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Following a wave of construction business collapses across the country, national firm PBS Building is the latest to have stopped work onsite.In a shock move, PBS Building sites were closed over the weekend and did not reopen this morning.There are no current insolvency notices for PBS Building but it is understood that the builder had been struggling for some time.Keylin Developments confirmed that work being undertaken by PBS had ceased on its townhouse development, Serenity Reserve, on the Gold Coast at the weekend.&nbsp;“As yet, Keylin has not received any formal advice from PBS, however we are aware of media reports indicating that other sites have also ceased operations,” Keylin managing director Louis Cheung told The Urban Developer.“This is of course incredibly disappointing news.“PBS is an established and respected operator and it’s a tough day for our industry when a leading builder with such a long and celebrated history finds itself in this situation.”&nbsp;The 86 houses of Serenity Reserve are being delivered in partnership with Kinstone Group, with two stages already completed in late 2022.&nbsp;It is not the only development impacted by the sudden cessation of work by PBS. It is also supposed to be working on the 19-storey Shoreline development by Marquee Developments.But according to Keylin, PBS had been experiencing similar problems which have been faced by construction firms in recent months.These issues have led to a wave of administrations this year alone, including those of <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-builder-administration-defect-investigation-eq-construction" href="https://www.theurbandeveloper.com/articles/sydney-builder-administration-defect-investigation-eq-construction" target="_blank" rel="noopener">Sydney builder EQ Projects</a>, Queensland <a data-mce-href="https://www.theurbandeveloper.com/articles/luxury-housebuilder-ldc-queensland-liquidators-called-in" href="https://www.theurbandeveloper.com/articles/luxury-housebuilder-ldc-queensland-liquidators-called-in" target="_blank" rel="noopener">housebuilder LDC</a>, and <a data-mce-href="https://www.theurbandeveloper.com/articles/delco-building-group-victoria-collapse" href="https://www.theurbandeveloper.com/articles/delco-building-group-victoria-collapse" target="_blank" rel="noopener">Delco Building Group</a> in Victoria, among others.“We became aware that PBS was experiencing challenges in January as a result of the sustained impact of cost, supply, and labour pressures resulting from the Covid-19 pandemic and extreme weather events,” Cheung said.“Since then, we’ve been working in close collaboration with their Gold Coast team to safeguard the project, including revised delivery strategies.“Our focus now is on our project and our purchasers.“We have sought legal advice and will assess all our options to navigate a way forward.”<div id="4X1onbRqs7lsHnglBRU70R"><div id="4X1onbRqs7lsHnglBRU70R"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7irqE211t81GuDBLkW66sn/6f066cf7388259f0095c0892470d780f/In-article__4_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7irqE211t81GuDBLkW66sn/6f066cf7388259f0095c0892470d780f/In-article__4_.jpg"></picture><div>▲ Keylin’s Serenity Reserve is a sold-out development in Helensvale on the Gold Coast. </div></div> </div>National builder PBS was founded as Prestige Building Services in 1989 by brothers Peter and Ian Carter in Canberra.It went on to deliver a large section of the Sydney Olympic Village and open offices in Sydney and Brisbane.“Today, we are one of Australia’s most insightful, reputable and collaborative construction companies and our team culture and client loyalty are the greatest measures of our success,” it said on its now-defunct website.PBS has worked on projects as diverse as Latitude25 in Queensland, a retirement living building, St George Community Housing in Liverpool and the $115m Goodwin Farrer Aged Care facility, amongst many others.In addition to awards for Goodwin Village, last year it also won the 2022 Master Builders ACT and Asset Construction hire excellence awards.Calls to PBS Building’s offices went unanswered.Concerns about insolvencies in the construction sector, which are impacting developments and costing people their jobs, has led to <a data-mce-href="https://www.theurbandeveloper.com/articles/contractors-collapse-construction-australia-contracts-clough-group" href="https://www.theurbandeveloper.com/articles/contractors-collapse-construction-australia-contracts-clough-group" target="_blank" rel="noopener">calls for flexible rather than fixed-price contracts</a>.&nbsp;

National construction firm PBS Building is the latest to have stopped work on-site at its development projects after a wave of construction insolvencies hit the industry...

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Canberra developer Doma Group has lodged plans for the final stage of its 600-apartment masterplan in Canberra’s southwest.The application forms part of the developer’s four stage The Melrose development, planned for a 1.1ha island site at the western edge of the Woden Town Centre in Philip—a once thriving hub of public service and retail activity.Doma Group purchased the site in mid-2020 for $12.5 million from the ACT government. The site was previously a car park but was decommissioned after the multi-storey Skypark Carpark was built adjacent to the site.&nbsp;The site was targeted due to its location near to Parliamentary Triangle and Canberra’s largest hospital as well as the city’s most exclusive southside suburbs and one of its major shopping centres.&nbsp;The masterplanned apartment and commercial precinct, which features four ranging in size from 12 to 20 storeys, will hold frontages to Melrose Drive, Furzer Street, Corinna Street and Garth Close.It is opposite Doma Group’s previous project A&amp;A—a redevelopment that transformed two dilapidated, mid-1960s, former government buildings into 200 apartments.<div id="3nBHL18IqeguuhUxJ7GJUm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1LI9DGuQznjSBQkXpp5rpU/a223940e7d24fbd9717aa2afd833fd81/The_site_where_The_Melrose_will_be_located_in_yellow_vtneda.jpeg" alt="A new gym, pub, small offices, restaurants, childcare centre and personal services businesses have recently been opened in Woden which has traditionally only been an office and employment core.

" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1LI9DGuQznjSBQkXpp5rpU/a223940e7d24fbd9717aa2afd833fd81/The_site_where_The_Melrose_will_be_located_in_yellow_vtneda.jpeg"></picture><div>▲ A new gym, pub, small offices, restaurants, childcare centre and personal services businesses have recently been opened in Woden which has traditionally only been an office and employment core. </div></div>As part of the masterplan, the developer is already pressing ahead with its 20-storey project comprising 183 one, two and three-bedroom apartments as well as outdoor communal amenities, including a ground-floor outdoor heated pool, podium leisure terrace and an exclusive rooftop eatery area.Earlier this year lodged plans for a further 207 apartments above two ground-floor commercial tenancies and podium and basement parking for 282 vehicles.The final stage, designed by Stewart Architecture, will add two buildings of 16 and 18 storeys on the corner of Garth Close and Furzer Street.&nbsp;The buildings, which will be split by a shared concourse, will comprise 200 apartments above basement and podium level car parking as well as new communal areas and a pool.Doma Group managing director Jure Domazet said the $50-million development would continue its approach to creating the best amenity in Woden—an area that had traditionally only been a strong office and employment core.<div id="hmCc95TobKL2iyblmgkaU"><div id="hmCc95TobKL2iyblmgkaU"></div><picture>“We have a strong connection with Woden Town Centre having developed a significant amount of office at Aviation House, the Department of Health Building and A&amp;A, along with apartments and retail,” Domazet said.</picture>“Greater residential development in this area adds people and activity, enlivening the area seven days a week and consolidating Woden as a must-visit destination.”<div><picture><img src="//images.ctfassets.net/8pr762qjocl3/2WULJMW0MiqyHcBzwexxWK/e0a51f3fdd951931bbaf792b1c3e073b/Screen_Shot_2022-11-21_at_2.16.20_pm.png" alt="Doma Group said its masterplan enabled a central open space as well as generous and considered separation of buildings providing all apartments with light, outlook and privacy. Image: Stewart Architecture " data-mce-src="//images.ctfassets.net/8pr762qjocl3/2WULJMW0MiqyHcBzwexxWK/e0a51f3fdd951931bbaf792b1c3e073b/Screen_Shot_2022-11-21_at_2.16.20_pm.png"></picture><div>▲ Many new large apartment buildings are planned for the town centre to accommodate thousands of new residents. Image: Stewart Architecture </div></div></div>The population of Phillip—in which the town centre lies—almost doubled from 2016 to 2021, with most of the extra residents living in newly built apartment blocks. The main catalyst for development in the area has been the light rail stage 2B.One of the biggest and most public-facing changes to Woden Town Centre is the new 12-storey, 150-guest room Hellenic Club.Construction giant Geocon is also building its four-tower, 20-plus-storey Wova development, which will include hundreds of apartments on the old Woden Tradies club site.The state government also plans to continue to release more sites for development in the area, including a prime 1.4ha block in the next 12 months.For Canberra-based Doma Group, which is behind developments including The Parks in Red Hill and Hotel Realm, The Melrose is just one of a slew of large-scale mixed-use developments it is currently overseeing.The developer also has big plans in NSW after being greenlit to build <a data-mce-href="https://www.theurbandeveloper.com/articles/doma-s-dual-tower-newcastle-project-gets-nod" href="https://www.theurbandeveloper.com/articles/doma-s-dual-tower-newcastle-project-gets-nod" target="_blank" rel="noopener">Newcastle’s tallest building</a>.The Store Residences will be the final stage in a $350-million transformation of the 8700sq m site at 854 Hunter Street. The former Newcastle and Suburban Co-operative Society Limited site was purchased by the NSW government in 2015.&nbsp;It was taken to the market two years later with a vision to deliver “true multi-modal transport infrastructure … while also realising the true opportunity of the site, including its significant building heights”. Doma was awarded the tender for its proposal following a competitive process.

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Capital Estate Developments, the real estate arm of Canberra Airport, has filed plans for the first stage of its build-to-rent project in Denman Prospect.The project, The Borough, on Holborow Avenue is expected to comprise around 700 apartments.&nbsp;A mix of residential and mixed-use buildings to provide amenity for future residents would make up the precinct.Capital Estate Developments will partner with local builder Jega to deliver the project.Plans filed for the first stage acomprise two six-storey towers with 162 residential apartments to be builts on a 10,531sq m section of the site.There will be carparking spaces on the lower ground floor and the ground floor.The plans show that one of the towers has six units on the lower ground floor, 15 units on the ground floor, 16 on each of the first, second and third floors, 13 on the fourth floor and seven on the fifth floor; while the second tower has seven units on the lower ground floor, 13 on the ground floor, 14 on each of the first and second floors, 12 on the third floor, eight on the fourth floor and five on the fifth floor.<div id="uge4KCBpRAAdXFLJhskAB"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6uqRe055wNORW2qdJvpkho/fbdbc3f5a99111ceaccb1f5fa5d32b2e/canberra_DA_btr_mid.jpg" alt="Building D, part of the first stage of The Borough, a build-to-rent project in Canberra's Denman Prospect by Canberra Airport's property arm, Capital Estate Developments." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6uqRe055wNORW2qdJvpkho/fbdbc3f5a99111ceaccb1f5fa5d32b2e/canberra_DA_btr_mid.jpg"></picture><div>▲ Building D, one of the two tower proposed for the first stage of The Borough. </div></div>The Borough project will have solar panels, electric vehicle charging points, drone delivery zones, community gardens, workspaces, quiet rooms, pop up shops, cafes, gyms and resident-only communal rooftop spaces.While four architect firms will be used throughout the project, DKO Architects has designed the plans for the first stage. The other architects are DNA, AMC and Oztal.&nbsp;Planning records show a total development cost for the stage of $45.4 million.There will be 17 accessible units with 17 DDA carparking spaces.&nbsp;Stage 2 of the project is expected to have 208 units across three further towers.Elevated Living and Capital Estate Developments have also lodged separate plans for a $3.3-million project on the same street.The plans by Mather Architecture showeight two-storey townhouses on a 1784sq m site.

