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New kid on the block Sam Jamieson is earning his stripes in one of the toughest property cycles.The newly minted developer is readying the launch of his debut project, ns227—a 10-apartment boutique medium-rise tower in Melbourne’s trendy Fitzroy.&nbsp;His development business, JMSN, recently won approval for the Warren Mahoney-designed six-storey residential project, just six months after filing plans.&nbsp;Jamieson acquired the site in 2022 for $4.5 million, a figure that he says is now under value.&nbsp;But the site came with “low planning risk” with neighbours including Milieu who had already run the gauntlet to set height limits in the area.Jamieson said he was already in talks with a potential buyer for the sub penthouse, and an early sale could hasten the move to get shovels into dirt on the 394sq m site.&nbsp;“The advice was to stay within the existing envelope,” Jamieson said.&nbsp;And that turned out to be good advice as the development moved through the planning phase without a VCAT referral.&nbsp;“I think this was a bit of an anomaly—but I’m very happy with the result. We were just really considered in our approach.&nbsp;“We have a four-storey podium that interfaces with the street, it’s not wedding-caked. It’s a really good example of how development can be done well, where everyone is able to flex design in a way that benefits the neighbourhood.”The project has taken inspiration from European townhouses with interiors taking a more pared back Parisian apartment-style, according to Jamieson.&nbsp;“It finds a good balance between classic and contemporary design,” he said.&nbsp;“You cannot replicate the European style because it is of its place. But there are aspects of it like the Juliet balconies and windows, while the materiality is more contemporary with polished concrete in the lintels and the bagged brick facade.“Fitzroy is not what it was 10 years ago, it’s evolving. There is so much amenity in the area and retail and public transport, which will be good for downsizers looking to move closer to family.”&nbsp;The developer is looking to break ground in mid-2024 at which time he says he hopes joinery prices will have stabilised.&nbsp;While it may be a testing time for the industry Jamieson says he is learning a lot in the current climate.&nbsp;“If you look at any of the great developers out there, they’ve all gone through the GFC. A lot of developers have been riding the good times,” he said.&nbsp;

New kid on the block Sam Jamieson is earning his stripes in one of the toughest property cycles, but his debut project is on track at Fitzroy...

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Renewal SA will spearhead the redevelopment of the West End Brewery site at Thebarton after the South Australian government acquired the 8.4ha site from Lion Brewing for $61.5 million.&nbsp;Plans for 1000 new homes include at least 200 affordable housing properties as part of a mixed-use development and commercial precinct in Adelaide’s inner-west.&nbsp;Premier Peter Malinauskas said Renewal SA would ensure that affordable housing was prioritised.&nbsp;“We’re serious about addressing the housing supply issue and we see this site as providing another opportunity to do that,” Malinauskas said.The landmark Port Road site will be developed into a $1-billion mixed-use community compromising 1000 new homes, commercial space, retail and greenspace activations that will create a bustling new precinct.Renewal SA will act as master developer of the prime 8.4ha parcel and work in partnership with industry to deliver the project after being selected as the preferred proponent.Renewal SA was also developing social and affordable housing on the site of the old Franklin Street bus station.&nbsp;<div id="4qaMCCqUzCQWCUMO2eBkXq"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1JdWqFoqvFse3UEwukS1gr/5075bce2b773df902e72178258cd8ea3/West_End_Brewery_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1JdWqFoqvFse3UEwukS1gr/5075bce2b773df902e72178258cd8ea3/West_End_Brewery_MID.jpg"></picture><div>▲ Heritage buildings on the former Lion Brewing site would be retained as part of the $1-billion mixed-use precinct development. </div></div>The West End Brewery closed in June, 2021 after 135 years of brewing at the site.Heritage buildings would be retained and construction was slated for 2025, with completion forecast for 2027.&nbsp;The government has faced criticism from the South Australian development industry amid claims it should not be outbidding developers in the open market for shovel-ready sites.&nbsp;Groups including Perth-based housing group Peet, Amulet Property and a joint venture between Commercial &amp; General and McMahon Services were all outbid.&nbsp;Malinauskas said the government was stepping in to buy key pieces of land for development to address the current supply-side issues in the housing market.&nbsp;

More than 1000 homes will be developed on the former brewery after the State Government spent an eye-watering amount acquiring the “strategic” site…

