The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Developers

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Property developer Dyldam has announced a transitional generational change in its senior management team as the value of the group’s development pipeline of residential and mixed-use projects has reached $6 billion in the company’s 50th year of operation. 
Over the next few months current chief operating officer Fayad Fayad will be promoted to chief executive and current development director Remon Fayad will assume the role of chief operating officer.
Both Joseph Khattar and Sam Fayad will continue to mentor the new senior executives as they transition into their new roles and will both further increase their involvement in their philanthropic commitments.
Khattar said it was time for a change.
“It is now time to hand over the reins to the next generation of executives, with Fayad working his way through all aspects of the company’s operations since 1999.
"Remon has been with us since 2005 and has played an important role in delivering a record pipeline of projects we are now developing.
“I established this business in 1969 with my father Naim and believe Dyldam is in its strongest ever position in its fiftieth year and I have every confidence in its future under these two experienced and very capable men” Khattar added.
Fayad Fayad shares his enthusiasm.
“Remon and I are honoured to accept these senior executive roles at Dyldam as we are on the threshold of delivering an expected and much needed 9,000 apartments in Sydney’s major growth corridors," Fayad Fayad said.
"We pay homage to the achievement of Dyldam’s illustrious history and will strive to build upon this success as we develop the portfolio of landmark sites in the coming decades.
“We have accepted these roles with the full knowledge that we carry a heavy responsibility to ensure the company continues to grow over the next 50 years."
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j.ballantyne1990-6AQqhLzZaK

Dyldam handing over the reins to next generation of executives

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A Canada Bay property associated with the family of the bankrupted property developer Salim Mehajer was pulled from weekend auction.
The family’s Canada Bay investment property came with plans for a mega mansion.
The site has a rundown 1970s home at <a href="http://www.timerealty.com.au/1P0567" target="_blank">555 Lyons Road West.</a>
<div class="story-content">
The auction sign had “withdrawn” slapped across the sign.
Canada Bay Council had rejected Mehajer’s plans for the huge Canada Bay home.
“We’ve had an offer, but it wouldn’t be accepted,” Century 21s Fay Petrou told The Sunday Telegraph.
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Mehajer family Canada Bay investment offering pulled from auction

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<div class="cq-article-content-paras section">
A Melbourne-based Italian family has listed their 153-hectare farm on the city's northern fringe.
It is tipped to sell to developers for more than $100 million.
The site at 750 Craigieburn Road East, is 23 kilometres north of the Melbourne CBD within the Urban Growth Zone.
It includes 97 hectares of developable area with the potential to yield 1700 residential lots.
Greenfield land prices in Melbourne have surged above $1 million a hectare in recent times highlighted when Chinese giant Country Garden purchased a 363-hectare site in Melbourne's west for a record $400 million,
</div>
<div class="cq-article-content-paras section">
The Craigieburn site is being market by RPM Real Estate Group who calculate the median lot price for Craigieburn rose 28 per cent compared to the previous 12 months.
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$100 million hopes for Melbourne fringe farm at Craigieburn

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GUEST OBSERVER
Whilst looking at job ads on Seek recently, I noticed one of my industry peers running a job ad for a “Tier 1 developer.” It got me thinking; what does that actually mean?
Having worked in recruitment for the development industry for 2 years and talking with a range of industry contacts, categorizing developers is not that easy. Building and construction is simpler, with the idea of Tiers relating fundamentally to turnover and the job size the business can handle. In loose terms, builders can be classified as:
• Tier 1: $1B plus turnover, jobs $250m+ • Tier 2: $200m turnover, jobs $50m+ • Tier 3: $50m turnover, jobs $10m+
So what are the rules for classifying developers, and do they exist? Can you classify them by the revenue they generate, value of acquisitions, or the related construction costs? Maybe total debt and how well the banks know them? Most people have the perception that the large corporate companies (Mirvac, Frasers, Stockland and Lend Lease) would be classified as Tier 1 developers simply due to the size of the company, but this does not consider project sizes or values, and how successful their projects are.
Looking at Victoria’s residential market (the market I cover), if the turnover or revenue of projects is how Tier 1 developers are classified, then companies like Yarra Park City/OSK Property (Melbourne Square - ~$2.8Bil) and Glenvill (Yarra Bend - ~$1.2Bil) would clearly be up there. But these companies are not that large in terms of their team sizes, and don’t necessarily have a high annual turnover, thus may not fit the typical Tier 1 description.
Tier 1 contractors are geared to only take on projects above a certain constructing cost. Why? Because their overheads need big jobs to support their machines. Developers on the other hand, are not governed by project size, but by the equity they have, the funding they can obtain and, the return hurdles they need to achieve.
Taking all this into account, anyone who tells you that a developer is a ‘Tier 1’ may be using a catchy phrase without having thought about what this means.
My final suggestion on Tiers is as follows:
• Tier 1: Owner or CEO has appeared in the Fin Review looking pensive and strategic, most likely owns a supercar or yacht. Knows the Planning Minister on a first name basis. • Tier 2: No longer has to work but trying to be bigger/better/shinier than the people they went to private school with. • Tier 3: Currently “consulting” whilst raising equity/begging to get the first acquisition away. No fingernails left in case they have to tell the wife they may need to sell the house.
What do you think?
Jordan Ralph is a recruitment consultant for the Kingfisher Recruitment and can be contacted <a href="https://www.kingfisherrecruitment.com.au" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Do Tier 1 developers even exist? Jordan Ralph

