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Plans have been filed to build three residential towers up to 19 storeys in Sydney’s booming St Leonards South Precinct.The application before the Lane Cove Council, valued at about $150 million, will include 211 apartments and 21 townhouses.The development will go on 10 lots covering 6727sq m at 4-8 Marshall Avenue, 1-5 Canberra Avenue and 2-8 Holdsworth Avenue in St Leonards.&nbsp; That location is also known as Area One, Two and Four of the St Leonards South Precinct.While currently characterised by low-density residential homes, in September 2020 the New South Wales government approved the area for higher density development.&nbsp;That decision, which was supported by the Lane Cove Council, opened the way for developers to bulldoze about 100 homes to make way for future development.One of the first projects approved in the precinct, a 12-storey, 84-apartment development by developer Hyecorp, was opposed by some residents and councillors, but ultimately approved by a state planning panel.Another development given the green light is <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-developers-five-building-residential-precinct-plan" href="https://www.theurbandeveloper.com/articles/sydney-developers-five-building-residential-precinct-plan" target="_blank">TopSpring’s 1.29ha project called The Newlands</a>, which will include 330 apartments and terraces across five towers.<div id="45omv6Ngkk0B2nSwQkK293"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2rBbO6ZurdJ3CvMJ7L9YtX/ba97218c86a27e2b778d2d442bdd8277/Screen_Shot_2022-08-10_at_12.11.42_pm.png" alt="Renders of the three towers proposed for the St Leonards site by Evergreen." data-mce-src="//images.ctfassets.net/8pr762qjocl3/2rBbO6ZurdJ3CvMJ7L9YtX/ba97218c86a27e2b778d2d442bdd8277/Screen_Shot_2022-08-10_at_12.11.42_pm.png"></picture><div>▲ Renders of the three towers proposed for the St Leonards site by Evergreen. </div></div>The application, by Evergreen Property and Investment, proposes three buildings of 12, 15 and 19 storeys and a total of 232 apartments or townhouses.&nbsp;There will be four basement parking levels for 309 cars and 23 motorcycles.The planned towers have been designed by Rothelowman architects.About 3400sq m will be given over to communal open space, including rooftop garden terraces on all three buildings with barbecues and kitchen facilities, outdoor working space, and lounge and bar seating.&nbsp; One of the rooftop terraces will remain private.A recreational deck will include a lap pool, two spas, and dining and lounging area.There will be about 1300sq m for recreation areas around the buildings.&nbsp; The developers have budgeted $130,000 for public art within parks.Ethos Urban, who put together the statement of environmental effects for the application, said there had been extensive pre-lodgement consultations between the developers and the council planners and design review panel, first in December last year, and then again in May and June.&nbsp;<div id="5JjZ30tvgcX0yom9uIDQsM"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5F1gkuMMhM4TNYQDEoWuem/36382652f9bdd3087246735a44352274/Screen_Shot_2022-08-10_at_12.21.29_pm.png" alt="Plans for the $150m development have been lodged the Lane Cove Council." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5F1gkuMMhM4TNYQDEoWuem/36382652f9bdd3087246735a44352274/Screen_Shot_2022-08-10_at_12.21.29_pm.png"></picture><div>▲ Plans for the $150m development have been lodged the Lane Cove Council. </div></div>In those discussions the developers were told an 8m-high pedestrian bridge, planned between two locations, would breach the 2.5m height control. The idea has been scrapped.In response to other feedback, the developers have increased solid-to-glass ratios, added vision glazing and included additional shading elements. As part of the increased solar shading, vertical sunshades will block late afternoon summer sun and allow winter sun to penetrate.The residential areas include 46 one-bedroom, 131 two-bedroom, and 34 three-bedroom apartments. The developers say they will include 28 affordable housing apartments with a minimum of two bedrooms and a floorplan of at least 70 square metres.Ethos Urban told the council the development is consistent with the aims and objectives of the St Leonards South Landscape Masterplan.“The proposed development will deliver high-quality residential dwellings within a strategic location, close to jobs, entertainment, places of interest, and public transport and services,” the application said.“The redevelopment will increase vibrancy and life around, and within the St Leonards&nbsp;South Precinct by revitalising the area with contemporary dwellings that will provide high quality design and built form to the surrounding streets.”&nbsp;Evergreen Property and Investment is <a href="https://www.theurbandeveloper.com/articles/plans-filed-for-41m-apartment-tower-on-lower-north-shore" data-mce-href="https://www.theurbandeveloper.com/articles/plans-filed-for-41m-apartment-tower-on-lower-north-shore">not the first property developer to look to St Leonards South</a> for high-density residential projects.The Dan Family Investments Group’s New Golden International lodged an application for a $41-million apartment tower in the area in February this year.<div id="2GtgcAe5vOSYw6SoIvUwES"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2Hno87P8LjjOStyCDpzGed/d9a362532b3163a935959b9ef514b57f/Screen_Shot_2022-08-10_at_12.11.02_pm.png" alt="Evergreen’s planned development for St Leonards adds to a strong pipeline of projects proposed, approved and under way on the lower north shore." data-mce-src="//images.ctfassets.net/8pr762qjocl3/2Hno87P8LjjOStyCDpzGed/d9a362532b3163a935959b9ef514b57f/Screen_Shot_2022-08-10_at_12.11.02_pm.png"></picture><div>▲ Evergreen’s planned development for St Leonards adds to a strong pipeline of projects proposed, approved and under way on the lower north shore. </div></div>More broadly, <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-lower-north-shores-booming-downsizers" href="https://www.theurbandeveloper.com/articles/sydney-lower-north-shores-booming-downsizers" target="_blank" rel="noopener">Sydney’s lower north shore</a> has been the site of increasing interest and activity recently.In June,&nbsp;Coronation Property <a data-mce-href="https://www.theurbandeveloper.com/articles/coronation-spends-315m-on-park-sydney-site" href="https://www.theurbandeveloper.com/articles/coronation-spends-315m-on-park-sydney-site" target="_blank" rel="noopener">acquired a 2000sq m site in Chatswood</a> and is planning a $200-million apartment project.&nbsp;Privately owned Coronation’s plans are for a 130-apartment project on the site at 57-61 Archer Street, about 10km from the CBD.Also in June, Sydney-based developer <a data-mce-href="https://www.theurbandeveloper.com/articles/billion-dollar-office-tower-approved-for-north-sydney" href="https://www.theurbandeveloper.com/articles/billion-dollar-office-tower-approved-for-north-sydney" target="_blank" rel="noopener">Stockland Corporation’s $1.4 billion, 51-storey office tower</a> was approved for North Sydney, making it the tallest building in the lower north shore.North Sydney Council approved the development application for Affinity Place, which will be across three sites on Walker Street, between the Pacific Highway and the Warringah Freeway.And this month one of the area's landmark hotels, <a data-mce-href="https://www.theurbandeveloper.com/articles/the-oaks-neutral-bay-sydney-for-sale" href="https://www.theurbandeveloper.com/articles/the-oaks-neutral-bay-sydney-for-sale" target="_blank" rel="noopener">The Oaks, went on the market</a>.The Thomas family, who bought the lease in 1975, have listed the Neutral Bay institution for a jaw-dropping $175 million with forecasts it could go for more.&nbsp;