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Fifteen years after putting together its significant 11,569sq m consolidated site, property fund ISPT has finally unveiled its ambitious plans to build a 42-storey commercial tower at Elizabeth Street in Brisbane.<a data-mce-href="https://www.theurbandeveloper.com/articles/ispt-unveils-aud135m-tech-central-office-revamp" href="https://www.theurbandeveloper.com/articles/ispt-unveils-aud135m-tech-central-office-revamp" target="_blank" rel="noopener">The superannuation-backed property investor</a> is describing it as the “final piece” of the puzzle in the significant site, which also comprises the Regent Theatre Building, Zara, Wintergarden and the Hilton Hotel.&nbsp;An eight-storey podium will knit together the hotel, carpark, and retail components with the heritage fabric of the former Regent Theatre, and a premium grade mixed-use office tower on the vacant site behind the theatre.&nbsp;It cements the property investor’s positive outlook for Brisbane’s CBD, following news its jointly owned <a data-mce-href="https://www.theurbandeveloper.com/articles/myer-centre-uptown-new-details-brisbane" href="https://www.theurbandeveloper.com/articles/myer-centre-uptown-new-details-brisbane" target="_blank" rel="noopener">Uptown shopping centre would undergo a $500-million upgrade</a>.&nbsp;The 42-storey tower will be partially elevated above the existing Wintergarden carpark with commercial floor plates ranging from 1344sq m to 2077sq m incorporating pocket gardens, sky terraces and balconies.&nbsp;<div id="77yDMBO93oUPXAnRmCSuuo"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4URdezqDMkK4cXQETN5H89/1bdf783c60b11933f8280a6dbf4f4bf5/150_Elizabeth_MID1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4URdezqDMkK4cXQETN5H89/1bdf783c60b11933f8280a6dbf4f4bf5/150_Elizabeth_MID1.jpg"></picture><div>▲ The view from Elizabeth Street, which shows part of the new building would rise above the existing carpark. The plan retains the heritage elements of the Regent Theatre. </div></div>The Wardle-designed building would comprise a gross floor area of 59,224sq m with three auditoriums and the incorporation of the grand marble staircase and foyer of the Regent Theatre.&nbsp;Place Design Group’s town planning report describes the project as “the catalyst to commence the revitalisation and urban regeneration within the city block limits of Albert, Elizabeth, Edward and Queen streets”.“The development is a precinct-wide approach that integrates existing uses with the proposed development to enable a cohesive and unified precinct outcome for the site,” Place Design Group said.“It is part of a broader precinct-wide integration and renewal of Brisbane’s Regent, Wintergarden, Zara and Hilton buildings incorporating a new commercial office tower reaching 42 storeys on a portion of the site that is currently vacant.&nbsp;“The tower sits above an 8-storey podium that incorporates accommodation of carparking and ground-level connections through to the existing Regent Theatre heritage building.”Level 9 above the harmonised podium will form a multi-functional and connected level floorplate that integrates existing rooftop spaces of 155 Queen Street, the Wintergarden and Hilton with activated and landscaped spaces with views to the City and Mt Coot-tha.&nbsp;According to Wardle’s design vision, the project at 150 Elizabeth Street would represent a “striking design complemented by greenery creating a strong urban presence within the Brisbane skyline through its unique facades”.<div id="3ameytqJiJ6MC0AiQPywo6"><picture><img src="//images.ctfassets.net/8pr762qjocl3/56O5gp4SaoszAIIKsr67gM/716363d8c832720cbeca3aad14e2b5b8/150_Elizabeth_MID2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/56O5gp4SaoszAIIKsr67gM/716363d8c832720cbeca3aad14e2b5b8/150_Elizabeth_MID2.jpg"></picture><div>▲ Renders of the planned tower on Brisbane’s Elizabeth Street.</div><div> </div></div>“The new tower entry foyer is designed around a high, open-air lane that leads to the front door flanked to one side by a green landscaped wall that acts as a backdrop to this new public space and an immersive landscape experience,” design documents said.“The prominence of the facade is made to aesthetically dominate with the backdrop of high-performing charcoal-tinted glazing, used to reduce the internal heat loads and glare.”The development has been designed to reinforce and create a meaningful identity on Elizabeth Street, with pedestrian connectivity and greater permeability of the site to create urban vibrancy on the ground plane and lower levels.&nbsp;The plan retains and incorporates the heritage elements of the former Regent Theatre. Building works are proposed to 155 Queen Street and the existing Hilton Hotel.&nbsp;There will be no change to the number of rooms in the Hilton Hotel.&nbsp;ISPT had previously approved plans for a 40-storey commercial tower on the site, which was to be called The Regent.&nbsp;The Urban Developer understands the property investor is hoping to get 150 Elizabeth under way next year, subject to planning approvals and strong pre-commitments.&nbsp;ISPT has a strong history of adaptive reuse of heritage buildings, including the <a data-mce-href="https://www.theurbandeveloper.com/articles/ispt-preserving-rich-heritage-for-a-bold-future" href="https://www.theurbandeveloper.com/articles/ispt-preserving-rich-heritage-for-a-bold-future" target="_blank" rel="noopener">H&amp;M flagship store in Melbourne’s GPO building</a>. It has 140 properties in its portfolio and $22.2 billion in funds under management.&nbsp;

Fifteen years after putting together its significant 11,569sq m consolidated site, property fund ISPT has finally unveiled its ambitious plans to build a 42-storey commercial tower on Elizabeth Street in Brisbane...

