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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Property fund mangers CorVal have recently sold a North Sydney Office Tower for an estimated $58 million.</p><p>As reported in <em>The Australian Financial Review, </em>the building at 140 Arthur Street was bought by HK Realway, backed by a private investor based in Hong Kong.</p><p>The tower has 16 storeys, with a net lettable area of more than 8300 square metres and parking for 84 cars.</p><p>The property was sold through Knight Frank agents, with their information memorandum noting the site could be developed into a residential building with up to 250 serviced apartments or as a hotel and motel under the current B3 zoning.</p><p></p><p><strong>ALSO SEE: Sydney&#x27;s Skyline Set to Rise</strong></p><p></p><p>HK Realway owns a number of large towers in the Sydney area including the Cinema Centre Car Park in the CBD and has recently purchased another office tower at 309 George Street from Abacus Property for $112.3 million.<br>[googlemaps https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d6628.25783588587!2d151.20412613666878!3d-33.834785839297965!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x6b12aeed5461ebfb%3A0xe6e43378b66e039!2s140+Arthur+St%2C+North+Sydney+NSW+2060!5e0!3m2!1sen!2sau!4v1433293680985&amp;w=600&amp;h=450]</p></div></div></div></div></div>

Property fund mangers CorVal have recently sold a North Sydney Office Tower for an estimated $58 million.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Adelene Teh is making a name for herself on the Melbourne property scene after launching Gardenhill - the first development in Australia to have its own dog off leash park—earlier this year.</p><p>The daughter of Malaysian developer, Datuk Teh Kean Ming, Teh has attributed much of her passion and interest in the property industry from her father who has been in the sector for over 35 years.</p><p>After graduating from the University of Melbourne with a Master's degree in architecture she co-founded Beulah International, which is rapidly moving from boutique developments to a series of high profile projects, continuing their mission to deliver exception luxury homes to the Australian market.</p><hr><strong style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;" data-mce-style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"><br></strong><strong>How did you get your start in property development?</strong><p>I was born and raised in Malaysia and my father was, and still is, in the property development and construction industry. I then moved to</p><p>Australia&nbsp;and completed my Master’s degree in architecture. I attribute a lot of my interest in property and design to my father, who is incredibly dedicated and passionate about what he does.</p><p>I have always been passionate about creating something from nothing, and seeing ideas come to life.</p><p>Changing the built environment and improving the community’s lifestyle and amenities was something that really appealed to me, so therefore there was no better way to achieve this than to be a property developer myself! <br></p><p><strong>What drives you – has there been someone or something that has inspired your career?&nbsp;</strong></p><p>My father has been a huge inspiration to me and has greatly influenced my career path.</p><p>He has been in the property development and construction industry for over 35 years and growing up; he would take me for walk-throughs on project sites and explain the details to me.</p><p>What drives me today is seeing a built product, something that adds value to the surrounding landscape as well as to the lives of the residents. <br></p><p><strong>As a developer, how do you set yourself apart from other companies? </strong><br></p><p>By not being afraid to push the boundaries.&nbsp;Our vision as a developer has always been to&nbsp;transform a space&nbsp;into something people will enjoy and something that will add value into their lives, rather than just use.</p><p>It’s in our culture to always push the boundaries and not accept what’s considered normal and safe. My dad has always tried to do things differently and that’s what inspired us to put a dog park in our Gardenhill development.</p><h4>What are some of the challenges you have faced in your industry? <br></h4><p>It’s been challenging to try and be different and innovative in the industry to set ourselves apart, while still maintaining and balancing the overall cost, the quality of the project and the project's timeline.</p><p>It’s also challenging trying to balance the affordability from a buyer’s point of view, while getting the best outcome/value for our clients.</p><p>Also as a young female developer in a male dominated industry who are experts in their own respective fields, it’s sometimes difficult to get what we want and achieve our vision, while coming up against different individual opinions and interests.</p><p><strong>What projects do you have in the pipeline now? </strong><br></p><p>We are currently planning a few projects in the eastern suburbs, unfortunately these are confidential at the moment.</p><div id="34IPMHD3TyLI8L3UMU1hFC"><picture><img src="//images.ctfassets.net/8pr762qjocl3/qooNbTKoS0Jm0OnnekwMt/581f981cb9c29b18fbc354daa191dd96/Ironside_Hallmark_1600x900_Pixels_02_landscape_small.jpeg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/qooNbTKoS0Jm0OnnekwMt/581f981cb9c29b18fbc354daa191dd96/Ironside_Hallmark_1600x900_Pixels_02_landscape_small.jpeg"></picture><div>▲ Hallmark features 32 large-scale luxury residences over five storeys, designed by Fender Katsalidis.<br>&nbsp;</div></div><p><strong>What is your favourite project that&nbsp;you’ve developed and why?</strong></p><p>My own home which I have designed myself as it is my own personal space where I unwind, relax and gain inspiration; and is special to me as I’ve handpicked everything myself and designed it to reflect my own personal taste, without having to worry about what others would or wouldn’t like.&nbsp;<br></p><p><strong>What has been your career highlight? </strong><br></p><p>My career highlight so far has been starting Beulah International with my other cofounder and working incredibly hard towards achieving our vision, and although we are quite young and fresh to the industry, we’ve been getting great feedback and results and we’re very encouraged by that. We believe this is just the beginning for the company, and can’t wait to contribute more and see more of our work make an impact.<br></p><p><strong>What piece of advice would you give yourself? </strong><br></p><p>I think whenever you're starting something new, whether it be a new development, a new business venture or even a change of pace, there's always going to be apprehension due to the unknown.</p><p>The biggest problem when starting something new is to avoid being swayed by others' thoughts and opinions, as ultimately, you know yourself the best and if you want something, you just need to give it all you've got.</p><p>I would tell myself to listen to my gut instinct more sometimes, but so far I am thankful everything has been going well and I'm really enjoying the path I'm currently on. <br></p><p><strong>What’s your&nbsp;long-term vision for your company? </strong><br></p><p>Our long-term vision is to be one of the leading property developers in the industry, on a worldwide scale. Our vision is&nbsp;dedicated to&nbsp;creating quality developments that will change people’s lives, the community and the surrounding landscape.</p><p><strong>Apart from those by your own company, what do you think are the best projects in the world at the moment?</strong></p><p><span style="font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen, Ubuntu, Cantarell, &quot;Open Sans&quot;, &quot;Helvetica Neue&quot;, sans-serif;">The project my father incepted: the Light - An award winning waterfront development in Penang that features a&nbsp;big&nbsp;self-sustaining marine ecosystem, the first of its kind in a residential setting.</span></p></div></div></div><div><p>The Highline in New York - converting old unused railroad into a public park&nbsp;which has become such a big part of people’s lives there. It&nbsp;is such a clever idea and&nbsp;I love the idea of turning something old and unused into something that has added so much value in the community and people’s lives. It’s&nbsp;also&nbsp;really beautiful to visit. <br></p><p><strong>Where do you think the development industry will be&nbsp;five years from now? </strong><br></p><p>I think&nbsp;it will&nbsp;definitely&nbsp;shift more towards&nbsp;different types of&nbsp;apartment living, because of the urban lifestyle and shifting lifestyle needs towards activity zones, or inner city hubs. I think there will be more competition as&nbsp;well as&nbsp;overseas developers come into the Australian market, which would also result in more creativity and innovation within the industry,&nbsp;and will&nbsp;ultimately create better world-class products&nbsp;for the people. <br></p><p><strong> What or whom have you learned the most from? </strong><br></p><p>Captains of the industry and seeing and learning what they have done in the past, as well as gaining inspiration from projects in other parts of the world. </p><p>I’ve also learned from business leaders and entrepreneurs in other industries, especially the younger leaders. Daniel and Justine Flynn of Thankyou Group are personal friends of ours and hearing their story again and again is always very inspiring to me, and gave us the confidence to start our own thing. <br></p><p><strong>What do you like to do to relax? </strong><br></p><p>Movies definitely,&nbsp;lots and lots of them! As well as travelling. <br></p><p><strong>What are three books that have either influenced you professionally or personally?</strong></p><p>'The Blessed Life' by Robert Morris.<br>'Extraordinary' by John Bevere3.<br>'Power of Less' by Leo Babaota.<br><br><strong> What is a website or blog that you visit often?</strong></p><p>Dezeen, archdaily. I also follow various architecture/design related Instagram accounts and Pinterest.</p><p>I also enjoy lifestyle sites like timeout and broadsheet to keep myself in the loop of what’s happening in Melbourne in the food/art/music scene, and knowing where the next new rooftop&nbsp;café or cinema&nbsp;is.</p></div></div></div>

