<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><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/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><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/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Commercial

<html><body>
<p>RMIT University is hoping to continue its substantial building program with a sizeable mixed-use tower set for a long held A'Beckett Street address.</p>

<p>Entering planning during late 2015, the new proposal designed by Denton Corker Marshall would provide additional educational space and 11 levels of office space, most likely for ancillary university use. Located at 24-46 A’Beckett Street the project also represents Denton Corker Marshall's third tower in the RMIT precinct, joining two active large-scale student housing towers in development.</p>

<p>Although the proposal will result in the loss of an urban park, the site was always expected to be developed by RMIT and has been subject to a proposal as far back as a decade ago.</p>

<h2>24-46 A’Beckett Street, Melbourne application summary</h2>

<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/image48_3.jpg" rel="gallery-all" title="RMIT's latest precinct addition. Planning image: DCM"><img alt="" class="image-article-full-width-580px" height="758" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image48_3.jpg?itok=HHqqyPk5" title="RMIT's latest precinct addition. Planning image: DCM" width="580"></a>

<figcaption>RMIT's latest precinct addition. Planning image: DCM</figcaption></figure><ul>
<li>Current 2,806 square metre site use: temporary urban park</li>
	<li>Proposed 24 level mixed-use tower at 115.2 metres</li>
	<li>Levels 1-13 subject to educational uses over 16,708 square metres</li>
	<li>Levels 13-23 dedicated to 13,954 square metres of office space</li>
	<li>Two ground floor retail tenancies over 472 square metres</li>
	<li>206 bicycle parking spaces, gym, 15 showers and 120 lockers included</li>
	<li>Gross floor area: 46,813 square metres</li>
	<li>Project value: $137.4 million</li>
</ul>
<h2>City of Melbourne generally supportive</h2>

<p>24-46 A’Beckett Street's podium will consist of a lower section of metal cladding with a lighter element above containing voids throughout which act as break out areas and terraces. The tower section gently tapers in and will be finished with a metal clad and glazing similar to the lower aspect of the podium.</p>

<p>City of Melbourne is broadly supportive of the proposal with the terraces recessed into the podium noted as being a strong design initiative. Colonnades have been included along each street front providing contrast to more recent builds in the vicinity.</p>

<p>Post assessment from City of Melbourne planning staff, it has been resolved that the Future Melbourne Committee will support the application, with the final decision on the project to be made by the Minister for Planning.</p>

<h2>RMIT continues to invest in facilities</h2>

<p>The assessment of 24-46 A’Beckett Street comes as construction progresses on RMIT's latest city campus project, New Academic Street. Under the guidance of Lend Lease, New Academic Street will see an upgrade to the lower levels of existing Buildings 8, 10, 12 and 14, opening these buildings up to the surrounding city.</p>

<p>At a cost of approximately $220 million, New Academic Street is set to be delivered incrementally with a target completion date of July 2017.</p>

<p>New Academic Street is a follow-up project to RMIT's Swanston Academic Building and Design Hub on the corner of Victoria and Swanston Streets. Combined these projects and 24-46 A’Beckett Street would push RMIT's investment in educational facilities to well beyond $1 billion.</p>

<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_2374.jpg" rel="gallery-all" title="Lend Lease is progressing with RMIT's NAS."><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_2374.jpg?itok=i0axc8BU" title="Lend Lease is progressing with RMIT's NAS." width="580"></a>

<figcaption>Lend Lease is progressing with RMIT's NAS.</figcaption></figure><h2>RMIT and VU on the same wavelength</h2>

<p>RMIT's A'Beckett Street proposal draws parallels with another nearby university-driven mixed-use development.</p>

<p>Victoria University holds approval for a similar sized tower of approximately 43,300 square metres at 364 Little Lonsdale Street. Both developments seek to greatly expand the educational capabilities of either institution in a high density format, while also adding a sizeable amount of office space.</p>

<p>Both projects see direct educational facilities over lower levels, with upper levels dedicated to support offices and academic staff work spaces.</p>

<p>Victoria University's project has not advanced to construction as yet, raising the prospect that both towers may potentially rise simultaneously in the years to come.</p>

<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/image49vu.jpg" rel="gallery-all" title="VU Tower's intended mixed use. Image: Jackson Architecture"><img alt="" class="image-article-full-width-580px" height="379" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image49vu.jpg?itok=O5vdRyjv" title="VU Tower's intended mixed use. Image: Jackson Architecture" width="580"></a>

