<p>Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.</p>

<p>The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.</p>

<p>That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.</p>

<p>The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.</p>

<p>A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.</p>

<p>&nbsp;</p>

<p>Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.</p>


Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

<p><strong>IN BRIEF</strong></p>

<ul>
	<li>
	<p>Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.</p>
	</li>
	<li>
	<p>Construction on The Waterline is complete, with the first residents expected to move in from mid-October.</p>
	</li>
	<li>
	<p>Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.</p>
	</li>
</ul>

<hr />
<p>Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.</p>

<p>Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366708]</p>

<p>Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.</p>

<p>“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.</p>

<p>“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.</p>

<p>“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366709]</p>

<p>The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.</p>

<p>The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.</p>

<p>Each residence also has three secure basement car spaces and additional storage.</p>

<p>“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.</p>

<p>“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”</p>

<p><img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" /></p>

<p>Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.</p>

<p>Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.</p>

<p>Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.</p>

<p>“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.</p>

<p>“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.</p>

<p>“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”</p>

<p>Sky Homes are priced from $3.65 million.</p>

<p>Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.</p>

<p>Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.</p>

<p>Harbour Shores is being marketed by Colliers International.</p>

<p data-end="555" data-start="341">[smartcode_project_cta:default project_id=113271]</p>


Lewis Land opens sky home display as The Waterline completes at Harbour Shores

<p data-end="387" data-start="97">St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.</p>

<p data-end="697" data-start="389">The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.</p>

<p data-end="925" data-start="699">Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.</p>

<p data-end="1217" data-start="927">It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.</p>

<p data-end="1217" data-start="927"><img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" /></p>

<p data-end="1538" data-start="1219">The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.</p>

<p data-end="1723" data-start="1540">The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.</p>

<p data-end="2063" data-start="1725">The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.</p>

<p data-end="2063" data-start="1725"><img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" /></p>

<p data-end="2205" data-start="2065">Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.</p>

<p data-end="4244" data-start="4087">The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.</p>

<p data-end="4598" data-start="4246">The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.</p>

<p data-end="4798" data-start="4600">Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.</p>

<p data-end="4798" data-start="4600">The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.</p>

<p data-end="5032" data-start="4800"><img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" /></p>

<p data-end="5486" data-start="5211">&nbsp;</p>

<p data-end="2205" data-start="2065">The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.</p>

<p data-end="2375" data-start="2207">Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.</p>

<p data-end="2712" data-start="2377">Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.</p>

<p data-end="2751" data-start="2714"><em><a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a></em></p>

<p data-end="2865" data-start="2753">Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.</p>

<p data-end="3067" data-start="2867">Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.</p>

<p data-end="3379" data-start="3069">Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.</p>

<p data-end="3379" data-start="3069"><a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station"><em>First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</em></a></p>

<p data-end="3883" data-start="3659">&nbsp;</p>


First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

<p data-end="540" data-start="324">When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East<br />
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.</p>

<p data-end="680" data-start="542">The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.</p>

<p data-end="909" data-start="682">The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.</p>

<p data-end="909" data-start="682">[smartcode_project:default project_id=6109 project_image_fid=376073]</p>

<p data-end="1076" data-start="911">Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.</p>

<p data-end="1166" data-start="1078">"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.</p>

<p data-end="1257" data-start="1168">"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."</p>

<p data-end="1257" data-start="1168">[smartcode_project:default project_id=6109 project_image_fid=376072]</p>

<p data-end="1406" data-start="1259">The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.</p>

<p data-end="1475" data-start="1408">For Palumbo, the project also marks a return to familiar territory.</p>

<p data-end="1671" data-start="1477">The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.</p>

<p data-end="1726" data-start="1673">"The opportunity emerged, and we moved to secure the site," Palumbo said.</p>

<p data-end="1874" data-start="1728">"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.</p>

<p data-end="2025" data-start="1876">"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.</p>

<p data-end="2111" data-start="2027">"Now we're on the market and those changes have really resonated with local buyers."</p>

<p data-end="2225" data-start="2113">That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.</p>

<p data-end="2383" data-start="2227">Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.</p>

<p data-end="2446" data-start="2385">"Local owner-occupiers have always been our market," he said.</p>

<p data-end="2602" data-start="2448">"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."</p>

<p data-end="2602" data-start="2448">[smartcode_project:default project_id=6109 project_image_fid=376068]</p>

<p data-end="2742" data-start="2604">The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.</p>

<p data-end="3013" data-start="2744">South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.</p>

<p data-end="3013" data-start="2744"></p>

<p data-end="3065" data-start="3015">Location has been a major part of the proposition for both buyer cohorts.</p>

<p data-end="3065" data-start="3015">[smartcode_project:default project_id=6109 project_image_fid=376075]</p>

<p data-end="3250" data-start="3067">Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.</p>