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After a trip through the Land and Environment Court, Adjani has approval for its five-apartment boutique development at Fairlight in Sydney’s Northern Beaches.&nbsp;The DKO-designed project slated for 30 Fairlight Street will rise three storeys above a basement carpark comprising 10 spaces.&nbsp;Adjani co-founder Aaron Hatch said the developer, established in 1996, hoped to break ground early next year.&nbsp;“They’re very boutique sites on the high side of the street with views out to Manly. It’s a really tightly held area,” Hatch said.&nbsp;“It’s mostly federation style homes in the area but Le Onde incorporates a lot of raw material.”Hatch said Adjani focused on the well-heeled suburbs of Mosman, Balmoral and Manly.“But Manly is the key area we want to focus on,” Hatch said.&nbsp;“The largest project we’ve done is 33 apartments but we prefer the boutique end of the market.”<div id="1gtFKlUjNadCwpl04IBgPM"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3VEJhKwVeDUuICMB7ZowmJ/59e777906255ad5c4dfcd7fe0e73d162/Le_Onde_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3VEJhKwVeDUuICMB7ZowmJ/59e777906255ad5c4dfcd7fe0e73d162/Le_Onde_MID.jpg"></picture><div>▲ Residents of levels 1 and 2 will have views to Manly Beach. Image: DKO </div></div>The project will comprise two three-bedroom apartments on the ground and first floors, and a three-bedroom penthouse on the top floor.&nbsp;Hatch said he anticipated to achieve about $32,000 per sq m for the lower floors and about $40,000 per sq m for the penthouse.At Manly Beach, apartments were transacting from $50,000 to $60,000 per square metre.&nbsp;“There’s just no supply,” Hatch said.&nbsp;“These apartments are targeted at the downsizer market. You can still walk down to Manly Beach and the ferry but you’re a bit removed from the busy city centre.”&nbsp;<div id="5Yz1O7vSxEJQm35vuMNqTd"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6XelCJLKN8dXtbEuo9Mj0w/2b35b2f3e4c46cddba2bbc1aa5a5fd2e/Manly_Wharf_hero.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6XelCJLKN8dXtbEuo9Mj0w/2b35b2f3e4c46cddba2bbc1aa5a5fd2e/Manly_Wharf_hero.jpg"></picture><div>▲ Manly Wharf was recently acquired by the owners of Howard Smith Wharves. </div></div>DKO’s design aesthetic was to honour the heritage of the area while delivering contemporary architectural form.The developer has teamed with DKO on previous projects, including its most recent project, two homes at 66 Alexander Street also at Manly.Meanwhile, Time &amp; Place has also been active at Manly this year, earlier<a data-mce-href="https://www.theurbandeveloper.com/articles/time-and-place-manly-shoptop-development-application" href="https://www.theurbandeveloper.com/articles/time-and-place-manly-shoptop-development-application" target="_blank"> lodging plans for a shoptop development with 25 apartments</a>.The five-storey plans were lodged with the Northern Beaches Council for a five-lot site opposite Manly Oval at 35-43 Belgrave Street.

After a trip through the Land and Environment Court Adjani now has approval for its five-apartment boutique development at Fairlight in Sydney’s Northern Beaches...