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Sydney-based developer Dyldam’s founder and chief executive Joe Khattar has been named Property Person of the Year by Urban Taskforce. 
Khattar arrived in Australia from Tripoli in 1967 when he was 17 and joined his father in the construction industry just two years later. He led Dyldam from a small operation 47 years ago into a leading provider of affordable apartments with a special focus in Western Sydney, according to a media release.
<img src="/images/2016/09/19/Khattar.png" alt="">
Urban Taskforce CEO Chris Johnson said, “Joe Khattar seems to be everywhere in Western Sydney with Dyldam as sponsors of the GWS Giants AFL team, the Sydney Kings national basketball team, junior rugby, football and AFL sporting teams along with charities and community organisations.” 
Dyldam’s projects include the award-winning Koi Parramatta apartment project, a three-tower development at 142 Macquarie Street and a precinct proposed at Gateway South in Parramatta. The developer has 2,000 apartments and 50,000 sqm of commercial space in the planning approval stage in Parramatta alone, said the release.
Urban Taskforce Chair, Peter Daley said “Joe has worked his way up through the building and development industry to becoming one of the major developers in NSW.”
Adds Johnson, “Joe Khattar’s life is a fascinating example of a migrant working his way up in Australia. Joe arrived from Tripoli in 1967 at the age of 17. Just two years later, having studied at Arthur Phillip High School, Joe became the third generation of the Khattar family to work in the construction industry.
“In 1969, he joined forces with his father Naim Khattar to build a humble red brick six unit walk-up – establishing what was to become one of Australia’s leading high density residential developers.”
Khattar is also president of the Australian Lebanese Chamber of Commerce.
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jonathanchancellor-7SQnKwU6yx

Sydney developer Dyldam’s Joe Khattar is Urban Taskforce’s property person of the year 

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Developers in South East Queensland faced with the double whammy of increased construction costs and a challenging lending market are shifting their focus to lower risk projects, says construction finance group HoldenCAPITAL.
The stricter lending regime from the big banks and increased costs is forcing many developers to go for boutique apartment projects and townhouses in the middle ring suburbs of the Brisbane CBD as high rise inner-city apartment projects come under increasing cost pressures, according to HoldenCAPITAL director Daniel Holden.
“Developers are finding construction costs have risen significantly for some projects during the planning stages and this has had a severe impact of forecast profit margins," he said.
“HoldenCAPITAL has had a surge of inquiry from developers seeking funding for that type of product,” he added in reference to boutique apartment and townhouse developments.
Leading Queensland quantity surveying and construction experts firm Mitchell Brandtman partner, Darryl Bird, said construction costs rose about five per cent over the past year with a similar trend expected through the remainder of 2016. 
“Construction cost increases of this scale, combined with a distinct shift in the development product mix and amenity, have seen the cost per unit rates for inner city apartments soar,” Bird said.
“In a market where there is little sign of sales price growth, these changes are significantly impacting project feasibilities. However, we are continuing to see new projects that still stack up from both a market and a finance risk perspective."
Brisbane-based HoldenCAPITAL, which specialises in deal structuring and the sourcing of debt and equity solutions, was named best commercial broker in Australia at the 2016 Better Business Awards. 
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Brisbane developers choosing boutique apartments, townhouses over risky inner-city units: HoldenCAPITAL 

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Melbourne businessman Lloyd Williams has listed property developer Hudson Conway's HQ with $9.5 million expectations, and a DA approval.
Williams, owner of Hudson Conway, has held the property for 20 years and is selling the building with a permit for a 16-level project with 91 apartments.
Last year Williams plans for a twisting 123 metre tower on the site were rejected by Victoria's Planning Minister Richard Wynne with concerns that many of the buildings planned 228 apartment would not have adequate sunlight.
Hudson Conway are said to be looking at the Southbank market.
CBRE has been appointed as the selling agent for the site, and senior director Mark Wizel said a lack of quality inner city Melbourne development opportunities is expected to underpin interest in the property. 
The building is located next to Melbourne's Arts Centre at 250 Stuart Street in Melbourne.
 
