Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Joel Robinson

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Above Zero launches Camberwell House in undersupplied Camberwell Junction precinct

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Charter Hall

<html><body>
Completed in April this year, 105 Phillip Street has achieved another significant milestone, becoming the 2,000th building in Australia to achieve Green Star certification from the Green Building Council of Australia (GBCA). Located in Parramatta, Charter Hall’s 12-storey commercial development achieved 6 Star – Green Star – Office As Built v3, making it a benchmark in sustainable commercial buildings in Australia and world-leading in its sustainability standard. 

Constructed by Built, developed and managed by Dexus, 105 Phillip Street is also the first and only 6 Star Green Star building in Parramatta. Bates Smart worked closely with engineering consultancy Wood and Grieve's ESD team on the design of the 25,000 sqm commercial building.

According to the GBCA, 105 Phillip Street demonstrates best-practice office design and execution, delivering a sustainable new headquarters and workplace for its tenants. It joins some of Australia’s most iconic buildings and precincts which have achieved Green Star certification, including the Sydney Opera House, Barangaroo, University of Melbourne and Curtin University, Sydney Airport and Melbourne Convention Centre.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/s11772_a_n253_print.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="367" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/s11772_a_n253_print.jpg?itok=or9wia6-" width="580"></a>

<figcaption>105 Phillip Street's exterior is a play on scale, appearing as a four storey building. Image Bates Smart</figcaption></figure>Located within a 5-10 minute walk from Parramatta's civic centre, Parramatta Transport Interchange and adjacent to the Parramatta Ferry Terminal, 105 Phillip Street excellent benefits from its accessibility to public transport and pedestrian links to the CBD. Built over an existing carpark, the building re-establishes a retail streetscape along Phillip St, enhancing the Parramatta CBD with retail and commercial functions which form an integral part of the public domain.

Bates Smart has expressed the building form as two horizontal elements; a 9-storey glazed office volume articulated as three horizontal bands, and a 'podium' comprising a masonry colonnade which anchors the building and provides a human scale to the streetscape. The design of the facade responds to the building's orientation, with vertical fins projecting from the façade providing shading to the north whilst vertical spandrels reduce thermal heat loading on the east and west facades. The colonnade creates a sheltered entry and relates to the scale of the adjacent buildings along Phillip Street, complemented by the use of masonry.

105 Phillip features generous 2,000 sqm floorplates, punctured by a series of atria to the north, allowing for light penetration into the tenancy and providing inter-tenancy connections between levels. A side core has been located to the south, creating an open office floors to the north and allowing for maximum flexibility for the fitout. 

A landscaped roof with an extensive outdoor terrace has been provided at the top of the tower overlooking Parramatta River. The terrace has been designed around employee wellbeing, offering a tranquil retreat away from the traffic below, whilst still in the heart of the CBD. A variety of uses have been catered for, including staff events, barbecues, yoga, and sporting activities on a multipurpose sports court.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/s11772_a_n24_print.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="314" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/s11772_a_n24_print.jpg?itok=KFiTCVow" width="580"></a>

<figcaption>105 Phillip Street's foyer. Image: Bates Smart</figcaption></figure><h2>What they say...</h2>

<blockquote>
We are delighted to be recognised by the Green Building Council of Australia. This is a smart building that showcases how effective design can create positive contributions to achieve environmentally sustainable outcomes, thus improving the building’s overall efficiency.

Through its design, we have considered various innovations to improve the building’s overall efficiency, address water and energy conservation while encouraging its end-users to maintain a healthy and active lifestyle. Although a simple and understated design, 105 Phillip Street has achieved and exceeded many performance benchmarks for an office development. From the outset, the design to practical completion was achieved in 24 months.

- Basil Richardson, Studio Director, Bates Smart
</blockquote>

 

<blockquote>
This is a momentous achievement and shows how the value of sustainability in our built environment continues to go from strength-to-strength as the uptake of Green Star certification grows. Certifying our 2000th project is a milestone that demonstrates the sustained momentum Green Star has achieved in less than two decades of operation. 
To achieve a 6-Star Green Star certification is an amazing achievement and we congratulate the team behind 105 Phillip Street. Our vision is for healthy, resilient and positive places for people and the natural environment and it is through developments like this that this goal can be reached.

A Green Star rating is much more than a certificate or a logo – it showcases leadership in sustainability, creates brand value, encourages innovation, creates new revenue streams, secures stakeholder confidence and mitigates risk.