Developers have applied to build three residential towers up to 19 storeys high in Sydney’s booming St Leonards South Precinct...

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Developers have applied to build 88 townhouses and apartments as part of a $33-million development in a small New South Wales coastal town mid-way between Newcastle and Coffs Harbour.A development application before the Mid-Coast Council seeks to sub-divide 3.234ha on Old Bar Road, in the beach-side town of Old Bar, about 320km north of Sydney.In documents prepared by Coffs Harbour planner Chris Pratt, the council was told the proposed development is for a mixed housing development consisting of traditional residential lots, two and three-bedroom townhouses and two-bedroom apartments.The majority of the buildings have been designed with a maximum height of 8.5 metres.The application, on behalf of project manager Rae McEwen of Oatrain Pty Ltd, seeks 56 townhouses, 24 apartments and eight housing lots. The townhouses all include two-car garages, while the apartments have semi-basement parking.&nbsp;The land currently contains a 1950’s house and some small sheds. The developer says the house will be relocated because of the likelihood it contains asbestos.<div id="5iZf2BJizKCwK4uwbTz3I0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/MjPCmjVDojYMJWtGnsD6t/d1397bd15dffa83bca4da5c1aaa9df9d/_Old_Bar_Mid.jpg" alt="Developers are after permission to build 56 townhouses." data-mce-src="//images.ctfassets.net/8pr762qjocl3/MjPCmjVDojYMJWtGnsD6t/d1397bd15dffa83bca4da5c1aaa9df9d/_Old_Bar_Mid.jpg"></picture><div>▲ Developers are seeking permission to build 56 townhouses.</div><div> </div></div>“The public interest is best served by the orderly and economic use of land for purposes permissible under the relevant planning regime and predominantly in accordance with the prevailing planning controls,” the application said.“The development will provide much-needed accommodation and enhanced amenity for a wide range of families, providing them with quality environmental responsive housing, and provide employment opportunities to the locality through construction activities.”Old Bar has a population of about 5000 people.

Developers have applied to build 88 townhouses and apartments as part of a $33 million development in a small, New South Wales coastal town mid-way between Newcastle and Coffs Harbour.