Capital Estate Developments, the real estate arm of Canberra Airport, has filed plans for the first stage of its build-to-rent project in Denman Prospect.
The project is titled ‘The Borough’ and is on Holborow Avenue and is expected to have around 700 units in total when completed. 


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Charter Hall has snapped up Canberra’s Geoscience Australia Headquarters for $363.5 million, a record commercial property sale for the ACT.Investment managers Real IS listed the facility through an international expressions of interest campaign managed by Colliers and JLL this year with an expected price tag of more than $360 million. The sale reflected a 7.4 per cent initial yield.Charter Hall bought units in the property’s trust via its managed funds: he Charter Hall Social Infrastructure REIT bought a 25 per cent share for $90.9 million with its share funded by its existing debt capacity, and the Charter Hall Long WALE REIT bought another 25 per cent share also for $90.9 million.&nbsp;It funded its share by selling off industrial facilities at 364-426 Old Geelong Road at Hoppers Crossing, Victoria for $74 million in June this year.Settlement of the Old Geelong Road sale is expected in December and the property has a 3.5 year WALE and 4.5 per cent cap rate.The other 50 per cent was purchased by Charter Hall itself for $181.75 million.&nbsp;<div id="2Xjc0INe6nUInDtFBUAHMA"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5KDHzdQcNWPHWPZnOe66Kh/9c43612cf508df4e03d469da7505c707/Geoscience-Australia-Main-Building-Refurbishment01.jpg" alt="An image of the interior of the Geoscience Australia building recently refurbished by Iqon." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5KDHzdQcNWPHWPZnOe66Kh/9c43612cf508df4e03d469da7505c707/Geoscience-Australia-Main-Building-Refurbishment01.jpg"></picture><div>▲ The labs and interior of the Geoscience Australia building were recently refurbished by Iqon. </div></div>The facility was purpose built by the federal government in 1997 on a 160,378sq m site at 101 Jerrabomberra Avenue, Symonston, less than 10km from the Canberra CBD.&nbsp;It was designed by Eggleston MacDonald (now DesignInc) and the federal government moved into the facility upon completiion in 1998.When built, 17,000 cubic m of concrete and 1200 tonnes of structural steel were used to construct the main building and the adjoining support building.&nbsp;Geoscience Australia is the sole tenant for the facility, which has a net lettable area of 32,659sq m, a 7.4 per cent initial yield and a 9.6 year WALE.It has geochemistry, geochronology and mineral separation labs along with a mass spectrometer and national earthquake alert seismic centre.There are 652 parking spaces, a childcare centre, end-of-trip facilities, a public gallery, a research library, cafe and a gym on the site.&nbsp;The building has a geothermal heat pump system of 350 pipes to use the earth as a heat sink or source in different seasons as part of its air-conditioning system. It also has other energy efficient systems, including a passive sun-control system, double glazing and thermal insulation.

Charter Hall has bought the Geoscience Australia Headquarters from investment managers Real I.S. for $363.5 million.
Real I.S. listed the facility for sale through an international expressions of interest campaign managed by Colliers and JLL earlier this year with an expected price tag of more than $360 million.