Adelene Teh is making a name for herself on the Melbourne property scene after founding Beulah International and launching her first development, Greenhill.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><br><em>Image: John Gollings. University South Lawn Underground Car Park by Loder and Bayly in association with Harris, Lange and Associates. </em><br></p><p><br><strong>The Australian Institute of Architects have revealed the shortlist for one of the highest honours in Australia&#x27;s architectural community.</strong></p><p></p><p>The institute received a record 983 entries across 14 different categories of design.</p><p>Jury chair and Immediate Past President Ken Maher said the entries exemplified &quot;the positive impact architecture has on our cities, towns and landscapes&quot;.</p><p>&quot;Of course, the exceptional projects we visited represent only a small part of this contribution, much of which goes unrecognised,&quot; he said.</p><p>&quot;Reflecting on the state of architecture as observed from the visits, we were heartened by the maturity, creativity and accomplishment demonstrated by the profession across the board, from well-recognised practitioners to emerging practices and younger architects.</p><p>&quot;The remarkable testimonies from clients were touching – many revealed that they had gained a true understanding of the value of architecture through undertaking their projects,&quot; Maher said.</p><p>Following the Chapter Architecture Awards presentations earlier in the year, 205 entries were eligible for national judging and the jury has today revealed their shortlist of 72 projects ahead of the awards ceremony.</p><p>Keeping pace with the recent apartment construction boom, particularly along the eastern seaboard, there was a record number of projects in the Residential Architecture – Multiple Housing category on the shortlist.</p><p>A large number of educational projects were also selected by the jury for &quot;inventive design thinking that has expanded the pedagogic and experiential agendas&quot;.</p><p>Maher was joined on the jury by Mel Bright, Lawrence Nield, Sue Dugdale and Peter Maddison.</p><p>Launching on World Architecture Day, Monday 2 October, the annual People’s Choice Award will once again give members of the public the opportunity to vote for their favourite residential project from the shortlist.</p><p>The 2017 winners of the National Architecture Awards will be announced at Albert Hall in Canberra on Thursday 2 November.<br>Full shortlist<br>Commercial Architecture<br></p><ul> <li><p>NewActon Nishi by Fender Katsalidis Architects (ACT)</p></li><li><p>Sydney Processing Centre by Genton Architecture (NSW)</p></li><li><p>TarraWarra Cellar Door by Kerstin Thompson Architects (Vic)</p></li><li><p>The EY Centre by fjmt (NSW)</p><p> The 6-star FJMT-designed EY building[/caption]</p></li><li><p>Willinga Park by Cox Architecture (ACT)</p></li></ul><ul> <li><p>Albert Park College Environmental Arts Hub by Six Degrees Architects (Vic)</p></li><li><p>Arts West, University of Melbourne by ARM + Architectus (Vic)</p></li><li><p>East Sydney Early Learning Centre by Andrew Burges Architects in association with the City of Sydney (NSW)</p></li><li><p>Mt Alvernia College Anthony and La Verna Buildings by m3architecture (Qld)</p></li><li><p>St Joseph’s Nudgee College Hanly Learning Centre by m3architecture (Qld)</p></li><li><p>The Grimwade Centre For Cultural Materials Conservation – The University of Melbourne by Jackson Clements Burrows Architects (Vic)</p></li><li><p>UQ Forgan Smith Building – TC Beirne School of Law and Walter Harrison Library Refurbishment by BVN (Qld)</p></li></ul><ul> <li><p>17 Wylde Street by Aaron M Bolot (NSW)</p></li><li><p>University South Lawn Underground Car Park by Loder &amp; Bayly in association with Harris, Lange and Associates (Vic)</p></li></ul><ul> <li><p>100 Harris Street by SJB (NSW)</p></li><li><p>Albert Park College Environmental Arts Hub by Six Degrees Architects (Vic)</p></li><li><p>Captain Kelly’s Cottage by John Wardle Architects (Tas)</p></li><li><p>Embassy of Sweden by Guida Moseley Brown Architects (ACT)</p></li><li><p>Juanita Nielsen Community Centre by Neeson Murcutt Architects Pty Ltd in association with City of Sydney (NSW)</p></li></ul><ul> <li><p>Canberra Airport – International by Guida Moseley Brown Architects (ACT)</p></li><li><p>Indigo Slam by Smart Design Studio (NSW)</p></li><li><p>Slack Melbourne Office by Breathe Architecture (Vic)</p></li><li><p>The Gipson Commons, St Michael’s Grammar School by Architectus (Vic)</p></li><li><p>UQ Forgan Smith Building – TC Beirne School of Law and Walter Harrison Library Refurbishment by BVN (Qld)</p></li></ul><ul> <li><p>Amanemu by Kerry Hill Architects (Japan)</p></li><li><p>International Centre for Interdisciplinary Science and Education (ICISE) by Studio Milou Singapore (Vietnam)</p></li><li><p>SkyVille @ Dawson by WOHA (Singapore)</p></li></ul><ul> <li><p>Act for Kids Child and Family Centre of Excellence by m3architecture (Qld)</p></li><li><p>East Pilbara Arts Centre by Officer Woods Architects (WA)</p></li><li><p>Juanita Nielsen Community Centre by Neeson Murcutt Architects Pty Ltd in association with City of Sydney (NSW)</p></li><li><p>Orange Regional Museum by Crone (NSW)</p></li><li><p>Sunshine Coast University Hospital by Architectus Brisbane and HDR Rice Daubney as Sunshine Coast Architects (Qld)</p></li><li><p>The Globe by Brian Hooper Architect and m3architecture (architects in association) (Qld)</p></li><li><p>Victorian Comprehensive Cancer Centre by sthDI+MCR (Vic)</p></li></ul><ul> <li><p>Annandale House by Welsh + Major Architects (NSW)</p></li><li><p>Burleigh Street House by ME (Qld)</p></li><li><p>Captain Kelly’s Cottage by John Wardle Architects (Tas)</p></li><li><p>Dornoch Terrace House by James Russell Architect (Qld)</p></li><li><p>Jac by panovscott (NSW)</p></li><li><p>Little Sister’s House by Candalepas Associates (NSW)</p></li><li><p>Sorrento House by Figureground Architecture (Vic)</p></li></ul><ul> <li><p>Cape Tribulation House by m3architecture (Qld)</p></li><li><p>Coogee House by Chenchow Little (NSW)</p></li><li><p>D’Entrecasteaux House by room11 (Tas)</p></li><li><p>Dark Horse by Architecture Architecture (Vic)</p></li><li><p>Mitti Street House by James Russell Architect (Qld)</p></li><li><p>Rose House by Baracco+Wright Architects (Vic)</p></li><li><p>Tamarama House by Durbach Block Jaggers Architects (NSW)</p></li><li><p>Tent House by Sparks Architects (Qld)</p></li></ul><ul> <li><p>88 Angel St by Steele Associates Architects (NSW)</p></li><li><p>Crown 515 by Smart Design Studio (NSW)</p></li><li><p>President Avenue by Candalepas Associates (NSW)</p></li><li><p>RMIT Bundoora West Student Accommodation by Richard Middleton Architects (RMA) (Vic)</p></li><li><p>Solis: Little Bay Apartments by Fox Johnston (NSW)</p></li><li><p>St Joseph’s Nudgee College Bathersby Boarding Village by m3architecture (Qld)</p></li><li><p>Tropology for DHA by Troppo Architects (NT)</p></li></ul><ul> <li><p>Lizard Log Amenities by CHROFI (NSW)</p></li><li><p>North Bondi Amenities by Sam Crawford Architects with Lymesmith (NSW)</p></li><li><p>Studio for Indigo Jungle by Marc&amp;Co (Qld)</p></li><li><p>The Piano Mill by Conrad Gargett (Qld)</p></li></ul><ul> <li><p>88 Angel St by Steele Associates Architects (NSW)</p></li><li><p>Central Park Sydney by Tzannes and Cox Richardson and Forster + Partners (NSW)</p></li><li><p>Gen Y Demonstration Housing Project by David Barr Architect (WA)</p></li><li><p>Mt Alvernia College Anthony and La Verna Buildings by m3architecture (Qld)</p></li><li><p>Sunnybanks House by Core Collective Architects (Tas)</p></li><li><p>South East Water by BVN (Vic)</p></li></ul><ul> <li><p>Central Park Sydney by Tzannes and Cox Richardson and Foster + Partners (NSW)</p></li><li><p>Frank Bartlett Library and Moe Service Centre by fjmt (Vic)</p></li><li><p>Kensington Street Precinct by Tonkin Zulaikha Greer Architects (NSW)</p></li><li><p>The Goods Line by ASPECT Studios with CHROFI (NSW)</p></li></ul><ul> <li><p>Arts West, University of Melbourne by ARM + Architectus (Vic)</p></li><li><p>Lizard Log Amenities by CHROFI (NSW)</p></li></ul></div></div><div class="cell cell-sm-6 cx12"><div class="ci"></div></div></div></div></div>