<p data-end="3376" data-start="3252">Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.</p>

<p data-end="3516" data-start="3378">Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.</p>

<p data-end="3592" data-start="3518">"There's very few allotments on that side that can be developed," he said.</p>

<p data-end="3714" data-start="3594">"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."</p>

<p data-end="3861" data-start="3716">Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.</p>

<p data-end="4004" data-start="3863">Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.</p>

<p data-end="4145" data-start="4006">Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.</p>

<p data-end="4145" data-start="4006">[smartcode_project:default project_id=6109 project_image_fid=376067]</p>

<p data-end="4273" data-start="4147">The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.</p>

<p data-end="4480" data-start="4275">A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.</p>

<p data-end="4650" data-start="4482">Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.</p>

<p data-end="4785" data-start="4652">The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.</p>

<p data-end="4889" data-start="4787">Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.</p>

<p data-end="5144" data-start="4891">Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.</p>

<p data-end="5305" data-start="5146">He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.</p>

<p data-end="5378" data-start="5307">"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.</p>

<p data-end="5495" data-start="5380">"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."</p>

<p data-end="5650" data-start="5497">Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.</p>

<p>[smartcode_project_cta:default project_id=6109]</p>

Palumbo's return to Kent Town strikes early chord with buyers

<p>Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.</p>

<p>The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.</p>

<p><a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.</p>

<p>The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.</p>

<p>The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" /></p>

<p>GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.</p>

<p>"St Lucia is one of those suburbs people do not want to leave," Gray said.</p>

<p>"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.</p>

<p>"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.</p>

<p>"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."</p>

<p>The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.</p>

<p>GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.</p>

<p>"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.</p>

<p>"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.</p>

<p>"The fundamentals here are as strong as anything we have assessed in Brisbane."</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" /></p>

<p>Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.</p>

<p>GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.</p>

<p>The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.</p>

<p>Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.</p>

<p>The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.</p>

<p>Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.</p>

<p>Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.</p>

<hr />
<h2>SILK PROJECT FACTS</h2>

<p>Developer-builder: GRAYA</p>

<p>Project: Silk</p>

<p>Location: 16-18 Sandford Street, St Lucia</p>

<p>Apartments: 22</p>

<p>Built form: 15 levels</p>

<p>Site: 810 sqm riverfront holding</p>

<p>Mix: 16 split-floor and six full-floor residences</p>

<p>Status: Development approved</p>

<p>Next step: Construction planning underway</p>

<p>[smartcode_project_cta:default project_id=152168]</p>


GRAYA greenlit for riverfront St Lucia apartment development, Silk

Residential Development

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<p><img src="/images/2016/12/07/CWG-logo-270W-trans.png" alt="" width="437" height="118"></p>
<p>SPONSORED POST </p>
<p>Acclaimed architects SJB has revealed its latest signature design  – Stellar Ryde which is an $80 million development located in the heart of Ryde.</p>
<p>Ninety five luxurious apartments are spread across two towers reaching nine and five storeys high with prices starting from $599,000 for a one bed.</p>
<p>Gabrielle Suhr, associate SJB Architects, comments: “Bright metallic ribbon like balustrades wrap and shimmer around the solid exterior which brings an element of movement to the façade. The contoured and geometric architecture establishes a unique street presence. </p>
<p>“Stellar Ryde’s striking grand forms feature a unique blend of colours, with radiant orange on lower levels ascending to yellow and white as the building meets the sky. Bronze louvres and charcoal renders support the autumn colour palette to unveil a distinctive and smart design.</p>
<p>“The interiors reflect the playfulness of the façade with the majority of the apartments enjoying light spanning the depth of the spaces. Shelving details in bright colours bring a touch of the signature yellow into the apartments, while a colour palette of elegant navy and white joinery options bring a crispness to the interiors that are framed by the bronze coloured window details.”</p>
<p>Stellar Ryde comprises 38 one beds, 53 two beds and four three beds. Nine floor plate options are on offer and 24 apartment types. Landscaped gardens and outdoor living areas will also support Stellar Ryde in addition to 208 square metres of retail space on the ground level. Building A also features a roof top terrace with a BBQ and picnic area for recreational activities. Also, 121 car spaces are included in the project (95 residential, 19 visitors, seven retail).</p>
<p>The spacious apartments boast floor to ceiling windows, open-plan layouts, chic modern kitchens with island benches and glazed splashbacks and splendid views of the district and city skyline from most apartments. </p>
<p>For further information visit <a href="https://www.stellarryde.com.au/" target="_blank">www.stellarryde.com.au</a> or the display suite at 819b Victoria Road, Ryde which is open daily from 11am to 4pm.</p>
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SJB presents its stunning Stellar Ryde design