- Romilly Madew, GBCA CEO
</blockquote>
</body></html>

Laurence Dragomir

Parramatta's 105 Phillip Street becomes 2,000th building to achieve Green Star Certification

<html><body>
Charter Hall Group (Charter Hall) and Folkestone Limited (Folkestone) have announced that they have entered into a scheme implementation agreement for Charter Hall to acquire Folkestone for consideration of $205 million funded by cash from available investment capacity. Under the terms of the Scheme, Folkestone shareholders will be entitled to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
This follows what is described as a "strong" FY18 result from Folkestone with normalised net profits after tax of $13.9 million, up 48.1%.
Folkestone had normalised earnings per share of 9.4 cps, also up 48.8%.
Folkestone's NAV per share currently sits at $1.13, up 4.8%, while their total funds under management totals 1.6 billion, up 26.1%
Folkestone’s Managing Director Greg Paramor stated Folkestone delivered a strong FY18 result.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Charter Hall to acquire Folkestone

<html><body>
Brisbane City Council has executed a quick turnaround on a major planning application in order to provide one of Brisbane's largest commercial office developments with the green light.

Project partners Investa and Charter Hall submitted the sizeable planning application earlier this year. Council has in turn granted the hulking 205 metre commercial office tower with approval a little over a week ago, subject to a raft of minor conditions.

Simply known as 360 Queen Street, the development will account for a quartet of low and medium-rise dated commercial buildings in the heart of Brisbane's CBD. In a relatively swift process, Investa and Charter Hall only secured all buildings across the 2,147 square metre site during June 2017 for $53.75 million.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image61_2.jpg" rel="gallery-all" title="Hero perspective. Image: 360queen.com.au"><img alt="" class="image-article-full-width-580px" height="835" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image61_2.jpg?itok=9jw97liB" title="Hero perspective. Image: 360queen.com.au" width="580"></a>

<figcaption>Hero perspective. Image: 360queen.com.au</figcaption></figure>360-380 Queen Street is located in Brisbane's ‘Golden Triangle’ which home to a high concentration of financial institutions. Valued at $650 million, the co-owners task of securing a major tenant for the tower which includes 50,000 square metres of A-Grade office space will be bolstered by the recent approval.

The Blight Rayner-designed project includes a new public pedestrian thoroughfare which will link Queen Street to Giffin Lane and Ely Lane, and was to have been lined by retail tenancies. Final plans for the development have dropped the retail aspect in favour for food and retail, or hotel uses.

Additionally, an amphitheatre, underground supermarket, childcare centre, business lounge and various other entertainment/dining options will assist in drawing the public to the area.

A vertical green wall will mask the adjoining property boundary, whilst a 'suspended' green zone will feature mid podium. Thereafter three separate green spaces will break the tower's form at levels 13, 28 and 40, in addition to a vertical chasm that will add extra greenery externally. 

360 Queen Street will target a 5 Star Green Star Design rating, 5 Star NABERS Energy rating, plus WELL Core and Shell Gold certification.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image63_7.jpg" rel="gallery-all" title="External terrace. Image: 360queen.com.au"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image63_7.jpg?itok=GTXGda8b" title="External terrace. Image: 360queen.com.au" width="580"></a>

<figcaption>External terrace. Image: 360queen.com.au</figcaption></figure>Leasing for the development is now active with CBRE appointed as the agent of choice. 360 Queen Street will enter the Brisbane commercial office market at an interesting juncture.

A Knight Frank report on the state of the Brisbane CBD office market dated April 2018 notes that total commercial vacancy is expected to fall from 16.2% at the start of 2018 to approximately 13.5% by the end of the year. Knight Frank assert that the Brisbane CBD office market will see little new stock over the course of 2018, although a number of major projects are in the pipeline.

The report identifies 12 separate commercial office developments slated for Brisbane's CBD that combined would add 300,000 plus square metres over and above existing stock. 360 Queen Street alongside Mirvac's 80 Ann Street and ISPT's The Regent development constitute the largest office developments in Brisbane CBD's pipeline.