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Developer JWLand has planned the final hotel stage of the Northbourne Village project in Canberra’s inner-north.The site on Northbourne Avenue is between Embark, the first stage of the Northbourne Village project and the third stage of the project, which is now awaiting approval in the planning process.It is also bordered by Owen Crescent and is a short distance from Sullivans Creek.The 156-room hotel and serviced-apartments project will have nine storeys and JWLand hopes, approval pending, to complete it in 2025.&nbsp;The site is close to the heritage-listed Owen Flats and other heritage buildings, all of which will be retained along with several protected trees.&nbsp;Given the narrow width of the site and the protected trees, there will be no basement parking under the building for Stage 4.Instead, the parking for Stage 4 will be included in the basement parking levels under the buildings in Stage 3 of the Northbourne Village project.<div id="1tkjkXgfVu4lctz0MZHGAd"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6ao3rBRblsttcg1vAkzOYJ/36b97771315852542b54a5ab7ddac0bb/JWLand_Northbourne_Village_Stage_4_story_mid.jpg" alt="The final hotel stage also backs onto Owen Crescent and is near Sullivans Creek." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6ao3rBRblsttcg1vAkzOYJ/36b97771315852542b54a5ab7ddac0bb/JWLand_Northbourne_Village_Stage_4_story_mid.jpg"></picture><div>▲ The final hotel stage also backs onto Owen Crescent and is near Sullivans Creek. </div></div>Stage 1, Embark, is already completed and Stage 2 is under construction.&nbsp;Stage 1 is a nine-storey 172-unit project with four commercial tenancies with an end value of $80 million.&nbsp;Stage 2 has 44 units in one multi-level five and six-storey building, and another 124 units in another nine-storey building.&nbsp;It has an end value of $95 million.&nbsp;It will also have 261 carparking spaces across three basement levels.Stage 3 will also have multi-level buildings, with the first one having 230 units across a multi-level six, eight and nine-storey building, and another 121 units in a second multi-level six and eight-storey building.Stage 3 has an end value of $200 million.The entire Northbourne project has a estimated end value of $300 million.Northbourne Avenue has seen a lot of development projects recently as the ACT government constructs the Northbourne Avenue light rail line.&nbsp;The ACT government has been releasing land in large tracts along the line as it is constructed, on occasion demolishing low-quality low-density social housing projects and relocating residents to make room for larger high-density developments.&nbsp;JWLand ACT development head Michael Prendergast said it meant that developers often followed where the government chose to release land.“At the scales of development that we do, which is precinct scales, the majority of the land that is released and is available for sale is sold by the ACT government,” Prendergast said.“So it’s either residual land being earmarked for future development or they were community or social housing at very low density so they demolish the housing, relocate the residents and they sell off these large parcels of land in auctions or expressions of interest processes.”<div id="2Yvf2ij2uLdchijd3hYmaE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg" alt="One of the hotels planned for JWLand's Braddon Place project along Canberra's Northbourne Avenue which will have 600 apartments and 239 hotel rooms. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg"></picture><div>▲ One of the hotels planned for JWLand's Braddon Place project along Canberra’s Northbourne Avenue, which will have 600 apartments and 239 hotel rooms. </div></div>In addition to the Northbourne Village, <a href="https://www.theurbandeveloper.com/articles/jwland-500m-residential-hotel-braddon-northbourne-canberra" data-mce-href="https://www.theurbandeveloper.com/articles/jwland-500m-residential-hotel-braddon-northbourne-canberra" target="_blank" rel="noopener">JWLand has spent $28 million on another site along Northbourne Avenue</a> with plans awaiting approval for a residential precinct with an estimated end value of $500 million.Braddon Place will have 600 apartments, 239 hotel rooms and 908 carparking spaces across six buildings.<a href="https://www.theurbandeveloper.com/articles/canberra-build-to-rent-evri-group" data-mce-href="https://www.theurbandeveloper.com/articles/canberra-build-to-rent-evri-group" target="_blank" rel="noopener">Evri Group has filed plans for another residential precinct</a>, tipped to have an estimated end value of $150 million with 447 units nearby.&nbsp;<a href="https://www.theurbandeveloper.com/articles/art-group-files-plans-for-aud200m-canberra-precinct" data-mce-href="https://www.theurbandeveloper.com/articles/art-group-files-plans-for-aud200m-canberra-precinct" target="_blank" rel="noopener">Johnny Roso’s Art Group has also filed plans for a residential precinct</a> with 424 units and an end value of more than $200 million at the corner of Macarthur Avenue and Northbourne Avenue.

Developer JWLand has planned the final hotel stage of the Northbourne Village project in Canberra’s inner-north. 
The site on Northbourne Avenue is between Embark, the first stage of the Northbourne Village project and the third stage of the project which is currently awaiting approval in the planning process.


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Harry Triguboff’s Meriton Suites hotel brand has filed amendments to the plans for its Canberra CBD hotel.&nbsp;The 1734sq m site at 40 Allara Street in Canberra’s civic precinct was sold to Triguboff in July 2019.&nbsp;<a href="https://www.theurbandeveloper.com/articles/triguboff-secures-maiden-canberra-location" data-mce-href="https://www.theurbandeveloper.com/articles/triguboff-secures-maiden-canberra-location">Triguboff bought the site on the corner of Allara and Nangari streets</a> for $23 million from the Australian Unity Property Income Fund.The off-market sale was handled through Andrew Stewart and Nick Purdue of Savills.&nbsp;The site was previously tenanted by the Australian government with a six-storey office building on the property.&nbsp;At the time, it marked the first time the Meriton Suites brand had entered the Canberra market but Triguboff felt it was a good investment.&nbsp;“Canberra has long been on our radar because it’s drawing nearly three million visitors a year,” Triguboff told The Urban Developer in 2019.&nbsp;“Many people going there are on business, often politics related, and visit for multiple nights.”Fender Katsaldis Architects designed the plans for the Meriton Suites hotel with approval granted for the project in mid 2021.&nbsp;The original plans included 16 storeys over two basement car parking levels with commercial tenancies and serviced apartments and a pool and gym on levels 14 and 15. There are 207 suites ranging from studios to three-bedroom apartments.&nbsp;The one-bedroom suites will make up about 70 per cent of the rooms and one- and two-bedroom suites will be on the first 11 levels.The three retail tenancies were on the ground floor of the 50 metre-tall-building, with two luxury penthouse suites on the top floor.&nbsp;There will be a total of 65 car parking spaces across the two basement levels.<div id="1FCzqsBInPMjxSfSWFY0Wg"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5tBj1e7X1rx91hw3LQCbFp/ba011aaed816b651d69806afc02b9220/triguboff_merton_suites_mid.jpg" alt="Canberra's first Meriton Suites hotel is set to open in April 2023." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5tBj1e7X1rx91hw3LQCbFp/ba011aaed816b651d69806afc02b9220/triguboff_merton_suites_mid.jpg"></picture><div>▲ Canberra's first Meriton Suites hotel is set to open in April 2023. </div></div>The new changes include the reconfiguration of the ground floor layout, a setback from Allara Street, certain bedroom and kitchen modifications, changes to the pool and spa areas and a redesign of the three-bedroom penthouse.&nbsp;The facade will also change slightly with the removal of frosted glazing and a colour change for some elements including the ground floor columns.&nbsp;The company is expecting to open the hotel in April 2023.&nbsp;Triguboff launched the Meriton Suites hotel brand in 2003 and started his career in construction 60 years ago building high-rise towers for affordable apartments.&nbsp;Earlier this year, the 18-storey Park Avenue apartment residents neighbouring the site said that they had not been adequately consulted prior to the planning approval being granted as their building had not been completed yet and they had not moved in.