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Employers will have to work harder to get younger staff to return to the office in a post-pandemic world, according to data released by multi-national construction giant Lendlease.In a collaboration with Leesman— who measure and analyse employees in the workplace—Lendlease found newer and younger workers did not want to go back to the office, and in some cases, did not want to engage at all.Lendlease head of customer strategy Alison Webb says there is a clear correlation between age and the likelihood of someone wanting to work from home.Forty-five percent of workers under 25 years preferred to work from home with 43 per cent happy with some form of hybrid work practice. Only 12 per cent want to return to the office.And a third of workers under 34 years want to continue working from home, with 56 per cent of that demographic opting for a hybrid environment. Eleven per cent will return to the office.But 60 per cent of those over 55 years were prepared to consider a hybrid approach, with a quarter still wanting to work from home.“The first thing we found is that hybrid is happening, it’s here, it’s not new,” Webb said.“But we also learned that any move to take that away from younger workers will be met with real resistance.”The head of customer strategy was addressing about 300 industry leaders at <a data-mce-href="https://www.theurbandeveloper.com/search?text=urbanity" href="https://www.theurbandeveloper.com/search?text=urbanity" target="_blank" rel="noopener">The Urban Developer’s Urbanity conference </a>on the Gold Coast last week on the shifting dynamics of work and place.<div id="13VA2fufHcj1zQyK6aFRab"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3idbTRHMVJ5ZWwXmfchqSo/da79fdcbdfd06c6f069aedbb4b78a1e6/Lendlease_on_Office_Return_2_Mid.jpg" alt="Lendlease head of customer strategy Alison Webb speaking at The Urban Developer’s Urbanity 2022 on the Gold Coast." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3idbTRHMVJ5ZWwXmfchqSo/da79fdcbdfd06c6f069aedbb4b78a1e6/Lendlease_on_Office_Return_2_Mid.jpg"></picture><div>▲ Lendlease head of customer strategy Alison Webb speaking at The Urban Developer’s Urbanity 2022 on the Gold Coast. </div></div>Webb said their data had found younger generations really pushed back against the notion you can't make meaningful connections online, or those connections could only happen in person.“For this generation, that’s simply not true,” she said. “That's not their lived experience. And in fact, they called out the awkward experience of making connections in real life.”But Webb cautioned the office and city have a crucial role to play and are central to business performance. Decades of research showed it was the quality of the time employees had together that allowed people to work effectively.And, outside the conference, she said it was important not to go too far in only catering to younger needs.“It’s certainly not just about catering to one group,” Webb said.“I won’t name names but one of our biggest tech firms has the experience of going the other way where the office can be a bit of a frat house, and you now have the older generations staying away.“So I think it’s less about your age, less about your background and more about your preferences.”<div id="7avSDRQydWRaIMC7gJoGWM"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7zCNlKQXFHlYRXS0Kxt7QH/16e08f64c0e96b73dce85785b8ff9e37/one-melbourne-quarter-internal.jpeg" alt="The research found younger generations cared deeply about the environment and preferred natural light and green spaces." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7zCNlKQXFHlYRXS0Kxt7QH/16e08f64c0e96b73dce85785b8ff9e37/one-melbourne-quarter-internal.jpeg"></picture><div>▲ The research found younger generations cared deeply about the environment and preferred natural light and green spaces. </div></div>Younger generations were not averse to cities, the data showed, continuing to go to bars, restaurants and engaging with city life.So Lendlease turned to San Francisco-based International Connector—who work with GenZ and Millennial innovators to design the future of the workplace—to work out why the office is not holding as much appeal.Their research showed younger generations cared deeply about the environment and preferred natural light and green spaces.Further, the office has a strategic advantage over working from home when it came to connection, innovation, and customer engagement. Developers of future office space would need to “lean into the strengths of the office”.“What it means basically is people want to go to the places where there are other people,” Webb says.&nbsp;&nbsp;“So along with the flight to quality, which we talk and hear a lot about, we believe there is also a flight to humanity.Workplace only v hybrid v home working only by age groups<div id="3lyUqQv59rJFGWoFBqZBst"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4LqFB996t1XivCse2lWRBy/50ae14b7cbf67cff6a56fee918f94747/Screen_Shot_2022-08-09_at_3.22.22_pm.png" alt="lendlease office research graph" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4LqFB996t1XivCse2lWRBy/50ae14b7cbf67cff6a56fee918f94747/Screen_Shot_2022-08-09_at_3.22.22_pm.png"></picture><div>Source: Leesman, Lendlease </div></div>“Now, perhaps more than ever, location is really important. And that's because the commute really matters.“The more satisfied with the commute you are, the more likely you are to come into the office, and the more likely you are to come in for more days per week.“So, it's important we understand the drivers of commuter satisfaction, such as the length of commute. The longer your commute takes, the less satisfied you are.“But also, the mode of commute. People are happy with longer commutes if they come in by bike, on foot or on the ferry.”Webb said city and office providers needed to think harder about how to compete on different fronts, such as location and improving the commute.“Down the line, it's going to be we've given a lot of power to the individual to choose what they want and how they want to work,” she said.“It is now about educating that individual, saying you do have choice, you do have autonomy, but there's a real business reason why we come together, and you need to find that value for yourself.” <hr> You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. <a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

Employers will have to work harder to get younger staff to return to the office in a post-pandemic world, according to data released by the multi-national construction giant, Lendlease...

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Sydney-based construction company Roberts Co is to make a further foray into the Victorian market with a contract for 700 build-to-rent apartments in Melbourne’s inner west.Commercial real estate company Investa has partnered with the Oxford Property Group to award Roberts Co the $235-million contract in McNab Avenue, Footscray.Collapsed building giant Probuild first tendered for the contract to raise three buildings at 19 storeys, 16 storeys and eight storeys before going into administration.“It was a live tender while [Probuild] were in administration,” Roberts Co’s pre-construction director Andrew La Rocca, who worked for Probuild at the time, said.“We priced it in December last year, it was our first pricing submission. We were shortlisted down to two, and then we went into administration while we were shortlisted,” La Rocca said.“We were still allowed by Investa to put in our best and final offer as Probuild under administration, knowing that there was a pending transaction with Roberts Co.“So we originally tended it as Probuild but we've secured it as Roberts Co.”The development, which is expected to begin construction in October, will include 702 apartments, 275 carparking spaces, a gymnasium, co-working space, private dining, lounge and games area, as well as a rooftop basketball court.“This contract cements Roberts Co’s place in the Melbourne market and builds on the company’s strong heritage and experience in the residential and build-to-rent (BtR) sectors,” Roberts Co’s Victorian managing director Luke Stambolis said.“We are excited to be partnering with Investa&nbsp;for the first time to bring this precinct to life and contribute to the vibrant community feel of Footscray.”It is Investa’s first build-to-rent project under its partnership with Oxford Property Group.<div id="20wMCgSlBVHm7ed1D7xddk"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4h3Ff0yuzSlaGsLyUdLSlW/83c1a670611a78f4d0d9a2b157ead33d/Probuild_Aug_8.jpeg" alt="Man in mask walks past Probuild sign in city street." data-mce-src="//images.ctfassets.net/8pr762qjocl3/4h3Ff0yuzSlaGsLyUdLSlW/83c1a670611a78f4d0d9a2b157ead33d/Probuild_Aug_8.jpeg"></picture><div>▲ Probuild went into administration while they were shortlisted for the Footscray apartments. </div></div>Probuild, <a href="https://www.theurbandeveloper.com/articles/probuild-administration" data-mce-href="https://www.theurbandeveloper.com/articles/probuild-administration">one of Australia’s biggest construction companies, collapsed late in February&nbsp;</a>when its Johannesburg-listed majority owner, Wilson Bayly Holmes-Ovcon, said it would no longer provide financial assistance to the construction firm, and called in administrators.Roberts Co then acquired much of Probuild’s liabilities when it took over the company’s five Melbourne projects, using the opportunity to take a sizeable chunk of the Victorian market.It is understood the Footscray build-to-rent development will be Roberts Co’s sixth project in the state.La Rocca said at peak the site would employ about 300 people, but conceded rising construction costs remained an issue.“Of course, it's difficult,” he said. “There are increasing costs at the moment across various different building components and materials,” he said.“So, without going into too much detail about the arrangements on this particular contract, we have put some mechanisms in place.“The client has a few things that they need to do to get the job started on site,” La Rocca said. “But if those things don’t fall into line, and if we don't start in October, there are provisions that flow off that, we can reassess certain components of it.”