According to the development partnership, construction is expected to commence in the first half of 2019, although overall approval and tenant pre-commitments are first required.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image60_3.jpg" rel="gallery-all" title="Aerial perspective of the approved commercial tower. Image: 360queen.com.au"><img alt="" class="image-article-full-width-580px" height="412" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image60_3.jpg?itok=xQZSzxBM" title="Aerial perspective of the approved commercial tower. Image: 360queen.com.au" width="580"></a>

<figcaption>Aerial perspective of the approved commercial tower. Image: 360queen.com.au</figcaption></figure>
</body></html>

silvermb

Brisbane's 205m Queen Street commercial development gains approval

<html><body>
A property play between Charter Hall and Investa that began mid last year with the intentions of delivering a major office tower to Brisbane's CBD reached a milestone last week.

The development partnership announced that the planning approvals process for a Blight Rayner-designed commercial tower at 360-380 Queen Street has begun. During June 2017 the duo outlaid $53.75 million for three adjoining office buildings across a 2,147 square metre site for the purposes of a commercial office development.

The result is a 41 storey skyscraper that will reach 205 metres above ground, potentially becoming one of Brisbane's tallest towers.

360-380 Queen Street is located in Brisbane's ‘Golden Triangle’ which home to a high concentration of financial institutions. Valued at $650 million, the co-owners hope to add further to the precinct with 50,000 square metres of A-Grade office space slated for the development.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image122_2.jpg" rel="gallery-all" title="Hero perspective. Planning image: Blight Rayner"><img alt="" class="image-article-full-width-580px" height="873" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image122_2.jpg?itok=MYzJGV6K" title="Hero perspective. Planning image: Blight Rayner" width="580"></a>

<figcaption>Hero perspective. Planning image: Blight Rayner</figcaption></figure>The intended development will see a reworked ground plane, resulting in a highly permeable and accessible structure.

A new public pedestrian thoroughfare will link Queen Street to Giffin Lane and Ely Lane, and is set to be lined by retail tenancies. Additionally, an amphitheatre, supermarket, childcare centre, outdoor cinema and various other entertainment/dining options will assist in drawing the public to the area.

A vertical green wall will mask the adjoining property boundary, whilst a 'suspended' green zone will feature mid podium. Thereafter three separate green spaces will break the tower's form at levels 13, 28 and 40, in addition to a vertical chasm that will add extra greenery externally. 

All in all the tower is aiming to achieve a 5 Star Green Star Design rating, 5 Star NABERS Energy rating, plus WELL Core and Shell Gold certification.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image124.jpg" rel="gallery-all" title="Central viod doubles as a design feature. Planning image: Blight Rayner"><img alt="" class="image-article-full-width-580px" height="334" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image124.jpg?itok=DbffAxrG" title="Central viod doubles as a design feature. Planning image: Blight Rayner" width="580"></a>

<figcaption>Central viod doubles as a design feature. Planning image: Blight Rayner</figcaption></figure><h2>What they say</h2>

<blockquote>
CPOF Fund Manager, Matthew Brown said: “This is a very exciting investment opportunity for both Charter Hall and Investa.

The joint venture development and ownership structure with ICPF diversifies risk with a credible institutional counter party and provides certainty of delivery.

Our combined office experience and expertise, will see us create a new generation, high quality building designed to support tenant customers’ requirements for collaborative workplaces, higher density and flexible occupancy along with the latest technology.
<cite>Matthew Brown: CPOF Fund Manager</cite>
</blockquote>

<blockquote>
The 370 Queen Street development strongly supports ICPF’s ‘build to core’ strategy and reflects our commitment to investing in high quality, new office developments that deliver diversification for ICPF’s office portfolio.

A commitment of this scale also reflects our confidence in the underlying strength of the Brisbane CBD office market and we’re very pleased to reach this important DA milestone.
<cite>Jason Leong: ICPF Fund Manager</cite>
</blockquote>

<blockquote>
Our in-house development team will deliver an office building of a standard not yet offered in the Brisbane market.

Targeting the highest level of sustainable design and building performance, it will provide extensive recreational and landscaped areas at podium level and throughout the tower, with higher density and technology enabled workplaces providing greater connectivity and flexibility for the future tenants of this progressive, new workplace community.
<cite>Andrew Borger: Charter Hall’s Head of Office Development</cite>
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image123_0.jpg" rel="gallery-all" title="Ground floor activation. Planning image: Blight Rayner"><img alt="" class="image-article-full-width-580px" height="311" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image123_0.jpg?itok=XicQuVxt" title="Ground floor activation. Planning image: Blight Rayner" width="580"></a>

<figcaption>Ground floor activation. Planning image: Blight Rayner</figcaption></figure>According to the development partnership, construction is expected to commence in the first half of 2019, although overall approval and tenant pre-commitments are first required.
</body></html>

Investa and Charter Hall eye Brisbane's Queen Street for a new commercial skyscraper

<html><body>
In recent weeks Lendlease signage has emerged across the site of Charter Hall's $600 million Wesley Place project at 130 Lonsdale Street. Ground works signify that official construction is underway on the premium grade office tower, post the completion of demolition.

