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US hotel brand Hilton is planning a late 2024 opening for its first mid-range brand offering in Queensland.Work is now under way on the $50-million Hilton Garden Inn Brisbane City Centre North at Spring Hill, in Brisbane’s inner-north.It will Hilton’s second hotel in the Queensland capital and its fifth in the state.The 129-key hotel will rise on a site at 24-30 Hartley and 30-32 McConnell streets.Originally to be a Wyndham Garden Suites, amended plans, including the rebranding, were lodged in May of this year.Designed by Hayes Anderson Lynch Architects, it will include a full-service restaurant and bar, meeting facilities, fitness room, and The Shop, a 24-hour grab-and-go retail store.Hilton Brisbane in Elizabeth Street, designed by the highly regarded Australian modernist Harry Seidler, was opened in 1987.It underwent at $38.9-million renovation a decade ago.Hilton Garden Inn was launched as a mid-priced brand in 1996 and currently has one property in Australia, in Albany, WA.<div id="4BLPH7pPxtu2UIdlcn4kU8"><picture><img src="//images.ctfassets.net/8pr762qjocl3/68d6BYcMDPmxHxQGVq1s3p/559bbac8586536e69242ef4f2c060082/Mid_article_resizes__21_.jpg" alt="A render of the Hilton Garden Inn under way in Spring Hill." data-mce-src="//images.ctfassets.net/8pr762qjocl3/68d6BYcMDPmxHxQGVq1s3p/559bbac8586536e69242ef4f2c060082/Mid_article_resizes__21_.jpg"></picture><div>▲ A render of the Hilton Garden Inn under way in Spring Hill. </div></div>Queensland tourism minister Stirling Hinchliffe said the Hilton Garden Inn was “a welcome investment in Queensland’s visitor economy and Brisbane jobs”.“We know quality, well-located accommodation is always sought-after by business and leisure visitors to Brisbane,” he said.“The Hilton Garden Inn is a sign of confidence in Queensland’s post-pandemic tourism recovery and will support 100 construction jobs and, once completed, 45 tourism industry careers.”Hilton area vice-president Paul Hutton said Hilton was committed to growing its presence in Queensland.“As a key Australian city and the gateway to Queensland, the coming years will be an exciting time for Brisbane, especially with the 2032 Olympic and Paralympic Games,” he said.After a torrid two years during the pandemic, Australia’s hotel sector is firmly rebounding with occupancy and room rates surging, as well as a solid pipeline of new properties in planning or under way.Brisbane has been one of the leading lights of that recovery—room rates in the city <a href="https://www.theurbandeveloper.com/articles/darwin-brisbane-hotel-room-rates-increase" data-mce-href="https://www.theurbandeveloper.com/articles/darwin-brisbane-hotel-room-rates-increase">rose 46 per cent across the first seven months</a> of 2022 compared to the previous year, according to Colliers and STR Global.

Work is under way on the $50-million Hilton Garden Inn in Spring Hill, with an opening slated for late 2024…