Sydney-based construction company Roberts Co is to make a further foray into the Victorian market with a contract for 700 build-to-rent apartments in Melbourne’s inner west.

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A retired couple, anxious to downsize but remain in the neighbourhood, have paid $24.95 million for a 311sq m penthouse, smashing the record for an apartment purchase in Sydney’s blue-ribbon Double Bay.The unnamed couple have bought one of the three penthouses straight from plans for the $200-million development, known as Ode, Double Bay. The apartments came to market less than a fortnight ago.The apartment includes a 148sq m private roof terrace with spa pool and cabana.The previous record absolute sales price was $16.092 million for a penthouse in William Street, Double Bay, although the interior floor space was just 149 square metres, meaning the buyers paid a whopping $108,0000 per square metre, eclipsing the $100,000 per square metre mark for the first time for an apartment in Sydney’s eastern suburbs.The latest sale—the biggest of the three penthouses—works out to about $80,000 per square metre.The deal was brokered by 1st City Real Estate Group. Managing director Brad Caldwell-Eyles said he expected the interest in the development to continue.“Given the level of pre-launch interest, we expect the trajectory of sales to continue strongly, setting Ode apart from the prevailing overall market sentiment,” he said.“As is globally the case across asset sectors, when uncertainty enters a market there tends to be a concerted flight to quality.“Ode Double Bay, &nbsp;and in particular its penthouses, represents a unique property commodity that is already proving to defy the otherwise softening property trends.”Hong Kong developer Top Spring was always&nbsp;<a href="https://www.theurbandeveloper.com/articles/top-spring-double-bay-sydney-luxury-apartments-ode" data-mce-href="https://www.theurbandeveloper.com/articles/top-spring-double-bay-sydney-luxury-apartments-ode">confident the project would be a big seller.&nbsp;&nbsp;</a>Top Spring Australia managing director Sydney Ma told&nbsp;The Urban Developer late last month they were “expecting to hit some record prices given the scale, quality, location and outlook of this project”.First City’s founding partner, Julian Hasemer, said they were confident the penthouses would sell first.“We have just commenced the formal sales campaign and buyers have been aware of the project’s approach and have reached out to secure preliminary details,” Hasemer said. “Ode was always destined to significantly re-set the sales record benchmark for Double Bay.”<div id="5qigSAk9s6pe8nec6ycwOU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3pg8Z5qdk5StzuIn2gUxtv/d39d6858e29bbd9970abc203b5f7d24d/Ode_Record_1__Mid.jpg" alt="The unnamed couple have purchased one of the three penthouses straight from plans." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3pg8Z5qdk5StzuIn2gUxtv/d39d6858e29bbd9970abc203b5f7d24d/Ode_Record_1__Mid.jpg"></picture><div>▲ The unnamed couple have purchased one of the three penthouses from plans.</div><div> </div></div>The five-storey Double Bay project, designed by Luigi Rosselli Architects, will eventually include 15 three and four-bedroom apartments. The three-bedroom apartments, of which there are eight, are expected to start at $9.695 million.Top Spring paid $94 million for the 1334sq m corner site in Cross Street, Double Bay, in September last year. The property—held by long-time owners Stephen and Stella Rose—included a development application, already approved by the Woollahra Municipal Council.It’s that design Top Spring hopes to begin building in the first quarter of next year. Completion would be about two years later. Top Spring expects to name a builder within three months.A Section 4.55 modification is before Woollahra council waiting approval.“That modification is mainly seeking to add private rooftops to each of the penthouses,” Ma said last month. “We expect approval in a couple of weeks.”<div id="5rwUTb9gFuElpcqVPaqzPy"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6pJZfYtT2ceJB4acHl1RAu/ebb4c0eb0fd34062ef8b3185b2119df3/Ode_Record_2__Mid.jpg" alt="Top Spring paid $94 million for the 1334sq m corner site in Cross Street, Double Bay, in September last year." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6pJZfYtT2ceJB4acHl1RAu/ebb4c0eb0fd34062ef8b3185b2119df3/Ode_Record_2__Mid.jpg"></picture><div>▲ Top Spring paid $94 million for the 1334sq m corner site in Cross Street, Double Bay, in September last year.</div><div> </div></div>The ground floor will include about 600sq m of retail space, which Ma says will be given over to high-end boutiques, food and beverage outlets.The site is now occupied by Double Bay Plaza—a set of nine, low-rise shops and three commercial spaces.Top Spring was founded in Hong Kong in 1993 with a focus on residential and commercial development, asset management, fund management and education. Top Spring Australia is a division of Top Spring International, which listed on the Hong Kong Stock Exchange in March 2011.Melbourne’s most expensive apartment is a sub-penthouse in Australia’s tallest building project under development at Southbank overlooking the Melbourne CBD, sold for a record $35 million in April this year.That penthouse is part of&nbsp;<a href="https://www.theurbandeveloper.com/articles/beulah-southbank-launch-breaks-sales-records" data-mce-href="https://www.theurbandeveloper.com/articles/beulah-southbank-launch-breaks-sales-records">the $2.7-billion twin tower project </a>known as STH BNK, by Melbourne developer Beulah International.&nbsp;

