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

Property Development

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CWG Development has announced it will launch a fund management platform to support a number of property development funds starting from late this year. 
Already, CWG Development’s Singaporean parent company has released nine successful property investment funds under the banner of Richmond Capital, that invested in property within China, Australia and the United States. 
CWG Development’s CEO Dr Ying Rao (above) said the upcoming fund, which is yet unnamed, will be a wholesale fund for property and will coincide with the next project it will develop in Sydney. Several development opportunities are currently under active consideration. 
“We are looking forward to presenting our investors with another avenue where they can become involved in our growing company and growing project pipeline of boutique property developments along Australia’s eastern seaboard,” Dr Rao said. 
Dr Rao made the announcement at the company’s high profile, inaugural corporate golfing day held at the prestigious NSW Golf Club on Tuesday 27 March, an event attended by 160 VIP guests, many of whom had previously invested in CWG’s developments.
Following the success of its prior, overseas investments funds and consistent enquiry from the market, CWG Development said it expects the latest investment opportunity to be fully subscribed when it launches. 
Speaking at a dinner following the CWG Cup 2018 golfing tournament, Dr Rao said that each future CWG investment fund will align with the company’s current development pipeline which will continue to focus on residential developments situated in areas well-connected by public transport. 
“We are very pleased to announce our upcoming property fund offering, which gives everyday Australian sophisticated investors the opportunity to share in our success and journey with us as we announce our next property ventures,” Dr Rao said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/17/CWG-Group.jpg" alt="">
Above: Pre tee off group photo of VIP guests
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jrobinson-rf4aSBido9

CWG Development announces new property investment fund to align with project pipeline

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Scruffy Murphy's, the Sydney CBD Irish pub, is set to make way for a new hotel and residential tower.
A $127 million development has been lodged by the site's owners, KGH Co Pty Ltd, who also secured the neighbouring site.
KGH Co Pty Ltd, owned by Pierre Wakim and Mario Khaicy have proposed the 40-storey building.
KHG Co Pty Ltd, who along with Scruffy Murphy's, now owns the sites between 698 and 704 George Street.
The hotel will run from the fourth level to the 21st level, with the first three levels dedicated to the existing apartments at the heritage Kiss Building and Haymarket House, along with a gym and foyers.
From the 21st floor up there will be private apartments.
There will be 240 rooms in the hotel.
Knight Frank is marketing the offering. 
 
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j.ballantyne1990-6AQqhLzZaK

Scruffy Murphy's Sydney pub site to make way for new tower  

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The top searched Queensland location in August by property developers through development site portal Development Ready is Chermside, followed by Surfers Paradise and Broadbeach.
Overall the top searched suburbs were:
1.     Chermside
2.     Surfers Paradise
3.     Broadbeach
4.     Southpoint
5.     Windsor
Nick Materia, Development Ready Managing Director said the data indicated the real action lies with units that are in proximity to the city’s central business district, as key demographic data across the top five searched suburbs told similar stories about attributes of high unit dwelling approvals and median price growth.
“Dwelling approvals for units far outweighed dwelling units for houses in Chermside,” he said. 
“There were five house approvals in the 12 months to June 2017, as opposed to 202 unit-based dwelling approvals.”
According to the findings by District Data, Chermside’s average resident is aged around 35 years, with 60% of residents’ household tenure classified as renting.
Daniel Slomoi, District Data Managing Director said with an average of two people per household, what we are seeing in the most searched suburb in Queensland is a trend towards developments catering for young professionals and downsizers who are choosing to rent units that are close to the Brisbane CBD.
"This is likely a sign of affordability constraints," he said.
“It is also interesting to note that three of the top five most searched for suburbs are on the Gold Coast as opposed to Brisbane, hinting at a possible resurgence of apartment developments in that market following a somewhat subdued period."
“With median sales price for units at $420,000 and median annual rent for units at $19,240, it shows there’s a great opportunity for developers and investors to find success responding to the needs of buyers who are looking for affordable dwellings that suit their needs and are close to the city’s offerings, like employment opportunities,” Mr Materia said.
Surfers Paradise revealed new dwelling approvals for units reached 618, while yields for units achieved a high 5.2% in the suburb, reflecting the strong local rental market. Renters made up 56% of the total households within Surfers Paradise.
 “The data reveals outlying suburbs within reasonable travelling distance to employment and amenity is highly sought after by on-the-move metropolitan professionals looking for a smaller, more affordable – but reasonably sized – dwelling that will help meet their urban needs,” Mr Materia said.
'Broadbeach, Southport and Windsor completed the list all with a similar trend towards a strong investment market for units. 
"District Data also said indicative rental yields for units, while varying in difference, were typically higher than houses. 
"Rental yields in Chermside, for example, were at 4.6% for units while sitting at 3.6% for houses."
Owners and mortgage payers contributed little to the suburbs’ household tenures, with renters in Broadbeach, Southport and Windsor making 56%, 56% and 53% of the residential households respectively.
In total, all five suburbs totalled 1302 unit-related new dwelling approvals, while approving only 59 houses in the 12 months to June 2017.
 