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<p><img src="/images/2016/12/07/CWG-logo-270W-trans.png" alt="" width="426" height="115"></p>
<p>SPONSORED POST</p>
<p>Ryde, which is the third-oldest settlement in New South Wales behind Sydney and Parramatta will soon be given a new lease of life with the emergence of Stellar Ryde.</p>
<p>Construction is expected to start early in the new year on Stellar Ryde, which comprises ninety five luxurious apartments across two towers reaching nine and five storeys high.</p>
<p>Jennifer Loh, head – sales and marketing for CWG Development, comments: “Ryde is an area that is steeped in history and is surrounded by great infrastructure with an abundance of entertainment, shopping and recreational facilities for the locals to enjoy. Its tree lined streets merge with traditional family sized homes and new dwellings to suit buyers of all ages and demographics.</p>
<p>“Stellar Ryde will bring a new level of sophistication to this beautiful suburb which is peppered with lifestyle choices. Whether you are seeking to go for a walk, run or swim there is an abundance of options. Ryde’s Aquatic Leisure Centre was home to the 2000 Sydney Olympics and is a favourite venue, enjoyed by the entire community.”</p>
<p>Prices start at $599,000 to $675,000 for one bed (52-59 square metres internal), two beds are priced from $810,000 to $940,000 (75-80 square metres internal) and three beds are priced from $999,000 to $1.16 million (97 square metres internal). All apartments include parking and most enjoy a Northerly aspect. </p>
<p>Stellar Ryde is located within 1.5 kilometres to West Ryde and Meadowbank train stations and several bus stops are located along Victoria Road which connect to the city. Top Ryde City Shopping Centre, Ryde Aquatic Leisure Centre, Ryde Park and Meadowbank Memorial Park also easily accessible.</p>
<p>Rhodes is a 3.7 kilometre commute, Eastwood is 4.4 kilometres, Concord Hospital is 4.7 kilometres, Macquarie Park is 5.8 kilometres and the Sydney CBD is 13 kilometres.</p>
<p>There are also several excellent schools in the near vicinity including Ryde Public School, St Charles Catholic Primary School, Northcross Christian School and Gladesville Public School.</p>
<p>For further information visit <a href="https://www.stellarryde.com.au/" target="_blank">www.stellarryde.com.au</a> or the display suite at 819b Victoria Road, Ryde which is open daily from 11am to 4pm.</p>
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Luxurious living comes to Ryde