A retired couple, anxious to downsize but remain in the neighbourhood, have paid $24.95 million for a 311-sq-m penthouse, smashing the record for an apartment purchase in Sydney’s Double Bay.

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Industry leaders have warned against labelling community, social or affordable housing, saying the practice risks discriminating against demographics that are simply looking for a place to live.Andrew Gutteridge, the principal and founding director of Brisbane-based architectural firm Arkhefield, told a standing-room-only audience the idea of community, social, and affordable housing had always been confusing to many people.“The primary outcome of that, especially with social housing or state housing, is it categorizes the housing into a very low economic group and puts the same demographic into that group,” he said.“They then get labelled and the community gets labelled.“And this gets even more severe, I suppose, when you go down the ladder, let’s say to homelessness.”Gutteridge was speaking at a round-table discussion on build-to-rent (BtR) and affordable housing at The Urban Developer’s&nbsp;third edition of the Urbanity conference, on Queensland’s Gold Coast.He pointed to the Queensland government’s current strategy, saying that during the early months of the pandemic it had cut the relationship between housing and support services.“What they want now is to separate those two things, and simply deliver housing,” he said.“And they want to deliver integrated housing. They don't necessarily want it to be labelled state, community or social or affordable. They simply want to promote housing for people.&nbsp;“And then should people within that community, in that building, require support—which may well be just financial support for your rent, or it may be some sort of social work—then that support attaches to the person not to the unit for the housing.”Zoe Ridgway, also working with Arkhefield, agreed&nbsp;affordable housing was suffering a perception problem in the general community.&nbsp;“But affordable housing is actually targeting more key workers and people who are basically on the median sort of wage, low to medium, we’re talking nurses and school teachers,” Ridgway said.&nbsp;“We need to design our cities for those key workers, otherwise they will just become dysfunctional. People need to be able to live in proximity to their work. It's just a basic sort of principle.”<div id="D0uwyGYqClGXKCAItrEDc"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6TCfdC1Zl1AmU6JtjYR5fj/df47c4fa57705cce409afd427e191f08/BTR_Round_1__Mid.jpg" alt="A section of those participating in the build-to-rent and affordable housing roundtable at Urbanity 2022 on Thursday." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6TCfdC1Zl1AmU6JtjYR5fj/df47c4fa57705cce409afd427e191f08/BTR_Round_1__Mid.jpg"></picture><div>▲ A section of those participating in the build-to-rent and affordable housing roundtable at Urbanity 2022 on Thursday. </div></div>National director of build-to-rent for Colliers Robert Papaleo told the audience it was important to understand how quickly the sector would grow.“We're effectively going from 2500 today to about 15,000 by the end of 2026,” he said.“But while that’s fantastic, we also need to appreciate Australia over recent years has probably been producing—and this goes back to the peak years of 2017 and 2018—about 70,000 new apartments a year.“Even with this growth in build-to-rent, which a lot of people are looking towards to deliver more supply and filling the gap, it's not going to be anywhere near enough to replace the built-to-sell products that we had been accustomed to in the last cycle.“So I think the view that build-to-rent can fill the void and deliver affordable housing really needs to be challenged and fully understood.” “Those that are in the sector have to take a 10, 15 or 20-year view. And the fact that we have 15,000 units in pipeline, coming up to completion, every single person behind that is taking a long-term view,” Paul said.“The Singaporean government is the largest institutional investor in the build-to-rent market through GIC (the Government of Singapore Investment Corporation.)“They don't think in three-year time horizons. They’re thinking on behalf of the population, and they’re thinking in 20-year time horizons.”Papaleo says the reality is Australian developers are in the early evolution of the sector.“And clearly what we're seeing at the coalface is that there's a lot more thinking now going towards the creation of an asset that will deliver just mid-market housing—good value, better quality, mid-market housing—that assists in the creation of more affordable housing products across the market, rather than simply affordable housing per se.” <hr> Learn more about the build-to-rent sector and what’s ahead for this red-hot segment of the industry at <a data-mce-href="https://www.eventbrite.com.au/e/build-to-rent-vsummit-tickets-392077021927?aff=tudwebsite0eventpage0" href="https://www.eventbrite.com.au/e/build-to-rent-vsummit-tickets-392077021927?aff=tudwebsite0eventpage0" target="_blank" rel="noopener">The Urban Developer’s Build-to-Rent vSummit </a>on Thursday, August 25.

Industry leaders have warned against labelling community, social or affordable housing, saying the practice risks discriminating against demographics that are simply looking for a place to live...

