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Far East Consortium’s 21-storey commercial tower in the Perth City Link urban regeneration project has been approved.DevelopmentWA approved plans for the tower at Lot 9, which is the third of three buildings designed by Woods Bagot for developer Far East Consortium.It will sit between another planned office building at Lot 10 and a residential tower on Lot 4.The precinct links the CBD with the cultural hub of Northbridge.The building encompasses 29,000sq m of net lettable area, three outdoor terraces, a double-height lobby, three different floor plate sizes and a rooftop garden with views of Northbridge and the Perth CBD.<div id="kzsacPjo0QJKWfXMxqYBF"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2llXkneekg9YUMQg8rveM1/f39328e0e0332b4f0152e2bd6e41475a/Lot_9__Perth_City_Link__Hero_tower_view.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2llXkneekg9YUMQg8rveM1/f39328e0e0332b4f0152e2bd6e41475a/Lot_9__Perth_City_Link__Hero_tower_view.jpg"></picture><div>▲ A render of the Woods Bagot-designed tower approved for the Perth City Link precinct. </div></div>Woods Bagot principal Kukame McPierzie said the complexity of the sites above the dive tunnel for the Fremantle railway line had been a key consideration for the design team.“To successfully connect Northbridge with the CBD, the design outcome needed to provide coherent and connected spaces that prioritised people,” McPierzie said.He said all three buildings straddle the dive structure, presenting an engineering challenge the design team embraced and treated as an opportunity to innovate.The site presented a “significant challenge” that had been met through a combination of smart design and engineering, Far East Consortium senior development manager Laura Ainsworth said.<div id="2pl5aSbXize8W1uGXwau7f"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6iREEnykiRGU65iI65MowT/9eaa84cf7761a0e7325262f24804866f/Lot_9__Perth_City_Link__Roe_Street_view.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6iREEnykiRGU65iI65MowT/9eaa84cf7761a0e7325262f24804866f/Lot_9__Perth_City_Link__Roe_Street_view.jpg"></picture><div>▲ A render of the approved tower, one of three Woods Bagot has designed for the Far East Consortium in the precinct. </div></div>She said the infrastructure and services were anchored in the land adjoining the tunnel, while the building and public areas cantilever over the top.&nbsp;Far East Consortium owns five sites at the western end of Perth City Link, opposite or next to RAC Arena.“We’re creating a precinct within a precinct and have really been careful to curate the mix of what’s in those lots to bring together the ultimate in connected living,” Ainsworth said.At Perth Hub, the residential tower is under way with a hotel, two offices and a further residential development to follow.On Lot 2, Far East Consortium has started work on a 32-storey residential tower. Next door at Lot 3a, construction is scheduled to begin on the 263-key Dorsett Hotel, which it will also operate.Lot 4 is a 23-storey residential tower offering 215 homes and a variety of commercial tenancies at Roe Street and Wardang Gardens. The design was submitted for development approval at the end of 2022 and a decision is pending.

The commercial tower designed by Woods Bagot is the latest piece in the puzzle for the Perth City Link urban regeneration project to win approval…

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Seven Entertainment is selling its KS6 site in the heart of the Perth CBD.The 3334sq m site at 18-28 Telethon Avenue is in the middle of the Kings Square Precinct, next to the Perth Train Station.It has a flexible planning framework and current planning approval.It is also close to the Kwinana Freeway, St Georges Terrace and the main CBD shopping malls.Corelogic property records show Seven Entertainment as the owner of the site, a subsidiary of Seven Group Holdings.Development approval for two towers, one of 48 storeys, the other of 42, with a total of 563 apartments, was granted in August 2015 by the then-Western Australian planning minister John Day.A pool deck, gym, lounge areas, and outdoor seating and entertainment areas were also part of the plans.It was the first residential project in the Kings Square Precinct to be approved after four major mixed-use and commercial projects started development.Kings Square Precinct is part of the $5.2-billion Perth City Link project, an urban renewal project to reconnect the Perth CBD with the Northbridge cultural hub for the first time in a 100 years.Savills will manage the expression-of-interest campaign. Capital transactions director Barney Dear said it was an opportunity to get involved in reshaping the city.“The Perth City Link Project currently includes several city defining developments, including the RAC Arena, Yagan Square, four A-Grade office buildings totalling over 67,000sq m and the underground Perth Busport,” Dear said.“The precinct will also benefit from the development of the Edith Cowan University City Campus, which is currently under construction and expected to attract a community of 11,500 students and teachers by 2030.”<div id="5AaZqSHcwKq1WdM8dtTZXs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5BEJs5v2ZPFb4djAAR1nYD/4784bed0ef51d441aca6a35064b49059/Western-Australia_Kings-Square_artists-impression__1_.jpg" alt="Seven Entertainment was granted development approval in August 2015." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5BEJs5v2ZPFb4djAAR1nYD/4784bed0ef51d441aca6a35064b49059/Western-Australia_Kings-Square_artists-impression__1_.jpg"></picture><div>▲ Seven Entertainment was granted development approval in August 2015. </div></div><a data-mce-href="https://www.theurbandeveloper.com/articles/perth-universitys-695m-cbd-campus-project-wins-approval" href="https://www.theurbandeveloper.com/articles/perth-universitys-695m-cbd-campus-project-wins-approval" target="_blank" rel="noopener">Edith Cowan won planning approval in December 2021</a> for its CBD campus project.Seven Group Holdings managing director Ryan Stokes said in 2015 that the company wanted to find partners to develop the project with.“We have always viewed the residential opportunity as a major component to the success of Kings Square,” Stokes said at the time.“It is pleasing to secure the development approval and we will now look to attract a development partner that will bring this plan to life.”Perth has a tight rental market making it an ideal opportunity to provide much-needed rental accommodation.There will also be an estimated 5000 international students heading to Perth in the next month with most, if not all, existing student accommodation already accounted for.Savill operational capital markets head Conal Newland said the site’s proximity to services and transportation could make it a good fit for providing purpose-built student accommodation as universities prepare to receive more students.“The consent at KS6 could be configured to provide much needed student accommodation in one tower and build-to-rent in the other, to help offset the supply and demand imbalance,” Newland said.The expressions of interest campaign closes on March 9, 2023.&nbsp;