The competition for the best in Australian architecture has reached 983 entries, for Australian Institute of Architects’ National Architecture Awards.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Riverside Marine has gained developmental approval for Stage One of its Skyring Riverside development at 17 Skyring Terrace Newstead on October 4, after a successful ‘last minute’ request by Body Corporate identities for historical buildings at the Riverside Coal Transport Company site to be listed as a heritage site. Architectural firm Popov Bass has listed the development on its website as &#x27;Riverside 7 Apartments&#x27;.</p><p>The redevelopment of the entire site at 17 Skyring Terrace will incorporate &quot;multiple dwellings, short-term accommodation, food and drink outlet, indoor sport and recreation, offices and shops&quot; including a dedicated &#x27;RiverWalk&#x27;.</p><p>According to the development&#x27;s Assessment Report lodged in August 2015, in summary, the proposal comprises:• Two eight storey mixed use buildings (&#x27;Stage 1’ and ‘Stage 2’) having five storey podiums and 3 additional storeys reflecting a tower footprint above;</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-11.19.05-AM.png" width="1157"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>• A contribution to the RiverWalk along the Brisbane River frontage of the site; and• A 20m wide publicly accessible (privately owned) shared access area (which follows an extended alignment of Helen Street through the site to the Brisbane River) providing access to this development and future development, services for the development sites, a landscaped public realm and a connection to the Brisbane River.</p><p>The proposal is intended to include a balanced mix of one, two and three bedroom apartment configurations supporting housing choice and diversity. The mix of apartment configurations includes:• 72 one bedroom apartments;• 69 two bedroom apartments; and• 22 three bed apartments.</p><p>Multiple complaints have been submitted to Council with residents concerned over increasing traffic, obstruction of light and vistas, domination of the opposite Woolstore buildings, and the development&#x27;s lack of support regarding Newstead&#x27;s neighbourhood plan including Historic Precincts.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-12.12.52-PM.png" width="545"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.30.19-AM.png" width="1500"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>The preserved historic buildings are believed to have been constructed around 1914 and stand as  a &quot;relic of the area&#x27;s industrial past&quot; and rare example of industrial workers facilities from this period in time. The redevelopment would have demolished the buildings if it had proceeded without amendment.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-11.56.48-AM.png" width="1559"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>The site is located in the suburb of Newstead on the bank of the Brisbane River. The site currently houses Riverside Marine’s Sand Distribution facilities consisting of barge off-loading, temporary storage and distribution facilities. An administration centre and a number of demountable buildings are also located on the site.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.32.59-AM_620x380.jpg" width="620"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><h2>Architects statement (Popov Bass Architects)<br>&quot;The site is on the river at the corner of Skyring Terrace and Commercial Road. Directly to the south and the east of the site are brick former wool store buildings that have been adaptively reused. These are large, heavy buildings that are the scale of a suburban block.</h2><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.30.41-AM.png" width="1354"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>The red brick facades are the dominant feature. The utilitarian facades are characterised by their solidity and repetition of elements. A small amount of decorative treatment is visible on the façade and parapets. To the north of the site and along the river are new developments that have no relationship to the “wool store” character in the immediate vicinity.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.32.52-AM.png" width="1109"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>The proposed building is considered to have two general zones and the architecture reflects this. The building fronting Skyring Terrace and Commercial Road respond directly to the neighbouring built context and are urban in form and brick in. Along the river is a garden zone where the architecture will have a lighter materiality and incorporate more landscape elements.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-12.09.34-PM.png" width="1397"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p> Along Skyring Terrace and Commercial Road above ground level are apartments that will have balconies to the street. In order to respond to the heavy masonry facades of the built context a series of blades will be located on the balcony edge up to the podium level. These blades will provide privacy and sun protection for the occupants and private a mass to the building.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.28.23-AM.png" width="1407"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><ul> <li><p>The Stage 1 Building along the river is oriented so that every apartment enjoys a river aspect.</p></li><li><p>The Stage 2 Building is designed with multiple lift cores to avoid long corridors. The apartments that are facing toward Commercial Road will enjoy a river aspect.&quot;</p></li></ul><p></p><h2>Heritage Appeal Summary<br>&quot;Much of the original building fabric on the Riverside Coal Transport Co Pty Ltd site at 17 Skyring Terrace has been demolished since the end of World War II. There is scant evidence of the previous use of the site by other industrial users including Gilbarco, the Colyer Wilcox/Mofflin Hide Stores or more significantly Vacuum/Plume/Mobil Oil.</h2><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/1-1.png" width="587"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em> During World War II, approximately 800 service personnel were based at Capricorn Wharf at New Farm (Teneriffe). Bill Bentson, a staff sargeant on General Douglas MacArthur&#x27;s staff, remembers when up to 8 submarines could be seen at the wharf.</em></p><p>A major contributor to the growth of transport in Qld. MobilOil was a product of Vacuum Oil and later this became the name of the company. Vacuum also used the red Pegasus logo which became Caltex in Australia. Also Vacuum Oil lubricants were used by Charles Kingsford Smith on his record flights and Vacuum Oil was a major sponsor of his aircraft.</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/Screen-Shot-2016-10-05-at-10.20.30-AM.png" width="588"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>Much of the now-demolished building fabric on the site at 17 Skyring Terrace took the form of storage tanks for petroleum or petroleum products or large sheds without interior walls used for workshop spaces and arranged so as to allow for vehicles to drive through and unload easily or for storage.&quot;</p><p><em>Content: Popov Bass Architects, Developmental Application </em></p></div></div></div></div></div>