<figcaption>VU Tower's intended city campus. Image: Jackson Architecture</figcaption></figure>
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silvermb

RMIT's play for a new A'Beckett Street footprint

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<p>With much commentary at the moment centred around the state of the Melbourne inner city residential market and hints of an oversupply of apartments, it is an opportune time to focus on the commercial market; namely new Melbourne office projects on the not too distant horizon.</p>

<p>The current crop, either awaiting tenant pre-commitments or on the cusp of commencing construction, range from campus style accommodation to upwards of 40-storeys in the middle of the CBD. Developer heavy hitters Mirvac, Lend Lease, CBUS, Brookfield, Charter Hall and QIC are all actively spruiking their projects with a large number also boasting a Collins Street addresses.</p>

<p>Currently, the largest commercial projects under construction within City of Melbourne are found within Walker Corporation's Collins Square project, with three towers under construction ranging in height from 75m to 147m.</p>

<p>Mirvac's 2 Riverside Quay project at Southbank and Grollo Equiset's 535 Rialto forecourt redevelopment are also becoming reality. Combined, these developments will add in excess of 150,000sqm of office space to the central city.</p>

<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/under_construction.jpg" rel="gallery-all" title="Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell"><img alt="" class="image-article-full-width-580px" height="219" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/under_construction.jpg?itok=sLaJFE02" title="Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell" width="580"></a>

<figcaption>Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell</figcaption></figure><p>But what of the next crop of Melbourne office towers? Below is a summary of each and its current status as understood by Apartments.com.au:</p>

<h2>72-82 Collins Street | 36-storeys | 187m | 45,000sqm | QIC | Woods Bagot</h2>

<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/82c_podium.jpg" rel="gallery-all" title="72-82 Collins Street. Images courtesy of Woods Bagot"><img alt="" class="image-article-full-width-580px" height="249" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/82c_podium.jpg?itok=eMcaxuyo" title="72-82 Collins Street. Images courtesy of Woods Bagot" width="580"></a>

<figcaption>72-82 Collins Street. Images courtesy of Woods Bagot</figcaption></figure><p>Boarded up and with Brookfield Multiplex appointed as the head contractor last year, one would assume this particular project would be commencing its skyward ascent, however this has not been the case.</p>

<p>The project has undergone a redesign, particularly at street level, creating a much more cohesive and sophisticated street presence. While no prospective tenants have been announced for the 45,000sqm of space, another contributing factor in the project's delay has been laneway ownership being transferred from the City of Melbourne to QIC only recently.</p>

<h2>447 Collins Street | 41-storeys | 143m | approx. 54,000sqm | CBUS | Woods Bagot + SHoP</h2>

<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/447-close_up.jpg" rel="gallery-all" title="447 Collins Street. Images courtesy of Woods Bagot and 7news"><img alt="" class="image-article-full-width-580px" height="187" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/447-close_up.jpg?itok=J6tY75_x" title="447 Collins Street. Images courtesy of Woods Bagot and 7news" width="580"></a>

<figcaption>447 Collins Street. Images courtesy of Woods Bagot and 7news</figcaption></figure><p>With Planning Minister Richard Wynne and developer CBUS Property reaching an agreement following the initial rejection of the scheme, the dual tower project featuring a 2,000sqm city park in addition to residential, retail and hotel still requires formal approval of amended documentation before it can commence.</p>

<p>It is expected that the remainder of the site will be cleared by September and a display suite established on site for the project's sales and marketing campaign.</p>

<p>With an expected end value of $1.3 billion dollars, this project will have a massive impact on the heart of the city. Final metrics will be confirmed upon submission of the revised scheme.</p>

<h2>477 Collins Street | 38-storeys | 165m | 54,000sqm | Mirvac | Grimshaw</h2>

<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/477_foyer.jpg" rel="gallery-all" title="477 Collins Street. Images courtesy of Grimshaw"><img alt="" class="image-article-full-width-580px" height="202" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/477_foyer.jpg?itok=vdL4tAO1" title="477 Collins Street. Images courtesy of Grimshaw" width="580"></a>

<figcaption>477 Collins Street. Images courtesy of Grimshaw</figcaption></figure><p>Approved near on one year ago, the 165 metre Premium Grade tower is Mirvac's flagship Melbourne project and will hold approximately 54,000sqm of leasable floor area with 2,461sqm of leasable retail space and end of trip facilities included to support a sizeable work populace. The Olderfleet buildings along Collins Street will be retained and integrated into the new development.</p>