Despite getting planning approval to develop the site, Seven Entertainment has opted to sell a site in a prime location in Perth’s CBD…


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Investment fund manager IP Generation has bought a half-stake in a Western Australian shopping centre from AMP.It is the largest joint venture and sale of its nature of a regional shopping centre since Invesco sold a half share in the Grand Plaza Shopping Centre at Brown Plains in Queensland to EG Funds for $215 million in 2022.AMP Capital Shopping Centre Fund sold the share to IP Generation in an off-market sale negotiated by CBRE retail capital markets Pacific head Simon Rooney for $180 million.“The Rockingham transaction demonstrates the renewed demand for quality, sub-regional and regional assets with a focus on non-discretionary spending,” Rooney said.Rockingham Centre is the main mall in the area with food, service and convenience offerings and has a gross lettable area of 62,204 square metres.It is also situated within a key growth corridor.Coles and Woolworths are anchor tenants in the property along with Kmart, Target and Ace Cinemas.There is potential for future development on an adjacent lot of vacant land.The vacant site is 42,617sq m in size and is designated as part of a Strategic Metropolitan Centre, one of only nine such centres identified by the Western Australian government.Perth CBD is the only area that outranks the site from a planning context, meaning that subject to council approval there will be long-term development opportunities available.IP Generation last bought Westfield Helensvale in south-east Queensland for $185 million in late 2021.<div id="6lo6pRCJtEfBSDyGJQDZQM"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6tGNZPSxvxY6eELRMsC51m/040a9f871b3f661445e4213784798f55/HelensvaleUntitled-1.jpg" alt="Boutique fund manager IP Generation has picked up a half stake in Westfield Helensvale shopping centre for $185 million" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6tGNZPSxvxY6eELRMsC51m/040a9f871b3f661445e4213784798f55/HelensvaleUntitled-1.jpg"></picture><div>▲ Boutique fund manager IP Generation also picked up a half stake in Westfield Helensvale shopping centre for $185 million in 2021. </div></div>Shopping centre transactions and acquisitions have taken off as a trend in recent months with Telstra Super selling a half share in Carlingford Court for $120.5 million in mid-2022 to the JY Group.&nbsp;Dexus has just completed a trio of sales of shopping centres, with the <a href="https://www.theurbandeveloper.com/articles/dexus-sub-regional-retail-centre-sales-central-coast" data-mce-href="https://www.theurbandeveloper.com/articles/dexus-sub-regional-retail-centre-sales-central-coast" target="_blank" rel="noopener">Dexus Wholesale Property Fund selling the Deepwater Plaza in Woy Woy in December 2022 </a>for $112 million to an undisclosed local investment firm.It also sold <a href="https://www.theurbandeveloper.com/articles/dexus-mintus-beenleigh-shopping-centre-transaction" data-mce-href="https://www.theurbandeveloper.com/articles/dexus-mintus-beenleigh-shopping-centre-transaction" target="_blank" rel="noopener">the Shepparton Marketplace to Metro Holdings for $88.1 million in October 2022</a> and the Beenleigh Marketplace south of Brisbane for $85 million to Mintus in December as well.Earlier in 2022, <a href="https://www.theurbandeveloper.com/articles/lendlease-retail-centre-sales-sydney-perth-mackay" data-mce-href="https://www.theurbandeveloper.com/articles/lendlease-retail-centre-sales-sydney-perth-mackay" target="_blank" rel="noopener">Lendlease sold off three shopping centres in Western Australia, New South Wales and Queenland</a>, netting more than $520 million in total.