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<div>The ABS released its Construction Work Done figures for the June quarter, which showed total construction for the quarter rebounding by +1.6% to a seasonally adjusted $49.8 billion.</div>
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<div>Over the last year total construction remained at historically very high levels at $198 billion, although this is now down from a sky-high annual figure of $211 billion one year ago.</div>
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<div><a href="/images/2015/08/27/A1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A1.jpg" alt=""></div>
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<div>As any good politician would, of course, smiling Treasurer Hockey immediately took to Twitter to claim credit for the rebound.</div>
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<div class="separator"><a href="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s1600/a9.jpg"><img src="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s640/a9.jpg" width="640" height="178"></a></div>
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<div>But in fact public infrastructure work has been very weak. </div>
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<div>Furthermore, against recent trends the rebound in the June quarter was not driven by residential construction either, rather it was a punchy quarter for engineering (i.e. resources) construction works, with expenditure rebounding by +5.6 per cent to a seasonally adjusted $25.6 billion.</div>
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<div><a href="/images/2015/08/27/a2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/a2.jpg" alt=""></div>
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<div>
<div>Despite this positive blip, engineering construction work done was -8.8 per cent lower than a year ago, and will doubtless resume its downward trajectory in due course, as considered in more detail below.</div>
<br><strong><span style="text-decoration: underline;">Mining rebound in WA</span></strong><br><div> </div>
<div>The driver of the engineering construction rebound was an increase in spend of nearly +$3 billion in Western Australia to $11.3 billion for the second quarter.</div>
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<div><a href="/images/2015/08/27/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A3.jpg" alt=""></div>
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<div>
<div>In fact, anyone who was paying very close attention might have anticipated this.</div>
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<div>Recall that the so-termed "record trade deficit" in April 2015r actually included an <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">anomalous spike</a>in Western Australian imports from Korea. As I <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">noted at the time</a>:</div>
<br><div><span><em>"<span>No further detail is provided by the ABS, but given that there was a kahuna $1.5 billion spike in merchandise imports in Western Australia, and we can assume that this was probably related to a major mining project.</span></em></span></div>
<div><span><em> </em></span></div>
<div><span><em>In all likelihood, one might hazard that this was rail capex for Gina Rinehart's Roy Hill iron ore project (which typically a business would treat as an investment in a fixed asset for the generation of revenue streams, rather than trading expenditure)."</em></span></div>
<br><div>In all probability, therefore, the June quarter rebound was capex driven with a large asset purchase accounting for most of the spike.</div>
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<div>Moreover we can expect that the September quarter will see engineering construction work resuming its inevitable decline.</div>
<br><strong><span style="text-decoration: underline;">Building by state</span></strong><br><br><div>At the state level, Victoria has been the king of residential building across recent years.</div>
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<div>However New South Wales is now the one state which is benefitting from a material public sector and non-residential building contribution, thereby thrusting total building work done in the Premier State to its highest ever level in the June quarter.</div>
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<div><a href="/images/2015/08/27/A8.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A8.jpg" alt=""></div>
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<span>Indeed, the New South Wales economy in generally is in very fine shape at the present time.</span><br><br><strong><span style="text-decoration: underline;">Residential building by state</span></strong><br><br><div>Looking at specifically residential buiding we can see that the +7.4 per cent year-on-year increase has been overwhelmingly a function of "other residential" building - which is to say, the construction of units, townhouses and apartments.</div>
<br><div>As denoted by the green line below, outside Sydney major renovations activity has been very subdued through this cycle.</div>
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<div><a href="/images/2015/08/27/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A4.jpg" alt=""></div>
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<div>
<div>Although new house building has responded to low interest rates almost everywhere to a greater or lesser extent, the trend has been looking increasingly peaky over the past four quarters.</div>
<div> </div>
<div>Victoria continues to lead the way on the house building front, a state which appears to suffer less from greenfield land supply constraints than other states and territories do.</div>
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<div><a href="/images/2015/08/27/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A6.jpg" alt=""></div>
<div> </div>
<div><span>On the other hand the higher density sector building work continues apace, particularly in Melbourne, Sydney and Brisbane, which is a trend you can see everywhere from West End, South Brisbane, Fortitude Valley and Newstead (Brisbane), to Mascot, Wolli Creek and Zetland (Sydney). </span></div>
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<div><a href="/images/2015/08/27/a7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/08/27/a7.jpg" alt=""></span></div>
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<div> </div>
<div>
<div>The latest building approvals figures suggest that the cycle for unit and apartment approvals may also be set to peak in due course, thoughthe duration of higher density projects from approval to completion may run to several years.</div>
<div> </div>
<div>Consequently the elevated levels of building activity in this sector may have quite some way to run yet.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><br><div>Overal this was a positive result for construction in the June quarter which masks an ongoing decline in resources construction that is locked and loaded for the next few years. </div>
<div>
<br>Residential building remains strong for the time being, but even here Australia can only build new apartment projects for so long.</div>
<div> </div>
<div>Of more significance will be today's capex intentions for the 2015/16 financial year, and specifically whether businesses are becoming more inclined towards investment plans.</div>
<div> </div>
<div>If not, in a nutshell, interest rates will have further to fall.</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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Construction rebounds...for now: Pete Wargent

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<p><span style="line-height: 1.3em;">One of the first things Property Bloom looks at when starting our design work on a development project is not the style of dwellings we'll build or what materials we'll use...it's something a lot less glamorous but vitally important.</span></p>
<p>We look at how to maximise the site area. As part of this, the boring old retaining wall comes into play.</p>
<p> When we assess a site we need to consider if the site will need retaining - most do - even the sites will very little fall will need some retaining after the site is cut - so we need to think about where the retaining walls will be built and the costs associated with building them.</p>
<p>In a perfect world, it would be great to build a retaining wall right on the boundary and share the cost with your neighbour (if their site needs retaining too). In new land estates we can easily negotiate this with our neighbours, however we need to consider more than getting the best result for both our clients and their neighbours.</p>
<p>We need to check with our local council to see  if they have specific requirements around  retaining walls. One council we work with insists retaining walls, footings and their associated drainage be located wholly within the subject property boundaries by a whole whopping metre. This can take up valuable space, but at least we know what we have to do. Other council's are not so clear and it's here we like to try and push the boundaries so to speak, to use all space to our advantage.</p>
<p>If a retaining wall is built on a shared boundary, council may request an easement be set up.  This is not such a big deal but something that needs to be considered.  Our  surveyor is our go to guy in these situations.</p>
<p>We look at the style of retaining wall to use. If we are on a strict budget, then we'll go with timber retaining walls. If we are tight on space and want a nicer finish, then we'll use concrete block retaining which can be purchased in different colours and doesn't need as much width as a timber retaining wall.</p>
<p>Of course, if you need to build a high retaining wall, generally over one meter, then it may need to be engineered. This means an engineer needs to design the wall and you'll have to submit the plans as part of your Development Application.</p>
<p>The best time to build a retaining wall is after the site is cut but before the slabs are laid. This gives the contractors the best access and means this work is taken care of early in the build phase.</p>
<p>I recently had a dispute with someone about whose responsibility it was to pay for an upgrade to a  retaining wall. It can be a grey area. In this case, there was an existing, old retaining wall situated wholly inside this person's side boundary.  They had knocked down the original cottage and built a new house and their land levels had changed as a result.  The properties were on a hill. Many years ago, their back yard had been retained and filled so it was level. The house on the lower side had been built to the natural contours of the land and their back yard fell to the rear.</p>
<p>After the people on the high side finished their new house build, the old retaining wall needed upgrading as it was made of stone blocks and their soil filtered through each time it rained, plus the existing wall was not high enough now works had been completed. In addition, there was more retaining required to the entire side boundary due to the change of levels during construction.</p>
<p>The responsibility for the erection of retaining walls rests with the person who <span style="text-decoration: underline;">excavates or fills</span> their land. It is not up to an adjoining landowner to contribute to the costs of a retaining wall, unless the wall is a common wall to support both cut and fill, for the benefit of both properties, on the common boundary.</p>
<p>To me this was cut and dry - their yard had been retained and filled at some stage (before these owners). They argued that the lower property had at one stage been cut (it hadn't but how do you prove this?).  The situation ended in a difference of opinions and a compromise was made by one party. It could have got ugly but at the end of the day, the additional cost was $500 and we put it down to an investment in future neighbour relations and hoped the neighbour appreciated this.</p>
<p>Works on common boundaries can be tricky business and communication is key but at the end of the day, if your development is going to benefit from a particular style or position of a retaining wall, then it may be easier to include it in the costs of the project and move on, after all the time saved on negotiating disputes can be put to better use.</p>
<p> </p>
<p><em>Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.</em></p>
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Pushing the boundaries: Jo Chivers

