpath treatment, ground floor activation and podium treatment has been considered to contribute positively to its context through the introduction of high-quality landscape to the streetscape.

The Queensland sub-tropical climate is reflected in the built form and landscape design with planted edges and shady under croft pedestrian paths. A tropical green language is used to assist with podium screening and the planter boxes provide a multi-faceted layering of detail.

<img alt="" height="364" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-04-20_at_11.49.34_am.png" width="918" /> 
Podium elevation of the proposed development on Merivale Street. Image sourced.&nbsp;

The tower extends this concept with planter boxes along the tower edge, and a landscaped rooftop communal and pool area.

A refined palette of natural tones and textures is used throughout with the architectural language expressing &ldquo;elegance through simplicity&rdquo;.

&ldquo;Materials such as concrete, metal, glass and timber are combined with lush greenery to create a timeless design impression,&rdquo; Nettltontribe noted in their design statement.

The proposal provides a distinct lower and upper building form, with the building entry points articulated and well defined for pedestrians, with a resemblance to Queenslander&rsquo;s gatehouse and forecourt. Street awnings and podium structures are designed to provide high degree of shade, cover and visual interest in various depth and scale.

<img alt="" height="1068" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-04-20_at_11.51.42_am.png" width="682" /> 
The proposed development at 37-41 Peel Street, South Brisbane. Image sourced.&nbsp;

A transparent street edge has been created through the use of screening, allowing activation to occur on the periphery of the ground floor common area.

Common areas are located on landscaped street level, level 30 and the roof terrace. Sitting above all residential floors, both indoor and outdoor communal areas take advantage of natural lighting and provide access to sweeping views to the city, South Bank and the river for all its residents.

The City Rooms along peel street provides immediate interface between residents, visitors and the public, with breakout landscaped spaces for users that are sensitive to Brisbane&rsquo;s subtropical climate and appropriate for the Brisbane culture and character.

The apartment tower design celebrates a landscaped, open roof terrace, connected to common areas in the level below, with sweeping 360 degree views to the North and South.

This provides a natural conclusion to the building form, enhancing future opportunities for communal gathering in an organised setting.

The project brings into play Brisbane City Council&rsquo;s vision of engaging the broader community through art and lighting with a number of design ideas. The group have proposed that the site&rsquo;s corner location offers opportunity to utilise the ground plane as a place for activation and engagement, hence the need for a sensitively lit podium to ensure the safety of the general public, while the podium soffit can be utilised as a canvas for light installations with colour-adaptable up lights that engage with Brisbane City sporting events and celebrations.

<img alt="" height="1042" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/peelstreet-elevated-view-to-landscaped-podium_0.png" width="1200" /> 
Elevated view of the&nbsp;landscaped podium at Peel Street. Image sourced.&nbsp;

Sculptural public art is envisaged on the prime corner location which assist in creating a meeting place and way-finding into the building as well as an art display wall at the building&rsquo;s entry, amplifying the ground plane experience and tying into Brisbane&rsquo;s developing art scene within the neighbourhood.

The site is located in the Brisbane suburb of South Brisbane on the corner of Peel Street and Merivale street, approximately 1.3 kilometres south west of the city centre. The site is close by to a number of notable amenities including the South Brisbane Railway Station, the State Library, QPAC, GOMA, South Bank Parklands, the M3 and inner city bypass.

Well within walking distance to both cultural and life style hubs, the pocket location offers separation from unwanted noise and traffic within its pedestrian orientated urban context, while still staying connected to the bustling Brisbane suburb.

Build-to-Rent (BTR) is an emerging asset class in Australia with some forms of BTR already established within the Australian market including Purpose Built Student Accommodation and Aged Care / Retirement Housing currently being the most prolific.

Other build to rent sites include Frasers 210 Brunswick Street, Mirav&rsquo;s, LIV at 60 Skyring Terrace, 2 Cordelia Street, South Brisbane, 28 Robertson Street, Fortitude Valley and 13-17 Cordelia Street, South Brisbane.