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Sydney-based property fund manager Haben has splashed $115 million to acquire Dexus’s 50 per cent stake in a Townsville shopping centre <a data-mce-href="https://www.theurbandeveloper.com/articles/brisbane-olympic-games-colliers-regions-benefit" href="https://www.theurbandeveloper.com/articles/brisbane-olympic-games-colliers-regions-benefit" target="_blank" rel="noopener">in north Queensland</a>.&nbsp;Dexus offloaded its recently acquired non-management stake in Stockland Townsville, which it acquired as part of its AMP Capital Shopping Centre Fund deal.&nbsp;It’s reportedly the first regional shopping centre deal in almost 12 months, according to JLL agents Nick Willis and Sam Hatcher who sold the stake in the property.&nbsp;The 45,021sq m shopping centre underwent a $180-million redevelopment and expansion in 2012, and sits on a 9.4ha site with two additional development sites.Haben adds the asset to its portfolio of 12 assets on the eastern seaboard and about $2 billion under management.&nbsp;Haben managing director Ben Finger told The Urban Developer that the <a data-mce-href="https://www.theurbandeveloper.com/articles/counter-cyclical-private-equity-playing-hardball-wentworth-haben-marquette-ulc" href="https://www.theurbandeveloper.com/articles/counter-cyclical-private-equity-playing-hardball-wentworth-haben-marquette-ulc" target="_blank" rel="noopener">property fund focused solely on retail with food and service-based shopping centres and development upside</a>.&nbsp;He said it was the group’s first partial acquisition of an asset.&nbsp;“Haben is pleased to add Stockland Townsville to our growing portfolio,” Finger said. &nbsp;“The opportunity is on strategy with our business to provide stable and higher returns for our investors in this higher interest rate environment.&nbsp;“Our portfolio is very focused on robust retail assets with strong underlying land that provide mixed-use development opportunities.“We continue to see our centres trade with exceptionally strong sales growth, low vacancy and positive rental spreads.”<div id="6rXYHiIphobQXUQcMB10fm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6J0Q0DpQrJUmeMrRqVpNZc/a43e0e5dd2d713d9f82b1b0656d543f2/marquette_property_seminar_122.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6J0Q0DpQrJUmeMrRqVpNZc/a43e0e5dd2d713d9f82b1b0656d543f2/marquette_property_seminar_122.jpg"></picture><div>▲ Haben managing director Ben Finger speaking at a property event this year.&nbsp; </div></div>Earlier this year Finger told The Urban Developer that Haben was working on a 700-apartment development on the site of one of its assets.&nbsp;JLL’s Nick Willis said Stockland Townsville had 99.5 per cent occupancy and more than $278 million in total centre sales.“The transaction reaffirms liquidity for the regional sub-sector, in addition, the continuing trend of new capital emerging for interest in institutional-grade retail assets,” Willis said.“In the last three years we have seen 16 partial interests trades, totalling more than $3.75 billion of capital, of which 60 per cent was maiden.&nbsp;“This has included a mix of super funds, syndicators and private investors, such as Nikos Property, which acquired 50 per cent of Colonnades Shopping Centre in South Australia; this was their first foray into shopping centres.“Globally we are seeing capital re-emerge for retail assets, due to the growing evidence of assets’ forecast performance, relative value and underlying land and multifaceted nature, compared to other sectors.”

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Plans for West Australia’s first proposed carbon-negative $350-million hybrid timber tower may be headed for the spike file.Grange Developments’ <a data-mce-href="https://www.theurbandeveloper.com/articles/worlds-tallest-timber-tower-grange-development-south-perth" href="https://www.theurbandeveloper.com/articles/worlds-tallest-timber-tower-grange-development-south-perth" target="_blank" rel="noopener">C6 development </a>slated for 4-8 Charles Street, South Perth, which has won multiple awards, is due to be formally assessed at a Metro Inner-South Joint Development Assessment Panel meeting on September 28.&nbsp;But Grange Development managing director James Dibble said they were facing “unprecedented resistance” from West Australian planning, which he said was “fundamentally broken”.“Western Australia has the longest and most tedious planning process in the country and the fewest project starts of scale,” Dibble said.“Despite Grange Development’s commitment to best-in-class sustainability, engineering, architectural and community outcomes, and willingness to share intellectual property and knowledge freely, panel members persist in blocking progress, stalling projects, and hampering innovation not just in our case but across the state.”The Fraser and Partners-designed C6 hybrid timber tower plan comprises 237 apartments, a 437sq m public park, fully electric building and a bank of 80 communal Teslas.&nbsp;The core building structure is forecast to sequester 10.5 million kg of carbon dioxide equivalent, compared to a traditional concrete structure of a similar scale, which Dibble says is enough to offset 4885 economy class seats on a Perth-to-London long-haul flight.<div id="5MTuBRTYp7cweZWaiN8WBx"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5FQsC8pGEGUTtFU5INaC5N/5c4ec778bdd0ff1833cc498b9da2a17a/4__1_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5FQsC8pGEGUTtFU5INaC5N/5c4ec778bdd0ff1833cc498b9da2a17a/4__1_.jpg"></picture><div>▲ Grange Developments managing director James Dibble. </div></div>&nbsp;The Urban Developer understands the planning panel is requiring key aspects of the proposal to be modified to reach the standards of “good design” as defined by State Planning Policy 7.0.&nbsp;This policy relates to context and character, landscaping, built form and scale, functionality and build quality, sustainability, legibility, amenity, safety community and aesthetics.&nbsp;Agenda documents for the upcoming meeting demonstrate the lack of support for the project in its current form.&nbsp;“The design approach is not supported and requires further development to achieve design excellence,” the executive summary said.&nbsp;“The project being reviewed proposes comprehensive development above the Tier 1 limits and therefore is required to achieve design excellence.&nbsp;“As the proposal is not yet considered to have achieved good design, as defined by SPP 7.0, it is clear that design excellence—which requires the proposal to demonstrably exceed these requirements—has not been met.”<div id="6eOPZil7pfAaUFN9AlmQcw"><picture><img src="//images.ctfassets.net/8pr762qjocl3/66zpMNpzb8CpGIQpN7sl23/ee2aab74a56c2ceacc8eea88b1c15652/5__1_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/66zpMNpzb8CpGIQpN7sl23/ee2aab74a56c2ceacc8eea88b1c15652/5__1_.jpg"></picture><div>▲ The design review panel made recommendations regarding building sway, apartment amenity, security and legibility. </div></div>The report outlines recommendations including height reduction, consideration of building sway, solar protection, crime prevention, improving residential amenity, and revisiting planting strategy.&nbsp;The Department of Planning, Lands and Heritage was contacted for comment.Dibble said the tower’s design was compliant with the state’s planning framework but had hit roadblocks in the “planning system labyrinth”.He said the C6 project did not have the support of the city despite three State Review Panel meetings and “considerable co-operation” to redesign elements of the development.Perth, like most Australian capital cities, is facing a constrained housing supply, with South Perth’s vacancy rate at less than 1 per cent.&nbsp;“South Perth currently represents the highest plot ratio in the state and we are facing a national housing crisis, and yet the state’s planning system refuses to endorse a shovel-ready project that has been designed among the most progressive environmentally sustainable developments worldwide, and significantly, the first to emerge following the South Perth Activity Centre Plan’s adoption,” Dibble said.&nbsp;“It’s utterly perplexing that the project can receive international design awards from well-regarded industry bodies around the world, yet the state’s own design review panel will not recognise this project as achieving ‘good design’.”When plans were lodged last year the 50-storey tower was slated to be the world’s tallest hybrid timber tower at 183 metres.&nbsp;An urban farm was planned for the rooftop.&nbsp;