Riverside Marine has gained developmental approval for Stage One of its Skyring Riverside development at 17 Skyring Terrace Newstead on October 4, aft

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Based in Melbourne, Future Estate is one of Australia&#x27;s emerging players in the development industry.</p><p>Currently developing projects with a completion value of over $1 billion across Australia, Future Estate specialises in all aspects of project development and construction management.  The company is currently gaining attention for its redevelopment of the former Pentridge Prison site with its new Coburg Quarter mixed-use apartment project. Coburg Quarter will offer cafes, bars, markets and outdoor cinemas, while restoring and retaining some heritage elements.</p><p>We spoke with founder and Managing Director Ben Anderson to see what&#x27;s on the cards for Future Estate.</p><p></p><p><strong>What was your background before you became a developer?</strong></p><p></p><p>Prior to establishing Future Estate, I was in investment banking and structured property finance at Merrill Lynch and NAB respectively.</p><p></p><p><strong>What sparked your interest in property development?</strong></p><p></p><p>I’ve always loved property, for the tangible, and for the opportunity to see a project through from conception to completion.</p><p>Each project is a journey and it is always very rewarding to see it come to life and become a reality.</p><p>This is an exciting and dynamic industry that has far reaching consequences; we can genuinely create a lasting legacy if we go about it correctly and can add real value to the communities in which a project sits.</p><p>From an early age, I’ve been involved in property, in particular residential, which has carried through my career and ultimately culminated in Future Estate. Since my early 20s I’ve been involved in various small residential development projects, with the ultimate goal always being to make development my full time occupation.</p><p></p><p><a href="https://www.theurbandeveloper.com/wp-content/uploads/V01_balc-hover_A__620x380.jpg"> </a><br><strong>What skills from your former career as an investment banker have you been able to apply to the development industry?</strong></p><p></p><p>The conscious decision to work within the property team during my tenure as an investment banker, meant I was able to build a knowledge base and gain invaluable insight into how the industry is financed.</p><p>These fundamentals are of particular use when you consider how capital intensive the industry is, especially as a private developer for whom the reality of day-to-day life involves capital raising of various forms.</p><p>One of the most rewarding aspects of investment banking is the ability to work alongside highly talented and motivated people, who become informal educators that see you learn and develop your skill set in a practical environment. This experience has made me a more adept problem solver, engendered me with strategic foresight and only served to strengthen my aptitude for stakeholder communications.</p><p></p><p><strong>Can you explain what the Future Estate brand stands for?</strong></p><p></p><p>The Future Estate brand has definitely evolved over time and what I have instilled in my business and team is a commitment to providing customers value for money, to remaining ‘true to label’ and to ensuring each of our developments are environmentally considered. Our projects centre on affordability and integrity, with an inherent dedication to high-quality design and amenity. When acquiring new sites, I always look to these values to guide us and ensure we continue to deliver the best outcomes possible.</p><p><a href="https://www.theurbandeveloper.com/wp-content/uploads/V03_Exterior-Hover__380x6201.jpg"> </a> Coburg Quarter[/caption]</p><p></p><p><strong>What is your design philosophy?</strong></p><p></p><p>Future Estate’s philosophy is simple; we buy and develop infill sites in popular high growth suburban areas, that enrich the surrounding urban fabric through the delivery of world-class residential offerings complemented by a broad range of services.</p><p>We prefer to focus on large-scale sites that offer immense opportunity to improve the areas in which they sit through the integration of retail, culture and lifestyle amenity.</p><p>Our ultimate vision is to develop projects that not only deliver residential dwellings, but all the everyday services those residents might need from a supermarket and retail offering through to culture amenity like cafés, restaurants and the like.</p><p>Great care and consideration is given to each specific project, we tailor the design, feel and amenity of each of our developments to suit the end user. With the resident at the forefront of our minds we create more than just a place to live, we are able to create homes, communities and an enviable lifestyle of ease and convenience.</p><p>Projects such as Parc Vue in Bundoora and Coburg Quarter in the North are perfect examples of this – the fact that these sites are so large means we can shape the very urban fabric of these communities by creating substantial amenity offerings while fuelling organic community integration and job creation at the same time.</p><p>For us we are less interested in smaller single-building developments; it’s only once you start talking about large, integrated mixed-use sites that the economy of scale allows us to deliver on this vision for extensive amenity and public use while still remaining commercially viable.</p><p></p><p><a href="https://www.theurbandeveloper.com/wp-content/uploads/V01_Entrance_Feature_380x620.jpg"> </a><br><strong>Your luxury Melbourne developments are located away from the inner-city, where many of these types of developments are traditionally located. Can you explain your strategy?</strong></p><p></p><p>Future Estate is committed to developing in areas where there is a strong local market demand and where our projects can respond to an obvious need. We look for markets where the supply-demand dynamic is favourable – in many situations this means venturing beyond inner-city sites to inner and middle ring suburbs, where there are locational drivers and demand is clear.</p><p>We have found that the local market in Melbourne has embraced higher density living provided it is founded on principals of quality, both in terms of its design and execution. So whilst we look for suburbs that are well-serviced by public transport and supported by the necessary infrastructure – strong education (ideally universities) and excellent healthcare facilities (ideally hospitals) as well as a diverse range of shopping, entertainment and recreation options – we also place great emphasis on delivering an outstanding product at a price the local market can afford.