Designed by Nettleton Tribe, the development will comprise 77 studio, 154 one-bedroom plus MPR, and 127 two-bedroom units.



alisonwarters@gmail.com

First look: ETU lodge plans for build-to-rent South Brisbane apartment tower

&quot;How are we going to be able to afford property?&quot;

That&#39;s the disgruntled question often&nbsp;muttered when first home buyers start looking at getting on the property ladder.

Runaway property prices have seen young prospective buyers either compromise on a number of factors of a purchase, whether it be location or number of bedrooms, when buying their first apartment. Some will stay living with their parents, and some will turn to renting.

One of Melbourne&#39;s most innovative developers, the&nbsp;affordability-conscious&nbsp;Assemble, has a unique model which has already helped many young Australian&#39;s get in to the property market.

Rather than the traditional build to sell (we develop, you buy) model, which has out-priced many, their Build to Rent to Own offering (known as Assemble Futures) allows prospective buyers to rent apartments, with a free option to buy, after five years.&nbsp;&nbsp;

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<h2>What are Build to Rent to Own communities and how do they work?&nbsp;</h2>

Assemble began with Assemble Futures, previously known as the Assemble Model, offering an alternate pathway to home ownership, enabling residents to rent securely for five years, with the option to buy their home at the end of the lease period.

In June 2020, Australia&rsquo;s largest superannuation fund, AustralianSuper invested into the company, with a focus on supporting the expansion of the Assemble Futures model to help address housing affordability and create better access to homeownership.

&quot;Assemble​ Futures supports first home buyers into homeownership by enabling them to move in and experience their home and community for five years, while saving for a deposit to buy it,&quot; Assemble&#39;s​ director of marketing and relationships, Rebecca Shackleton, told Urban.

&quot;It protects them from shifts in the property market as they lock in the future purchase price of their home, and leases are renewed every 12 months, so if life takes them elsewhere, they have the flexibility to leave after the first 12 months.&quot;

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The hybrid Build to Rent model offers stable rents, certainty of tenure, financial coaching, and community services, giving residents the option to purchase after a five-year lease period at a pre-agreed price.

This pricing stability&nbsp;creates a pathway&nbsp;to homeownership that supports Australians with a moderate income, as defined by the&nbsp;<a href="https://www.planning.vic.gov.au/policy-and-strategy/affordable-housing/resources">Victorian State Government</a>.

Assemble&#39;s ambition is to challenge Australia&#39;s unfair housing system, with a focus on developing pathways into high quality, sustainable, stable housing.&nbsp;

&ldquo;With a deep respect for people, place, and planet, we deliver housing and create communities that embrace diversity, reflect local culture, and nurture a stronger sense of ownership and belonging,&rdquo; Shackleton said.

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Assemble, starts construction on its newest Build to Rent to Own development, 15 Thompson St, Kensington, this month.&nbsp;

MAKE - Assemble&#39;s parent company,&nbsp;spent $30 million on the site, which is the third project by the group in the inner Melbourne suburb.

Construction firm, Hacer Group has been awarded the contract to deliver the Kensington project valued at $190m, designed by Hayball with landscaping by Oculus.

Assemble Managing Director, Kris Daff said support by the Government, planning authorities and AustralianSuper, demonstrates confidence in offering Australian&rsquo;s alternative pathways into home ownership.

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&ldquo;Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians,&rdquo; said Daff.

&nbsp;Earlier this year Assemble secured rezoning of two prime industrial sites in Clayton and in East Bentleigh for future residential development.

Daff said it was a strong move that ensures Victorians will have an appropriate supply of social and affordable housing to meet the critical shortfall.

&quot;We are now a step closer to delivering over 1,600 social and affordable housing units, along with much needed health, commercial and retail outcomes, for the broad Glen Eira and Monash communities,&quot; Daff says.