<p>The project is currently awaiting pre-commitment from a tenant or tenants before it forges ahead but is expected to be well underway during 2017.</p>

<h2>664 Collins Street | 12-storeys | 50m | 26,000sqm | Mirvac | Grimshaw</h2>

<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/664c.jpg" rel="gallery-all" title="664 Collins Street. Image courtesy of Grimshaw"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/664c.jpg?itok=Zdo6Jch5" title="664 Collins Street. Image courtesy of Grimshaw" width="580"></a>

<figcaption>664 Collins Street. Image courtesy of Grimshaw</figcaption></figure><p>The sister building to 699 Bourke Street, the Collins Street building will be the new home for Pitcher Partners who signed on as a tenant for 10,000sqm during late 2015. Latest indications suggest construction is expected to begin by the end of the year, thus finishing the overall redevelopment of Southern Cross Station.</p>

<h2>Wesley Place | 34-storeys | 148m | 55,000sqm | Charter Hall | COX</h2>

<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/130l.png" rel="gallery-all" title="Wesley Place. Image courtesy of COX"><img alt="" class="image-article-full-width-580px" height="306" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/130l.png?itok=ksEwuSC4" title="Wesley Place. Image courtesy of COX" width="580"></a>

<figcaption>Wesley Place. Image courtesy COX</figcaption></figure><p>Having initially received support from Council, the $450 million project was formally approved by Planning Minister Wynne last week. Initially owned by Leighton Porperties, Charter Hall acquired the site during planning and will be looking for further tenants after the church signed on for 55,000sqm in the project.</p>

<p>Charter Hall are confident of securing these by the end of the year, allowing construction to begin during 2017. Interestingly Charter Hall also owns the adjoining site at 150 Lonsdale Street which is currently occupied by an office building and carpark with redevelopment potential.</p>

<h2>405 Bourke Street | 39-storeys | 161m | 61,500sqm | Brookfield | Woods Bagot</h2>

<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/view-from-yarra.jpg" rel="gallery-all" title="405 Bourke Street. Image courtesy Brookfield Multiplex"><img alt="" class="image-article-full-width-580px" height="345" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/view-from-yarra.jpg?itok=7WvcNpjI" title="405 Bourke Street. Image courtesy Brookfield Multiplex" width="580"></a>

<figcaption>405 Bourke Street. Image: Brookfield Multiplex</figcaption></figure><p>With the current incarnation of the project first appearing on Apartments.com.au during our early days of 2013, the project appears no closer to commencing with tenants yet to be secured and very little news on its prospects. Developer Brookfield will naturally be hoping to snare a tenant as soon as possible.</p>

<h2>Melbourne Quarter | 12-storeys + TBC | 56m + TBC | 24,303sqm + TBC | Lend Lease | DCM</h2>

<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/mq_overall.jpg" rel="gallery-all" title="Melbourne Quarter. Images courtesy of Lend Lease"><img alt="" class="image-article-full-width-580px" height="163" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/mq_overall.jpg?itok=ZGZBR5NH" title="Melbourne Quarter. Images courtesy of Lend Lease" width="580"></a>

<figcaption>Melbourne Quarter. Images courtesy of Lend Lease</figcaption></figure><p>Approval of the first stage of Melbourne Quarter was provided last month, after Lend Lease secured engineering firm Arup for the building known as One Melbourne Quarter in December of last year.</p>

<p>The first stage features a commercial building of 25,000sqm and a 2,000sqm sky park to be built above Collins Street. Construction of Melbourne Quarter is expected to begin later this year, beginning with One Melbourne Quarter and the Skypark.</p>

<p>The next stage, construction of C2 / Two Melbourne Quarter, the North-South Link and the City Room, are expected to be lodged soon following pre-application meetings. C2 will be the tallest building on the site and is expected to be similar in height to the KPMG building at Collins Square.</p>

<h2>55 King Street (+ 555 Collins Street) | Charter Hall</h2>

<p>And finally according to Fairfax media, Charter Hall have purchased a future development site at 55 King Street for $78.5 million. The site neighbours the vacant 22,000-square-metre building at 555 Collins Street which owners Fragrance Group are looking to offload following failure to receive approval for a 90-storey 300m residential tower on the site.</p>