According to the <a href="http://www.afr.com/real-estate/charter-hall-gets-going-on-600m-wesley-place-20171107-gzgsn7">AFR</a>, Charter Hall is pushing ahead with the development after securing pre-commitments within the 33-storey, COX Architecture-designed tower. Super funds Cbus and Telstra Super have elected to occupy the tower, as has investment services firm Vanguard.

The commitments account for approximately 30,000sqm within the 55,000sqm tower.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/wesley-130-lonsdale-2.jpg" rel="gallery-all" title="Construction of Wesley Place Stage 1 is about to get into full swing. Image: COX Architecture"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/wesley-130-lonsdale-2.jpg?itok=0FdkfHUD" title="Construction of Wesley Place Stage 1 is about to get into full swing. Image: COX Architecture" width="580"></a>

<figcaption>Wesley Place will make an impact on the CBD's east end. Image: COX Architecture</figcaption></figure>Charter Hall will also accommodate the Uniting Church onsite as part of the original deal to develop the church-owned land via a 125-year leasehold deal. Signage onsite has the exceptionally wide tower which spans Lonsdale Street to Little Lonsdale Street aiming for a completion date during 2019.

130 Lonsdale Street forms Stage One of Wesley Place, as Charter Hall pushes a second tower through planning that will effectively bookend the massive site.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_2567bb.jpg" rel="gallery-all" title="Wesley Place's initial tower is now under construction"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_2567bb.jpg?itok=YE6vrKzi" title="Wesley Place's initial tower is now under construction" width="580"></a>

<figcaption>Wesley Place's initial tower is now under construction</figcaption></figure>Earlier this week City of Melbourne's Future Melbourne (Planning) Committee was urged to provide conditional support to Wesley Place's second stage at 150 Lonsdale Street. 

The site is located to the rear of an existing commercial 29-storey tower fronting Lonsdale Street, and is currently occupied by a multi-storey car park with dominant frontage to Little Lonsdale Street. The car park will be partially demolished to allow for construction of the 23-storey tower's core whilst the tower itself will sit atop the existing structure.

The proposal which has also been designed by COX Architecture presents in a similar architectural language to the first stage.

150 Lonsdale Street would rise to an overall height of 80m above street level and has a floor area ratio of 22.77:1, which exceeds the recommended 18:1 plot ratio. The proposed floor area uplift is supported by the delivery of commercial office space as the public benefit.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/wesley_leas.png" rel="gallery-all" title="Stage 2 of Wesley Place at 130 Lonsdale Street. Planning Image: COX Architecture"><img alt="" class="image-article-full-width-580px" height="808" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/wesley_leas.png?itok=OZoiy4WV" title="Stage 2 of Wesley Place at 130 Lonsdale Street. Planning Image: COX Architecture" width="580"></a>

<figcaption>Stage Two of Wesley Place at 150 Lonsdale Street. Planning Image: COX Architecture</figcaption></figure>The design has changed from earlier renders which depicted a similar curving form to the larger tower. Now a more rectilinear built form has been employed with a series of glazed blocks bisected by rebates which appear as visual cues to crucifixes, providing a subtle reference to the site's history and custodians.

The City of Melbourne's Urban Design team raised a number of issues with the application, including retention of car parking above ground, location of services and activation of Hayward Lane, while ensuring "the architectural expression of the building presents a clear and integrated design intent, with an emphasis on the design and detail of the podium."

<blockquote>
Acknowledging commerciality and timing of project, retention of the carpark impacts potential to contribute positive and active interfaces. While adaptive re-use in the city is generally supported, it’s recommended that the proposal excludes above ground parking and adapt the floorplates to other uses, or demolish the existing carpark. 