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<div>The ABS released its Residential Property Price Indexes to June 2015 last week. </div>
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<div>As you can see in the first chart below, over the dozen years since September 2003 on average established capital city houses (+89%) have outperformed attached dwellings (+73%).</div>
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<div><a href="/images/2015/09/28/RPI1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/09/28/RPI1.jpg" alt=""></div>
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<div>
<div class="separator">Since the full ABS indices only track back to Q3 2003, Sydney will naturally appear to be a moderate performer on this index, since the harbour city's preceding boom peaked on this data series almost immediately thereafter in Q4 2003.</div>
<div class="separator"> </div>
<div class="separator">The strongest performing cities through the mining boom were Darwin - by a huge margin - and Perth. </div>
<div class="separator"> </div>
<div class="separator">A number of cities in resources regions also performed strongly through the mining construction boom, although that particular dream has turned on a dime into an illiquid nightmare for many owners of property in mining towns.</div>
<div class="separator"> </div>
<div class="separator"><a href="/images/2015/09/28/RPI2.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2015/09/28/RPI2.jpg" alt=""></div>
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<strong><span style="text-decoration: underline;">Houses</span></strong><br><br>Looking in the second chart below at established houses only since Q3 2002, Sydney has been playing some serious catch-up over the past three years.</div>
<div> </div>
<div>Melbourne has also had a solid run, while there have been some steady gains of late for Brisbane, Adelaide and Hobart.<br><br>The most interesting point of note is how the long run data since 2002 seems to imply a convergence of the results for all eight of the respective capital cities.</div>
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<div><a href="/images/2015/09/28/RPI3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/09/28/RPI3.jpg" alt=""></div>
<div> </div>
<div>
<strong><span style="text-decoration: underline;">Attached dwellings</span></strong><br><br><span>Meanwhile the attached dwellings only index below reveals a similar pattern, although on average it records a slightly less dramatic incline through the present cycle to date, but less impressive growth in a number of cheaper cities where demand for apartment dwelling is less robust.</span><br><br><span>Note that the ABS data for attached dwellings only runs back to Q3 2003 which partly accounts for the lower growth over the full history of the data.</span>
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<div><a href="/images/2015/09/28/Attached%20dwellings.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/09/28/Attached%20dwellings.jpg" alt=""></span></div>
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<div>
<div>Of course while these figures are useful indicators they are based upon averages and can mask any number of sub-trends.<br><br><strong><span style="text-decoration: underline;">Suburbs</span></strong>
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<div> </div>
<div>The same holds true for long run analysis of median prices at the suburb level, where miniscule sample sizes can skew results materially.<br><br>There has also been the small matter of a once-in-a-century mining boom combined with a one-off structural shift to lower interest rates to take account of.<br><br>As as a result those "top 100 best performing suburbs" lists almost invariably include a number of remote suburbs that few people have heard of where median house prices are around $150,000.<br><br>Since $150,000 is more or less the cost of building a house today, it follows that the real appreciation in land values has actually been weak, and the strong "growth" results are just as likely to be quirk of sampling.<br><br>The <a href="https://petewargent.blogspot.co.uk/2014/10/long-run-uk-house-prices" target="_blank">house I grew up in</a> is a great example, having apparently achieved incredible compounding capital "growth" of an amazing 9 per cent per annum for fully 35 years!<br><br>Thing is, you take off the cost of the extension, the replacement of the dodgy carport with a garage, and various upgrades to the interior, and the capital growth in real terms has been zero percent.<br><br>Cheaper properties can sometimes come with other associated problems - such as tenancy or vacancy risk - while any unfortunately substantial repair cost (e.g. for the roof) can wipe away years of returns at a stroke due to the lower base cost of the asset.<br><br>Moreover suburb median prices are by and large a waste of time - the only statistics that really tell you anything worthwhile when it comes to real estate are like-for-like sales. </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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Long run residential prices: Pete Wargent