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The federal government’s Housing Accord could create a new asset class whose returns are not influenced by market peaks and troughs, according to a new report commissioned by one of Australia’s biggest superannuation fund.The report by Frontier Advisory says the policy is an opportunity to create a long-term and relatively trouble-free investment for super fund members while also addressing a pressing social and economic need.With new figures revealing industry fund are poised to invest $35 billion in unlisted property over the next decade if the right model is found, there is a substantial capital pool to draw from for affordable housing.&nbsp;&nbsp;&nbsp;The Super in the Economy report commissioned by Industry Super Australia said that affordable housing’s longer-term leases backed by government guarantee and low vacancy rates delivers stable long-term returns that are largely immune to economic conditions and can buffer members’ portfolios against market shocks.&nbsp;&nbsp;However, the report found, “without meaningful and consistent government concession schemes that boost returns for private investors, most affordable housing projects are unviable”.“The federal government’s commitment of building at least 40,000 new affordable and social housing homes as well as funding for an income stream that can subsidise reduced rental yields, is the crucial first step needed to getting investments rolling,” the report said.&nbsp;&nbsp;<div id="1M5jE5qX3BUeqO9sO45cLU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/tqTsOYNoJRgWfM3BsP61q/428a0ee629ec8156ad5e54afd90c1234/Mid_article_resizes.png" alt="The government policy can create a class of investment and development with big advantages but must be set up right, the report said." data-mce-src="//images.ctfassets.net/8pr762qjocl3/tqTsOYNoJRgWfM3BsP61q/428a0ee629ec8156ad5e54afd90c1234/Mid_article_resizes.png"></picture><div>▲ The government policy can create a class of investment and development with big advantages but must be set up right, the report said. </div></div>Recommendations from the report to create a pipeline of projects include:•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Create clear planning requirements that mandate social and affordable housing components on new developments, incentivising greater density near public infrastructure and set affordable housing targets for local governments to meet.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stimulate the build-to-rent market through incentives, streamlined planning, guarantees and reduced funding red tape. Build-to-rent is practically non-existent in Australia but is 28 per cent of the property sector in the US and 11 per cent in Europe and has a positive impact on affordability in large cities.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encourage mixed tenure developments and build-to-rent-to-sell developments, investors can subsidise reduced rents through increases in capital values of the holdings.&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit publicly owned land for underutilised properties in well-situated areas that could be converted into social and affordable housing projects.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encourage more public private partnerships with state governments.Super Australia deputy chief executive Matt Linden said affordable housing investments could be a win-win for super fund members and the nation.“With the right financial models and a steady pipeline of projects, industry fund members get a low-risk investment that delivers secure returns even when the economic seas are rough, and thousands of Australian families get the quality affordable housing they need,” he said.&nbsp;&nbsp;“Through the Housing Accord and this week’s investor roundtable the government has shown it is serious about tackling affordable housing supply, now the key players—like industry super funds—need to thrash out the ideas that will align this national interest with our members’ financial interest.”&nbsp;

The Federal government’s plan to solve the housing crisis could mean a whole new sector unaffected by the market’s highs and lows, according to a new report…

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One of Sydney’s busiest retail strips has again joined precincts in New York, London, Paris and Zurich to number among the world’s most expensive shopping streets.Pitt Street Mall in the NSW capital has placed eighth in the top 10, according to a new global ranking from real estate services firm Cushman &amp; Wakefield.However, at $11,850 per square metre per year, the pedestrian mall has slipped down one place from its pre-pandemic ranking of seventh.Topping the list is New York’s Fifth Avenue, which has reclaimed its position as the world’s most expensive retail street with average rents of $32756.60 per square metre per year.Pegging the Hong Kong dollar to the US dollar has helped Hong Kong maintain a high-ranking position in 2022 in second place, with Tsim Sha Tsui at $23521.46 per square metre per year displacing Causeway Bay as the territory’s representative in the rankings.In third, Milan’s Via Montenapoleone at $2259.83 per square metre per year is Europe’s most expensive shopping street for the first time, climbing above New Bond Street in London (fourth, $22296.74 per square metre per year) and Avenues des Champs-Élysées in Paris (fifth, $17203.59 per square metre per year).<div id="4kRsoRDgNxz8OGnRnsXwbU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/640fJvkP36FOy7BjJyTcA1/58aad4ee2d324c9ddd9944d00f1a48aa/Mid_article_resizes__16_.jpg" alt="Top dollar: Fifth Avenue in New York City is the most expensive shopping street to lease space in the world." data-mce-src="//images.ctfassets.net/8pr762qjocl3/640fJvkP36FOy7BjJyTcA1/58aad4ee2d324c9ddd9944d00f1a48aa/Mid_article_resizes__16_.jpg"></picture><div>▲ Top dollar: Fifth Avenue in New York City is the most expensive shopping street to lease space in the world. </div></div>Cushman &amp; Wakefield’s Main Streets Across the World report, launched in 1988, tracks the top retail streets across 92 cities and ranks the most expensive by prime rental value utilising Cushman &amp; Wakefield’s proprietary data.&nbsp;An annual report until 2019, this is the first since then—allowing insight into comparative performance pre- and post-pandemic.&nbsp;“The industry has been through one of the biggest stress tests imaginable over the past few years, but best-in-class retail real estate has remained robust,” Cushman &amp; Wakefield head of EMEA retail at Robert Travers said.“While we now face new economic challenges, the conversation has shifted from pessimism to retail´s omnichannel evolution.“Many brands are playing the long game and seeking to secure prime opportunities to adapt to ever-demanding customer needs.“With further investment in high-quality in-store experiences and advances in omnichannel approaches, we are confident in the resilience of the sector, particularly at the luxury end, and in key global destination cities.”