- City of Melbourne's Urban Design Team
</blockquote>

Approval from Planning Minister Richard Wynne would ultimately pave the way for the realisation of the full master plan for the site as illustrated below:

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/wesley_place_stage_2_master_plan.png" rel="gallery-all" title="Wesley Place Master Plan. Planning Image: COX Architecture"><img alt="" class="image-article-full-width-580px" height="393" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/wesley_place_stage_2_master_plan.png?itok=3eWCxlyq" title="Wesley Place Master Plan. Planning Image: COX Architecture" width="580"></a>

<figcaption>Wesley Place Master Plan. Planning Image: COX Architecture</figcaption></figure><h2>150 Lonsdale Street At a Glance</h2>

<ul>
<li>Office NLA : 16,020 sqm</li>
	<li>Ground level retail NLA : 300 sqm</li>
	<li>Building height : 79.97m 22-storeys + plant (88m to plant)</li>
	<li>Podium height 29.27m existing 9-storey carpark.</li>
	<li>Plot ratio: 22.77:1</li>
	<li>Car parking spaces : 395 spaces (reduced from 643)</li>
	<li>Bicycle facilities and spaces:  122 spaces; 22 visitor spaces at ground level, 100 employee spaces</li>
</ul>
</body></html>

Wesley Place begins construction as CoM planners endorse stage two of the project

<html><body>
Property fund manager Charter Hall Group’s Direct Office Fund has been awarded the best direct property fund at the Money Management/Lonsec Fund Manager of the Year Awards.
DOF is the flagship fund for the Charter Hall Direct business, returning an average of 18.2% per annum (on Wholesale A Units) compared to the benchmark (MSCI/IPD Australian Unlisted Wholesale Property Fund Index) of 12.3% per annum since 2014, said Charter Hall.
Its portfolio includes 11 fully leased office buildings in Sydney, Melbourne, Brisbane and Perth valued at more than $1.1 billion.
According to Charter Hall, the DOF’s investment strategy includes buying Australian commercial real estate assets which are on long leases with quality covenants.
DOF recently leased several floors in the glass wall skyscraper, 1 Nicholson Street, on the northern edge of Melbourne CBD for an eight-year term.
Charter Hall Direct head Steven Bennett said the award from research house Lonsec was proof the fund was delivering strong risk- adjusted returns to investors.
“This award is a testament to the Charter Hall Direct team that seeks to provide investors with market leading direct property investment opportunities that are usually only available to wholesale investors,” he said.
“We continue to witness strong interest in DOF with more than $200 million equity raised since September 2016 from high net worth, self-managed super funds, investors in retail super and pension platforms and advised investors.”
He said Sydney and Melbourne assets accounted for more than 80% of the fund’s portfolio.
The fund has received strong ratings from independent research houses, with ‘Highly Recommended’ by Zenith, and ‘Highly Recommended’ by Lonsec.
</body></html>

Charter Hall's office fund wins best direct property fund award

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
Charter Hall Group have announced its full year results for the 12 months to June 30 2016, showing a statutory profit after tax of $215.2 million.
Profits were up $97.3 million from FY15, with operating earnings of $124.7 million, up 26.2 percent.
The Group's FUM increased $3.9 billion, the equivalent to 29 percent, to $17.5 billion, reflecting a 15.9 percent annual growth rate since June 2010.
The continued growth was driven by $2.3 billion of net acquisitions, $1.1 billion of revaulations and $500 million of development capex.
The high quality and diversified $17.5 billion portfolio comprises 296 properties, leased to 2,550 tenants delivering $1.3 billion of gross rental income. 
"Growth of 29 percent in FUM to $17.5 billion and 10.5 percent OEPS growth reflects the Group's strategy focusing on accessing, deploying, managing and investing capital," said Charter Halls' Group CEO and managing director David Harrison.
The Group's property investments increased by $154 million to $1.1 billion, generating an earnings yield of 7.4 percent per annum.
<a href="/images/2016/08/23/Charter%20Hall%20Split.jpg" target="_blank">Click here to enlarge</a>
<img src="/images/2016/08/23/Charter%20Hall%20Split.jpg" alt="" width="244" height="228">
The total portfolio occupancy remained strong at 98.6 percent and the weighted average lease expiry stable at 8.8 years.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
“We are proud to highlight that the Group’s Property Investments have consistently outperformed their respective benchmarks," Harrison said.
The total property return from our Property Investments over five years of 16.0% p.a. has outperformed the MSCI/IPD Unlisted Wholesale Pooled Property Funds Index of 9.7% p.a. over the same period.”. 
<a href="/images/2016/08/23/Charter%20hall%20financial%20jpeg.jpg" target="_blank">Click here to enlarge </a>
<img src="/images/2016/08/23/Charter%20hall%20financial%20jpeg.jpg" alt="" width="363" height="257">
</div>
</div>
</div>
Financial highlights:
<ul>
<li>
  Statutory profit after tax of $215.2 million, up $97.3 million 
</li>
<li>
  Operating earnings of $124.7 million, up 26.2% 
</li>
<li>
  Operating earnings per security of 30.4 cents, up 10.5% 
</li>
<li>
  Distribution per security of 26.9 cents, up 11.2% 
</li>
<li>
  Net Tangible Assets per security of $3.04, up 10.1% Operational performance: 
</li>
</ul>
<ul>
<li>
  Access: Gross equity inflows of $1.5 billion from diversified equity sources. 
</li>
<li>
  Deploy: Completed $3.7 billion of property transactions. $3.0 billion in acquisitions, $0.7 billion in non-core divestments.
</li>
<li>
  Manage: 29% growth in funds under management (FUM) to $17.5 billion. Completed 545 leasing transactions.
</li>
<li>
  Invest: Net $56 million invested alongside our capital partners. 6.46% WACR and 7.9% discount rate. Property Investment earnings growth of 26.4%.
 