</p><p></p><p><strong>Future Estate is currently redeveloping the site of the old Pentridge Prison with Coburg Quarter. What design approach do you take when you are redeveloping sites like these and how important is the history of the site in the design process?</strong></p><p></p><p>We have high aspirations for the site to become the new heart of Coburg and Melbourne’s North and have approached the redevelopment of the site in such a way that will see a number of key amenity assets up front, such as the former laundry building which we are converting into a micro-brewery/bar/restaurant in collaboration with the Post Office’s, Daniel Caneva.</p><p>There is a dedication to public amenity and high quality design here, we want residents and members of the wider community alike to use and enjoy the site with the open public spaces and rich mix of distinctly local retailers that we will be introducing.</p><p>We believe that actions speak louder than words so we’ll be delivering in order to build faith and trust with the surrounding community that we are the right team to deliver everyone’s vision for the site.</p><p>We are also working closely with Heritage Victoria and ROTHELOWMAN to ensure the historical elements of the site are retained, rebirthed and integrated into a more modern aesthetic for a new generation to enjoy.</p><p><strong> </strong><br><a href="https://www.theurbandeveloper.com/wp-content/uploads/V02_Exterior_Hero_B__380x620.jpg"> </a><br><strong>Some would think it would be easier to build a development from scratch, instead of working on a site that comes with so much history. Why take on such a challenge?</strong></p><p></p><p>Fixing something that is seemingly broken or has been denigrated and put in the ‘too hard box’ by others is a wonderful challenge. Finding a way to work with what’s there, bring that ‘value-add’ and improve it, whilst rewarding, also makes financial sense. By acquiring assets with some form of distress or issue, we are able to lower land content input into a feasibility, which in turn means we can develop a better product and deliver it at a better price.</p><p></p><p><strong>What is your view on the growing trend for mixed-use precincts?</strong></p><p></p><p>We see mixed-use development as more than just some ground-floor, high-street retail, which is quite often the case. We define mixed-use as the culmination of a broader range of services that have been curated to suit the individual needs of a particular location and its demographic.</p><p>This might mean a commercial component, meaningful retail activation, childcare, retirement or aged care, community space and a public open space, however, it is the interrelationship between these uses that will determine whether it functions as a living, breathing precinct.</p><p>In the case of Coburg Quarter, we have undertaken significant research in an effort to better understand the community, the demographic (both now and in future) and the needs of the residents. We envisage it will ultimately house up to 3,000 residents in a range of residential typologies from apartments to townhouses and incorporate significant retail and commercial space. The aim is to reinvigorate what is currently an underutilised site and transform it into a vibrant destination that will become the civic and community heart of Melbourne’s diverse and authentic Northern suburbs.</p><p></p><p><a href="https://www.theurbandeveloper.com/wp-content/uploads/160318-coburg-quarter-2_620x380.jpg"> </a><br><strong>What has been your career highlight?</strong></p><p></p><p>I would like to think that is still to come!So far our most significant project is Coburg Quarter, with the ultimate end value being an estimated $1bn, however, all the hard work lies ahead. It’s often hard to ‘pat yourself on the back’ for something successful when there is always another challenge before you and more work to be done. In saying that though, we as a team make it a priority to celebrate the small wins along the way and acknowledge the contribution of each individual, without whom Future Estate wouldn’t be able to achieve all that it does.</p><p></p><p><strong>What does the future hold for Future Estate?</strong></p><p></p><p>Long term, the sky is the limit for the number of industries the model can be applied to but I’d like to focus on retirement, childcare and health and wellness as priorities within integrated developments.</p><p>Structurally we are dynamic and eager to apply our mindset to a number of different sectors which are tired and could do with some disruption - the principles of value for money, true to label and putting the customer first, will always drive our thinking.</p><p>For now though, our focus is delivering affordable luxury in sought-after inner and middle ring suburbs. We are all about delivering quality, beautifully-designed apartments and townhouses in great locations at prices people can actually afford to buy.</p><p>With the advances in automation and technology we see great opportunities for integration; we want to build high quality, beautifully designed developments that last a lifetime but are committed to delivering this type of product at a price that is still accessible for the typical consumer.</p><p></p><p><strong>What drives you – has there been someone or something that has inspired your career? </strong></p><p></p><p>More than a single person or entity, as a developer, I am motivated by a desire to do things differently. Over time I would like to see Future Estate become known as a ‘champion of renewal’ and for our customers to embrace the journey that we embark on. I’ve always had an entrepreneurial side, even before I transitioned from my previous career, so I think that really drives me to take on new challenges and pushes me to, not only see opportunity where others can’t but then take that a step further and realise that potential.</p><p></p><p><a href="https://www.theurbandeveloper.com/wp-content/uploads/Screen-Shot-2016-03-18-at-11.49.31-am_620x380.jpg"> </a><br><strong>What are your thoughts on the development industry in Australia right now?</strong></p><p></p><p>I feel that it’s an exciting time in the industry. The population is growing and ageing, which we are cognisant of factoring in to any future development plans. We want to ensure our developments go above and beyond when it comes to satisfying and facilitating the needs and lifestyles of the residents that ultimately come to live there.</p><p><strong> </strong></p></div></div></div></div></div>