The NSW capital’s shopping strip joins upmarket retail precincts in New York, London and Paris in the first retail street top 10 since the pandemic…

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Housing affordability has tightened across the nation—and it’s only going to get harder.According to the ANZ-Corelogic Housing Affordability report for the September quarter, the average Australian household needs to spend 43.3 per cent of its income to service a mortgage, up 4.4 percentage points on the previous quarter. That’s the highest it has been in four years.In Sydney, a record 51.1 per cent of income is now needed to service a mortgage for an average home, up from 47 per cent the previous quarter.Mortgagees in Melbourne are now paying 42.4 per cent, up 4.3 percentage points over the quarter, while in Brisbane the amount is up 3.3 percentage points to 40.3 per cent.Hobart has the dubious honour of the second-least affordable market in the nation with 45 per cent of income needed to pay the average mortgage, up 4.1 percentage points.<table style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;" border="1" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;"><tbody><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Location</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">Ratio of home value to income (%)</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">Years to save a deposit</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">Portion of income to service new mortgage (%)</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">Portion of income to service rent (%)</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Sydney</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">9.6</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">12.8</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">51.1</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">31.6</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Melbourne</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">8.0</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">10,6</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">42.4</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">26.5</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Brisbane</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">7.6</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">10.1</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">40.3</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">30.3</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Hobart</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">8.5</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">11.3</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">45.0</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">34.4</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Adelaide</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">8.2</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">11.0</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">43.7</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">31.6</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Canberra</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">6.7</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">8.9</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">35.5</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">26.6</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Perth</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">5.8</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">7.7</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">30.7</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">28.6</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Darwin</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">3.9</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">5.2</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">20.8</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">23.6</td></tr><tr><td style="width: 19.8164%;" data-mce-style="width: 19.8164%;">Nartional</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">8.2</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">10.9</td><td style="width: 20.1215%;" data-mce-style="width: 20.1215%;">43.3</td><td style="width: 19.8192%;" data-mce-style="width: 19.8192%;">33.4</td></tr></tbody></table> ^ Source: ANZ-Corelogic Corelogic head of research Eliza Owen said affordability was likely to worsen given that further rate rises were likely.“Australia’s housing affordability situation has shown signs of shifting from high deposit hurdles to growing interest costs,” she told The Urban Developer.“We estimate that the median household would now need to expend 43.3 per cent of income servicing a new 80 per cent LVR loan of the national median home, which has surged from 34.5 per cent a year ago.“Even in areas where the deposit hurdle has come down, rents have generally gone up, making it harder for some people to save up their deposit.“The main reason for this shift is the rapidly rising cash rate, increasing the funds needed to pay a mortgage even as prices come down.“It just reinforces that the current market downswing is not about housing affordability, but containing inflation and spending.”The percentage of income to service rent has also risen in most parts of the nation, up to 31.6 per cent this quarter against 30.9 per cent the previous quarter.Only Hobart, 34.4 per cent down from 34.7 per cent, and Canberra, 27.3 per cent from 27. 3 per cent, experienced a decline.However, the <a data-mce-href="https://www.theurbandeveloper.com/articles/corelogic-housing-values-fall-october-2022" href="https://www.theurbandeveloper.com/articles/corelogic-housing-values-fall-october-2022" target="_blank" rel="noopener">drop in housing values</a>&nbsp;has driven the time it takes to save a deposit down from 11.3 years in the June quarter to 10.9 last quarter.It was down from 13.7 years to 12.8 in Sydney, 11.1 to 10.6 in Melbourne, and 10.8 to 10.1 in Brisbane.