Grange Development’s award-winning C6 tower may be headed to the spike file due to “unprecedented resistance” from an assessment panel…

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Six years after its pool was bulldozed to make way for a stadium, Parramatta has flung the doors open on its architecturally-designed aquatic centre.&nbsp;The $88.6-million pool was co-funded by the NSW and local governments after a bun fight over who would foot the bill. &nbsp;&nbsp;The aquatic centre was forecast to attract up to a million swimmers each year ahead of its opening this week.&nbsp;The circular structure is at Mays Hills in Parramatta Park.&nbsp;The Grimshaw Architects-led design team, with Andrew Burges Architects and McGregor Coxall, was charged with creating something that blended into the landscape, despite its 40,000sq m footprint.&nbsp;<div id="7JwLTsBQVCTKC0IXoqaiAQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7FRMe8f0I9QDt5o8VPqJib/56d6d55d48ba2afbe7b78ebf19b68b5f/Parra_Pool_MID2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7FRMe8f0I9QDt5o8VPqJib/56d6d55d48ba2afbe7b78ebf19b68b5f/Parra_Pool_MID2.jpg"></picture><div>▲ The circular design of the aquatic centre was designed to limit its intrusion into the surrounding Parramatta Park. </div></div>The Parramatta pool is a modern take on the traditional aquatic centre typology with a focus on outdoor landscaping and recreational space as a place of gathering, according to the architects.It is the second collaboration between Grimshaw and Andrew Burges Architects, who also delivered the award-winning Gunyama Park Aquatic and Recreation Centre at Sydney’s Green Square.&nbsp;Grimshaw Ppoject director Josh Henderson said it was a much-needed piece of infrastructure for western Sydney.&nbsp;“The design team, <a data-mce-href="https://www.theurbandeveloper.com/articles/parramatta-nsw-pedestrian-link-plan" href="https://www.theurbandeveloper.com/articles/parramatta-nsw-pedestrian-link-plan" target="_blank" rel="noopener">City of Parramatta</a> and builder (Lipman) have all collaborated to create a valuable community asset that is enjoyable to experience, well made, highly functional and accessible,” Henderson said.&nbsp;“As a new home to many community groups, the opening of the facility will provide vibrant landscaped public spaces for fitness, sport, learn to swim classes and for time with friends and family.”<div id="47hW75bB7AK721qQugteFW"><picture><img src="//images.ctfassets.net/8pr762qjocl3/lLuZ4k8sDV79VtXiehEaz/7aa249129f384d36aeca62c65162e5a4/Parra_Pool_MID1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/lLuZ4k8sDV79VtXiehEaz/7aa249129f384d36aeca62c65162e5a4/Parra_Pool_MID1.jpg"></picture><div>▲ The aquatic centre is forecast to attract a million visitors each year. </div></div>Andrew Burges Architects principal Andrew Burges said the design of the aquatic centre was about sensitively locating the relatively large scale of the development into its park setting with “minimal disruption”.&nbsp;“Our goal was to provide a completely new vision of what an Aquatic Centre could be,” Burges said. &nbsp;“We wanted to create a destination for the community, one that provides opportunity for many forms of recreation in a safe and inspiring facility that feels more like a landscape setting than a building.”The Parramatta pool is one of a long list of pool redevelopments that are happening across Sydney.&nbsp;The <a data-mce-href="https://www.theurbandeveloper.com/articles/multimillion-dollar-plans-for-sydney-olympic-pool-redevelopment" href="https://www.theurbandeveloper.com/articles/multimillion-dollar-plans-for-sydney-olympic-pool-redevelopment" target="_blank" rel="noopener">$89-million North Sydney Olympic pool</a> is due to reopen in 2024, as is the Willoughby Leisure Centre, while Canterbury’s aquatic centre rejuvenation is due for completion in 2025.&nbsp;The new Parramatta Aquatic Centre comprises a 50m outdoor pool, a 25m indoor pool, a learn-to-swim pool and indoor water playground, a health and wellness centre and gym, in addition to 360 solar panels.&nbsp;<a data-mce-href="https://www.theurbandeveloper.com/articles/urban-property-unveils-parramatta-btr-office" href="https://www.theurbandeveloper.com/articles/urban-property-unveils-parramatta-btr-office" target="_blank" rel="noopener">City of Parramatta</a> Lord Mayor Sameer Pandey said the aquatic centre had been thoughtfully designed for future generations.&nbsp;