<p>If acquired by Charter Hall and combined with 55 King Street, this would create the opportunity for a development of significant size. The potential for this site will form the topic of another Apartments.com.au article.</p>
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Laurence Dragomir

Office towers to the fore

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<p>A retail arcade in the NSW town of Kempsey is set to go under the hammer for circa $1 million at a Burgess Rawson portfolio auction on April 5 in Sydney.</p>
<p>Located at <a href="https://www.burgessrawson.com.au/buying/NSW/Mid-North-Coast/Kempsey/Retail/2P1165#.VvCb8mR96u5" target="_blank">14 Smith Street</a>, Centrepoint Arcade comprises 12 ground floor retail tenancies and a first floor gym.</p>
<div>The 2,873 sqm property in the CBD area is surrounded by IGA, Aldi, Coles &amp; Woolworths supermarkets.</div>
<div> </div>
<div>The shopping centre has a diverse mix of tenants, including a jeweller, takeaway food, cafe and Williams Shoes, and earns an estimated $69,267 pa + GST.</div>
<div> </div>
<div>There is also the potential for further development subject to council approval.</div>
<div> </div>
<div>With a Gross Regional Product of $12.16 billion, Kempsey LGA forms part of the Mid North Coast region which boasts a population of 259,000 and is expected to grow to 277,450 by 2021.</div>
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jonathanchancellor-7SQnKwU6yx

Retail arcade in NSW's Kempsey to go under the hammer at Burgess Rawson auction 

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<p style="text-align: justify;" align="center"><span style="line-height: 1.3em;"><img src="/images/2015/11/17/Holdencapital_banner.jpg" alt="" width="518" height="109"> </span></p>
<p style="text-align: justify;" align="center">SPONSORED POST</p>
<p style="text-align: justify;" align="center"><span style="line-height: 1.3em;">Your GST obligations are not a project cost as they are ‘self-liquidating’ however, they are a cost that you need to account for from a cash flow perspective.</span><br><span style="line-height: 1.3em;"> </span><br><span style="line-height: 1.3em;">Financiers have a number of ways of dealing with GST on both the initial site acquisition and then the GST portion of the subsequent development costs.</span><span style="line-height: 1.3em;"><br></span></p>
<p><strong style="line-height: 1.3em;">GST on Initial Land Acquisition –</strong><span style="line-height: 1.3em;"> When considering the funding of the initial site acquisition, you need to be clear with the potential financier on how GST payable on the acquisition is to be dealt with. Some funders will require that you cover the GST from your own cash flow or capital resources while others will allow a temporary gearing excess to fund the GST on the undertaking that you claim the refund and the payment is directed to reduction of the debt.</span></p>
<p><br><strong style="line-height: 1.3em;">GST on Development Costs – Developer Funded –</strong><span style="line-height: 1.3em;"> Some financiers require the developer to finance the GST payable on the development costs from their own resources. Progress claims are funded from the loan facility on a “net of GST” basis and the developer is required to ‘top up’ the payments to the builder/creditors for the GST portion and then claim the GST refund back to their own account. In these cases the developer will need to allow a cash reserve from their capital contribution sufficient to fund 10% of the first two months estimated project costs. The GST refund claims then reimburse the cash reserve to provide for future GST outlays.</span></p>
<p><br><strong style="line-height: 1.3em;">GST Funded by a separate overdraft facility –</strong><span style="line-height: 1.3em;"> Some financiers will provide an overdraft facility specifically for the purposes of covering the GST commitment, which is separate from the construction facility. They will require an undertaking that the developer will claim the GST back on a monthly cycle and have the GST refund electronically credited to the nominated account. The overdraft is secured by the project security but financiers differ in the LVR and LCR calculation – some require it to be covered within their maximum </span><span style="line-height: 1.3em;">tolerances where others will allow it ‘outside’ of their calculations of the key ratios, acknowledging the ‘self-liquidating’ nature of the facility.</span></p>
<p><strong style="line-height: 1.3em;">GST Funded within the Project Finance Facility –</strong><span style="line-height: 1.3em;"> Some financiers allow a ‘self-liquidating’ cost line within the project funding categories to cover GST – this is basically a cash flow utilisation of the project financing facility limit. The financier will allow the first two months claims to be GST inclusive but from month 3 onwards the progress claim allowable will be adjusted for the GST refund that should have been received by the developer from the claim two months previously. The developer still needs to manage their cash flow to account for the ‘ins and outs’ over a 3-month cycle.</span><br><span style="line-height: 1.3em;"> </span><br><span style="line-height: 1.3em;">The optimum outcome from a developer’s perspective is to be provided with a GST overdraft facility that is excluded from the financiers calculations of its key ratios but it is important to understand your financiers preference up front when finalising your funding.</span></p>
<p> </p>
<p><em>This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arrange construction finance and invest in projects through their equity fund, Queen Street INVEST. To discuss your project finance requirement please call (07) 3171 4200 or visit HoldenCAPITAL <a href="https://www.holdencapital.com.au/" target="_blank">here</a>.</em><br><span style="line-height: 1.3em; text-decoration: underline;"> </span></p>
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firstname-zEygzUaHDN