IP Generation has scooped up half ownership in a shopping centre site with future development options that is outranked for potential growth only by Perth’s CBD…


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CBD office rents grew across the board in 2022, but some cities are outperforming the market, and “performances are beginning to diverge”.While Melbourne and Sydney experienced steady growth, Brisbane was buoyed by the strongest quarterly rise in more than 10 years for premium face rents, according to the latest Cushman &amp; Wakefield Marketbeat report.Premium grade office space in Brisbane was up 6 per cent in the fourth quarter, averaging $965 per square metre a year.Elsewhere, A-grade gross face rents were up 1 per cent over the quarter to average $745 per square metre while B-grade were flat but up 2.3 per cent over the year, averaging $635 per square metre.Another 26,500 office employees are expected in Brisbane in the next decade, according to Deloitte Access Economics, requiring an estimated 265,000sq m of office floorspace.&nbsp;There is around 195,000sq m of space recently constructed or due for completion this year, including Heritage Lanes at 80 Ann Street, which is delivering 60,000sq m to the premium grade market, while there are other major office developments in the works in the Queensland capital.Construction on Dexus’s Waterfront Brisbane development is soon to begin after a court case over the development was <a href="https://www.theurbandeveloper.com/articles/appeal-against-dexus-s-aud2-5bn-waterfront-project-dismissed" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/appeal-against-dexus-s-aud2-5bn-waterfront-project-dismissed">dismissed last year. </a>Completion is expected in 2027.<div id="1pw6FCJSvtpdvMArPGk9ze"><picture><img src="//images.ctfassets.net/8pr762qjocl3/282wZc8AOUSl6qkYQ4WFpT/2af4a1915c108351a9a2a8a618e26730/Mid_article_resizes__5_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/282wZc8AOUSl6qkYQ4WFpT/2af4a1915c108351a9a2a8a618e26730/Mid_article_resizes__5_.jpg"></picture><div>▲ A render of Dexus’s Waterfront Brisbane development, due for completion in four years. </div></div>The city, however, experienced softer growth in other grades, as did Perth.&nbsp;The Western Australian city CBD achieved relatively strong fourth quarter face rental growth in premium assets and only moderate growth was achieved in other grades.This growth was driven by strong iron ore prices, a booming agricultural sector and continued investment in oil and gas, Cushman &amp; Wakefield said.Premium-grade net face rents rose again in Perth, up on the third quater by 4.5 per cent to $736 per square metre. A-grade and B-grade rents remained relatively stable at $594 and $462 per square metre.Melbourne and Sydney CBD markets grew steadily as interest rate rises and economic uncertainty slowed decision-making, particularly at the larger end of the tenant pool.In Melbourne, 550,000sq m of new and refurbished stock was added over 2020 and 2021 combined, but the first and second half of 2022 only delivered an additional 60,000sq m and 50,000sq m respectively, taking the CBD vacancy rate to 13 per cent.<div id="7sdGslVs2JR4ndBTVF1NaN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/32DPeDwtY63YyIzWDYRFWg/ead7c24d9e1dbd89e5f049afa77d1439/Mid_article_resizes__4_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/32DPeDwtY63YyIzWDYRFWg/ead7c24d9e1dbd89e5f049afa77d1439/Mid_article_resizes__4_.jpg"></picture><div>▲ The vacancy rate for the Melbourne CBD rose 13 per cent during the quarter. </div></div>Business confidence was cautious and larger tenants were slower to commit, with many opting for short-term extensions, Cushman &amp; Wakefield said.&nbsp;However, fitted-out speculative suites were providing the most activity, according to the office leasing team.&nbsp;B-grade rental levels were being pressured by the market’s desire for quality, the leasing agents said, remaining steady at $560 per square metre a year.&nbsp;Premium and A-grade net face rents were also steady in Melbourne, “reflective of new and better-quality stock”, averaging $725 and $660 sq m a year, respectively.&nbsp;In Sydney CBD, prime face rents remained steady at an average of $1410 per square metre a year, an increase of 4.2 per cent over the year.“This was generally the result of quality uplift driven both by the completion of new Premium buildings as well as freshly renovated A-grade buildings with high-quality fitouts,” Cushman &amp; Wakefield said.&nbsp;&nbsp;Premium, A-grade and B-grade gross face rents averaged $1525, $1335 and $1045 per square metre respectively.Sydney CBD supply was expected to be more subdued in 2023.&nbsp;

Some CBD office markets are faring better than others, with interest rises and economic uncertainty slowing decision making according to Cushman & Wakefield…