 
 
</li>
</ul>
</div>
</div>
</div></body></html>

Charter Hall achieves 29% FUM growth to $17.5 billion

<html><body>
Three years after its completion, 171 Collins Street has achieved a milestone by becoming the first building in Victoria to notch a 6 Star NABERS Energy rating. In doing so it becomes only the second commercial office buildings in Australia to gain the rating.

Jointly owned by Cbus Property and Charter Hall, 171 Collins Street's gong is in line with the objectives of City of Melbourne's concerted sustainable building push which in part encourages developers, building owners and facility managers to constructing or retrofit their buildings in order to become as efficient as possible.

Built by Brookfield Multiplex, 171 Collins Street is the design work of Bates Smart with engineering by Umow Lai. In taking the 6 Star NABERS Energy rating, the commercial tower achieved its target of emitting 50% less greenhouse gases than a building with a 5 Star rating; a 5 star rating was long considered the benchmark for contemporary sustainable office buildings.

<h2>Sustainability features</h2>

<ul>
<li>9 storey glass atrium that maximises natural light</li>
	<li>Floor to ceiling double glazing with thermal insulation to help maintain occupant comfort</li>
	<li>High-performance ceramic fritted glass façade to reduce heat gain and glare</li>
	<li>Dedicated waste storage area for separation, collection and recycling</li>
	<li>Advanced rainwater and greywater reuse system</li>
	<li>Highly flexible under-floor air distribution system for superior indoor air quality</li>
	<li>Highly optimised lighting design with extensive controls for occupancy and daylight harvesting</li>
	<li>Energy-efficient fixtures and fittings</li>
	<li>Low-VOC and formaldehyde emissions</li>
	<li>Premium end-of-trip facilities with 280 bicycle spaces, showers, change rooms and lockers</li>
	<li>Destination controlled lift systems</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/mayfair_exterior_ret_v3_vers_a_2500px.jpg" rel="gallery-all" title="171 Collins Street from above. Image: Cbus Property"><img alt="" class="image-article-full-width-580px" height="772" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/mayfair_exterior_ret_v3_vers_a_2500px.jpg?itok=BwFtZRbB" title="171 Collins Street from above. Image: Cbus Property" width="580"></a>

<figcaption>171 Collins Street from above. Image: Cbus Property</figcaption></figure>What these sustainability features equate to, relative to a 5 star rated building, is a real world saving of more than 1.3 million kilograms of carbon dioxide per annum, or put differently 568,000 litres of petrol or the annual energy use for 139 homes. 171 Collins Street's 6 Star NABERS Energy rating is in addition to the development being awarded a 6 Star Green Star As Built Office V2 rating by the Green Building Council of Australia. The latter was done so with a record score on the rating scale.

Additionally, 171 Collins Street features an Australian-first ceiling tile system that absorbs office pollutants and creates a healthier office environment for workers. The development also includes a greywater treatment program that collects used water from the end-of-trip facilities for reuse throughout the building’s cooling towers and toilets, allwoing for a 90% offset of the cooling towers’ water consumption.

The building's radiant cooling and heating system and an under-floor air distribution network also provides an energy efficient thermal outcome internally.