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<p>I’m not sure if you are into New Age stuff, but in my experience it works. I’ve read a few books and I think most of us has seen the movie “The Secret” a few years ago which really bought it all into the mainstream.</p>
<p>The Law of Attraction is a belief based on the concept that ‘like attracts like’ and that focussing on positive thoughts you will attract positive outcomes. Negative thoughts will do the same, attract negative outcomes. </p>
<p>Whilst property developing is mostly all about numbers, if you don’t have the right mindset then you may find it hard to succeed. This goes for most things in life really.</p>
<p>I’ll tell you a little story. It’s been about 15 years since I started my business. Looking back, it was pretty crazy times. Not only did I transition from a career in marketing cosmetics to developing property, I also educated myself financially and bought a hand full of investment properties and had my first son all in the space of about a year.</p>
<p>I’ll always remember when I started Property Bloom as it was the year I also started a family. After discovering I was pregnant, I suddenly decided that we (my then husband and I) needed to build up our wealth in preparation for our retirements, still a way away but this must have been how my “nesting instinct” played out. When you are pregnant the increase in adrenaline in your system, alongside hormones and emotions makes mother’s-to-be very productive.</p>
<p>Rather than buying baby things, I started buying properties. Instead of cleaning out the cupboards, I sat in lecture theatres being inspired by all the strategies you can use to build wealth through property.</p>
<p>In the process of setting up our portfolio of investment properties, I realised just how much I loved property. I wanted to create a business where I could still do what I loved and have the flexibility to look after my little baby. After developing property for myself, a couple of friends asked me to project manager theirs and so that’s how Property Bloom came about. My little baby is turning 15 soon and so much has happened in this time.</p>
<p>The biggest, most challenging change for me came just two years ago when I became a single mum. Unfortunately, things didn’t work out for my marriage and after 19 years it was the biggest decision of my life to leave it. I had to weigh up many things and the most important being the kids. I have two beautiful sons and they are my priority. With the help of some good counselling and support of my awesome girlfriends, I made it through. The scariest thing was not fully knowing how I would manage financially.</p>
<p>But I needn’t have worried as during the last few years, I worked out how we can create and attract what we want. It’s all about having the right energy or mindset.</p>
<p>I was so unhappy I didn’t realise how much this sadness impacted on my daily life. I used exercise and keeping busy to cope but at the end of the day, I was finding it hard to keep a positive mindset. Then two massive life changing things happened. My elderly father died and then suddenly my younger mother-in-law died in the space of just a few months. These were the first deaths in my family and the harsh perspective they gave me was so powerful it literally kicked me into action.  Life was too short and I knew I had to make a massive change.</p>
<p>When I became happy after making that enormous and very tough decision, it was like the entire universe was on my side. My business was already doing well, possibly as I used it to focus on to get me through the tough times. But as a feeling of peace flowed through me, everything became brighter and it was easy to be positive.</p>
<p>I cherished the time I had with my boys and also the newly found time I had to myself when they were with their father. I’d never had much time to myself. Building a business and raising a family is time consuming and hard work. I used this precious time to recharge my energy levels, rebuild my self-esteem and focus on what I wanted.</p>
<p>In the meantime, my property development project management business that I love so much, was gaining momentum. Lots of clients were coming back to do a second and third project with us and new clients were attracted to the high level of service our boutique business offers. This meant I had no reason to feel financially worried despite taking out a massive mortgage on the family home so the kids and I could still stay there. Thank goodness for low interest rates!</p>
<p>After a while, I started thinking that the only thing missing was a partner to share my happy life with.</p>
<p>This is the fun bit. One New Year’s Eve, over a few glasses of champagne with my girlfriends, I wrote out a list of things I wanted in a new partner. This is much like writing out a list of goals. When you write them down, they become real and the more you go back and review them, the more energy and focus you are putting on them.</p>
<p>Almost a year to the day of writing that list, I met an amazing man. As we got to know each other, I was blown away that he was literally everything on my list, and more – no mean feat considering it was two pages long!</p>
<p>I’m ecstatically happy and very grateful, its amazing how awesome life is.</p>
<p>So how is your mindset right now? Make it positive and not negative, as remember like attracts like. Are there any changes (hopefully not as dramatic as mine) that you can make that will help you achieve your goals and have you written them down yet?  If something cannot be changed, you can still change your attitude about it. Get started on attracting what you want, perhaps it’s to get started on that development project you’ve always wanted to do.</p>
<p>Your mind is the most powerful tool you’ll ever need on a development site. </p>
<p><em>Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.</em></p>
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What’s the most important tool needed to develop property? Jo Chivers 