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A developer has been granted an extension of time to commence work on its mixed-use project in Western Australia for the third time.The Metro-Inner North Joint Development Assessment Panel decided in favour of the application by Brett Lovett’s DevWest Group for extra time to begin work on the Subiaco plan.&nbsp;DevWest won approval for the project, dubbed&nbsp;Hay 263, planned for a site at 263-277 Hay Street and 304-305 Olive Street in 2016 and has twice previously successfully applied to extend the time to commence.&nbsp;The six-storey tower eight apartments on the ground floor along with three spaces for cafe tenancies and three commercial tenancies.Both the first and second floors will each have 10 apartments and seven office tenancies, the third floor will have 10 apartments, the fourth floor 18 apartments and the fifth floor 15 apartments.Residents will have access to 85 car parking spaces on the second basement level along with storage and end-of-trip facilities for the office tenants.There will be 68 car parking spaces including 31 residential parking spaces, 28 commercial parking spaces and nine visitor parking spaces on the first basement level with more end-of-trip facilities, storage space and bin access and storage.&nbsp;&nbsp;The site was purchased from Ordberg Nominees Pty Ltd for $4.9 million in November 2011, according to Corelogic's property records. It was listed again in 2017 for $9 million but not sold.<div id="4qcHI29Wvu0x7rY8gc02ee"><picture><img src="//images.ctfassets.net/8pr762qjocl3/mMQN92ZJIvK29vRcE5jrz/3e0485d8393b8cdede044a3434e4f2f7/131203-Railway-View-05.jpeg" alt="DevWest's Railway 23 project also located in Subiaco." data-mce-src="//images.ctfassets.net/8pr762qjocl3/mMQN92ZJIvK29vRcE5jrz/3e0485d8393b8cdede044a3434e4f2f7/131203-Railway-View-05.jpeg"></picture><div>▲ A render of DevWest's other Subiaco project, Railway 23. </div></div>After being approved in April, 2016—a few weeks later in May, the developer appealed to the State Administrative Tribunal for changes to some of the conditions of the approval.These changes and an extension in time from two to four years were granted but in April 2020, the West Australian planning minister introduced Covid exemptions.&nbsp;This then pushed the commencement period to end on April 27, 2022.In November 2021, DevWest lodged amendments to the original proposal which included increasing the height.The City of Subiaco supported these changes but not a time extension and the developer put in a late request prior to the February 14, 2022 Development Assessment Panel meeting for the extension.Both the changes and the extension were approved, extending the time to October 27, 2022.Planning officers at the City of Subiaco recommended that the Metro-Inner North JDAP refuse the application for an extension of time for commencing the project.&nbsp;Panel members voted 3-2 against the council's recommendation, approving an extension of another six months, noting that current conditions in the industry were also a key factor.DevWest has developed other projects including Adelaide’s District Outlet Centre, and Railway 23 and the Cloisters, both in Subiaco, 3km west of the Perth CBD.It will work with EMCO to design and build Hay 263.<a data-mce-href="https://www.theurbandeveloper.com/articles/perth-housing-market-update" href="https://www.theurbandeveloper.com/articles/perth-housing-market-update" target="_blank" rel="noopener">Perth has experienced a relatively lower rate of decline</a> in housing approvals compared to other capital cities. Subiaco is a key suburb for development with heavy-hitter <a data-mce-href="https://www.theurbandeveloper.com/articles/sentinel-pggm-1.5bn-build-to-rent" href="https://www.theurbandeveloper.com/articles/sentinel-pggm-1.5bn-build-to-rent" target="_blank" rel="noopener">Sentinel developing the first institutional build-to-rent project in Australia </a>in the suburb.The Urban Developer contacted DevWest for comment prior to publication.

A West Australian planning committee has decided that a developer will have more time to begin work on its mixed-use project in Subiaco. 

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The developer of an approved 32-storey tower proposed for Perth’s St Georges Terrace has reworked its plans for the office project. Just months after the City of Perth Local Area Development Panel approved GDI Property’s proposal for the tower, the developer has cited market conditions and prospective tenant requirements as <a href="https://www.theurbandeveloper.com/articles/gdi-property-group-mill-street-perth-development-application" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/gdi-property-group-mill-street-perth-development-application">the reason for a new set of proposed plans</a>. GDI's new planning application is due to be determined by the assessment panel at its next meeting on January 23. It has been recommended for approvalThe previous plans for the 8726sq m site at 197 St Georges Terrace included the demolition of a four-storey building on the site fronting 1 Mill Street and the construction of the 32-storey tower with 221 car parking spaces.Approval for these plans was valid until February 2025.The new plans from GDI Property include the retention and adaptive reuse of 1 Mill Street instead of demolition, and the construction of a 21-storey office tower alongside it and the existing towers at 197 St Georges Terrace.The entire site is known as the Mill Green Complex.&nbsp; GDI acquired 197 St Georges Terrace in December 2013 after it was refurbished.Woods Bagot’s new plans for the office tower create a total of 5161sq m of office floor space to add to the 17,821 sq m already on the site.<div id="7KVBqyzfKgnmLUfpWGpzif"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1ULJkC0IjRjuR10qPt9oBu/45ce262588dcd1f53cb8af00e6b7a2a6/gdi_perth_story_mid.jpg" alt="The project will include refurbishment of the lower levels of the existing office tower at 197 St George's Terrace." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1ULJkC0IjRjuR10qPt9oBu/45ce262588dcd1f53cb8af00e6b7a2a6/gdi_perth_story_mid.jpg"></picture><div>▲ The project will include refurbishment of the lower levels of the existing office tower at 197 St George's Terrace. </div></div>There will be 23 car parking spaces in the basement with six motorcycle parking spaces, a loading dock and a delivery bay.An entry and end-of-trip facilities will be on the ground floor along with 24 car parking spaces, seven motorcycle parking spaces, one universal access parking space and 269 bicycle storage spaces.Level one will have a lobby, terrace, a conference space, offices, toilets, and a kitchenette.Each of the second and third floors will have between 1566 to 1790sq m of office space. The fourth floor feautre a terrace.All floors from the fifth to the 19th floor will have between 1561 and 1699sq m of office space.There will be a total of 22,982sq m of office space across all buildings on the site when the project is completed with planning documents listing the development value of the proposed plans at $174 million.