The average Australian household is spending north of 43 per cent of its income to service a mortgage—and its only going to get harder…

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US investment manager Barings has entered the property sector in Australia, bankrolling projects for two major players in Sydney and Brisbane.Barings has agreed an aggregate of $259.3 million loans in Australia, as well as a $120 million loan in New Zealand.In Sydney, Barings has provided two loans totalling $162.5 million to <a data-mce-href="https://www.theurbandeveloper.com/articles/pbsa-recovery-foreign-students" href="https://www.theurbandeveloper.com/articles/pbsa-recovery-foreign-students" target="_blank" rel="noopener">Scape, the largest student accommodation owner and operator</a> in the country, to fund the construction of two PBSA projects with a total of 517 beds.&nbsp;In Brisbane, Barings provided $40.3 million to a five-year, investment phase facility on the recently completed Robertson Lane build-to-rent project in Brisbane’s Fortitude Valley.Developed and managed by <a data-mce-href="https://www.theurbandeveloper.com/articles/arklife-build-to-rent-brisbane-success-future" href="https://www.theurbandeveloper.com/articles/arklife-build-to-rent-brisbane-success-future" target="_blank" rel="noopener">Arklife</a> on behalf of national construction and development company ADCO Constructions, the project comprises 89 rental apartments, 200sq m of office and 140sq m of retail.Facilities include a gym and wellness facility, playroom, private dining and function areas, rooftop pool, bar and dining areas and parking for 116 cars.<div id="6ZDucutJjgSaljctWNOt6d"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4X4vyt1e0H6SEIMUpCoZlo/2d8c0b7102476db92212300706bb4ba3/1.jpg" alt="The rooftop pool at the Robertson Lane, Brisbane, build-to-rent tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/4X4vyt1e0H6SEIMUpCoZlo/2d8c0b7102476db92212300706bb4ba3/1.jpg"></picture><div>▲ The rooftop pool at the Robertson Lane, Brisbane, build-to-rent tower. </div></div>In New Zealand, Barings successfully realised its investment in a $120-million loan to Winton Land, a listed developer with large-scale projects across New Zealand and Australia, to fund the remaining site works and subdivision of 1375 residential lots and four commercial units in Te Kauwhata, North Island.The residential lots are 84 per cent pre-sold to the New Zealand government.“Expanding our loan book to APAC is an exciting and important step in the ongoing growth of our global real estate debt platform, which now has a combined total of more than $US30.6 billlion ($A46 billion) of commitments and we are now actively lending in 14 countries,” head of Europe and Asia-Pacific real estate debt Sam Mellor said.“All three loans have strong ESG credentials and the sponsors are highly regarded leaders in their markets, while residential real estate in Australia and New Zealand offers an attractive supply-and-demand dynamic.”&nbsp;Barings has this year been investing in the real estate business and expanding the team in the region.It acquired Altis Property Partners, a real estate equity firm based in Australia in August, adding 44 investment professionals to Barings’ real estate platform.

The US investment manager has entered the APAC property sector with a commitment north of $340 million…

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Fund manager Pallas Capital has put its foot on a Sydney site with plans to build its second NSW office.Pallas paid $23 million for the 690sq m site at South Steyne, Manly.Planned is a three-level commercial building atop two basement levels, with a 1750sq m NLA.To be built by Fortis, also owned by parent company Pallas Group, the building will have dual street frontages, a rooftop terrace, end-of-trip amenities, and ample bicycle, motorcycle and carparking across the basement levels.“The development will also offer sweeping ocean views and a central spiral staircase providing connectivity and natural light throughout the space,” Pallas said.Plans for a second office in the NSW capital come about 18 months after the launch of Pallas House, Double Bay, in April 2021. The remainder of the Manly building will be offered to other businesses.“Pallas Group has grown rapidly since we opened our headquarters in Double Bay … with 34 new staff joining the team during this time,” Pallas Capital executive chairman Patrick Keenan said.“It was time for us to make way for a second office in Sydney that would service our operations across the eastern seaboard.“Choosing Manly for our second base was driven internally as several members of our team live in and around the suburb, and we were keen to create a workplace close to where they live.”Work is expected to begin mid-next year ahead of completion in the second half of 2024.