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Assemble’s Build to Rent to Own (BTRTO) housing model is delivered through Assemble Futures.



How Melbourne developer Assemble is changing the game for first home buyers

The innovative Melbourne property developer, Assemble Communities, whose unique pathway to home ownership has already helped thousands get on the property ladder,&nbsp;has secured planning approval for its 199-apartment Build to Rent to Own development, 15 Thompson Street in Kensington.

Australian superannuation fund, AustralianSuper, will invest in the project, providing a pathway to home ownership for moderate-income buyers.

The super company purchased a 25 per cent share in Assemble Communities in June 2020 and has an option to invest in Assemble&rsquo;s future pipeline of projects that encourage home ownership through the developer&rsquo;s innovative Assemble Futures (or Build to Rent to Own) housing model.

[smartcode_project:default project_id=28968 project_image_fid=80125]

Construction firm, Hacer Group has been awarded the contract to deliver the Kensington project valued at $190m, designed by Hayball with landscaping by Oculus.

Assemble Managing Director, Kris Daff said the support by the government, planning authorities and its cornerstone investor demonstrates confidence in offering Australian&rsquo;s diverse affordable housing choices.

&ldquo;Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians,&rdquo; said Daff.

Demolition is now complete at 15 Thompson St, Kensington and construction is scheduled to commence by April this year.

[smartcode_project:default project_id=28968 project_image_fid=80128]

The approval cements Assemble as an impact-focused Australian housing development business which holds a significant $3 billion privately funded social and affordable rental housing portfolio&mdash;the largest of its kind in Australia.

Its existing pipeline with 5,000 dwellings will inject $1 billion of construction activity into Victoria&rsquo;s economy alone and create 8,000 construction jobs.

Hacer Group Director General Manager, Mark Lewis spoke on the significance of the milestone and the impact it has on the future of affordable housing.

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&ldquo;We are eager to break ground on this project and bring the Assemble vision to life by giving more people the chance to live sustainably&rdquo; he said.

Assemble has several Build to Rent to Own projects underway with 393 Macaulay Road, Kensington scheduled for completion by May this year&nbsp;and 4 Ballarat Street, Brunswick to commence construction as soon as a planning permit is secured.

The developer also acquired the site at 402 Macaulay Road, Kensington in early 2021 which will be transformed into a 370-apartment Build to Rent community.

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Australian superannuation fund, AustralianSuper, will invest in the project, providing a pathway to home ownership for moderate-income buyers.



Assemble Communities secures approval of Kensington apartment project

Global investment manager Hines has paid $16.5 million for its first site in Brunswick.

Set six&nbsp;kilometres from the centre of Melbourne, Mirvac and Milieu Property are currently developing a nearby BTR project on Albert Street with more than 500 rental apartments.

Hines plans to develop a 250-unit BTR apartment complex at the 4247-square metre site at 10 Ballarat Street.

It will have an end value of $250 million.

[smartcode_project:default project_id=94542 project_image_fid=160729]

Sam Bisla, who heads Hines new BTR and co-living business in Australia, said the asset class would deliver &quot;defensive, stable cash flow&quot; for investors.

The warehouse site, leased to Bell Plaster Supplies, sold through Colliers with a permit for an eight-level building of 163 apartments designed by Bruce Henderson Architects.

It is expected planning authorities will grant extra capacity for BTR.

Build to Rent refers to a residential development in which all apartments are owned by the developer and leased out to tenants, as opposed to the build-to-sell model.

The site last sold for $12 million in 2017.

[smartcode_project:default project_id=94542 project_image_fid=160734]

Mirvac and joint venture partner Milieu have a late 2024 scheduled completion date for its a one-hectare site in Brunswick.

Mirvac has estimated the project would cost $172 million to build.&nbsp;

Assemble Futures are currently marketing their take on build-to-rent (Rent-Save-Buy) just a few doors down from the recent sale.