<h2>What the say</h2>

<blockquote>
171 Collins Street is a lighthouse example of how premium grade buildings can deliver architectural beauty, world leading sustainability and exceptional occupant amenities without compromise.

It is a true 21st century workplace and embodies all that we strive to achieve at Cbus Property in delivering projects that are of international architectural value and achieve exceptional environmental outcomes. This milestone caps off several years of dedication by the entire project team as well as 171 Collins Street’s tenants in delivering and maintaining a truly green and sustainable building.
<cite>Adrian Pozzo, Chief Executive Officer, Cbus Property</cite>
</blockquote>

<blockquote>
We are very pleased with the performance of 171 Collins Street. It is a building that continues to be recognised for its innovation in sustainability and we hope sets the benchmark for the industry into future.

It has been a terrific effort to get to where we are today and key to that has been ensuring all team members, contractors and tenant customers share our vision to create a sustainable workplace
<cite>Adrian Taylor, Head of Office, Charter Hall</cite>
</blockquote>
</body></html>

171 Collins Street achieves a 6 Star Victorian first

<html><body>
Retail and residential property took the headlines last week with several of the big participants in those sectors reporting their results for 2015.
Major shopping centre owners said sales conditions for their malls were improving, but still challenging, while property values were rising due to investor demand for income-producing assets.
Charter Hall Retail REIT, which owns small and neighbourhood shopping centres, lifted its statutory profit by more than 90% to $162.5 million driven by increases in the value of its shopping centre properties.
“Ongoing investor interest in this asset class has resulted in yields for high quality assets tightening sharply over the past 12 months and as such we are expecting to see growth in the value of the REIT’s portfolio over the 2016 financial year,” chief executive Scott Dundas said.
The REIT’s operating profit was up 5.2% to $110.8 million.
Federation Centres, which merged with Novion Property Group in June to form a $22 billion REIT, reported a $675.1 million statutory profit for the 2015 financial year, and underlying earnings of $683.1 million, up 6.2%.
Comparable specialty store sales were up 3.3%, an improvement on the 2.4% sales growth the previous year. Comparable net property income growth was 2.5%, up from 1.2%.
However, the REIT’s leasing results were weaker with negative 2.2% leasing spreads across the combined portfolio, worse than the negative 1.5% spreads achieved in 2014.
The relatively mature Novion Property Group assets dragged on that result, with negative 4.7% spreads. Managers of the Federation Centres properties were able to improve leasing spreads by 3.2% by changing tenant mixes.
The group recently replaced Federation’s chief executive Steven Sewell, who had been set to head the combined group, with Novion’s head Angus McNaughton.
McNaughton said the sector was slowly improving but expected consumer sentiment to fluctuate.
Shopping Centres Australiasia Property Group worked hard on its specialty store leasing through 2015, with a project targeted at improving occupancy rates. It spent $9.6 million on incentives such as assistance with fitouts for tenants.
“During FY15 we had 50 specialty tenant renewals, and an average rental uplift of 7.3% was achieved,” chief executive Anthony Mellowes said. “This is a positive start to our first rent renewal cycle which will continue through FY16 to FY20.”
Specialty stores in SCA’s centres lifted sales by 5.6%.
Stockland Property Group, which derives about 60% of its earnings from retail property, reported earnings in that division were up 4.2%.
Its shopping centres achieved their strongest specialty store growth in four years, rising 7%. Food catering and fast casual dining, communication technology, services, homewares and apparel were the best performing categories.
Residential
Many investors were more interested in Stockland’s residential division, with the group being one of Australia’s largest home builders.
Profits in that area were up 73.5% to $166 million.
Residential developers have used reporting season as a platform to call for discussion on topics such as the undersupply of homes in Australia and stamp duty. They have cautioned regulators not to go too far with moves to slow the housing market, which they say is varied across the country.
AV Jennings chief executive Peter Summers said stamp duty was holding up construction and adding to housing costs. That group reported before-tax profits were up 78.3% to $48.2 million, with improving housing markets lifting revenue by 26.9% to $317.9 million.
</body></html>

zfielding-GvX3Uq9KTa

Fluctuating consumer sentiment prompts erratic REIT retail leasing results

<html><body>
Over a year ago, Apartments.com.au wrote on the forthcoming <a href="/news/regenerating-office-buildings-on-bourke" target="_blank">redevelopment of 570 Bourke Street</a>, formerly known as Marland House. Leap forward and contractor Brookfield Multiplex are currently in the early stages of breathing new life into the 1972 vintage office complex. Of an age where owner Charter Hall (via their Core Plus Office Fund) considered a number of directions for the asset, they have embarked upon a $150 million project with the intention of creating a workplace that meets and exceeds contemporary tenant expectations.