Don't forget your GST obligations when arranging your project finance: HoldenCAPITAL

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<p><span>The valuation firm Herron Todd White has issued its latest</span><span> property clock for the office market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.</span></p>
<p>The valuation firm has included capital and regional cities on the property clock for house price direction.</p>
<p><a href="/images/2015/11/9/700_htw.jpg" target="_blank">Click here</a> to enlarge.</p>
<p><em>For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.</em></p>
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mick.cee-iDmgDDAmu8

Brisbane, Tamworth, Melbourne office market at peak: Herron Todd White

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<p>GUEST OBSERVER</p>
<p>Woolworths shareholders have had a torrid couple of years. The company’s market capitalisation is down around a third since mid-2014 – quite a hit for a company once worth almost A$50 billion dollars. Today it forecast a 35% fall in half-year profit, sending its shares plunging by more than 9%.</p>
<p>The disastrous Masters foray is partly to blame. Conceived in oligopolitical hubris, Masters has been an unmitigated disaster for Woolworths shareholders. They were right to expect far better from the company’s exceedingly well-remunerated board and senior executives. The fact that Masters has ended quite a few careers is cold comfort for shareholders who have lost hard earned savings and superannuation.</p>
<p>Today’s results open a new chapter of woe. Once, Masters was seen as an unfortunate sideshow, able to be separated from the Goliathan strength of Woolies’ grocery cash machine. Today, the illusory nature of that misapprehension has emerged – with sales in decline year-on-year for like stores, and a flagged collapse of earnings by up to a third and, most tellingly, no end in sight.</p>
<p>While the problems of the last 18 months at Woolworths have often been ascribed to the Masters debacle, analysts have long been worried about the main game in groceries. Aldi, the privately-held German multinational, has been playing a cautious and patient long game.</p>
<p>Aldi’s “value proposition” to consumers is starkly different to both Woolworths and Coles, and it’s clear Australians have warmed to what Aldi has to offer – a narrow range of good quality products at prices equivalent to the majors’ “specials”. The narrow range and small format stores have the additional benefit of quick and easy shopping for busy consumers. Woolworths has been losing market share quickly.</p>
<p>Its response has so far been too little and too late. Woolworths has tried to “shoehorn” an Aldi equivalent into the lower shelves of its large format stores. It suggests to consumers that they can get a basket of goods similar to Aldi’s at the same price within their stores if they look hard enough. In this regard – to paraphrase the late, great Z.Z. Hill - what Woolies are selling, Australians ain’t buying.</p>
<p>The limited success of this “Aldification” of Woolworths stores has, however, done damage to Woolworths' core business of groceries. Whenever consumers choose the low cost goods within Woolworths, it is at the expense of the higher margin goods they also have for sale. This is evidenced by the steep decline in margins reported today – with sales in slight decline (2.5%) and projected earnings in free fall (28 to 35%). Woolworths is learning the hard way that while revenues are easy to lose, the same can’t be said for the fixed costs involved in running a national retailer.</p>
<p>In the background, again, lies Masters. Its disastrous drain on revenues has meant Woolworths has had little to invest in new stores elsewhere. While Woolworths has opened six new stores during the quarter, Aldi has flagged the opening of up to 80 new stores during 2016, on top of the 80 it opened this year. Its expansion is uncannily like a German train timetable and its geographical spread means most of these new stores will not cannibalise existing sales – something Woolworths can rarely achieve.</p>
<p><em><span style="line-height: 1.3em;">John Rice is p</span><span style="line-height: 1.3em;">rofessor of management, University of New England and can be contacted <a href="https://theconversation.com/profiles/john-rice-93120" target="_blank">here</a>. </span><span style="line-height: 1.3em;">Nigel Martin is l</span><span style="line-height: 1.3em;">ecturer, College of Business and Economics, Australian National University and can be contacted <a href="https://theconversation.com/profiles/nigel-martin-117971" target="_blank">here</a>.</span></em></p>
<p><em><span style="line-height: 1.3em;">Both are authors for The Conversation.</span></em></p>
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jchancellor-FAypfDUnLy