Their 4 Ballarat Street project,&nbsp;with design by&nbsp;Fieldwork Architects&nbsp;and landscape design by Rush Wright, places an emphasis on providing a seamless transition to the natural environment, with each apartment running on 100% renewable energy.

The&nbsp;spacious outdoor areas and floor-to-ceiling glazing provide&nbsp;plenty of light to fill each living space and cross-flow ventilation.&nbsp;

[smartcode_project:default project_id=94542 project_image_fid=160741]

Global investment manager Hines has paid $16.5 million for the 4247-square metre site at 10 Ballarat Street

jchancellor-FAypfDUnLy

Hines joins Brunswick build-to-rent push

Oxford Properties Group (&lsquo;Oxford&rsquo;) and Investa today announced they have received development approval from the Independent Planning Commission (IPC) for the first build to rent building in the Sydney CBD, a new residential development above the South entrance of the Sydney Metro Pitt Street Station.

The development will deliver an innovative, sustainable, purpose-built build to rent residential building that will create an unmatched rental experience for residents in the Sydney CBD. The approval is a major milestone for the project and is the first step in Oxford&rsquo;s strategy to create a leading build to rent platform in Australia and to attract co-investment from like-minded and strategic investors. The platform is being created in partnership with Investa, which is Oxford&rsquo;s local operating and development partner for its office portfolio and growing build to rent business.

<img alt="" height="530" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/pitt_st_station.jpg" width="920" />

The 39-storey building will feature 234 residential apartments with extensive on-site amenities, including a wellness floor, rooftop terrace and adjoining communal space, an entire floor dedicated to work from home spaces, a social lounge and up to 682 square metres of retail. The building is targeting a 5 Star Green Star rating, with 30% Basix energy targets and 40% water targets.

Nellie O&rsquo;Keeffe, Project Director at Oxford Properties said, &ldquo;this is an exciting milestone for a truly transformational project. We are working with a world-class project team, which includes leading Australian architects Bates Smart and are committed to delivering a project that sets the bar for purpose-built rental in Sydney.

[smartcode_project:default project_id=7758 project_image_fid=79424]

Located on the corner of Pitt and Bathurst streets, the development is ideally positioned to provide a lively city lifestyle to future residents, ranging from young families, to working professionals to downsizers. Seamlessly integrated with the new Pitt Street metro station and well connected to other primary transport hubs, residents will benefit from connectivity to Greater Sydney and close proximity to Hyde Park and some of Sydney&rsquo;s best retail, dining and entertainment attractions, while enjoying the convenience, amenity, flexibility and sense of community this location offers.

Oxford&rsquo;s build to rent pipeline in Australia now includes approximately 1,000 units, following the acquisition of its first build to rent site in Melbourne at 3 McNab Avenue, Footscray, and is targeting more than 5,000 units over the next 10 years.

Oxford&rsquo;s consortium partners, CPB Contractors commenced construction on the metro station in December 2020. The residential development is scheduled to begin in late 2021 and due to be completed in line with metro services in 2024. Oxford anticipates that around 350 jobs will be created through the construction over a 24-month period.

Oxford Properties Group (‘Oxford’) and Investa today announced they have received development approval from the Independent Planning Commission (IPC) for the first build to rent building in the Sydney CBD

jordan_55689

Development approval locked in for Sydney CBD's first build to rent development

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EXPERT INSIGHT

Australia’s emerging build-to-rent sector is growing — “<a href="https://theurbandeveloper.com/articles/build-to-rent-boom">booming</a>” by some accounts with a <a href="https://www.cbre.com.au/about/media-center/australian-btr-pipeline-grows-by-70-in-one-year">70% jump in value in the past year</a>. Under this model, institutional investors develop purpose-built rental apartments to retain and operate under single ownership. In Australia, it will change how apartments are designed and developed, how we are housed and how our tenancies are managed.