Harry Triguboff’s Meriton Suites hotel brand has filed amendments to the plans for its Canberra CBD hotel. 
The 1734sq m site at 40 Allara Street in Canberra’s civic precinct was sold to Triguboff in July 2019. 


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Developer JWLand has filed plans for its next project, a $500-million residential precinct on Northbourne Avenue at Braddon in Canberra.&nbsp;The 15,607sq m site sits between the Rex Hotel and Haig Park on Northbourne Avenue.&nbsp;JWLand bought the site from the ACT’s Suburban Land Agency in 2020 for $28 million. Construction cost for the project has been estimated at $158.2 million with an estimated end value of $500 million.&nbsp;The COX Architect-designed plans include six buildings, three with frontages on to Northbourne Avenue and three with frontages to Henty Street.Buildings 1, 3 and 5 on Northbourne Avenue will each have nine storeys while buildings 3 and 5 will also have a hotel or serviced apartments component.Buildings 2, 4, and 6 will face Henty Street and will each have six storeys.&nbsp;There will be 600 one, two and three-bedroom apartments across all the buildings with 239 hotel rooms across the corner sections of buildings 3 and 5. Both hotels will also have space for for a restaurant.&nbsp;There will be 908 carparking spaces within the project across two basement levels.<div id="2Yvf2ij2uLdchijd3hYmaE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg" alt="One of the hotels planned for JWLand's Braddon Place project along Canberra's Northbourne Avenue which will have 600 apartments and 239 hotel rooms. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg"></picture><div>▲ A render of the hotels planned for JWLand’s Braddon Place project on Canberra's Northbourne Avenue. </div></div><a data-mce-href="https://www.theurbandeveloper.com/articles/property-prices-power-canberra-developments" href="https://www.theurbandeveloper.com/articles/property-prices-power-canberra-developments" target="_blank" rel="noopener">JWLand has other projects along Northbourne Avenue</a> with the plans for stage 3 of the Northbourne Village awaiting approval and Stage 4 plans due to be lodged soon.&nbsp;JWLand ACT development head Michael Prendergast said that the size of projects that the developer undertook meant they often followed where the government released land.“At the scales of development that we do, which is precinct scales, the majority of the land that is released and is available for sale is sold by the ACT government,” Prendergast said.“So it’s either residual land being earmarked for future development or they were community or social housing at very low density so they demolish the housing, relocate the residents and they sell off these large parcels of land in auctions or expressions of interest processes.“The ACT government has focused on releasing land along Northbourne Avenue over the last few years due to the introduction of the light rail line that they have put down the avenue running to the city.”When the block including the Braddon Place site was divided up and sold, the ACT government relocated residents from 1288 units in low-density social housing projects.&nbsp;<a data-mce-href="https://www.theurbandeveloper.com/articles/jwland-enters-victorian-market" href="https://www.theurbandeveloper.com/articles/jwland-enters-victorian-market" target="_blank" rel="noopener">The developer is also scheduled to complete The Grounds project in Ivanhoe East in Victoria,</a> a high-end residential project with 100 units and 10 townhouses, by the end of the year.&nbsp;JWLand has singalled it will lodge plans for a project at Belconnen in Canberra next to a major bus interchange on a former carpark with 168 spaces.&nbsp;The project will be a mix of 550 build-to-sell and 350 build-to-rent apartments.&nbsp;

Developer JWLand has filed plans for its next project, a $500-million residential precinct on Northbourne Avenue at Braddon in Canberra. 

The 15,607sq m site sits between the Rex Hotel and Haig Park along Northbourne Avenue. 