The fund manager is planning a second NSW office on the site after last year’s launch of its Double Bay base…

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The winners of the Council on Tall Buildings and Urban Habitat (CTBUH) have been revealed, with Australian structures figuring prominently.While the best tall building worldwide accolade was awarded to the David Rubenstein Forum at the University of Chicago, five Australian building won six awards, five of them in Melbourne.Among the winners was Mirvac’s Olderfleet in Melbourne’s Collin Street, named the world’s best building 100m to 199m.Mirvac Head of Integrated Investment Portfolio Campbell Hanan said they were “thrilled to have&nbsp;Olderfleet&nbsp;recognised by the CTBUH on this global stage”.“It’s a testament to the collaboration between the talented visionaries at Grimshaw, our own development team and our partners, Deloitte.“Olderfleet&nbsp;sets a new standard in workplace design, bringing together heritage, smart technology and show-stopping art and architecture.“It’s a place where brilliant minds and overall wellness thrives, and it’s a very proud moment for Mirvac, as we also announce the building’s WELL Platinum Certification.”Twenty-six awards were decided on by the international judging panel plus another 26 were chosen by the audience at the CTBUH conference in Chicago, with 130 Lonsdale Street in Melbourne picked as Best Tall Building Australia, and Prahran Square, Melbourne, taking the Urban Habitat—District-Masterplan Scale award. <hr><h2> Australian winners </h2><div id="6XpLJ3Uri4KX3ChfYRIY5X"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6hCaDNo7lJfNPOZVvIOW8j/ce1ea98e28fcb98dde32798167ec946b/2.jpg" alt="CTBUH Olderfleet" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6hCaDNo7lJfNPOZVvIOW8j/ce1ea98e28fcb98dde32798167ec946b/2.jpg"></picture><div> </div></div><h2>Best Tall Building 100m to 199m</h2> OlderfleetMelbourne, AustraliaHeight: 168mFloors: 40Status: Completed 2020Address: 477 Collins StreetFunction: OfficeStructural material: All concreteEnergy Label: Platinum Core and Shell Pre-Certification from the International WELL Building Institute, target at 6 Star Green Star, 5 NABERS Energy, 4 Star NABERS Water <div id="6k1u67DbTYuDfo7p4SKpYs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4x5FUnRPYQvjhjpf8Qti9h/1fb68ed8c203565f32a4d838f61d1930/3.jpg" alt="Collins Arch" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4x5FUnRPYQvjhjpf8Qti9h/1fb68ed8c203565f32a4d838f61d1930/3.jpg"></picture><div> </div></div><h2>Best Tall Mixed-Use Building </h2><h2>Best Tall Building, Australia </h2>Collins ArchMelbourne, AustraliaHeight: 148.4mFloors: 42Status: Completed 2020Address: 433-455 Collins StreetFunction: Residential, hotel, officeStructural material: All concreteEnergy label: 5.5 star NABERS Energy, office; 4.5 stars NABERS Energy, hotel; 7 stars NatHERS, residential. <div id="1H3j3d2YYJsbps34Yl89XG"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4PkqbJB3turKL2ufJF1Gkn/d8fdeb531b315faad872366fe159cd0e/4.jpg" alt="Wesley Place" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4PkqbJB3turKL2ufJF1Gkn/d8fdeb531b315faad872366fe159cd0e/4.jpg"></picture><div> </div></div><h2>Urban Habitat—District/Masterplan Scale</h2> Wesley PlaceMelbourne, AustraliaHeight: 156.5mFloors: 35Status: Completed 2020Address: 130 Lonsdale StreetFunction:&nbsp; OfficeStructural material: All concreteEnergy label: 6 Star Green Star, v1.1 rating; WELL certification (Core and Shell)— PLATINUM v2 <div id="62HtO15DdlhimAWHWXSMQl"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7KeLRgav3XNintWspGNRpI/953eff47f36d9791b47806ed636d7216/5.jpg" alt="55 Southbank Boulevard" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7KeLRgav3XNintWspGNRpI/953eff47f36d9791b47806ed636d7216/5.jpg"></picture><div> </div></div><h2>Renovation Award</h2> 55 Southbank BoulevardMelbourne, AustraliaHeight: 69.7mFloors: 19Status: Completed 2020Address: 55 Southbank BoulevardFunction: Hotel, officeStructural material: Steel-timber composite over concrete <div id="R9NxVXZJV7ZJPOeewMXyD"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4XJ91rlo2yiagE77Td9bW3/5f60f3e3d8ea71d69cbe333305000b15/6.jpg" alt="Sydney Greenland Centre" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4XJ91rlo2yiagE77Td9bW3/5f60f3e3d8ea71d69cbe333305000b15/6.jpg"></picture><div> </div></div><h2>Construction Award</h2> Sydney Greenland CentreSydney, AustraliaHeight: 245mFloors: 67Completed: Completion 2021Address: 115 Bathurst StreetFunction: ResidentialStructural material: All concreteEnergy label: Green Star <div id="CiIsDpg4ju9XhfW7Bn5fn"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1jO6m4B7C2a7UsjWeSkL1F/b1b052b24547d8b7ce74d82be2f14550/1.jpg" alt="The David Rubenstein Forum" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1jO6m4B7C2a7UsjWeSkL1F/b1b052b24547d8b7ce74d82be2f14550/1.jpg"></picture><div> </div></div><h2>Best Tall Building Worldwide</h2> The David Rubenstein ForumChicago, USHeight: 52.1mFloors: 10Status: Completed 2020Address: 1201 E 60th StFunction: EducationStructural material: All concreteEnergy label: Certified LEED Gold Design