With 40 projects under way, an <a href="https://www.cbre.com.au/about/media-center/australian-btr-pipeline-grows-by-70-in-one-year">estimated</a> 15,000 units worth more than A$10 billion are in the pipeline. Site availability has made Melbourne popular, with over 50% of the national market. Investors are active in Sydney, Perth and Queensland too.

Sought-after neighbourhoods are earmarked for large developments. Many have 300 or more units, most at market-rate rents.

Build-to-rent is new to our shores, but hardly uncharted territory abroad. In the UK, the sector expanded exponentially from 2013 with government support. It now accounts for <a href="https://assets.publishing.service.gov.uk/government/uploads/system/%20uploads/attachment_data/file/817037/FT1101_Trends_in_tenure.xlsx">one in five new homes built in England</a> and <a href="https://data.london.gov.uk/dataset/housing-london">one in four in London</a>.

In the US, the built-to-rent sector is relatively mature. It makes up almost two-thirds of the rental stock in many of the largest cities. Heavyweight corporate landlords operate <a href="https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2020-top-managers-list/">as many as 400,000 units each</a>.

In Australia, we need more data and more informed public debate to guide tax, design, planning and tenancy reforms to secure the best possible urban and social outcomes from the build-to-rent expansion.

The build-to-rent promise

Build-to-rent presents an enticing vision. For households, it promises several things:

<ul>
<li>
	flexible long-term tenancies
	</li>
	<li>
	client-centric onsite management
	</li>
	<li>
	hotel-style amenities and services
	</li>
	<li>
	allowances for <a href="https://theconversation.com/can-i-have-a-pet-and-be-housed-too-it-all-depends-155202">pets</a> and personalisation, such as painting and decorating.
	</li>
</ul>
<figure class="align-center "> </figure>For cities, the model promises high-amenity, well-located, purpose-built rental apartments that cater to diverse and changing housing needs.

Proponents hail build-to-rent as a win-win. It’s seen as a salve for various housing woes, including concerns about housing <a href="https://www.ahuri.edu.au/__data/assets/pdf_file/0012/13242/AHURI-Final-Report-281-Housing-supply-responsiveness-in-Australia-distribution-drivers-and-institutional-settings.pdf">supply</a>, <a href="https://www.domain.com.au/news/housing-affordability-already-declining-across-the-nation-on-the-cusp-of-being-obliterated-1031061/">affordability</a>, the <a href="https://www.rentingcommissioner.vic.gov.au/the-rental-sector/key-issues">private rental sector</a> (including insecure tenancies and inexpert property and tenancy management) and <a href="https://theconversation.com/dealing-with-apartment-defects-a-how-to-guide-for-strata-owners-and-buyers-150292;%20https://theconversation.com/life-in-a-windowless-box-the-vertical-slums-of-melbourne-41181">apartment quality</a>.

Since the COVID-19 downturn, the model has been <a href="https://www.budget.vic.gov.au/place-call-home-victorias-big-housing-build">hailed</a> as an economic lifeline too: good for the construction sector, good for jobs.

Rise of a new asset class

For build-to-rent investors, the rental revenue returns appear relatively modest. Under current market conditions, however, secure margins and “lower (but) for longer” investment prospects appeal.

Advocates continue to push for <a href="https://urbis.com.au/insights-news/build-to-rent-stimulating-recovery-ensuring-resilience/;%20https://www.allens.com.au/globalassets/pdfs/campaigns/accelerating-build-to-rent-march19.pdf">tax reforms</a>. They point to a growing “<a href="https://info.propertycouncil.com.au/property-australia-blog/build-to-rent-growth-spurt-ahead">weight of capital</a>” awaiting more enticing returns. But many international <a href="https://theurbandeveloper.com/articles/oxford-gurner-move-on-melbourne-build-to-rent">build-to-rent behemoths</a>, superannuation/pension funds, private equity firms and real estate investment trusts are entering our private rental sector regardless.