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A family-owned Canberra developer is hoping record low vacancy levels as well as the government’s plans for new housing will bolster its first foray into the national capital’s fledgling build-to-rent market.Evri Group has filed plans for 447 build-to-rent&nbsp;apartments across three buildings up to 13-storeys high in central Canberra.The $150-million project is planned for a 10,663sq-m site bounded by Northbourne and Wakefield avenues at Braddon, 2km north of Civic Square.The Sarris family-owned developer paid about $5.5 million for the site more than 20 years ago.“We had done a couple of residential built-to-sell projects on the Northbourne Avenue corridor,” Evri Group development manager Rob Speight said.“We’ve owned this site for many years, and we felt it was time to repurpose that project, those buildings.”The developer plans to demolish vacant buildings on the site and build three, mixed-use towers in their place.The main building will rise 13 storeys, with another four storeys of basement parking, and include a mix of commercial tenancies, residential units, and co-working office space. A second building of 10 storeys will house just apartments—a variety of one, two and three bedroom.A third building of six storeys will include offices and shops.<div id="IxuAwGivQhV9Fe0HqSbkf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/72Aehusj042BsFa7TKVAmo/8343b9e3b55c6b06b8a0bf616af59ff6/Braddon_BTR_1_Mid.jpg" alt="The building application comes as the ACT government says it needs an additional 30,000 homes in the next five years." data-mce-src="//images.ctfassets.net/8pr762qjocl3/72Aehusj042BsFa7TKVAmo/8343b9e3b55c6b06b8a0bf616af59ff6/Braddon_BTR_1_Mid.jpg"></picture><div>▲ The building application comes as the ACT government says it needs an additional 30,000 homes in the next five years.</div><div> </div></div>The development application says the proposed residential component is one of Canberra’s “first true build-to-rent (BtR) proposals”, allowing for arrangements for short and long-term tenancies.That’s in keeping with the ACT government, which has said it needs an extra 30,000 homes over the next five years to meet population growth.ACT chief minister Andrew Barr last month said Canberra would increase its total housing supply from about 180,000 dwellings to about 210,000 over that five years.“We have experienced nation-leading population growth over the past decade and this has placed pressure on our local housing market,” Barr said.<div id="48uQ24ieFWGpNTsAcrbNGV"><picture><img src="//images.ctfassets.net/8pr762qjocl3/x4ryYXbaJvCm8H5HKC7i0/61d0cb19cde25bdf4137bfc06c20fdc0/Braddon_BTR_2_Mid.jpg" alt="The main building will rise 13 storeys, with another four storeys of basement parking, and include a mix of commercial tenancies, residential units, and co-working office space. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/x4ryYXbaJvCm8H5HKC7i0/61d0cb19cde25bdf4137bfc06c20fdc0/Braddon_BTR_2_Mid.jpg"></picture><div>▲ The main building will rise 13 storeys, with another four storeys of basement parking, and include a mix of commercial tenancies, residential units, and co-working office space.</div><div> </div></div>The government’s announcement coincided with the release of a build-to-rent investment prospectus, in which Canberra outlined plans to encourage more build-to-rent developments in the ACT, as well as financial support for affordability components of development proposals.“We want to see more built-to-rent projects in the ACT, and the government will be pursing private investment into these projects over the coming years,” Barr said last month.Speight said he was not expecting government-proposed tax offsets to influence institutional-style build-to-rent products.“The ACT government is conflating BtR with affordable housing but when you have supply uplift it just lends to the whole conversation around affordability and while that's not a primary driver for us, it is another offset asset class,” he said.“And once we dug below the surface a little, you find less risk on a rental basis and less long-term vacancy.“There are lower yields than on commercial office but because of the lower risk on vacancy it became appealing.”&nbsp;According to SQM Research, the rental vacancy rate in Canberra in July was just below 1 per cent.Speight said Evri wanted to manage the finished built-to-rent operation themselves.“We're under no illusions that there are people out there treading this space who are interested in setting up management companies to sit alongside property companies, and we're open to that as a prospect,” he said.“However, we also think they're a little bit untested, like other things in the BtR space. And we'd prefer to set it up ourselves, keep hold and control of the energy around the project.”Evri Group has engaged Fender Katsalidis Architects, Oculus Landscape Architects and Purdon Planning as part of the consultant team to redevelop the site.Purdon Planning said additional amenities will include communal rooftop gardens, a swimming pool, games and function rooms, and ground-level commercial tenancies—probably a mix of retail, restaurant and cafe, as well as a commercial gym.Industry leaders say markets such as <a href="https://www.theurbandeveloper.com/articles/build-to-rent-luxury-alt-living-rental-crisis" data-mce-href="https://www.theurbandeveloper.com/articles/build-to-rent-luxury-alt-living-rental-crisis">Canberra, Perth and Adelaide are creating more opportunities&nbsp;</a>for build-to-rent investors.

A family-owned Canberra developer is hoping record low vacancy levels as well as the government’s plans for new housing will bolster its first foray into the national capital’s fledgling build-to-rent market.