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<p>There are many benefits developing property will bring, but what should you focus on when assessing a development opportunity?</p>
<p>I get lots of calls and love speaking to people about property development. It’s interesting to see what kind of questions are raised. There is one question that is asked often and that is; “what kind of Return on Investment (ROI) do we get from our development projects?”</p>
<p>Even though our ROI is pretty good, it varies from project to project - this can be a dangerous way to assess the success or otherwise of a property development.</p>
<p>“ROI is usually expressed as a percentage and is typically used for personal financial decisions, to compare a company's profitability or to compare the efficiency of different investments. The return on investment formula is: ROI = (Net Profit / Cost of Investment) x 100.” Source: investinganswers.com</p>
<p>It can be a bit misleading to compare ROI on different opportunities as you need to be sure that you are comparing apples with apples. In Property Bloom cost calculations, we include every single cost, fee and charge, including our project management fee. But there is one thing that is hard to put a cost on.  Time.</p>
<p>Having a development professionally managed saves our clients valuable time.  If you didn’t use a project manager and made a higher ROI but your development took you twice as long to complete, then you need to consider the ROI over say two years instead of one. </p>
<p>But focussing on ROI can also mean that you are missing the other valuable advantages that property development can bring. These include:</p>
<p>-       Yield – higher yield is created through adding value, this leads to passive income</p>
<p>-       Strategy Flexibility – hold them, sell them, hold a few or sell a few</p>
<p>-       Equity creation – whilst waiting for capital growth, access the equity that has been created through the development process by refinancing/selling</p>
<p>-       Depreciation – create tax credits</p>
<p>-       Fast growth of portfolio – increase your collection of properties quickly</p>
<p>-       Experience – with each development, your experience widens</p>
<p>-       Fun &amp; exciting – beats watching TV</p>
<p>So, there are many other ways apart from the ROI, to assess what you’ll get out of a development project and it’s worth considering the bigger picture.</p>
<p><em><em>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></em></em></p>
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Is ROI the best way to assess a development project?

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<p>I was lucky to recently spend an amazing weekend riding horses in the NSW Snowy Mountains National Park.</p>
<p>It was one of those bucket list trips and I went with an old school friend. We'd gone to pony club together and grown up as horse crazy girls. We'd spend most of our teenage years riding and looking after our horses (which kept us out of trouble!).</p>
<p>Whilst sitting around the camp fire at night with a group of other women and staff we'd just met, I was discussing property investing with one of the ladies – can't help myself!</p>
<p>She was a pretty amazing single lady with her sights set on the future. She'd been clever enough to buy a few investment properties in-between serving our country in the army.  We were discussing her recent purchase of an off the plan apartment.</p>
<p>She shared with me the numbers on her deal and I was a bit surprised. I have good experience with buying off the plan but it was over ten years ago now that I used this strategy. Back then, the property developer offered a good discount to purchasers and this helped create some equity. If the market was also moving upwards, then a nice chunk of money could be made by settlement time. I would settle an apartment then draw out the equity to use as a deposit to settle the next one.</p>
<p>But things have changed. There seems to be more risk as there isn't the same discounts being applied. So you buy in at today's market price. If, of course, it's a hot market, as Sydney is at the moment, that price could end up more than what the apartment may be worth in a year or two once completed.</p>
<p>I explained what I did to the lady. Property Bloom manages small developments for our clients. A dual occupancy development can create a big chunk of money within twelve months and you end up with two properties.  I explained that the big difference between buying off the plan and developing yourself, is that you are creating the equity through the development process, not hoping for capital growth whilst your apartment is being constructed.</p>
<p>Would you rather control of the equity creation by cutting some keen deals on the land and construction or rely on a stranger to build your investment and hope for the market to rise?</p>
<p>I did the latter six times and was lucky four out of the six times. The other two deals were borderline. If I had my time again, I would not have completed on the two ordinary investments.  But as they say, time heals all wounds and because I held onto these investments (in lieu of selling at a loss) they've turned out well.</p>
<p>My big lesson from buying off the plan?  It is far more lucrative to be the developer than the investor.</p>
<p><a href="https://www.propertybloom.com.au">www.propertybloom.com.au</a></p>
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Chewing the fat on off the plan investments