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Place Management NSW, which owns and runs much of Sydney’s history, has won approval to build a three-storey commercial and entertainment centre in a street full of heritage-listed buildings in the city’s 230-year-old Rocks area.Sydney City Council has approved an application to demolish a former bank building from the 1980s wedged between two sandstone structures, built about 140 years earlier.Under the plan, the former Westpac Bank building will be replaced with a contemporary three-storey building above one basement level, designed by Smart Design Studio. A huge spiral steel staircase will lead to a rooftop terrace with a retractable awning.There are no plans for a fit-out and the precise use of the building is still to be determined, but the council has approved the development “for future commercial or retail purposes and-or food and drink premises.”Individual tenants will have to lodge further applications before fit-outs are approved.The $7.4-million development is planned for the corner of George and Atherden streets in The Rocks, which includes three adjoining street addresses, all within The Rocks Conservation Area.Two of them house listed heritage items on the NSW Heritage Register.<div id="hxZsGxrBjL9kRZSBJTre8"><picture><img src="//images.ctfassets.net/8pr762qjocl3/71QN2fsEgJkrI1YWFgNMOE/36f8eb33b6f456f03a91abd23ba94438/The_Rocks_2__Mid.jpg" alt="The building, by Smart Design Studio, will feature huge spiral staircase leading to a rooftop terrace with a retractable awning." data-mce-src="//images.ctfassets.net/8pr762qjocl3/71QN2fsEgJkrI1YWFgNMOE/36f8eb33b6f456f03a91abd23ba94438/The_Rocks_2__Mid.jpg"></picture><div>▲ The building, by Smart Design Studio, will feature a huge spiral staircase leading to a rooftop terrace with a retractable awning. </div><div> </div><div>Merchant’s House, built of sandstone in 1848, is a former residence, museum, office and boarding house. </div></div>The Union Bond Store at 47 George Street, also of sandstone and built between 1841 and 1843, was at various stages home to a police sergeant, bonded storage for goods cleared by Customs House at nearby Circular Quay, a warehouse for cork, a bottling plant and bulk storage for wine.Urbis, who prepared the heritage impact study on behalf of Place Management, told the council all vicinity heritage items would be wholly retained and there would be no excavation beneath the historic buildings.However, under the design, architects are proposing new openings for the western wall of the heritage warehouse, allowing access on all levels from within the new building, in Atherden Street.<div id="3bqWYkc8ktVtLqIuFeSVA0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6yqbntpLydkkU7oJtCCnSz/940f948d0f63f9f9e4c7895eaab8464a/The_Rocks_1__Mid.jpg" alt="The new development will replace a two-level masonry building from 1988." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6yqbntpLydkkU7oJtCCnSz/940f948d0f63f9f9e4c7895eaab8464a/The_Rocks_1__Mid.jpg"></picture><div>▲ The new development will replace a two-level masonry building from 1988. </div></div>“The majority of sandstone that will be removed to create the new openings will be reused on site to block in existing openings which are proposed to be modified and reduced for consistency,” the study said.Urbis said the application had been prepared in close consultation with Place Management NSW’s heritage team over 18 months to ensure the significance of the heritage buildings and others in the vicinity were appropriately managed.The Sydney City Council’s heritage advisor and Heritage NSW were also consulted.“The proposal is replacing a late twentieth century anachronistic infill building with a new infill building of design excellence and superior quality and amenity,” the study said.“The proposed building has been carefully designed to complement the strong historical and masonry character of the area and contributes positively to the aesthetics of The Rocks while allowing for a highly contemporary insertion that enhances the character of the area.”The Union Bond Store was added to the NSW Heritage Register in 2002 as “a rare example of a single bay warehouse in remarkable condition from this period.”The Victorian Regency-style warehouse was designed by the notable architect John Bibb, and considered one of the few remaining examples of his early work.It’s longest tenant—from 1875 for nearly 50 years —was a pharmaceutical company producing Row’s Embrocation, a liniment originally intended for horses and cattle but later promoted as a cure for gout, rheumatism, burns, scalds and “old sores of 30 years standing.”

Place Management NSW, which owns and runs much of Sydney’s history, has won approval to build a three-storey commercial and entertainment centre in amongst a street full of heritage-listed buildings in the city’s 230-year-old Rocks area.