Based in Melbourne, Future Estate is one of Australia's emerging players in the development industry. Currently developing projects with a completion 

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Western Sydney construction company the Bathla Group has on-sold a major Kellyville site for $43.7 million in one of the suburb&#x27;s largest ever property deals.</p><p>A Chinese mining company has secured the 17 Balmoral Road site in a deal negotiated by CBRE’s Alex Mirzaian.</p><p>“Bathla Group utilised their experienced in-house team to secure a development approval for 290 units after which CBRE presented the opportunity to a Chinese mining company seeking to break into the Sydney residential development market,” Mr Mirzaian said.</p><p>“This is by far one of the largest sales in Kellyville’s history and represents one of the highest prices paid per unit for a DA approved site in the area.”</p><p>Mr Mirzaian said the sale followed two months of negotiations, with Bathla Group making the decision to take an immediate profit rather than proceed with the 12-24 month project.</p><p>The high profile, 2.2ha Hills Shire Council site has an R4 High Density Residential Zoning and is 1km to Kellyville Station and 650m to Bella Vista Station.</p><p>It is within an area that has been targeted under the draft Bella Vista Station Precinct Proposal – the vision of which is to create “The Hills&#x27; premier living and business precinct”.</p><p>The proposal incorporates new public spaces including a town square opposite the station and neighbourhood parks. It is part of the Sydney Metro Northwest Priority Urban Renewal Corridor, which looks at how areas along the $8.3 billion Sydney Metro Northwest line can be revitalised.</p></div></div></div></div></div>