Planning officers have recommended that GDI Property's new plans for its key office complex on St Georges Terrace in Perth’s city centre be approved.

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Plans have been filed for an eight-storey mixed-use project in Rivervale in Perth's inner east.The tower, proposed by Ebizco Australia and which would comprise residential and short-stay serviced apartments, is due to be assessed by the Metro Inner-South Joint Development Assessment Panel at its January 18 meeting.Ebizco Australia owns the the vacant 2733sq m site planned for the tower.&nbsp;Corelogic property records show that Ebizco Australia bought the site in July 2021 from Bright Corporation for $2.8 million.The proposed plans include 46 serviced apartments for short-stay guests, 43 residential apartments and a restaurant.&nbsp;There would also be a communal pool and gym on the first floor for residents and a communal terrace on the same floor for the serviced apartment guests.Plans include 104 car parking spaces across the basement and ground floors plus a loading bay on the ground floor.Rechitects Architecture and Design designed the plans and the development cost of the project is estimated at $11.3 million, according to City of Belmont documents.ASIC records show that Troung Viet Phan is Ebizco’s director with Thi Thu Van Nguyen listed as secretary and joint shareholder.&nbsp;<div id="4L2ujetQqzvEMaLkayYfTB"><picture><img src="//images.ctfassets.net/8pr762qjocl3/62NJPj3k49MkmVM3UMMZJz/df1dd5845d936c4570117348e9c50737/finbar_belmont_tower_story_hero.jpg" alt="Finbar's proposed plans for a 19-storey residential tower in Belmont, Perth." data-mce-src="//images.ctfassets.net/8pr762qjocl3/62NJPj3k49MkmVM3UMMZJz/df1dd5845d936c4570117348e9c50737/finbar_belmont_tower_story_hero.jpg"></picture><div>▲ A render of the 19-storey residential tower proposed for Belmont by developer Finbar. </div></div>The City of Belmont has experienced an increase in development interest including <a data-mce-href="https://www.theurbandeveloper.com/articles/finbar-belmont-perth-residential-tower" href="https://www.theurbandeveloper.com/articles/finbar-belmont-perth-residential-tower" target="_blank" rel="noopener">Finbar filing plans for a 19-storey residential tower</a>.Across Perth and the Peel region, <a data-mce-href="https://www.theurbandeveloper.com/articles/perth-land-release-76000-homes-wa" href="https://www.theurbandeveloper.com/articles/perth-land-release-76000-homes-wa" target="_blank" rel="noopener">the state government has released land for development </a>as it tries to curb urban sprawl and incentivise people to look to apartment living.Encouraging developers to build up instead of out would also help cut costs associated with building and running metropolitan train and bus services to service emerging commuter suburbs.&nbsp;The WA government has just opened <a data-mce-href="https://www.theurbandeveloper.com/articles/perth-airport-train-line" href="https://www.theurbandeveloper.com/articles/perth-airport-train-line" target="_blank" rel="noopener">a $1.87-billion train line to Perth Airport.</a>

A developer has filed plans for a mixed-use project along Armadale Road in the Perth suburb of Rivervale. 
The eight-storey project which will have both residential and short-stay serviced apartments will be assessed by the Metro Inner-South Joint Development Assessment Panel at their next meeting.