 
 
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jrobinson-rf4aSBido9

Property developer Hudson Conway lists Melbourne HQ

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<img src="/images/2016/03/15/Holdencapital_banner.jpg" alt="" width="494" height="104">
SPONSORED POST
I am often asked to how I would advise developers who are in the formative stages of building their businesses and over time I have listened to the war stories and reflections of many experienced players in the market so I thought I would compile the following ‘Dear Younger Me ‘ letter drawing on their input and my own observations.
1. UNDERSTAND THE DEMAND AND SUPPLY DEMANDS: The key to having your project succeed where perhaps others do not, lies with having an appropriately planned and executed marketing strategy that is built around an understanding of what the market wants and being positioned to deliver it. It is no use building a project that the market doesn’t want, can’t afford or is spoilt for choice when considering. This means doing your homework, having the right marketing delivery strategy and engaging with your marketing team early in the design process to ensure you are in line with what the market wants in terms of product size, amenity and price.
2. DEVELOPMENT IS NOT CONSTRUCTION: You do not have to be a builder to be a successful property developer. What you do have to have is a good relationship with builders/contractors who have the appropriate skills and capacity to deliver projects for you and who will work with you early in the projects formative stages to provide input and advice regarding their practicality and cost to deliver. This is important to ensure that the vision does not drive the project beyond what the market can sustain. Remember also that your builder needs to make a dollar as well as you and often the cheapest price for a construction project is not the best way to go – if your builder fails during the course of a project then the consequences for you can be catastrophic.
3. DON'T BE SCARED OF DEBT: Almost every property developer has to borrow to make their projects become a reality – and probably more than they have ever borrowed before. For various reasons, this is an area that many developers spend the least amount of effort into either because it frightens them or is too far removed from the actual development process but the reality it is a critical driver in the overall business success. But just like any other part of the development process, harnessing the skills of the right professional can save you a lot of angst and actually improve the outcome. Utilising the expertise of your Finance Consultant to correctly structure and negotiate your borrowings is the most efficient and productive step in the process of turning your project into a reality. There will be times that an increase in borrowing costs is far outweighed by other benefits in terms of less restrictive conditions precedent, and you need to know when this is the case. Borrowed money should always cheaper than your own capital, most developers should have their capital working at 60-200%IRR per annum, if it isn’t then you should review your business model and talk to an expert.
4. ASSEMBLE A GOOD TEAM AROUND YOU AND KEEP THEM: You will soon recognise that your time is best spent on strategic management and forward planning. To do this you need to assemble a good team and utilise their expertise to complement your own skill set and fill any critical gaps. The key here is to secure a team that can grow with you and that is capable of managing their areas of responsibility while understanding how that fits with your overall objectives. So the key is to take your time and be prepared to make changes. Friends and family are rarely a good mix.
You will also need to remunerate them appropriately to ensure they are motivated and see themselves as part of a united team that benefits from the individual as well as collective contributions. The structure is not important, what is that they all see it as appropriate to what they are contributing. Building a team takes time but is the critical platform on which you will build a successful business. Importantly you do not need all the issues that come with having a big payroll.
Also remember that consultants provide a wide range of expertise in their respective fields to supplement your team’s experience. Pay them on a project by project basis but be sure to develop strong and lasting relationships with each of them to ensure loyalty for when things don’t quite as they were planned. Typically this would include a good town planner, architect, QS, finance consultant, accountant and lawyer.
Summary
The common theme here is utilising the expertise and motivation of other like-minded people either by employing them or engaging them as professional consultants to fill the gaps in your own expertise but also because at the end of the day, you cant do it all and expect to get the best outcome. So, put simply, the key lesson learnt from these seasoned developers is that following this advice will give you more time to focus on the areas that you create significant value in as well as giving each individual project the best chance of succeeding.
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>.
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Dear Younger Me -- Four things I would have done differently as a young developer: HoldenCAPITAL's Dan Holden

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New laws announced by the NSW State Government will deter rogue developers from rescinding off-the-plan contracts for financial gain, and ultimately protect buyers and reputable industry operators.
It is critical for the future of the industry that the rogue operators be stamped out to maintain confidence and integrity in the field. 
We are pleased to see the Minister has been swift in his efforts to close this loophole as the behaviour of a few unethical developers needs to be stopped. 
He said with tighter definitions, the Government’s proposal will now not impact on development finance and the recognition of pre-sales as part of that finance. 
While we are broadly supportive of the initiative, the devil will be in the detail so we will be taking a close look at the legislation when it is available. 
639 submissions were received during the recent public consultation period, which represents only 2.3% of dwellings completed over the past year of available government data*. 
With only 639 complaints out of around 27,350 new houses that were developed over the past year, the issue is clearly occurring on the fringes of the industry. 
It is critical that business dealings within the industry continue to be conducted in good faith and with integrity.
*Figure from NSW Department of Planning Metropolitan Development Program. 
 