The winners of the Council on Tall Buildings and Urban Habitat have been revealed, with Australian structures figuring prominently…

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Plans for the first action sports centre by US giant Woodward outside North America have been filed for a site in one of Sydney’s growth corridors.The 3650sq m facility is planned for a site on the corner of Showground Road and Kentwell Avenue at <a data-mce-href="https://www.theurbandeveloper.com/articles/plans-castle-hill-eight-apartments-development-application" href="https://www.theurbandeveloper.com/articles/plans-castle-hill-eight-apartments-development-application" target="_blank" rel="noopener">Castle Towers</a>, 34km north-west of Sydney.The DA has been filed by the Queensland government’s <a data-mce-href="https://www.theurbandeveloper.com/articles/joint-venture-to-add-1200-affordable-homes-in-queensland" href="https://www.theurbandeveloper.com/articles/joint-venture-to-add-1200-affordable-homes-in-queensland" target="_blank" rel="noopener">Queensland Investment Corporation (QIC)</a> with The Hills Shire.The nearby 392-store Castle Towers shopping centre is owned by QIC.QIC said the project had support from the NSW government, as well as peak sporting bodies Ski and Snowboard Australia, Skate Australia and Gymnastics New South Wales.The indoor Woodward Sydney facility will sit across three levels, allowing year-round training for skateboarding, BMX, scooter, snowboarding, skiing, aerial awareness, rock climbing and bouldering.The facility will also have a cafe, bar, gym and events space.In addition to providing an elite sporting facility, Woodward Sydney has already garnered significant recognition for helping to address the shortage of physical activity and recreation spaces in north-west Sydney: The project is being supported by the NSW Office of Sport and local schools are anticipated to utilise the facility for sport and physical education.The NSW government has put in $1.8 million for the project through its Greater&nbsp;Sydney Sports Facility Fund.&nbsp;<div id="5wav2t4qc5nUYdKtYgLoEt"><picture><img src="//images.ctfassets.net/8pr762qjocl3/SudHhbKGULECs4J6L09K1/f0654c2440a525eb203f2988da331f69/1.jpg" alt="A render of the planned extreme sport centre in Castle Hill, the first by US giant Woodward outside North America." data-mce-src="//images.ctfassets.net/8pr762qjocl3/SudHhbKGULECs4J6L09K1/f0654c2440a525eb203f2988da331f69/1.jpg"></picture><div>▲ A render of the planned extreme sport centre in Castle Hill, the first by US giant Woodward outside North America. </div></div>Founded in 1970 in Pennsylvania, Woodward has grown to be a global leader in action sports progression with multiple destinations across the US, including California, Colorado, Utah, Oregon, Pennsylvania and Vermont.To date, 48 Olympic medals have been won by former Woodward athletes and guest pros as well as 125 medals in other professional contests.&nbsp;“At Castle Towers we’re building a transformative town centre that anticipates the lifestyle needs and values of the growing Hills Shire community,” QIC Investment general manager Matthew James said.“The fact that Woodward has selected Castle Towers for their first destination outside of the US validates our long-term vision for the region and we couldn’t be more thrilled to be partnering with them on this endeavour.”Woodward president Chris “Gunny” Gunnarson said Sydney was the ideal city for its first expansion overseas “given its history as a destination that embraces sports and commitment to the action sports lifestyle”.“Woodward Sydney will be our most innovative concept to date—and a model for future urban centres.”