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jonathanchancellor-7SQnKwU6yx

Queensland's top searched suburbs for property developers

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Mr Michael Samra, a former mortgage broker, has pleaded guilty to six charges of deception totalling $1.902 million in the Adelaide District Court.
The charges relate to allegations that between 13 January 2009 and 30 July 2009, Mr Samra deceived investors into lending money to him and his company, ALC Group Pty Ltd. Mr Samra told investors that their money would be on-lent to builders and property developers, when in fact the monies were paid substantially to other investors as repayments of interest and principal.
Mr Samra pleaded guilty on 30 March 2017. His bail was revoked and he was remanded in custody. The matter will return to court on 11 May 2017 for sentencing submissions.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. 
Background
The Norwood-based, ALC Group Pty Ltd, collapsed in 2009 with liabilities of approximately $40 million.
ASIC investigations found that approximately $66 million came into the ALC Group Pty Ltd bank account over a seven month period with the majority of funds paid to investors.
Twelve charges were laid in 2015 for 12 counts of deception totalling over $12 million. Mr Samra has pleaded guilty to six charges and the remaining six charges have been discontinued.
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Former company director pleads guilty to deception

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The Chinese backed Brisbane residential developer, R&amp;F Mega Property says is is not insolvent and there would be no interruption to their flagship development, Brisbane One.
According to its last update, an interim report to the Hong Kong exchange on August 31, contracted sales at the $400m Brisbane One reached 353.1 million yuan ($67m).
But liquidators have been appointed to an Australian arm of multi-billion-dollar Chinese developer R&amp;F Properties.
An order to wind up R&amp;F Mega Property, an Australian subsidiary of the Hong Kong-listed and Guangzhou-based R&amp;F Properties, was issued in the Victorian Supreme Court on February 1, The Australian has revealed.
Associate Justice John Efthim ordered R&amp;F Mega Property be wound up in insolvency and appointed Deloitte partner Robert Woods as liquidator.
It appears R&amp;F Mega Property did not attend with its deputy general manager Amy Zhang confirming in a statement that they did not receive the application to wind up the company.
“It is alleged that R&amp;F Mega Property was served documents by representatives of a creditor,” she said.
“However, R&amp;F Mega Property has no records of having received those documents and accordingly did not respond to the application.
“R&amp;F Mega Property immediately started to communicate with the liquidator to proactively resolve this matter.
“An application will shortly be submitted to the court to terminate the liquidation.”
R&amp;F Properties, with a market capitalisation of $5.7bn, has six subsidiaries in Australia.
R&amp;F Mega Realty owns a 3300sq m site in Brisbane’s Kangaroo Point where a development application for an Elenberg Fraser-designed tower has approval.
R&amp;F Mega Estate also owns a site on the southern flank of the Brisbane River now the subject of a dispute in Queensland’s Planning and Environment Court.
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jchancellor-FAypfDUnLy

Brisbane One development company in liquidation paperwork mire 

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A Black Rock corner freehold has sold under the hammer for $5.25 million, 41 percent above the reserve price. 
The 1,062 sqm site at 41B Bluff Road comprises a retail and office complex across four separate titles, returning $197,842 per annum plus GST.
Fitzroys agents Mark Talbot and David Bourke sold the property. 
Talbot said around 80 enquiries were received for the property from a combination of investors and developers. He said competition among six bidders pushed the sale price far beyond the reserve to close to $5,000 per sqm. 
He said a local buyer eventually won out, with the sale price reflecting a tight 3.7 percent yield. 
Bourke added that, “Black Rock Village is an established commercial hub with a surrounding catchment including the desirable suburbs of Beaumaris and Black Rock, with further traffic generated by its proximity to the Port Phillip Bay Foreshore Reserve and Half Moon Bay.”
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Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve 