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Homes are selling fastest in Canberra, Sydney and Hobart with some of the cities’ suburbs averaging just 17 days on the market.And houses, rather than units, continue to be snapped up at lightning speed with six of the 15 fastest-selling suburbs in Canberra, five in Hobart and four in Sydney, according to data from real estate sales and renting platform Real Estate Investar, a subsidiary of real estate technology outfit PropTech Group.Camden South—one of the southernmost suburbs of Sydney—was the fastest-selling suburb in Australia with houses changing hands at an average of just 14 days.Units in Manly Vale, a suburb of northern Sydney, are also transacting at record speed with buyers picking up studio and one-bedroom apartments in an average of 18 days.In Canberra, the suburbs of Gordon, Wanniassa, Dunlop and Holt averaged 18 days on the market while Hobart’s New Town, Norwood, Howrah and West Hobart averaged just 17 days.PropTech Group managing director Joe Hanna said the data had allowed homebuyers to gather a clearer picture of macro market dynamics to understand which investment class promised the best returns as property prices nationally began to fall.“The average time on the market in New South Wales’ fastest-selling suburb is 14 days while time on the market in the fastest-selling suburbs in all the other states is significantly longer,” Hanna said.&nbsp;“For Queensland it is 21 days, in Victoria 25 days, and in Western Australia it is 41 days.”The study, which analysed market listings over the 12 months through June 2022, found that 90 per cent of the property in the 50 fastest-selling suburb categories were houses.&nbsp;Fastest selling suburbs<div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><table class="mce-item-table" style="width: 101.823%;" data-mce-style="width: 101.823%;"><thead><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">Rank</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Suburb</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">Dwelling type</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">Median price</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">Growth 12 months</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">Median rent</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">Growth 12 months</th></tr></thead><tbody><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">1</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Camden South, NSW</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$764,500▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">19.4%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$500▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">7.5%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">2</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Gordon, ACT</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$727,500▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">23.5%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$565▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">15.3%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">3</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">New Town, Tas</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$945,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">37.9%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$570▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">3.6%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">4</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Horsley, NSW</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$730,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">23.7%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$550▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">12.2%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">5</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Norwood, Tas</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$499,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">25.0%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$460▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">15.0%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">6</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Manly Vale, NSW</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (2)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$975,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">14.7%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$630▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">5.0%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">7</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Manly Vale, NSW</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">Unit (1)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$700,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">7.6%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$505▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">1.0%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">8</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Howrah, Tas</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$725,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">33.0%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$525▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">7.1%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">9</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">West Hobart, Tas</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$962,500▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">28.3%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$625▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">8.6%▲</th></tr><tr><th style="width: 10.6906%;" data-mce-style="width: 10.6906%;">10</th><th style="width: 17.3318%;" data-mce-style="width: 17.3318%;">Wanniassa, ACT</th><th style="width: 14.2542%;" data-mce-style="width: 14.2542%;">House (3)</th><th style="width: 17.4938%;" data-mce-style="width: 17.4938%;">$820,000▲</th><th style="width: 13.9302%;" data-mce-style="width: 13.9302%;">36.6%▲</th><th style="width: 13.1203%;" data-mce-style="width: 13.1203%;">$600▲</th><th style="width: 13.2823%;" data-mce-style="width: 13.2823%;">7.1%▲</th></tr></tbody></table></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl">^Source: Real Estate Investar - August 2022</div></div></div>Buyers continued to opt for bigger homes, in keeping with the change in preference for buyers throughout the pandemic. Sixty per cent of the top 50 are three-bedroom homes, 14 per cent are four-bedroom homes, 8 per cent are two-bedroom homes, and just 4 per cent are one-bedroom homes.In Victoria, four-bedroom houses in the suburb of Langwarrin were the fastest-selling property type, spending an average of 25 days on the market.In Queensland, the fastest-selling homes are two-bedroom houses in Gympie, which disappear from the market after an average of just 21 days while three-bedroom houses in Hamersley were the fastest selling in Western Australia with 41 days on the market.At the other end of the spectrum are suburbs such as Deakin, in the ACT, where it takes an average of more than 100 days to sell a property, and&nbsp;Brooklyn, Melbourne, Australia’s slowest-selling suburb at 120 days.Home prices have surged throughout the pandemic, up 22.1 per cent alone in 2021, with buyers during the pandemic generally preferring “lifestyle” features such as more space and lower-density areas on the coast or in suburbs where housing lots are larger and there are technology links enabling work from home.Some of the biggest gains through the upswing were in areas not typically characterised as high-end housing markets, such as Maraylya, about 50km north-west of Sydney’s central business district.Market activity is now <a data-mce-href="https://www.theurbandeveloper.com/articles/corelogic-amp-property-prices-20pc-drop" href="https://www.theurbandeveloper.com/articles/corelogic-amp-property-prices-20pc-drop" target="_blank" rel="noopener">reversing at a rapid pace</a> due in part to interest rate expectations moving sharply higher, rising mortgage rates and higher home prices dampening affordability.Some suburbs that posted the biggest gains are facing double-digit drops as fears about the pandemic are replaced by growing concerns around rising inflation and falling stockmarkets.Expectations are for interest rates to move sharply higher, with the cash rate possibly ending the year above 2 per cent, forcing prospective buyers to <a data-mce-href="https://www.theurbandeveloper.com/articles/australian-mortgage-rate-10pc-prediction" href="https://www.theurbandeveloper.com/articles/australian-mortgage-rate-10pc-prediction" target="_blank" rel="noopener">face higher borrowing costs</a>.Auction volumes have also fallen, and clearance rates have dropped off as buyers regain the upper hand in negotiations and the fear of missing out subsides.Despite this, <a data-mce-href="https://www.theurbandeveloper.com/articles/july-rental-vacancies-sqm" href="https://www.theurbandeveloper.com/articles/july-rental-vacancies-sqm" target="_blank" rel="noopener">rental properties are being snatched up faster than ever</a> before, as the number of days listed on the market hits a historic low. This has been made worse amid tightening market conditions, with the number of homes available to rent has been falling since the pandemic began.