Western Sydney construction company the Bathla Group has on-sold a major Kellyville site for $43.7 million in one of the suburbs largest ever property deals

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Charter Hall has snapped up the global Telstra headquarters from Investa Office Fund and Oxford Properties for a cool $830 million. </p><p>The 47-storey office tower located in the “Paris end” of Melbourne’s CBD comprises 65,913sq m of net lettable area, and 63,398sq m of office accommodation over 43 floors, along with retail and parking.</p><p>ASX-listed Charter Hall formed a wholesale partnership to acquire a 100 per cent interest in the 242 Exhibition Street asset. </p><p>The A-grade tower will be owned by a wholesale partnership comprising the $5.4 billion Charter Hall Prime Office Fund (CPOF), the Public Sector Pension Investment Board (PSP Investments) and the Group.</p><p>Charter Hall chief executive David Harrison confirmed the off-market transaction will settle in the first half of 2020.</p><p>“The Melbourne CBD recorded 153,650sq m of net demand in the year to 31 March 2019 – double that of Sydney CBD (71,800sq m) - and was the strongest of any Australian CBD office market,” Harrison said.</p><p>“Continued strong tenant demand has placed downward pressure on the Melbourne CBD vacancy rate, which now stands at 3.7 per cent the lowest level since 1989.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/cdbf93e4-3229-418a-b20f-4c7124bb2f23.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ 242 Exhibition Street</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Vendors, and joint owners, Investa Commercial Property Fund and Oxford Investa Property Partners each owned a 50 per cent stake in the asset, recently completing a $17 million upgrade to the building.</p><p>Investa Commercial Property Fund originally acquired the Exhibition Street asset in 2006.</p><p>Investa Commercial Property said the sale represents a 17 per cent premium to book value, which will deliver a boost to its total earnings.</p><p>The building is leased to Telstra Corporation (99.6 per cent by net lettable area) and has a weighted average lease expiry of 11.9 years, with Telstra’s lease expiring in financial year 2032.</p><p>The sale was managed by Cushman and Wakefield’s Head of Capital Markets Australia and New Zealand Josh Cullen on a 4.5 per cent yield.</p><p>ICPF Fund Manager Jason Leong said proceeds of the sale will be reinvested into ICPF’s development pipeline including 60 Martin Place in Sydney, along with “future acquisition opportunities”.</p><p>ICPF’s portfolio of 15 office assets is valued at more than $5.4 billion, including Sydney based office buildings 420 George Street, Deutsche Bank Place at 126 Phillip Street, and 567 Collins Street in Melbourne.</p><p>Charter Hall’s Prime Office Fund said it’s currently undertaking a capital raising with approximately $300 million of equity raised from existing fund investors. </p><p>CPOF’s has a $5.4 billion portfolio of 26 office properties with 89 per cent of its offices located on Australia&#x27;s eastern seaboard.</p></div></div></div></div></div>

Charter Hall has snapped up the global Telstra headquarters from Investa Office Fund and Oxford Properties for a cool $830 million. 

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Development company ID Land have added two new sites to their Victorian portfolio, in inner-Melbourne and Geelong.</strong></p><p>The private Melbourne developer expects the two acquisitions will eventually add a combined value of $125 million to the developer’s portfolio.</p><p>The Brunswick acquisition comprises two adjoining sites in Barkly Street and was bought for $5 million.</p><p>The purchase represented ID Land’s first foray into the apartment market, with the 1,430sq m site likely to yield nine-storeys and approximately 70-80 apartments along with ground level retail and commercial.</p><p>The developer’s second purchase is 24-hectare greenfield site in Barwon Heads Road, Geelong. The site, located adjacent to the developer’s current Watermark project, was acquired for $9 million and will yield over 350 houses on completion.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/yarraville-id-land-acquisition">ID Land Makes $20m Yarraville Acquisition for Townhouse Project</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The land forms part of the Armstrong Creek Horseshoe Bend Precinct Structure Plan which encompasses a total area of 640 hectares and will offer four new schools, three neighbourhood and local activity centres and 82-hectares of public open space.</p><p>Townhouse development had previously been a major focus for the company, representing 30 per cent of ID Land’s portfolio. ID Land director Matthew Belford said that population-driven demand in all facets of the residential market inspired the developer to diversify. </p><p>“We now see an opportunity to further diversify into apartments off the back of the continued strong demand for good quality, inner-suburban developments that are located less than five kilometres from the CBD.</p><p>“Our long term strategy is to have an evenly weighted portfolio between land, medium density and apartments so we will be actively looking for more sites as the year progresses,” he said.</p><p>The acquisitions now go towards ID Land’s development pipeline of over $1.5 billion.</p><p>Both sites will now move to the early planning stages with planning approval expected later on this year.</p></div></div></div></div></div>

Development company ID Land have added two new sites to their Victorian portfolio, in inner-Melbourne and Geelong. The private Melbourne developer ex