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Rental price growth took a breather in the December quarter after hitting record quartery high growth in September with no movement on rents for homes during the quarter.But for the first time since the September 2020 quarter, rental price growth in capital cities has outpaced the regions on an annual basis, according to the latest REA Group’s PropTrack report.The report, which tracks the change in advertised rental prices across capital cities and major regional centres on a quarterly and annual basis, found that nationally there was no change in house rental prices during the December 2022 quarter despite some <a data-mce-href="https://www.theurbandeveloper.com/articles/prop-track-rental-market-september-2022" href="https://www.theurbandeveloper.com/articles/prop-track-rental-market-september-2022" target="_blank" rel="noopener">change in the previous quarter</a>.However, apartment prices increased by 2.2 per cent during the last quarter of last year.During the 2022 calendar year, national house rental prices increased by 7.5 per cent and apartments by 9.5 per cent.It was a mixed bag, however, for the capitals.Perth had an overall decrease in median rents by 3.2 per cent across the December 2022 quarter, with a decrease in median house rents of 4.0 per cent and no change in median unit rents.Sydney median rents were up 1.8 per cent with an increase in unit rents of 1 per cent and a decrease of 3.2 per cent in house rents; while Melbourne rents increased by 2.3 per cent across the December 2022 quarter—apartments were up 1.2 per cent but no change for house rents. Median rents: December 2022 quarter<table border="0" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset; float: left;" style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset; float: left;" class="mce-item-table"><tbody><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Region</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">All home median rent&nbsp;</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">Quarter-on-quarter change&nbsp;</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">Year-on-year change&nbsp;</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Sydney</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$560</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">1.8%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">7.7%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Melbourne</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">2.3%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">9.8%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Brisbane</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$490</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">11.4%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Adelaide</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">11.8%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Perth</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">-3.2%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">4.7%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Hobart</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$500</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">5.3%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Darwin</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$550</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">1.9%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">ACT</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$595</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">-0.8%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">6.3%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">All capital cities</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$495</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">1.0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">10.0%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of NSW</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$480</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">6.7%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of Vic</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$400</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">5.3%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of Qld </td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$485</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">-1.0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">7.8%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of SA</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$310</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">10.7%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of WA</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">12.5%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of Tas</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$390</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">-2.5%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">5.4%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">Rest of NT</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">-7.2%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">-2.2%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">All regions</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$450</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">7.1%</td></tr><tr><td style="width: 24.8087%;" data-mce-style="width: 24.8087%;">National</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">$480</td><td style="width: 25.1883%;" data-mce-style="width: 25.1883%;">0%</td><td style="width: 24.8147%;" data-mce-style="width: 24.8147%;">6.7%</td></tr></tbody></table>^ Source: REA Group PropTrack Market Insight Report for January 2023 The median advertised rental price nationally remains at $480 per week with Sydney at $560 per week and Melbourne at $450 per week, which is &nbsp;6.7 per cent up on the same quarter last year, <a data-mce-href="https://www.theurbandeveloper.com/articles/record-rent-rises-proptrack-september-quarter" href="https://www.theurbandeveloper.com/articles/record-rent-rises-proptrack-september-quarter" target="_blank" rel="noopener">as prices increased throughout the rest of the 2022 calendar year</a>.By comparison, rents increased by 4.7 per cent during the 2021 calendar year.Rents across all capital cities have overall increased by 1 per cent compared to the September 2022 quarter and by 10 per cent compared to the December 2021 quarter.There was no change to rents in regional areas on a quarter-on-quarter basis but there was an increase of 7.1 per cent on a year-to-year basis making it the first time capital city rents have grown faster than regional centres since the September 2020 quarter.The report predicts capital city rents will keep growing while regional rents may ease slightly.

For the first time since the September 2020 quarter, rental price growth in capital cities has outpaced the regions on an annual basis according to the latest REA Group’s PropTrack report. 
The PropTrack Market Insight Report tracks the change in advertised rental prices across capital cities and major regional centres on a quarterly and annual basis.

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An assessment panel has pressed pause on its decision for 3 Oceans Property’s Matilda Bay Brewery project.&nbsp;The 2.9ha North Fremantle site is earmarked for a $185-million mixed-use redevelopment project and was due for planning approval determination earlier this week.However, the Metro-Inner South Joint Development Assessment Panel opted to defer the decision and consideration of the project to early 2023.It was determined that the plans had too many unresolved issues and that approving it would need too many specific conditions attached and that rejecting it outright was also not appropriate.The developers now have an opportunity to make changes to the application and plans, and to resubmit it in the first quarter of 2023.They will not need to withdraw the application and resubmit it.It also means that the community has another chance to make submissions when the project is reconsidered.<div id="66S04zjQt294oWtTOyWMuW"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6iIwBMcrcPuu9vNahHZuKn/8ce56e14d0a6d10d33e740176370c0e5/matilda_bay_brewery_mid_01.jpg" alt="Part of the public open space proposed as part of the new plans for the Matilda Bay Brewery site. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/6iIwBMcrcPuu9vNahHZuKn/8ce56e14d0a6d10d33e740176370c0e5/matilda_bay_brewery_mid_01.jpg"></picture><div>▲ Part of the public open space proposed as part of the new plans for the Matilda Bay Brewery site. </div></div>Panel chair Rachel Chapman declared an interest at the start of the meeting as a director for town planners Taylor Burrell Barnett Perth, whose clients include the project’s property manager, Parcel Property.Chapman said that neither she nor Taylor Burrell Barnett Perth had worked on the project or the application, and that she would consider the application on its merits and without bias.Chapman remained for the discussion of the application and the deliberation of the deferral.Cox Architecture designed the original plans for the project, The Assembly, on the site, which include four buildings of 2, 10, 11 and 16 storeys.Stage one was todeliver open public space and 207 apartments while stage two was to deliver up to 293 apartments.In September 2022, the developer filed amended plans.Changes included an increase in height for Tower 1 from 16 storeys to 20 storeys, a decrease in height from 10 storeys to 6 storeys for Tower 3.&nbsp; Part of Tower 2 will be reduced in height from 5 storeys to 3 storeys and an increase in height for another part of Tower 2 from 11 to 15 storeys.&nbsp; There was also a reduction in the number of units from 207 to 198 units.<div id="3ZATjLAQ0y69tU0TVCDUUc"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2N4FNCWif0p6Ir5SPMmoJA/13cb5b248c1f629254e0de5ccff411c1/matilda_bay_brewery_mid_02.jpg" alt="The plans propose retaining the heritage-listed buildings from 1929 when it was a Ford Motors factory and later a brewery." data-mce-src="//images.ctfassets.net/8pr762qjocl3/2N4FNCWif0p6Ir5SPMmoJA/13cb5b248c1f629254e0de5ccff411c1/matilda_bay_brewery_mid_02.jpg"></picture><div>▲ The plans propose retaining the heritage-listed buildings from 1929 when it was a Ford Motors factory. </div></div>Residents will have access to a 40m infinity pool, rooftop dining area, a pilates and yoga studio, children’s play area and work-from-home areas.Planning officers at the City of Fremantle Council had recommended that the panel refuse the project.Reasons included that in many instances the plans did not fit the criteria listed in planning framework documents.The structure plan for the site allows for a maximum height for the site of 17m with the opportunity to go up to 33m if nine conditions in the structure plan are met. Only three of those conditions were fully met with two only partially met by the developer's plans which proposed a height of 77m which is 44m higher than the maximum allowed height. Officers cited the height and scale of the development as key concerns as well as considerations around traffic, congestion and flow as well as sufficient parking.The City of Fremantle’s Design Advisory Committee also advised officers that the design did not achieve a sense of distinctive architecture or meld with the proposed re-use and adaptation of the heritage-listed buildings on the site.It was also deemed to be inconsistent with only 3 per cent of the units having a floor area less than 60sq m instead of the mandated minimum of 25 per cent to create sufficient diversity of apartment types.There were also concerns about overshadowing.ASIC records show that Chinese-born Xibo Ma, Ling Ma and Rongbin Ma are the directors of 3 Oceans Property.Two shareholders are also mentioned in the ASIC records: Singapore-based Hong Rong Investment Pte. Ltd. and the China-based Hebei Qianjin Steel Group Co. Ltd. &nbsp;The company has previously put forward a $300-million development in Scarborough in Perth but later withdrew the project.&nbsp;