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Three office buildings, in south-east Queensland and the ACT, are being put on the block as part of a sell-down by the ASX-listed Australian Unity Office Fund.The move follows a $400-million takeover bid by Aliro Group, led by Charter Hall co-founder David Southon, being taken off the table last month.The trio of assets is being offered through expressions of interest campaigns conducted by Colliers and Knight Frank and collectively could fetch about $150 million.Two Queensland properties—a 19-level office tower at 150 Charlotte Street in Brisbane’s CBD and seven-level boutique office building at 90-96 York Street in Beenleigh—are among the sell-down.Adjacent to the city’s Golden Triangle commercial precinct, the A-grade Charlotte Street asset comprises about 11,080sq m of net lettable area and underwent a $21-million refurbishment in 2012.“The Brisbane CBD is currently undergoing a transformation, with infrastructure projects in the pipeline and public transport projects set to improve the city, as well as accessibility,” Knight Frank’s Justin Bond said.“Charlotte Street will benefit more than most locations from this activity and shall also be boosted by its proximity to Albert Street, where the first CBD train station in more than 120 years is being built.”Construction of the York Street Beenleigh asset was completed this year and comprises about 4650sq m of office space with a weighted average lease expiry by income of 8.4 years. About 86 per cent of its income is underpinned by a 10-year lease to the Logan City Council.<div id="5TKU5U5EtmYBZozuA6G1Ew"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6PcGhEwTVGN3G4O2Wb4A4X/68381166d8431291aeaa1576e56257ca/Mid_article_resizes__4_.jpg" alt="The assets being put to market (clockwise from left) York Street, Beenleigh; Northbourne Avenue, Canberra; and Charlotte Street, Brisbane." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6PcGhEwTVGN3G4O2Wb4A4X/68381166d8431291aeaa1576e56257ca/Mid_article_resizes__4_.jpg"></picture><div>▲ The assets being put to market (clockwise from left) 90-96 York Street, Beenleigh; 64 Northbourne Avenue, Canberra; and 150 Charlotte Street, Brisbane. </div></div>The third asset being offered sits on a prominent corner with three street frontages at 64 Northbourne Avenue in Canberra. It comprises 6375sq m of fully-leased office space over six levels, of which 50 per cent is occupied by the Commonwealth government and defence force recruitng.“Strong leasing fundamentals underpin the ACT office market, and in particular the Canberra CBD which supports future renewal or reletting prospects,” Colliers’ Matthew Winter said.“The significant site area of 1500sq m-plus with wide exposure, including to the ACT light rail terminus may also provide future redevelopment prospects.”Latest data from the Property Council of Australia indicated that tenant demand rose 0.5 per cent across key office markets in the nation’s capital cities.Demand for office space was strongest in Brisbane at more than three times the historic average, with Sydney, Perth and Adelaide also above average, while demand grew by 0.1 per cent in Melbourne and dropped in Canberra by 0.1 per cent.Canberra remains the nation’s tightest office market despite vacancies rising from 6.3 per cent to 8.6 per cent.The Australian Unity Office Fund has a portfolio of eight assets across NSW, Victoria, Queensland, South Australia and the ACT with a total value of $539.8 million.According to the fund, the office buildings in Brisbane and Beenleigh were valued in July at $77.1 million and $33.52 million, respectively, and the ACT asset at $32.5 million.It has been a tumultuous few years for the fund, enduring an unsuccessful $495-million takeover proposal in 2019 by Charter Hall and Abacus&nbsp;Property Group; a failed bid to merge with an unlisted Australian Unity fund earlier this year; followed by the recent collapse of the Aliro buyout offer.

Three office assets in south-east Queensland and the ACT are being put on the block as part of a sell-down by the ASX-listed Australian Unity Office Fund.

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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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Plans have been filed for a retirement living precinct in a Canberra fringe suburb.Developer Kieran Pierlot’s KBDC is proposing the project in Calwell, about 20km from the city’s heart.The Oztal Architects-designed project comprises 30 one-storey townhouses.The townhouses will form two rows along both sides of the street, curving slightly along the edges to take in the shape of the 11,606sq m site.&nbsp;The property is next to the Calwell shopping strip and is part of the Calwell masterplan, which stipulates a limit of 30 homes but also allows for potential use as a communal facilities zone.&nbsp;The Suburban Land Agency put the formerly public land on the market in December, 2020. It sold it in March, 2021, for $1.65 million to KBDC. Collier’s Josh Reid brokered the sale.&nbsp;Major projects in the nation’s capital continue to stack up, including <a data-mce-href="https://www.theurbandeveloper.com/articles/geocon-pushes-on-with-aud250m-act-residential-project" href="https://www.theurbandeveloper.com/articles/geocon-pushes-on-with-aud250m-act-residential-project" target="_blank" rel="noopener">Geocon’s massive residential project at the site of the former Werriwa Defence Facility.</a>Planned for the 7640sq m site at 70 Allara Street are 356 apartments, shops and a gymnasium across three buildings up to nine storeys.&nbsp;Meanwhile, <a data-mce-href="https://www.theurbandeveloper.com/articles/iris-capital-casino-canberra-aquisition-sam-arnaout" href="https://www.theurbandeveloper.com/articles/iris-capital-casino-canberra-aquisition-sam-arnaout" target="_blank" rel="noopener">Iris Capital recently picked up the Casino Canberra for $63 million</a>, beating out one other contender.

Developer Kieran Pierlot's KBDC has filed plans for a retirement living project in Calwell, in Canberra's fringe suburbs.

The Oztal Architects-designed project proposes 30 one-storey townhouses.

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