After six years with no pool, the lane ropes are out on Parramatta's $88-million architecturally designed aquatic centre. See inside...

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Build-to-rent and student accommodation asset owners could create step-change in apartment sustainability but it all comes down to data.It’s something that Hip V. Hype founder Liam Wallis is well across. Wallis and his family have been living by the numbers for the past 12 months as part of a live-in experiment.&nbsp;They were the guinea pigs in the year-long post-occupancy experiment dissecting the developer’s award-winning Ferrars &amp; York residential development’s building performance against sustainability goals.&nbsp;The 22 apartments in the all-electric building at South Melbourne were set up as embodied carbon neutral and operational carbon neutral, powered by 100 per cent green power.&nbsp;<h2>The numbers game</h2> The data reveals apartments in the six-storey residential building achieved an average 8.6 NatHERS rating (out of 10), while the highest rated apartment in the building achieved a 9.3 NatHERS rating.&nbsp;The self-funded 12-month research project has been driven by Hip V. Hype’s Better Buildings team, which specialises in green buildings and engineering.&nbsp;<div id="6f1stMBzRm8XJiZILcTDln"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5CX0n0TLOBlRyVvgGI8yc9/824d85275c203515af1bcd399c415f6a/Hip_V_Hype_MID2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5CX0n0TLOBlRyVvgGI8yc9/824d85275c203515af1bcd399c415f6a/Hip_V_Hype_MID2.jpg"></picture><div>▲ Achieving good air quality was no easy feat for a development between a train line and a major road through South Melbourne. Image: Tess Kelly </div></div>The development was fitted with technology to monitor building performance as well as indoor air quality, carbon dioxide, humidity, temperature and volatile organic compounds, which are all key measures of Indoor Environment Quality (IEQ).“The industry in Australia typically has a poor understanding of how apartments perform when complete,” Wallis says.&nbsp;“Rating tools are not yet calibrated against performance in any meaningful way. It is in our DNA at Hip V. Hype to seek to improve design and performance outcomes with each successive project we undertake and to share learnings through our advisory and advocacy work to help raise the bar more broadly across industry.”Hip V. Hype’s head of better buildings, David Mahony, says the Ferrars &amp; York apartments had cut annual heating and cooling costs by 30 per cent, while reducing cooking-power costs 32 per cent, and water heating was down 21 per cent on average.&nbsp;<h2>Broader applications for BtR and PBSA</h2> Mahony says this is a cost saving of about $295 an apartment a year, which may seem like small change, but the ripple effect for high-density, long-hold assets is significant.For a 2500 apartment build-to-rent asset it could represent a $7-million saving over a 10-year period, he explains.&nbsp;<div id="6RJPeu6qhvrbEWJzN8lWTh"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7cO3EgM1ryymLeTBkHcVaK/84de04a5f55c99bb7ca374ad28b3838a/hesta_super_housing_kensington_btr_edm_hero.jpg" alt="HESTA and Super Housing Partnerships have now joined Assemble and Housing Choices Australia as work gets underway with a build-to-rent project at Kensington in Melbourne." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7cO3EgM1ryymLeTBkHcVaK/84de04a5f55c99bb7ca374ad28b3838a/hesta_super_housing_kensington_btr_edm_hero.jpg"></picture><div>▲ HESTA and Super Housing Partnerships have now joined Assemble and Housing Choices Australia to develop high-sustainability build-to-rent apartments at Kensington. </div></div>During the coldest fortnight of the year a three-bedroom apartment at Ferrars &amp; York maintained a temperature of 19C to 25C with very little reliance on additional heating, at just 32c a day.&nbsp;Mahony says the building’s high performance was down to the selection of building fabric and energy recovery ventilation (ERV) system.&nbsp;“Occupants are likely to be healthier and happier in buildings that have higher performing building envelopes and systems, such as energy-recovery ventilation that promote healthy internal environments like consistent temperatures, cleaner air and significantly better acoustic performance,” he says.&nbsp;Hip V. Hype founder Liam Wallis agrees.