Institutional investors’ entry into our rental sector contributes to a broader paradigm shift in urban housing systems dubbed the <a href="https://www.onlinelibrary.wiley.com/doi/abs/10.1111/1468-2427.12522">financialisation</a> of (rental) housing.

States have endorsed build-to-rent, improving its viability with <a href="https://theconversation.com/why-nsw-is-skewing-its-tax-system-toward-build-to-rent-apartments-and-away-from-mum-and-pop-landlords-143594">land tax concessions</a>, exemption from foreign investor surcharges, privileged planning pathways and pilot projects (e.g. <a href="https://www.treasury.qld.gov.au/programs-and-policies/build-to-rent-pilot-project/">in Queensland</a>). The federal government’s position has been more ambiguous.

Crucially, the rise of build-to-rent sets in motion two important structural shifts

<ol>
<li>
	institutionalising the private rental sector
	</li>
	<li>
	diversifying residential development models.
	</li>
</ol>
Historically, <a href="https://grattan.edu.au/wp-content/uploads/2018/03/901-Housing-affordability.pdf">small-portfolio “mum and dad” landlords</a> have owned and managed our rental stock. They are motivated by many of the same benefits (such as tax concessions and capital gains) and exposed to the same risks as owner-occupiers.

So we’ve had a high degree of integration between the private rental and owner-occupier sectors: few dwellings were purpose-built for renting and most homes were readily interchangeable between sectors.

Build to rent disrupts this integration. It replaces the fragmented ownership of apartment buildings under strata title laws with a single institutional owner.

Build to rent also diverges from familiar speculative build-to-sell development geared towards short-term profits. Its longer-term investment horizons give developers a new incentive to minimise a building’s running costs and to create apartments that appeal to and retain tenants.

So will it deliver?

Will build to rent provide high-quality, high-amenity, professionally managed rental homes? And at what scale, for how long, and at what costs to whom?

In the longer term, will this model disrupt the socio-political <a href="https://theconversation.com/three-reasons-the-government-promotes-home-ownership-for-older-australians-80200">twinning of home ownership and home</a>?

<hr>
Read more: <a href="https://theconversation.com/ideas-of-home-and-ownership-in-australia-might-explain-the-neglect-of-renters-rights-104849">Ideas of home and ownership in Australia might explain the neglect of renters’ rights</a> 

<hr>
Could build to rent be a catalyst for more progressive tenancy reforms, leading towards tenure neutrality/equality where ownership isn’t seen as automatically superior to renting?

These questions matter. <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">One in three</a> Australian households now rent their housing. Some <a href="https://theconversation.com/retiree-home-ownership-is-about-to-plummet-soon-little-more-than-half-will-own-where-they-live-115255">argue</a> we’re headed for a “post-ownership” society in which most people rent their homes.

<figure class="align-center zoomable"><a href="https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img alt="chart showing changes in proportions of households by tenure type" sizes=" 600px) 600px, 237px" src="https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" srcset="https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=384&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=384&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=384&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=483&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=483&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/388738/original/file-20210310-21-71surk.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=483&amp;fit=crop&amp;dpr=3 2262w"></a>
</figure>Private rental was once a route to ownership. Now it’s a destination. Ownership has been delayed, become unattainable or been <a href="https://theconversation.com/i-wouldnt-want-to-buy-even-if-i-had-the-money-the-rise-of-renters-by-choice-130696">“traded off” for flexibility</a> and being able to live in desirable locations.

Tenants are also <a href="https://www.tandfonline.com/doi/abs/10.1080/14036096.2018.1467964">more diverse</a>. There are more lower-income and higher-income earners and more families than ever before.