The multi-level facility that includes training facilities for skateboarders, snowboarders, skiers and rock climbers is being put forward by QIC for a site in Sydney’s north-west…

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The regional housing boom, driven by the pandemic, has bust with regional markets that had the strongest value growth among the fastest to decline.According to Corelogic’s Regional Market Update, which examines Australia’s 25 largest non-capital city regions, house values in six of the most popular lifestyle markets recorded falls of 6 per cent or more last quarter.This includes NSW’s Richmond-Tweed, down 11.7 per cent, the Southern Highlands and Shoalhaven, both down 7.1 per cent; and Queensland’s Sunshine Coast, also down 7.1 per cent and the Gold Coast, down 6.4 per cent.Also in NSW, the Illawarra declined 6.1 per cent, and Newcastle and Lake Macquarie, down 6.0 per cent.&nbsp;Only Central Queensland (0.1 per cent), SA’s South East (0.0 per cent) and WA’s Bunbury (0.0 per cent) did not decline.House values in Richmond-Tweed (-7.8 per cent), Illawarra (-1.9 per cent), and Ballarat (-0.5 per cent) are also below the levels recorded this time last year, while values across Newcastle and Lake Macquarie are flat year-on-year.Regional NSW dominated the worst performing house markets across a range of metrics, including Southern Highlands and Shoalhaven’s largest decline in sales volumes (-27.5 per cent) and the highest vendor discounting rate (-4.9 per cent), while the New England and North West region clocked up the longest time on market at 43 days.Corelogic economist Kaytlin Ezzy said value declines initially seen across the more expensive capital city and regional markets have become more geographically broad-based over the three months to October, with 87.8 per cent of the regional house and unit markets analysed recording a quarterly decline in values.&nbsp;<div id="5Rl0z0gk46vRjnKoBBG0zr"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6hPoJeC53qA2XOMFCORBbn/9fccab61584a7429148dfcb2b86d2de0/Mid_article_resizes__7_.jpg" alt="Armidale in NSW: the New England and North West region clocked up the longest time on market at 43 days." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6hPoJeC53qA2XOMFCORBbn/9fccab61584a7429148dfcb2b86d2de0/Mid_article_resizes__7_.jpg"></picture><div>▲ Armidale in NSW: the New England and North West region clocked up the longest time on market at 43 days. </div></div>“Consecutive interest rate rises, persistently high inflation, and waning consumer sentiment saw the pace of value declines accelerate across regional Australian property markets,” Ezzy said.“It is unsurprising the Richmond-Tweed region recorded the strongest decline in house values.“Throughout the Covid period, values skyrocketed, rising more than 50 per cent and taking the median house value to more than $1.1 million.“However, the impact of this year’s floods, coupled with seven consecutive rate rises, has seen house values fall in the region by nearly 16 per cent since April.”The best-performing regional house market was SA’s South East, where values are 21.7 per cent higher over the past year, followed by the Riverina (20.5 per cent), and New England and North West (19.8 per cent).Townville had the highest growth in sales volumes (21.6 per cent), while Toowoomba had the shortest days on market (13).