The ‘Aldification’ of Woolworths is destroying its value

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<p><span>Frasers Property, formerly Australand, is relocating from West Leederville to West Perth after securing space at 1 Havelock Street.</span></p>
<p><span>The new lease deal in West Perth will accommodate its Western Australian headquarters. </span></p>
<p>Frasers Property has signed an eight-year lease on the 1,236sqm office located on the second level of <a href="https://www.realcommercial.com.au/property-offices-wa-west+perth-5665011" target="_blank">1 Havelock Street</a>. </p>
<p><span>CBRE Office Services Director Luke Bray, who negotiated the deal on behalf of lessor Ascot Capital, said the quality offering of the property was a key factor underpinning the deal. </span></p>
<p><span>“Frasers Property was attracted to the quality refurbished space on offer, the high car bay allocation and the prime West Perth location which is walking distance to the CBD,” Mr Bray said. </span></p>
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Frasers head to West Perth office space

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<p><span>Australia’s best in building design were recognised at the 2015 National Building Design Awards with a 12-hectolitre microbrewery getting a key prize.</span></p>
<p><span>The brewer in Western Australia’s Northbridge was awarded the National Building Design of the Year.</span></p>
<p><span>The award, an initiative of the National Association of Building Designers, was sponsored by James Hardie Australia.</span></p>
<p><span>Hosted by interior design expert and editor of Vogue Living Australia, Neale Whitaker, more than 25 projects across Australia were awarded for their creative effort.</span></p>
<p><span>Designed by d4 Designs, Northbridge Brewing Company was lauded for creatively complementing the bustling activity of Northbridge Piazza and providing a family-friendly environment.</span></p>
<p><span>The result was a glasshouse where the sculptural quality of the micro-brewery becomes the focal point both inside and outside the building.</span></p>
<p><span>The projects were judged on their design solutions, sustainability, the relationship of internal and external spaces, utility, quality and balance of interior and exterior aesthetics.</span></p>
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j.ballantyne1990-6AQqhLzZaK