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<p>Whilst there has been so much commentary this week on the Federal Budget, I thought we could talk about a different type of Budget - one that’s just as important to property developers as the Budget is to the politicians.</p>
<p>Budgeting well for your building or construction works is crucial to the success (or not) of your development. </p>
<p>Property developing can throw many different challenges at you but one thing I have learnt in this industry is there is always a solution to a problem. The trick is to understand what possible problems may arise and preparing yourself for them. This comes with experience but sometimes things don’t always go to plan and as a project manager it’s our responsibility to make sure a development is completed as efficiently as possible.</p>
<p>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 and a fixed price builder’s contract issued. </p>
<p>When architecturally designing our villas, we follow this process:</p>
<ol>
<li>Once the site has been secured, a Concept and Yield Plan is designed – this shows the number of units we can get onto a site and the size of each, but not much more detail.</li>
<li>After we are happy with the Concept Plan and we’ve received a Detailed Contour Survey and Geotech Report, then we progress to the more detailed Development Application (DA) plans. These include enough information to satisfy council requirements.</li>
<li>When the DA Consent is received, we finalise Construction Certificate (CC) plans – these include more detail, including engineering detail for the stormwater drainage and slab design.</li>
</ol>
<p>Before a Concept Plan is available, the starting point in assessing the development potential is our construction estimate.  This is based on similar projects that we have recently completed and includes any allowances for differences in the sites.</p>
<p>The builder is asked to run their first quote based on the Concept Plan.  This is still a ‘loose’ estimate as there is not enough detail on the Concept Plan for the builder to give a finite cost.  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 units working with both our builder and architect to design the right dwellings for our project to be successful.</p>
<p>Once the Concept Plan is approved, the architect will proceed to full DA plans.  Using the information received on the Contour Survey and soil test results, there is much more detail added to the plans.  Our builder will then price the DA plans and we will review the costs against our initial estimates and make sure they are within our range for the project to be successful. At this stage we still do not have the 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 lodged with council.</p>
<p>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. Then once approved, we need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.</p>
<p>Next we move to preparation of the CC plans.  Engineers will be briefed and a stormwater 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. </p>
<p>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.  </p>
<p>After we have the CC stamped plans, our builder will issue their final tender and the 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.</p>
<p>So you can see how the build budget 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 any variations that may arise along the way. </p>
<p>As a developer, you will embark on a challenging journey from start to finish and the development budget is a very important part of your work. If you don’t have experience, then consider using the help of an experienced project manager to guide you along the way.</p>
<p>And always take the time to have builder’s estimates updated at each stage of your development planning process to avoid any nasty surprises. </p>
<p><em>Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.</em></p>
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Building a better Budget: Jo Chivers

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<p style="text-align: left;" align="center">SPONSORED POST</p>
<p style="text-align: left;" align="center">Esplanade is first-ever completely integrated ‘vertical village’ at Norwest that offers unrivalled amenities and a relaxed lifestyle.</p>
<p>The project is geared for convenience and enjoyment, with residents to get exclusive access to features including landscaped lawns and gardens, a rooftop cinema, spectacular transparent-sided pool, outdoor gym, cabanas and barbecue areas for relaxation and social activities.</p>
<p>These are the services and amenities you’d come to expect from a luxury hotel but Esplanade is a place to call home that makes daily life more enjoyable and convenient.</p>
<p>The diverse mix of one, two and three bedroom apartments, as well as premium three and four bedroom Sky Residences, are complemented by three levels of boutique workspaces, waterfront dining and retail areas as well as a significantly upgraded public boardwalk on Norwest Lake.</p>
<p>The convenience of the all-in-one nature of Esplanade is enhanced by its proximity to the Sydney Metro Norwest station under construction, making the project an attractive option for both investors and owner-occupiers, particularly local people looking to downsize from larger homes.</p>
<p>And it’s not just the local residents re-sizing from house and land that the project speaks to.</p>
<p>“There are some 20,000 people working in Norwest right now with projections that could grow to 35,000. More than 400 companies – some among the largest in the country – base themselves here and investors will see the obvious opportunity in locating attainable urban-style living within such a successful employment centre,” says Steve Grant, Managing Director of Capital Corporation which has been tasked with bringing Esplanade to life.</p>
<p>“It could just become the easiest commute in Sydney,” he says. </p>
<p>To see for yourself the lifestyle on offer at Esplanade, visit our unique display suite featuring a full-sized two-bedroom apartment. The display suite is located at 11 Solent Circuit, Baulkham Hills and is open daily from 11am to 2.30pm or by private appointment.</p>
<p>Details: Visit <a href="https://esplanadenorwest.com.au" target="_blank">esplanadenorwest.com.au</a> or call 1800 088 800.</p>
<p> </p>
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