The Metro-Inner South Joint Development Assessment Panel has deferred the decision on 3 Oceans Property’s Matilda Bay Brewery project.

The 2.9ha site is earmarked for a $185-million mixed-use redevelopment project and was due for planning approval determination earlier this week.

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Gurner, Costa Property and Grange Developments are due to undertake a mediation hearing this week over the trio’s mixed-use project at Nedlands in Perth.The developers are due to attend the mediation with the Metro-Inner North Joint Development Assessment Panel after filing an appeal with the Western Australian State Administrative Tribunal.The appeal was lodged after revised plans for their Chellingworth project at 97 and 105 Stirling Highway, filed in July this year, were rejected by the panel in August.&nbsp;This will be the second time an appeal has been made with the tribunal since plans were first filed in 2020.Those plans included four towers with 301 apartments and retail space. They were rejected by the panel in July 2020.Costa Property and Grange Developments’ joint venture Nedlands Rental Property then filed an appeal with the State Administrative Tribunal.The appeal was upheld by the tribunal, who ruled that the panel had to review the proposed plans.&nbsp;A revised version of the plans was filed in November 2020 comprising 231 apartments, three towers instead of four, and reduced heights for two towers—the east tower down from 26 to 24 storeys and the west from 24 to 22.<div id="7CqrolLNBE1vWvOuPosI2F"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3FW5UCi8V9GY4fNjl673zC/6c55caf6461446790bf79066bdb8d4f2/gurner_story_mid_01.jpg" alt="An image of the three towers for the Chellingworth project in Nedlands in Perth." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3FW5UCi8V9GY4fNjl673zC/6c55caf6461446790bf79066bdb8d4f2/gurner_story_mid_01.jpg"></picture><div>▲ An render of the three towers proposed in for the Nedlands site. </div></div>The City of Nedlands Council remained opposed to the project throughout, recommending that it be refused.However, the panel approved the revised plans in February 2021, voting 3 to 2.&nbsp;After that decision, the City of Nedlands mayor Cilla de Lacy, chief executive Mark Goodlet and planning director Peter Mickleson resigned.&nbsp;Tim Gurner then joined the project, with Gurner bringing $500 million to the table, and the name of the venture changing to Nedlands Development in March 2022.<a data-mce-href="https://www.theurbandeveloper.com/articles/gurner-costa-grange-triple-tower-nedlands-perth" href="https://www.theurbandeveloper.com/articles/gurner-costa-grange-triple-tower-nedlands-perth" target="_blank" rel="noopener">Gurner, Grange and Costa filed amended plans for the site in July 2022.</a>These amendments included an increase in apartments from 231 to 368, the central tower’s storeys increased to 21 from 17, a total of 516 carparking spaces, and a bridge connecting all three towers. The plans also included a waterfall from the bridge.These plans were rejected in August, which prompted the second appeal to the tribunal.The panel said that the amendments involved changes so different to the original $320-million plans that they could not be considered to be an amendment.Among other projects, the high-profile&nbsp;<a data-mce-href="https://www.theurbandeveloper.com/articles/gurner-harbour-esplanade-docklands-melbourne-development" href="https://www.theurbandeveloper.com/articles/gurner-harbour-esplanade-docklands-melbourne-development" target="_blank" rel="noopener">Gurner is working on a $1.7-billion project </a>in Melbourne's Docklands.

Gurner, Costa Property and Grange Developments are set for a mediation hearing this week over their mixed-use project in Nedlands, Perth.

The developers will attend the mediation with the City of Nedlands Joint Development Assessment Panel after filing an appeal with the Western Australian State Administrative Tribunal.