&nbsp;“Assets with better indoor environment quality can reasonably expect to see lower churn, lower vacancy and higher rental rates over time,” he says.&nbsp;<h2>The bottom line</h2> Building efficiency is key to operational expenditure management for long-hold assets such as build-to-rent and purpose built student accommodation.Wallis says there is “immense potential” for the research to feed into all housing typologies but particularly build-to-rent, where performance is closely linked to asset value.&nbsp;“For build-to-rent asset owners in particular, a building built to the standard of Ferrars &amp; York would likely result in a lower operational cost base for energy, lower vacancy and higher rates in what promises to be a competitive market for tenants with flexibility,” he says.&nbsp;“Other upsides, such as lower maintenance and system upgrade costs due to systems working less hard, are also worthy of consideration.“For those seeking to develop, own and operate an asset for more than 10 years, an integrated design-optimised approach to sustainability and greenhouse gas emission reduction is likely to result in a positive return on investment.”<div id="4yWqsMYiHorO3MB4A8gc4b"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1tFF11T8wxHtzfzbvGMSJm/a010c151fde15b343c7361627d7f29ea/Hip_v_hype_data_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1tFF11T8wxHtzfzbvGMSJm/a010c151fde15b343c7361627d7f29ea/Hip_v_hype_data_MID.jpg"></picture><div>▲ Hip V. Hype’s Liam Wallis acknowledges the initial outlay for strong sustainable outcomes is significant. Image: Tess Kelly </div></div>Wallis acknowledges the upfront costs of an optimised approach to sustainable building design but says the proof is in the pudding, so to speak.&nbsp;He says capital expenditure may be higher but this is counterweighted with reduced operational maintenance and replacement costs and the “asset value can be higher as a result of outgoing cashflows being lower and incoming cashflows being higher in aggregate”.Hip V. Hype’s advisory services provide sustainable design advice to some of Melbourne’s biggest developers.&nbsp;<h2>Only 5pc exceed minimum standards</h2> Australian Housing and Urban Research Institute (AHURI) data shows that demand for sustainable apartments is not being met.While Australians are increasingly moving into apartment living, a spatial analysis of sustainable apartment development and major retrofit projects in metropolitan and regional NSW and Victoria shows less than 5 per cent of building projects are exceeding minimum standards for sustainability.&nbsp;And the ones that are achieving strong sustainability results are primarily concentrated in premium suburbs.&nbsp;The report says there is a disconnect in the speculative build-to-sell developments between what consumers want, and what is built.&nbsp;<div id="7oddHRqkbxfc5rpEzkgYlj"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5pghZX5w5cTjfhhBWYjNZ8/19ed3eba2f3d7ca3e0578c612d7bb7a9/Gamuda-Crema_Mid_2__Long_.jpg" alt="An artist's impression of the tower. Gamuda’s green credentials for the Fishermans Bend development are deep below the ground." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5pghZX5w5cTjfhhBWYjNZ8/19ed3eba2f3d7ca3e0578c612d7bb7a9/Gamuda-Crema_Mid_2__Long_.jpg"></picture><div>▲ Gamuda Land has embedded strong green credentials in the design of its Canopy build-to-sell development at Fishermans Bend. </div></div>While it may be a bottom-line decision for developers in a challenged feasibility environment, the build-to-rent sector has an opportunity to drive change.&nbsp;“Build-to-sell are often designed to only meet minimum standards, and the sector’s reliance on investor demand, which is especially vulnerable to economic cycles, works against developers delivering innovative, sustainable apartments,” the report says.&nbsp;But build-to-rent, community housing providers and student accommodation are less vulnerable to these market forces, explains UNSW City Futures Research Centre’s Dr Hazel Easthope.&nbsp;“During our research, a planning consultant suggested build-to-rent could become a major driver for sustainable apartments across all development models, as it could boost the scale of sustainable development and therefore could ‘push’ the whole apartment sector forward,” Easthope says. &nbsp;<hr> You are currently experiencing&nbsp;The Urban Developer&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;<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> </div></div>