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Property developing can throw many different challenges at you and one thing I have learnt after managing over one hundred developments is that there is always a solution to a problem.
The trick is to understand what possible issues could arise and preparing yourself for them. 
You see, the development process is not an exact science because every development site is different.  So the construction costs will rarely if ever, be the same from project to project, even if you are using the same plans.
Depending on the fall of the site, some will need more retaining than others, some may need more concrete due to the length of the site and driveways and then there are the sites where you find unexpected items lurking below the surface. We once uncovered an old asbestos shed that had been buried many years ago. This did not come up on our geo technical report and had to be removed as contaminated rather than normal waste. 
If you develop in the same area, you can work out fairly quickly, after a few developments, what is likely to happen. With experience, you will be able to look at a site and determine how much retaining may be required. You can also base your construction estimates on the soil type as an example. If developing within the same land estate, it’s likely to contain similar soil types. The engineer uses the soil and site classifications for the slab design. Once the site preparations and slabs are laid, most of the unknown or little surprises are behind you.
But before construction commences, there is a process to follow. 
When pricing a development and running feasibilities, it is important to understand that your building estimate is an organic creature. By this I mean the building estimate you start with will nearly always be different to the one you end with.  It will evolve throughout the process as you obtain more and more details.  Once you have all the fine details, the building estimate can be finalised to the fixed price builder’s tender. 
When designing our villa plans, we follow this process:
1  Concept Planning – this show the number and size of villas we can get on the land. There is not too much detail on the plans at this stage.
We run the numbers to see if the project is viable.
1  Development Application (DA) plans – these are started after we’ve secured the land and the plans give enough information to satisfy council’s requirements.
2  Construction Certificate (CC) plans – more detail is added to the plans including the engineer’s drainage and slab design.
The starting point for our build estimate will be based on similar projects that we have recently completed and an allowance for the different development site.
This progresses to an estimate based on the Concept Plan.  Still a very ‘loose’ estimate as there is usually not enough detail on the Concept Plan for the builder to have all information needed.  The build estimate we have at this stage will tell us whether we are tracking within budget.  If not, we can make the necessary changes required, perhaps reducing the size of the villas working with both our builder and architect to design the right dwellings for our project to be successful.
Once the Concept Plan is approved and the site secured the architect will proceed to full DA plans.  It is here that much more detail is added and we will have our builder price the DA plans.  Again, this does not give us a final build cost but we will be getting closer to the expected outcome.  Once approved by our client, the DA plans are finalised and the DA is prepared.
During the DA process, council may request some changes to the plans, so it is important to understand we are still ‘evolving’ at this stage. We also need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.
Once council have approved the DA, we will start to prepare the CC plans.  Engineers will be briefed and a drainage and engineered slab design or footings for the foundations will be produced. More detail is added to the CC plans, finalising levels and double checking schedules. 
Before we lodge the CC plans with our private certifier we will have our builder issue a third costing. It is this costing that will give us the final build costs...well almost.  We still need to have the CC approved and ensure there are no further revisions to the plans required.  
After we have the CC stamped plans, our builder will issue their final tender and building contract. This will be a fixed price contract; however, there may still be a few items that will be ‘provisional’. They are usually some site works, removal of fill and retaining walls.  The builder may mark these items as provisional as they won’t know until works proceed exactly what the cost is. For instance, if rock is hit during the site cut, this will increase the site costs. If the site cut differs slightly to the plans, this may impact on the height of retaining walls.  So these ‘provisional’ items will be charged at actual cost whether it is lower or higher. We do often enjoy credits on these items when the allowance is not required.   
So you can see how the build estimate must evolve through the development process and until your development is completed, you really won’t know the exact cost.  It’s important you allow a contingency amount for variations that may crop up along the way. 
As a developer, you will embark on a challenging journey from start to finish and the path you choose can be simplified with the help of a project manager to guide you along the way.  Always take the time to have full builder’s estimates done at each stage to avoid any nasty surprises. 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a><a href="https://www.propertybloom.com.au/">.</a>
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Determining construction costs from the outset of your development: Jo Chivers