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The Reserve Bank of Australia has raised the cash rate by another 50 basis points, hitting millions of Australian homeowners in the hip pocket for a fourth month in a row.In raising the rate to 1.85 per cent, largely as predicted, Reserve Bank governor Philip Lowe said the board placed a high priority on the return of inflation to the 2 to 3 per cent range over time, while keeping the economy on an even keel.“The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments,” Lowe said after a meeting of the board.“The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most countries, Russia's invasion of Ukraine and the Covid containment measures in China.”Australia’s inflation was 6.1&nbsp;per&nbsp;cent over the year to the June quarter—the highest since the early 1990s.Lowe said that although global factors explained much of the increase in inflation, domestic issues were also playing a role.“There are widespread upward pressures on prices from strong demand, a tight labour market and capacity constraints in some sectors of the economy. The floods this year are also affecting some prices,” he said.Today’s decision means homeowners on a variable mortgage rate can expect to pay thousands more each year in interest, according to Finder, the comparison website.Finder head of consumer research Graham Cooke said the combined cash rate hikes would cost the average Aussie homeowner an additional $610 a month compared to what they were paying in April.“Rising interest rates, soaring inflation, energy prices and the general cost of living are already squeezing household budgets,” he said.“This latest hike could cost the average mortgage holder a whopping $7300 extra per year compared to what they were paying in April.”<div id="6RncB3PCrQgy5nGu3gXwOB"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1u07zGwA8lP09yzEeQbPjh/de78d1cbb05cbd8047783cd4d5da199d/rba_rate_hike_august_mid.jpg" alt="One survey last month found 18 per cent of mortgage holders had refinanced their home loan in the past six months." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1u07zGwA8lP09yzEeQbPjh/de78d1cbb05cbd8047783cd4d5da199d/rba_rate_hike_august_mid.jpg"></picture><div>▲ One survey last month found 18 per cent of mortgage holders had refinanced their home loan in the past six months.</div><div> </div></div>CoreLogic’s research director Tim Lawless expected today’s rate hike to flow through in its entirety to variable mortgage rates within days.“Higher interest rates have already had an immediate downside impact on housing values, with CoreLogic’s combined capital cities index peaking shortly after the first rate hike in May,” Lawless said.And he warned most banks were forecasting the cash rate could rise at least another 75 basis points before peaking.&nbsp;“With this in mind, the decline in housing values is expected to become steeper and geographically more widespread,” he said.A Finder survey last month found that 18 per cent of mortgage holders had refinanced their home loan in the past six months and about the same percentage said they planned to do so in the coming six months.But the managing director of the Finance Brokers Association of Australia, Peter White, warned borrowers that switching lenders could prove expensive.“We know from our research last year many mortgage holders were not prepared for this and will now be under financial stress,” White said. “This will cause them to look at refinancing options, which is a reasonable solution for some.“Nothing is free and cheaper doesn't always mean better,” he said.“It can be very costly to switch lenders so you should have all of the facts first. If the increase is creating financial hardship their first call should be to their lender who has the power to help them.”The RBA said a key source of uncertainty continued to be the behaviour of household spending.“Higher inflation and higher interest rates are putting pressure on household budgets,” Lowe said. “Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years.”But on the plus side, he said, people were finding jobs and obtaining more hours of work.“Many households have also built up large financial buffers and the saving rate remains higher than it was before the pandemic.”

The Reserve Bank of Australia raised the cash rate by another 50 basis points today, hitting millions of Australian homeowners in the hip pocket for a fourth month in a row...

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Foreign investors are lining up to pounce on a 400-bed student accommodation complex in Canberra—a stone’s throw from Australian National University—just weeks after the project was approved for development but at least two years before it’s built.“Very strong,” said Mark Thompson of Ray White Commercial, when asked about interest in the sale of the project in Braddon, about 6km north of the heart of the national capital.An expression-of-interest campaign for the six-storey, mixed-use project ended last week.Thompson would not be drawn on the number of applicants they’d received, but said from the “inquiries they’d had, the commitment capital was predominantly from overseas”.The interest had been from the US and Asia, in particular Singapore.“I guess the other part of that is, certainly in Canberra, a large portion of the demand for student accommodation is from Southeast Asia,” Thompson said.“So, there's an understanding, and an acceptance I think, of the student accommodation market in Canberra because there is such a heavy weighting towards Asian students.”<div id="4ccwrJwvPXGPTdVq5UNSwi"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2KQvmIxHvXdkByCyP9tocT/47c6ac9aa1ef80630722a3f1416092c7/Braddon_PBSA__Mid.jpg" alt="An expression-of-interest campaign for the six-storey, mixed-use project ended late this week." data-mce-src="//images.ctfassets.net/8pr762qjocl3/2KQvmIxHvXdkByCyP9tocT/47c6ac9aa1ef80630722a3f1416092c7/Braddon_PBSA__Mid.jpg"></picture><div>▲ An expression-of-interest campaign for the six-storey, mixed-use project ended late this week.</div><div> </div></div>Foreign capital in Australia’s purpose-built student accommodation (PBSA) has been growing in the past 12 months, with investors looking at the sector as a hedge against rising inflation in much of the developed world.This month, the chief executive of Brisbane-based Cedar Pacific, Bernard Armstrong, said <a href="https://www.theurbandeveloper.com/articles/rebounding-student-accommodation-draws-in-foreign-investment" data-mce-href="https://www.theurbandeveloper.com/articles/rebounding-student-accommodation-draws-in-foreign-investment">offshore investors were reacting to strong occupancy rates in Australia’s PBSA.</a>An unnamed Canberra builder-developer gained approval for the Braddon project on 3000sq m in Mort Street, which includes 406 one-bedroom units, four ground floor retail tenancies and basement carparking for more than 60 vehicles.It also features dedicated study areas, a gymnasium, a music room and laundry, as well as two central courtyards and communal open space.The accommodation will be within walking distance of Australian National University and the University of New South Wales Canberra’s planned new campus at Reid.Higher education is the second biggest industry in the ACT after the Commonwealth public service and, in pitching the sale, Ray White described the proposed student accommodation as “in an under-supplied market”.Canberra’s reported shortage is in keeping with the rest of the burgeoning industry in Australia. Last month an industry leader warned the country needed to be prepared to triple the number of beds available for international students.Yugo managing director in Australia Tim Klitscher told&nbsp;The Urban Developer there were <a href="https://www.theurbandeveloper.com/articles/pbsa-investment-opportunities-foreign-students" data-mce-href="https://www.theurbandeveloper.com/articles/pbsa-investment-opportunities-foreign-students">real opportunities for investors to get into the growing Purpose-Built Student Accommodation sector</a>&nbsp;in Australia.Ray White's Thompson said his client was selling a turn-key development.“What he's proposing is to build the development and then sell it to an owner-operator or put in place a management agreement with one of the big student accommodation providers,” Thompson said.“Some of those operators are backed by foreign capital, or local capital,” he said.“So part of our job once we've got all the EoIs in, may be actually teaming up an operator with the investment source and putting the deal together that way, whereas a lot of the operators already have a capital partner in tow.”