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Real estate giant Lendlease has teamed with Realside to splash $340 million on a Perth skyscraper.Lendlease’s Real Estate Partners 4 fund and Realside have inked the deal to buy 108 St Georges Terrace from Brookfield.The A-grade tower is on a prime corner site in the heart of Perth’s CBD, comprising 38,332sq m of net lettable area over 51 levels with views across Swan River and Perth’s metropolitan area.Lendlease Investment Management head of private equity Paul Snushall said Perth had experienced the highest level of net absorption in the past 12 months, outperforming all other capital cities.&nbsp;Snushall said the asset had undergone a $110-million refurbishment in the past decade and was well positioned for rental growth.“This is a great acquisition for the REP4 portfolio. In line with our recent Blue Tower acquisition in Brisbane and Collins Street acquisitions in Melbourne, we’re keen to enhance 108’s ground plane and end-of-trip facilities, along with creating quality fitted suites to deliver a superior product for current and future tenants,” Snushall said.Realside Financial Group founding partner Mark Vonic said the office tower offering was rare in the CBD with a good location and amenity.&nbsp;“Realside’s purchase of 108 is an example of our approach to seeking out opportunities that provide our clients access to core assets that provide attractive returns,” Vonic said.“The acquisition of an asset of this calibre is reflective of the team’s approach, patience and discipline. We have been delighted by the positive response from our investor base.”

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The City of Vincent’s Joint Development Assessment Panel has approved Western Australian developer Saracen Properties’ $25.5-million West Perth commercial project.The panel met on November 1 with planning officers recommending that the panel approve the plans.The plans for the 10,000sq m site at 533-545 Newcastle Street, 1-7 Old Aberdeen Place and 6-15 Cleaver Street in West Perth were designed by Meyer Shircore Architects.&nbsp;The end value for the development is estimated at $70 million, according to Saracen Properties.&nbsp;The initial version of the plans included a third storey that was removed after submissions from the community.&nbsp;The two-storey project will have two undercroft sections, a ground floor and a first floor.&nbsp;The first undercroft section will have seven tenancies with options for shops, cafes, fast-food outlets, liquor stores, small bars and others.&nbsp;It will also have a studio or workshop, a showroom and an event space with lobby and lift.There will be 59 carparking spaces and a service entrance accessible from Old Aberdeen Place, including one ACROD parking space.&nbsp;&nbsp;The second undercroft section will front Cleaver Street and provide the entrance for the proposed Bunnings plus escalator access to the ground floor.&nbsp;It will have 176 carparking spaces, including four ACROD parking spaces and four trailer spaces.&nbsp;<div id="24XjCVqMou4Ufie11jjOuF"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7Hc8kc9bQX2iYtSDKLXeDu/dd036d484c7d350175a280d6367c1b2c/saracen_west_perth_da_mid.jpg" alt="A render of Saracen Properties' West Perth commercial project showing an industrial building with a mixture of facades. A previous version of the project had a second floor that was removed after community submissions objecting to it. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/7Hc8kc9bQX2iYtSDKLXeDu/dd036d484c7d350175a280d6367c1b2c/saracen_west_perth_da_mid.jpg"></picture><div>▲ A previous version of the project had a third floor that was removed after community submissions. </div></div>The ground floor will have the hardware store with space for a warehouse, timber trade sales, outdoor nursery and bagged goods area plus a service exit to Newcastle Street.There will also be two additional access and exit points on Newcastle Street to the timber trade sales area.The first floor will have a childcare centre for 140 children and 18 staff, and a gallery space for an exhibition centre.&nbsp;The childcare centre will have an outdoor play area on the first floor and five dedicated pick-up and drop-off spaces in the first undercroft section.&nbsp;The site is in the Pickle District, the location for community events such as After Dark in 2021 and 2022.&nbsp;A number of submissions were made with concerns about traffic, parking, congestion and the initial proposed height of the building.Luke Saraceni formed Saracen Properties in 1993. Its other projects include <a data-mce-href="https://www.theurbandeveloper.com/articles/saracen-westin-hotel-beach-village-margaret-river-wa-gnarabup" href="https://www.theurbandeveloper.com/articles/saracen-westin-hotel-beach-village-margaret-river-wa-gnarabup" target="_blank" rel="noopener">the Gnarabup hotel project on the Leeuwin-Naturalist Ridge</a> near Margaret River in WA’s south-west.&nbsp;<a data-mce-href="https://www.theurbandeveloper.com/articles/saracen-westin-hotel-beach-village-margaret-river-wa-gnarabup" href="https://www.theurbandeveloper.com/articles/saracen-westin-hotel-beach-village-margaret-river-wa-gnarabup" target="_blank" rel="noopener">The Western Australian Environmental Protection Authority is assessing the Gnarabup Hotel project </a>with a report to be provided to the state minister for environment.&nbsp;

The City of Vincent’s Joint Development Assessment Panel approved Western Australian developer Saracen Properties’ $25.5-million West Perth commercial project this week.
The panel met on November 1 with planning officers recommending that the panel approve the plans.


PERTH