Renters endure short leases on often <a href="https://theconversation.com/chilly-house-mouldy-rooms-heres-how-to-improve-low-income-renters-access-to-decent-housing-116749">poorly maintained</a> properties owned by a cottage industry of “mum and dad” landlords. Social housing options are few and far between in a sector that has been marginalised and <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/108">residualised</a>. More renters, <a href="https://theconversation.com/australia-had-rent-control-in-wartime-war-on-coronavirus-demands-the-same-response-135694">uncapped rents</a>, <a href="https://theconversation.com/an-open-letter-on-rental-housing-reform-103825">weak tenant protections</a> and <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2021-02-24/wage-price-index-abs/13187102">stagnating wages</a> make for a toxic mix of <a href="https://theconversation.com/australia-had-rent-control-in-wartime-war-on-coronavirus-demands-the-same-response-135694">housing stress</a> and financial risk.

<hr>
Read more: <a href="https://theconversation.com/build-to-rent-could-be-the-missing-piece-of-the-affordable-housing-puzzle-82320">'Build to rent' could be the missing piece of the affordable housing puzzle</a> 

<hr>
Reasons to proceed with caution

We don’t have robust evidence to answer these questions, but limited evidence suggests caution is well advised.

In Australia, build-to-rent properties look set to attract rents of about <a href="https://www.afr.com/property/residential/rental-only-apartments-test-tenants-appetite-in-a-weak-market-20200804-p55iij">10-15% more</a> than comparable non-BTR housing, just <a href="https://www.colliers.com/en-gb/news/09-07-18-firm-evidence-that-build-to-rent-schemes-command-higher-rents">as they have in London</a>. Without government subsidies, market-rate BTR <a href="https://cityfutures.be.unsw.edu.au/documents/558/LCOM_0000_Build_to_Rent_Report_WEB.pdf">will not provide more affordable housing</a>.

Overseas, these rental premiums, alongside planning leniency (which reduced the affordable housing required of these developments), have been blamed for <a href="https://www.ft.com/2020living">poor outcomes</a>, such as residents being priced out of neighbourhoods they could once afford.

In Ireland, permissive planning concessions enable build-to-rent developers to circumvent design standards. This has <a href="https://www.gov.ie/en/publication/15f0b-design-standards-for-new-apartments-dsfna-2018/">raised concerns</a> that build-to-rent may deliver smaller, less diverse and lower-amenity housing (less storage, for example) than standard build-to-sell development.

In New South Wales, BTR developments <a href="https://www.treasury.nsw.gov.au/sites/default/files/2021-02/Treasurer%E2%80%99s%20Guidelines%20for%20the%20Reduction%20in%20Land%20Value%20for%20Certain%20Build-to-rent%20Properties%2C%20for%20Land%20Tax%20Purposes.pdf">cannot be subdivided for 15 years</a> (without clawback of land tax concessions). This ensures buildings remain in use as rental stock for that period. But what will happen after that?

<a href="https://theconversation.com/profiles/megan-nethercote-156060">Megan Nethercote</a>, ARC DECRA Fellow at the Centre for Urban Research, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/build-to-rent-surge-will-change-apartment-living-for-australians-but-for-better-or-worse-154839">original article</a>.
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In Australia, we need more data and more informed public debate to guide tax, design, planning and tenancy reforms to secure the best possible outcome for build-to-rent

Build-to-rent surge will change apartment living for Australians but for better or worse?

Australia&#39;s build to rent pipeline has grown by nearly 70 per cent over 2020, new research by CBRE has found.

Their Build-to-Rent development pipeline report showed a 68 per cent expansion, topping&nbsp;40 projects. The total number of units was approaching 15,000 &ndash; a new high for the asset class.

There was a&nbsp;28 per cent increase in new projects in the second half of last year relative to the first six months of 2020, the&nbsp;half-yearly profile of supply and development projects highlighted.

&quot;As the pipeline continues to expand, the aggregate size of the market is currently estimated to exceed $10 billion with an additional $3-5 billion in the pipeline currently under consideration or at various stages of due diligence&quot;, the reported noted.