A year-long experiment by Hip V. Hype’s Liam Wallis and his family has serious implications for property’s hottest sector: build-to-rent…

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Constrained supply and long-term leases are proving appetising for investors looking for yield diversification in the life sciences market.&nbsp;The life sciences asset class has suffered a bit of an identity crisis, straddling office, healthcare and industrial.&nbsp;But the specialised market segment, driven by the ongoing demand for purpose-built facilities that serve <a data-mce-href="https://www.theurbandeveloper.com/articles/life-science-investors-boom-1bn" href="https://www.theurbandeveloper.com/articles/life-science-investors-boom-1bn" target="_blank" rel="noopener">life sciences industry participants, is maturing</a>.&nbsp;Colliers associate director for healthcare and retirement living valuation and advisory services David Mugenyi said there had been a notable surge in occupier demand.&nbsp;“There has also been increased interest from institutional funds looking to invest in Life Sciences property assets, thanks to state and federal govenrment policies, which aim to reduce Australia’s reliance on the global supply chain for pharmaceuticals and vaccines,” Mugenyi said.“The availability of purpose-built life science facilities in the market remains limited, creating a gap between demand from occupiers and the ability of landlords to provide suitable space.&nbsp;“Given constrained supply and attractive long-term leases typically exceeding 10 years, life science assets come with an appealing yield profile ranging from 4.75 per cent to 5.5 per cent.”<div id="1sa7l2K3L5fnQuuk7B98DQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1JR4awtn7jz9LU99mSYj6U/8490e2525e6bdf7f48b1cb7f4f44ed98/Gold_Coast_Life_Sciences_Centre__1_.jpg" alt="Outside the proposed Gold Coast Life Sciences Centre at Southport." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1JR4awtn7jz9LU99mSYj6U/8490e2525e6bdf7f48b1cb7f4f44ed98/Gold_Coast_Life_Sciences_Centre__1_.jpg"></picture><div>▲ Lumina at the Gold Coast Health and Knowledge Precinct at Southport. </div></div> Colliers director Ash Dean said Melbourne’s Ferntree Business Park at Notting Hill and near the Monash Business Park precinct continued to lure the biomedical industry.&nbsp;“Over the last few years we have seen a significant rise in enquiry from biomedical and life sciences occupiers seeking space in the Monash precinct,” Dean said. &nbsp;The Gray Puksand-designed Ferntree Business Park is a new-generation business park that has created a lifestyle precinct through clever planning and design.According AusBiotech, the number of life sciences organisations has increased 60 per cent from 2017 to 2022 and significant government investment has accelerated this further.&nbsp;And a recent Knight Frank report has ranked the life sciences asset class fourth for capital allocation in the next 18 months.&nbsp;Life sciences continues to boom as the industry’s revenue is forecast to grow to $10 billion in the next five years and it’s all green lights for property investors.<a href="https://www.theurbandeveloper.com/articles/life-sciences-lure-investors-to-35bn-market" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/life-sciences-lure-investors-to-35bn-market">Superannuation funds and offshore capital are diving into the life sciences property sector,</a> according to a report commissioned by Colliers and Harrison Street this year, while developers compete for prized land close to medical precincts.&nbsp;

Constrained supply and long-term leases are proving to be appetising for investors looking for yield diversification in the life sciences market.

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It’s official—Sydney’s property market is overvalued.&nbsp;According to the UBS Global Real Estate Bubble Index of 2023, the housing bubbles are deflating—real house prices fell by 5 per cent on average.But the NSW capital remains far too expensive compared to its inhabitants’ incomes. The city chalked up 16th in the ranking of residential property markets across 25 cities around the world.&nbsp;The reality for aspiring homeowners now is that affordability is at its worst.&nbsp;AMP chief economist Shane Oliver said the widening gap between house prices and incomes was to blame.&nbsp;“At its core, housing affordability is determined by home prices, income levels and interest rates,” Oliver said.&nbsp;“Whichever way you cut it, housing affordability has deteriorated massively in recent decades.”According to the 2023 Demographia Affordability Survey, the median multiple of house prices to income for major cities is 8.2 times in Australia, compared to 5 times in the UK.In Sydney it’s 13.3 times the income.&nbsp;And there is more pain in the wings, according to Oliver, who said that mortgage interest payments as a share of household income would rise to record levels once the current interest rates fully washed through.&nbsp;The UBS analysis found that a skilled service worker had to work seven years in order to <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-luxury-market-heats-up-double-bay-ode" href="https://www.theurbandeveloper.com/articles/sydney-luxury-market-heats-up-double-bay-ode" target="_blank" rel="noopener">be able to afford to buy a 60sq m apartment near Sydney’s city centre</a>.&nbsp;According to UBS, bubbles are linked to decoupling of prices from local incomes and rents, and imbalances in the real economy, including excessive lending and construction activity.&nbsp;Two cities, Zurich and Tokyo, remain in the bubble-risk category, down from nine cities in the previous year’s results.&nbsp;UBS reports that the Sydney housing market has been “very volatile” in recent years, moving in and out of the bubble risk category.&nbsp;The Reserve Bank of Australia’s aggressive rate hikes have more recently triggered a new sharp price correction. Inflation-adjusted prices are back to 2018 levels, according to UBS.Sydney is ranked 16th in the Global Real Estate Bubble Index for this year, with about a third of global cities falling in the fair-value category, with the remainder either overvalued or within the risk zone.&nbsp;“After a brief period of weakness between 2018 and 2019, prices surged by almost 25 per cent cumulatively across 2020 and 2021,” the report said.&nbsp;“Amid robust rental growth and lower household leverage, imbalances have declined sharply. The market is classified at the lower end of the overvalued territory.”

Sydney's overheated market continues to run out of step with its inhabitants' incomes who are paying 13.3 times their income to afford a median-priced home...