So what are those expectations? Look no further than Docklands to see that large corporations value large floorplates. In Charter Hall's words "To attract and retain the best people, companies are demanding expansive, lifestyle-oriented workspaces."

To that end 570 Bourke Street will become Melbourne CBD's largest vertically connected office space. Nestled within an established legal and financial precinct, the development will provide 28,000 square metres of contiguous office space across 11 levels, achieved by extending the floor plate to both Bourke and Little Bourke Street frontages.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/570_bourke_lobby01.jpg" rel="gallery-all" title="Entering 570 Bourke Street's foyer. Image © Hassell Studio"><img alt="" class="image-article-full-width-580px" height="261" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/570_bourke_lobby01.jpg?itok=CR_2yx9X" title="Entering 570 Bourke Street's foyer. Image © Hassell Studio" width="580"></a>

<figcaption>Entering 570 Bourke Street's foyer. Image © Hassell Studio</figcaption></figure><blockquote>
Space efficiencies gained from large floors usually come at the expense of amenity in Melbourne. 570 Bourke is unique because it provides the space we know tenants crave, but in an already thriving and established part of the city.
<cite>Chris Forbes, Charter Hall CPOF fund manager</cite>
</blockquote>

<blockquote>
We usually only see floor plates of these sizes outside of the CBD where the option to expand within the building is not typically available,” Mr Sutherland said. 570 Bourke stands out for its ability to give tenants the choice and flexibility to expand in the CBD as their business flourishes, while benefiting from space efficiencies and the building’s amenity.
<cite>Hamish Sutherland, Knight Frank national director of CBD leasing</cite>
</blockquote>

Designed by Hassell Studio, the reincarnated project will feature a light-filled glass atrium. Prominent through all 10 levels, the atrium will allow natural light to penetrate the workspaces while inter-connecting stairways enables 570 Bourke Street to boast the largest vertically integrated floor plates available in the CBD. At 2,700 square metres per floor, this equates to an impressive 270 staff per level over the expanded footprint.

With maximum flexibility and providing a dynamic work space in mind, each of the expanded floors have been designed with malleable spaces, allow tenants to link and enclose areas as desired. 'Suspended' meeting room pods peer over the internal atrium, adding visual pop to the internal design.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image60.jpg" rel="gallery-all" title="570 Bourke Street. Image © Hassell Studio"><img alt="" class="image-article-full-width-580px" height="322" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/image60.jpg?itok=8Y7jQ2_d" title="570 Bourke Street. Image © Hassell Studio" width="580"></a>

<figcaption>570 Bourke Street. Image © Hassell Studio</figcaption></figure><h2>Project highlights</h2>

<ul>
<li>Developer: Charter Hall</li>
	<li>Design: Hassell Studio</li>
	<li>Project Manager: PDS Group</li>
	<li>28,000sqm of built space over 10 lower levels: 2,700sqm floor plates</li>
	<li>10 different tenants are already accommodated within the existing high rise office tower at 570 Bourke</li>
	<li>Lifestyle Centre catering for 300 cyclists/runners (dedicated entrance + shower &amp; change facilities)</li>
	<li>Curtain wall façade blends solid and translucent elements, bringing subtle diversity to the façade</li>
	<li>Bluestone paving, timber walls, travertine stone and light installation define the lobby</li>
	<li>New laneway: Gresham Street to be reconfigured + cafe and streetscape works</li>
	<li>500 car parking bays</li>
	<li>695sqm of retail space fronting Bourke and Little Bourke Streets</li>
	<li>175sqm of boutique office space on level one, fronting Little Bourke Street</li>
	<li>Target a 4.5 star NABERS Energy rating</li>
</ul>
In the perpetual race to attract tenants, commercial asset owners are increasingly providing the physical and technological needs of businesses while also enhancing the experience for their staff. Charter Hall have positioned 570 Bourke Street as a showcase for contemporary thinking and design within Melbourne's CBD.

Apartments.com.au will certainly be asking to tour the reborn Melbourne landmark upon completion.
</body></html>

Charter Hall

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Charter Hall

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News