Foreign investors are lining up to pounce on a 400-bed student accommodation complex in Canberra—a stone’s throw from Australian National University—just weeks after the project was approved for development but at least two years before it’s built.

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Property prices across most major cities are set to fall by as much as 20 per cent in the next 18 months, according to financial services giant AMP Limited.The company’s&nbsp;chief economist Shane Oliver says cash rates are expected to top out at 2.6 per cent early next year, which would see average property prices across the country fall between 15 and 20 per cent, top to bottom.Oliver said&nbsp;Sydney, Melbourne and Canberra are forecast to see falls of 20 per cent with the low&nbsp;likely be reached in the second half of next year.“The fall in home prices this cycle could well see some cities—notably Sydney and Melbourne—reverse all or much of the boom in prices since their 2020 pandemic low,” Oliver warned, “which will likely see a rise in negative equity for recent low deposit buyers.”Brisbane, Adelaide and Hobart are likely to see 15 per cent declines, with Perth and Darwin dipping 5 to 10 per cent.The economist was commenting on the latest figures from property data company CoreLogic which show the country’s prices last month fell by an average of 1.3 per cent, marking a third consecutive month of declines.In releasing the report CoreLogic’s research director Tim Lawless compared the rate of decline with the onset of the global financial crisis (GFC) in 2008 and the sharp downswing of the early 1980s.Five of eight capital cities reported falls, with Sydney down 2.2 per cent and Melbourne 1.5 per cent. Brisbane also recorded negative growth (-0.8 per cent) for the first time since August 2020, while Canberra (-1.1 per cent) and Hobart (-1.5 per cent) were also down over the month.Property prices decline<div id="2PVN9NucBaJIK2tYAK0PWa"><picture><img src="//images.ctfassets.net/8pr762qjocl3/50Ff0qV7nivoLQkT6MBd1m/d6c7d23de8b5113d906ebc95bd58385f/CoreLogic_Housing__Mid.jpg" alt="Australia property price growth (Source: CoreLogic)" data-mce-src="//images.ctfassets.net/8pr762qjocl3/50Ff0qV7nivoLQkT6MBd1m/d6c7d23de8b5113d906ebc95bd58385f/CoreLogic_Housing__Mid.jpg"></picture><div>^Source: Corelogic</div><div> </div></div>Lawless places the blame squarely upon the Reserve Bank of Australia’s (RBA) cash rate hikes.“Due to record high levels of debt, indebted households are more sensitive to higher interest rates, as well as the additional downside impact from very high inflation on balance sheets and sentiment,” he said.“The rate of growth in housing values was slowing well before interest rates started to rise, however, it’s abundantly clear markets have weakened quite sharply since the first rate rise on May 5.”Regional property prices are weakening as well, with prices dropping 0.8 per cent in July—the first monthly fall since August of 2020.&nbsp;&nbsp;However, regional markets continue to outperform the capital cities, partly because of the exodus of people to the regions.“The stronger growth reflects a significant demographic shift towards commutable regional markets, which is likely to have some permanency as more workers take advantage of formalised hybrid employment arrangements,” Lawless said.“The boom is now well and truly over and the pace of decline in property prices is accelerating,” the AMP’s Oliver said.&nbsp;&nbsp;“As Sydney saw amongst the strongest gains on the way up and became one of the most speculative and most indebted markets its now leading on the way down.”Oliver agreed the main driver of the slowdown was the surge in&nbsp;mortgage rates.“Being able to borrow at a fixed rate of 2&nbsp;per cent&nbsp;or less was a key driver of the boom in prices with fixed rate lending accounting for 40&nbsp;to&nbsp;50&nbsp;per cent&nbsp;of new lending about a year ago,” he said.“But with fixed mortgage rates now up nearly three-fold from their lows and variable rates rising rapidly this has substantially reduced the amount new home buyers can borrow and hence their capacity to pay.”Oliver pointed to a host of other reasons for the downturn, including&nbsp;poor affordability,&nbsp;a rise in new listings in Sydney and Melbourne,&nbsp;a rotation in household spending from goods back to services,&nbsp;cost of living pressures making it harder to save for a deposit,&nbsp;and a collapse in consumer confidence.“As a result, the rug has effectively been pulled out from under the property market,” said.Real estate agents confirm buyers are growing&nbsp;more reluctant to pounce on sales and have reported offers on properties are down as much as 20 per cent as the residential market comes off the boil.&nbsp;&nbsp;Auctioneers say there are few bidders and less action, as buyers keep their hands in their pockets.There are some who believe&nbsp;<a href="https://www.theurbandeveloper.com/articles/australian-mortgage-rate-10pc-prediction" data-mce-href="https://www.theurbandeveloper.com/articles/australian-mortgage-rate-10pc-prediction">mortgage rates could hit as high as 10 per cent</a>.Speaking at The Urban Developer’s residential greenfield development summit last week, Research4 director Colin Keane said mortgage rates needed to be set at double the inflation rate, which is now at 6.1 per cent.Meanwhile the Commonwealth Bank said new data showed a spike in the numbers of homeowners and buyers using its online home loan repayment calculator each month.Early in May, which marked the first time this year the RBA increased the cash rate, visits to bank’s online calculator tool increased by 106 per cent compared to 24 hours earlier.

Property prices across most major cities are set to fall by as much as 20 per cent in the next 18 months, according to the financial services giant, AMP Limited...