The second half of the year saw the completion of&nbsp;Mirvac&rsquo;s&nbsp;Pavilions at Olympic Park&nbsp;in Sydney and Lateral Estate&rsquo;s first stage in Green Square.

[smartcode_project:default project_id=7363]

Queensland also increased its share of the pipeline with new large scale schemes announced by Frasers and Mirvac following Gold Coast&rsquo;s lead which already has a number of BTR projects.

Melbourne remains the top investment destination geographically, due&nbsp;to its more accessible and affordable market for site acquisitions.&nbsp;Investors continue to pursue Sydney opportunities as Australia&rsquo;s premier gateway city.

&quot;We expect the momentum to be maintained with more projects announced as developers work through a pipeline of several thousand units currently under due diligence and taking advantage of recent tax reforms enacted in NSW and Victoria.

&quot;The effects of COVID-19, while having had a significant impact across the economy, appear not to have derailed many groups&rsquo; plans.

&quot;On the contrary, it may have stimulated further interest for BTR both from developers as well as investors, some of which are recording relative outperformance of BTR assets in their global portfolios.&quot;

[smartcode_project_cta: project_id=7363]

Melbourne remains the top investment destination geographically, due to its more accessible and affordable market for site acquisitions



Mirvac and Frasers drive soaring 2020 Build-to-Rent pipeline

<html><body>
MAKE, the parent company to the property development firm Assemble, has spent $30 million on its third site in Kensington, which they will develop in to a build to rent community with over 400 apartments dedicated to affordable housing.

Some 20 per cent of the building will be committed to social housing delivered in partnership with a community housing provider.

Kerstin Thompson Architects and Hayball are currently preparing designs to lodge to the local council.

The project will span four buildings, with Assemble committing one of the buildings to Cross Laminated Timber construction, as it continues to focus on reduction in embodied carbon across its projects.

The purchase of 402 Macaulay Road means Assemble are now developing 650 dwellings in the Kensington area, collectively valued in excess of $500 million.

They own the neighbouring 393 Macauley Road (below), and 15 Thompson Street, which are both currently either in their demolition phase or under construction.

<img alt="" height="1091" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/assemble_kensington.jpg" width="1200">

These two buildings are being delivered under Assemble's ‘rent-with-the-option-to-buy’ model. 

Assemble managing director Kris Daff said that MAKE will continue to privately acquire well located development properties which can then be made available to its institutional investment partners under its housing mandates, once those acquisitions are appropriately out of risk.

“We have been executing our strategy over the past five years of a growth-centric approach," Daff said.

"As a result of such a large, committed pipeline of projects, we continue to attract the attention of key institutional players and construction partners that value our commitment to build to rent, particularly focused on households with essential worker incomes and below.”
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The purchase of 402 Macaulay Road means Assemble are now developing 650 dwellings in the Kensington area, collectively valued in excess of $500 million.



Melbourne's Kensington set for new build-to-rent community from Assemble

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The Melbourne developer GURNER and fund manager Qualitas have announced a partnership to enter the multi-family housing sector.
They will soon launch of capital raising for a dedicated build-to-rent fund with three seed projects in the works with total value of over $1 billion and 1,200 plus apartments.
GURNER and Qualitas aim to become the largest multi-family housing players over the next one to two years.
In September Gurner announced a strategic agreement with the private real estate financier for an equity allocation of up to $150 million on residential apartment projects.
Gurner's decision to partner with Qualities comes six months after Tim Gurner labelled the emerging sector a "stupid model" and warned that institutional investors like Blackstone and Greystar would wipe out mum-and-dad investors.
However he has since qualified the comments that came in a spat with Melbourne Lord Mayor Sally Capp who'd suggested that BTR was a great way of delivering affordable housing.
Gurner maintains the asset class was about delivering a premium product and compelling returns to investors.
He told The Australian Financial Review a significant reduction in apartment supply, falling interest rates, and land tax breaks and incentives introduced in NSW and Victoria this year specifically would make returns "very attractive".
</body></html>

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