Stephen Albin is chief executive of UDIA NSW and can be contacted <a href="https://www.udia.com.au/" target="_blank">here</a>.
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Sunset clause rules will stamp out dodgy operators: UDIA's Stephen Albin

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The redevelopment of Sydney's choicest strata apartment buildings has moved closer.
The NSW government has released draft legislation proposing that ageing blocks can be demolished, if just 75% of the apartment owners approve the sale to developers.
Based on one vote per unit, not on different unit entitlements, it is a big change on the 100% agreement currently required.
Older residents in prime, under capitalised older blocks will be increasingly discomforted that their building could be sold from under them – even with supposed safeguards on the fairness and transparency of the new process. The new process will apply only to existing strata schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
<a href="https://www.fairtrading.nsw.gov.au/ftw/About_us/Have_your_say/Reform_of_strata_laws.page" target="_blank">However draft bills by the Minister responsible for Fair Trading, Victor Dominello</a> aim to pave the way for reforms that reinvigorate increased housing supply and a stronger construction industry.
"By 2040, about half of Sydneysiders will be living in strata," he said.
"The proposed reforms are reflective of present needs and future demands."
The initial strata legislation was introduced in 1961.
The consultation started in 2011 advances the most controversial ability of strata owners to terminate the scheme – and sell or redevelop the building – if 75 per cent of the strata owners agree.
The draft Strata Schemes Management and Strata Schemes Development Bills are open for feedback until August, 12 2015. Final bills will be introduced to Parliament later this year.
Similar models already operate in New Zealand, most states of North America, and the United Kingdom.
Protections would be in place for elderly and vulnerable owner-occupiers of strata units. Fair Trading would establish a Strata Renewal Advice and Advocacy Program to provide free advice for residents.
This would include an assistance hotline and a free advocacy service for vulnerable residents.
The proposed reforms are designed to ensure that owners receive at least the market value of their lot plus an extra amount to cover costs like those associated with moving, as required by the Land Acquisition (Just Terms Compensation) Act 1991.
Any plans for renewal would be referred to the Land and Environment Court for final consideration. The Court would consider whether the process has been properly followed. It would initially seek to resolve disputes through conciliation or mediation.
The Court would be able to reject a renewal plan if:
<ul>
<li>it has not followed proper processes or been developed in ‘good faith’ or</li>
<li>the amount to be paid to a dissenting owner was less than the compensation value of the lot or</li>
<li>the terms of settlement were not just and equitable.</li>
</ul>
There are several stages that strata schemes would need to follow as part of the collective sale and renewal process.
Vote to opt into the process
The new process will apply only to existing schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
Initiate the collective sale/renewal process
A proposal to sell or redevelop a scheme must first be considered by the strata committee (currently known as the ‘executive committee’). A general meeting of all owners is then called to consider the proposal.
Form a strata renewal committee
If the majority of the owners (50% or more) agree to pursue a proposal, a committee is elected to investigate and develop the proposal. The committee can appoint professionals such as valuers, lawyers, and tax experts to assist them.
Develop a collective sale/renewal plan
The strata renewal committee develops a plan that must set out certain information to help lot owners make informed decisions. The strata renewal committee, and the owners corporation will hold meetings to discuss and further develop the plan. The plan will need to address certain areas such as the amount that each lot owner will receive under a collective sale as well as the costs and liabilities that will be faced by the owners corporation, the proposed settlement date and arrangements for moving out of the building. Guidance material will be made available on how to prepare a sale and renewal plan.
Consider the plan
Owners will have a minimum of 60 days to consider the plan and seek independent advice. Owners in favour of the plan will sign a support notice, which will be given to the secretary of the owners corporation. The plan lapses if it is not supported by 75% of owners within 12 months. The plan will list the compensation that is to be paid to each lot owner in dollar terms, as a formula (e.g. a percentage of the sale price) or in kind (e.g. a lot in the new building).
Approval of the plan
Plans for renewal would be referred to the Land &amp; Environment Court for final consideration.
 
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