The regional housing boom, driven by the pandemic, has bust with regional markets that had the strongest value growth among the fastest to decline…

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Brisbane’s airport will have a third terminal—and use only renewable energy by 2025.Planning for the third terminal is under way with talks between the airport and airlines.Brisbane Airport Corporation estimates 50 million passengers will travel through its terminals each year by 2040.&nbsp;“We are running out of terminal capacity and we’re looking at the best location, together with our airline partners, for where that new terminal will go,” Brisbane Airport Corporation chief executive Gert-Jan de Graaff said.&nbsp;“We think it will be in between the two runaways because that’s the perfect location to minimise aircraft taxiing, and it is close to our current domestic terminal.“A few of our domestic airlines will likely go into Terminal 3. We might even allocate some international traffic in there as well to provide for better connectivity between domestic and international flights.”&nbsp;Brisbane currently services routes to 53 Australian destinations, more than any other airport and is a gateway for flights from North America and South-East Asia. &nbsp;&nbsp;The airport currently employs 24,000 people—that will rise by 10,000 jobs in the coming decade.&nbsp;“Terminal 3 will be … a terminal we’ve built for the 2030s. Sustainability will be front and centre, as will accessibility,” de Graaff said.“We know that come 2032, Brisbane airport will provide the first and last impression for all Olympic and Paralympic visitors and we take that responsibility very seriously.”&nbsp;<div id="4irFkKCnFJprO3vsZORtAs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3rRGDuMWPkWJf7JQ8HT0pS/98cd17f042079bc92a0d7f95c36f4780/Mid_article_resizes.jpg" alt="The airport will experience a massive increase in passenger numbers in the run up to the 2032 Games." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3rRGDuMWPkWJf7JQ8HT0pS/98cd17f042079bc92a0d7f95c36f4780/Mid_article_resizes.jpg"></picture><div>▲ The airport will experience a large increase in passenger numbers in the run up to the 2032 Games. </div></div>Currently, Brisbane airport is planning to invest more than $5 billion in the next 10 years to upgrade both terminals, build extra carparking, develop a regional aeromedical hub, expand Skygate and DFO, and build more freight facilities.&nbsp;“We are well-placed to further develop the airport’s air connectivity to meet travel demand, but equally important is BNE’s connectivity on the ground,” he said.&nbsp;“All levels of government need to collaborate to ensure fast, reliable and affordable road and public transport connections for travellers and workers to the airport.“We need mass transit connections not just to the CBD and Brisbane suburbs, but also the Gold Coast and Sunshine Coast.”&nbsp;Brisbane Airport Corporation (BAC) has entered into an historic six-year agreement to secure power that is linked to renewable energy from Queensland’s Clarke Creek Wind Farm and Blue Grass Solar projects as part of its commitment to be net zero for scope 1 and 2 emissions by 2025.&nbsp;The airport this week became the first customer to sign on to Stanwell Corporation’s renewable energy pipeline, which will supply up to 185 GWh of power each year.&nbsp;De Graaff said the deal supports the Brisbane Airport Corporation’s dramatically accelerated sustainability target.&nbsp;&nbsp;

Brisbane airport has begun planning for a third terminal ahead of the Olympics as it sets a 100 per cent renewable energy target for 2025…