Microbrewery wins Australia's best building design award for 2015

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<div>The ABS released its Lending Finance figures for August 2015 this morning.</div>
<div> </div>
<div>August was a weaker month for commercial lending, with the trend estimate declining by -2.1% in the month to $44.1 billion, having peaked at more than $48 billion back in April.<br><br>The trend certainly appears to be softening in sympathy with weak capex intentions surveys and macroprudential measures to trim back property investment loans - but then, that's been said before through this cycle, so time will tell. </div>
<div> </div>
<div>On the other hand, home lending to owner-occupiers is now trendng up sharply, with the seasonally adjusted result showing a +6.1% leap in August, and the trend estimate bolting +18% higher over the year. </div>
<div> </div>
<div>Significantly, AMP announced today that it would chop a variable rate home loan package available to owner-occupiers to a highly competitive rate of just 3.99%.</div>
<div> </div>
<div>It seems likely that the major banks will be targeting this sector hard in the months ahead.<br><br>Total lending finance has also trended down a little from an April peak.</div>
<div> </div>
<div><a href="/images/2015/10/13/A1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/13/A1.jpg" alt=""></div>
<div> </div>
<div><span>Charted below is what at face value is happening to owner-occupier home loans at the state level, which is to say now apparently burning up in the most populous states.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/13/OwnerOccupiersRolling12m.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/13/OwnerOccupiersRolling12m.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>In obliquely related news, the latest credit card figures from the Reserve Bank showed that Aussies are clearing credit balances more comfortably than before, with balances down over the year and more of us opting to pay off balances by the due date.</div>
<br><strong><span style="text-decoration: underline;">Switcheroo</span></strong><br><div> </div>
<div>For the remainder of 2015, the housing market story will largely be a tale of whether banks and borrowers can find a way to shoehorn owner-occupier lending higher in order to offset any pending declines in investor loans.</div>
<div> </div>
<div>In August the answer was seemingly at an emphatic "yes" with investor loans essentially flat at $13.6 billion but owner-occupier commitments ripping more than <a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">+6 per cent higher</a> to $20.8 billion. </div>
<div> </div>
<div>In this regard, the AMP decision to cut its variable rate to below 4 per cent effective from today appears to be a clear statement of intent.</div>
<div> </div>
<div>That said, the August figures may yet prove be <a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">bogus</a> to some extent, and another month or two of data will shed more light. </div>
<div> </div>
<div>In the words of one eminent Chief Economist "we can conclude that the figures have suddenly become a lot murkier", while Westpac instead opted for a more canine theme in describing the latest data as "a dog's breakfast".</div>
<div> </div>
<div>Overall it seems that the macroprudential story has some way to run yet before the waters are de-murkified (or the dog's morning meal is digested). </div>
<br><span>I looked at this in more detail in relation to last week's Housing Finance release </span><a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">here</a><span>.</span><br><br><div><strong><span style="text-decoration: underline;">Investor loans cooling...</span></strong></div>
<div> </div>
<div>Of course the flip side to the new-found strength in the homebuyer space is that property investment loans should now be cooling in response to APRA's calming macroprudential measures.</div>
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<div>On a rolling annual basis New South Wales originated investor loans climbed to a new high of $67.6 billion, but there have now been two consective months of declines in original terms from the May 2015 monthly peak of $6.6 billion.</div>
<div> </div>
<div>Although investment loans remained at a high level in Victoria and Queensland, there has been a general cooling of this sector across recent months.</div>
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<div><a href="/images/2015/10/13/LF1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/13/LF1.jpg" alt=""></div>
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<div>
<span>Since the investment loans data is not seasonally adjusted I also look at it on a 12mMA basis, and we can see that while the trend in Queensland has risen to its highest level since April 2008, the trend is now falling in Western Australia, South Australia and Tasmania.</span><br><br><span>In the Northern Territory the trend in investment loans seems to be dropping off a cliff so there is likely to be some fallout for Darwin.</span><br><br><span>More on all of these figures and trends to follow tomorrow.</span><br><br><span>The detailed monthly investor loans figures for New South Wales show loans tracking at $5.53 billion in August, down from the all-time record high of $6.62 billion in June.</span>
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<div><a href="/images/2015/10/13/LF3.jpg" target="_blank"><span>Click to enlarge</span></a></div>
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<div><span><img src="/images/2015/10/13/LF3.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div><span>Looking at total lending for housing in New South Wales, the total housing market finance for August surpassed $13 billion for the third time, however it could not quite match the record levels seen in June.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/13/LF2.jpg" target="_blank"><span>Click to enlarge</span></a></div>
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<div><span><img src="/images/2015/10/13/LF2.jpg" alt=""></span></div>
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<div class="separator"> </div>
<div class="separator">The most important release of the week will be the Labour Force data for September on Thursday morning. </div>
<div class="separator">
<br>Expecting to see a flat result for the month, both for total employment and the unemployment rate.</div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

The housing market switcheroo: Pete Wargent

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<p><span>Ray White Commercial’s investment auctions achieved a clearance rate of 91.4% for the first half of 2015, according to the latest edition of the group’s Auction Insights report.</span></p>
<p><span>Ray White Commercial senior director auctions and investments, Richard Impiombato, said total auction sales of $151 million were achieved over the six months.</span></p>
<p><span>“Passive investment property with the ‘trifecta’ of a long lease, secure covenant and attractive location continue to be in strong demand.</span></p>
<p><span>“These property clearance characteristics and consistent high clearance rates in most sectors demand that auctions be implemented.</span></p>
<p><span>"We trust these consistently strong results will help remove any resistance to auctions.”</span></p>
<p><span>Mr Impiombato said notable Ray White Commercial auction sales for the June quarter included a $22.1 million sale price for a development site in the Belconnen Town Centre in Canberra, which attracted 11 registered bidders.</span></p>
<p><span>“Two large sales of $22.1 million in Canberra and $8.5 million at Vermont South in Melbourne underwrite the residential development site sector which had a clearance rate of 62.5% for the June quarter,” he said.</span></p>
<p><span>Mr Impiombato said the clearance rate for vacant buildings soared from 53.6% in the March quarter to 82.6% in the second quarter.</span></p>
<p><span>“This result proves the effectiveness of the auction process for what are traditionally more difficult and time consuming assets to divest from,” he said.</span></p>
<p><span>“It’s also worth noting properties in this sector averaged only 40 days on the market.”</span></p>
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