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GUEST OBSERVER
Australia's hotel market, particularly in the global cities of Sydney and Melbourne, is experiencing an unprecedented alignment of positive fundamental indicators, representing some of the best conditions in the Asia Pacific region.
In the first nine months of 2016 there has been approximately $1.7 billion of hotel transactions, including the $700 million Zhengtang Group investment into the Ribbon development in Sydney.
High occupancy rates, a benign supply outlook and increased air capacity from new markets like China and India characterise a positive outlook.
In addition, the growth in white collar worker numbers within our CBDs is fuelling office growth and therefore strong corporate demand for hotels. 
International passenger movements to and from Australia in 2015 were at record levels reaching 34.9 million, up from 33.1 million in 2014. This trend has been playing out for some time, with consistent annual growth of over 5 percent in passenger movements on international airlines to and from Australia over the past 5 years.
While these market indicators clearly show why the sector has a spring in its step, policy and planning changes at a local level are also driving new opportunities and seeing the industry adapt.
One response we are witnessing is that developers, who have built their business on residential development, are now attracted to the cash flow hotels provide to enable them to trade through cycles.
The recently released Central Sydney Planning Strategy identifies 10 'key moves' to ensure the city can adapt to the projected growth over the next 20 years. The Strategy puts at its core a focus on mixed use developments which cater to the diverse demands of workers, residents and visitors.
Incorporating hotels as part of mixed use developments is an obvious answer. In this way developers can address issues like solar access and leverage greater FSR and height.
Together this means we are likely to see increased levels of hotel development in key markets over the short and medium term. The difference with this particular development cycle versus historic ones is that it is underpinned by strong fundamentals, backed by tourism-generating infrastructure like the International Convention Centre, and capped off by a strong appetite for hotel investment opportunities driven by on-shore and offshore investors.
When this is combined with mixed use offerings - retail, residential and commercial - it helps to ensure the viability and long term sustainability of hotel development projects. 
Gus Moors is head of hotels, Colliers International and can be contacted <a href="https://www.colliers.com.au" target="_blank">here</a>.
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Sydney, Melbourne hotel markets coming into line: Gus Moors

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Remember the TV show Deal or No Deal?  
It’s a show where the player has a suitcase that contains an amount of money. They choose cases to eliminate them in the hope to end up with the highest amount which is $200k at the end. Along the way contestants can choose to take the bank deal offered or take a risk and continue to play. They may end up with $200k or with a much smaller sum.
I used to love the show and I’m always yelling ‘take the deal!’ as I vigorously rub the tips of my fingers together (this may sound weird if you haven’t seen the show).  My pleads directed at the TV get louder as the odds get slimmer.  I realised from playing this game even though I’m a property developer, I don’t like to take too much of a risk if it means losing money.
This threw me a bit as I always thought of myself as a risk taker.  Then I worked out that I do like risk, but only calculated risk.
Calculated risk is defined as:  “A risk associated with a certain course of action which has been given full consideration prior to making the decision to pursue that action. This is usually done when the potential gain is greater than any potential harm that might occur.” investorwords.com
The bit I like in this definition is ‘...when the potential gain is greater than any potential harm...’ ah, so that’s why I like risk, it’s what I do everyday; assess the potential gains in a property deal.  Also my job as property development project manager is to ‘give full consideration’ to a development and inform our clients before they ‘pursue action’.
In a way, the show was a bit like property developing.  If you hit the jackpot, there is good money to be made.  Making the decision on what case to chose could be somewhat like choosing a development site. 
If you chose the wrong site, you can uncover a $50,000 problem and eliminate a lot of your profit.  If you chose the right site, you may create $200,000. 
Property developing is about spotting potential and taking calculated risks. That’s why I love it.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a><a href="https://www.propertybloom.com.au/">.</a>
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Spotting property development potential and taking calculated risks: Jo Chivers

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A local developer has purchased a site in western Sydney for close to $20 million from the Blacktown City Council with plans to develop apartments and shops.
The <a href="https://www.realcommercial.com.au/property-land+development-nsw-blacktown-501947190" target="_blank">5-19 George Street, Blacktown</a> property comprises 4,644 square metres of land and is currently used for a car park and car rental business.
More than 270 apartments are planned at the mixed-use zoned site. A draft concept scheme, prepared by Cox Architecture for the property, comprises a mixed-use development with 271 apartments, 6,320 square metres of retail and commercial space and underground parking.
Blacktown City Council is the largest municipality in NSW and has an estimated population of 308,000 people which is forecast to grow to 500,000 by 2036.
The deal was brokered by Savills’ Robert Lowe, Neil Cooke and Stuart Cox.
"This was a development opportunity with everything going for it including mixed-use zoning, three street frontages, a virtually clean site with short term income, and a superb gateway location within Sydney's hottest growth area," said Lowe.
The site is adjacent to the Blacktown CBD.
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