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Aoyuan Property Group Australia&#x27;s local property portfolio continues to grow larger with the acquisition of two blue-chip Upper North Shore sites for a combined total of more than $55 million.</p><p>Both sites acquired by the property group sit within key north shore locations and are close to schools, train stations and popular village environments.</p><p>One of the acquisitions was a high-profile, 6,063 square metre property at 888 Pacific Highway Gordon, which was purchased for $34m through Guillaume Volz of Colliers International and Bill Geroulis of Shead Property.</p><p>The other was a 79-apartment Turramurra project which was acquired ‘off-market’ for $21.5m.</p><p>Listed on the Hong Kong Stock Exchange, Aoyuan Property Group has a current land bank of approximately 14 million square metres across China.</p><p>They made their Australian market debut in 2015 with the high-end CBD project One30 Hyde Park, in joint venture with Ecove Property Group.</p><p>Designed by Bates Smart, the 38-storey building will include 140 apartments, and earlier this year achieved the highest price per square metre for an apartment when the 275 square metre penthouse sold for $9.72m.</p><p>“The pre-sales rates we have achieved for our One30 Hyde Park and Maison 188 Maroubra projects have been extremely encouraging,&quot; Aoyuan Australian Head of Development Adrian Liaw said.</p><p>&quot;We have been fortunate enough to steer clear of the troubles amid various negative sentiments in the market place. In fact, this environment has given us an ideal opportunity to bolster up our portfolio which hopefully, will lead us to build a sustainable development business in Australia.”</p><p>Mr Liaw says plans for the Gordon site include 144 apartments across six levels, with 730 square metres of retail space. Designed by Nettleton Tribe, the DA-approved project is expected to come to the market in early 2017.</p><p>The DA-approved Turramurra project at 1 Womerah Street offers a range of floor plans priced from $630,000 to $1.4 million. A builder is soon to be appointed and construction expected to commence early in the year, targeting a late 2018 completion.</p></div></div></div></div></div>

Aoyuan Property Group Australia's local portfolio continues to grow larger with the acquisition of two blue-chip Upper North Shore sites for $55 million.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>A commercial building with redevelopment potential at Kensington in Sydney’s inner south-east has been sold to an Asian developer by Ray White Commercial South Sydney for $17.1 million.</p><p></p><p>The five-storey building trading as the Addison Hotel at 147-151 Anzac Parade, Kensington, was sold to a Chinese developer/investor by Ray White Commercial South Sydney’s Peter Kotzias on behalf of a private local holding company.</p><p></p><p>Mr Kotzias said the building is situated on a land area of 1,453 sqm and comprises 44 strata lots and basement parking for approximately 35 cars.</p><p></p><p>“The purchaser will be operating the existing hotel/accommodation as it is for the time being and enjoying the current cash flow,” he said.</p><p></p><p>“There are plans to redevelop the property, which is zoned local centre, in the future subject to council approval (STCA).”</p><p></p><p>Mr Kotzias said the building includes 42 x 26 sqm serviced apartments as well as a 44 sqm manager’s apartment and 351 sqm of commercial space.</p><p></p><p>“The hotel building is in a fantastic location just 5km from the Sydney CBD and only 700m to Randwick Racecourse and the University of NSW,” he said.</p><p></p><p>‘”It’s also in close proximity to Centennial Park and a short distance to Sydney’s famous eastern suburbs beaches as well as shopping centres and other amenities.</p><p></p><p>“The 12km Sydney Light Rail Link currently under construction will be potentially on the door step of the Addison Hotel site and provide an ultra-convenient public transport option.”</p></div></div></div></div></div>

Kensington Hotel Site in Sydney’s inner south-east has been sold to an Asian developer by Ray White Commercial South Sydney for $17.1 million.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>AMP Capital has increased the Queensland portfolio of their Wholesale Australian Property Fund after acquiring an A-grade office building in Brisbane for $92.6 million.</strong></p><p></p><p>Located at 199 Grey Street in South Brisbane, the property is in close proximity to the recreational, retail and cultural precinct of South Bank.<br>Built in 2008, the 14-storey building was owned by Tribune Properties -- the tower is 94 per cent occupied, with the vacant areas subject to an 18-month rental guarantee. On average, the leases have 4.7 years left to run.</p><p><br>Major tenants include the State of Queensland, KBR and UGL, the acquisition of the tower brings the Fund&#x27;s property portfolio to a new value of approximately $1.355 million.<br>&quot;The accommodation is high-quality and from levels 7 there are extensive views of the South Bank Parklands, the Brisbane River and the Brisbane CBD. The Property is also in close proximity to the Southbank Train Station, numerous bus routes, the City Cat and ferry services,&quot; AMP Capital said.</p><p><br>About 27.8 per cent of the total portfolio is weighted with Queensland assets, and weighting to the office sector of 40.7 per cent. The portfolio is 97% per cent occupied and there are 340 tenants supporting the Fund’s quarterly income distributions.</p><p>The transaction was funded by $75 million of debt, bringing the fund&#x27;s gearing to about 4.5 per cent.</p><p>The off-market purchase was brokered by Savills. This purchase follows the fund&#x27;s $145 million purchase of Building 1 in Mascot Park, Sydney, from Goodman Group in July.</p></div></div></div></div></div>

AMP Capital, through the Wholesale Australian Property Fund has acquired an A-grade office building located in Brisbane for more than $92 million.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>AMP Capital Global Direct Property Fund has acquired The Vintage at Zona Rosa, Kansas City in the United States in an off-market transaction for US$27.7 million.</p><p>The Vintage is a ‘multifamily’ asset comprising 308 units in 13 separate apartment buildings and is currently 85 per cent occupied.</p><p>AMP Capital Fund Manager Tim Fallet said: “We are pleased to re-enter the US multifamily market on such favourable terms. We were able to secure the property at a significant discount to replacement value and recent comparable sales in the market.&quot;“The investment presents compelling opportunities to improve the asset and our focus will be on maximising occupancy and marking to market rents to increase the net operating income from the asset. At this point in the investment cycle property owners really need to focus on driving net income growth within their portfolios for out-performance rather than relying on continuing capital value growth from the broader market.</p><p>“This acquisition demonstrates continued execution of our strategy, with the recent sale of our Boston CBD office asset generating a total return for investors in excess of 26 per cent per annum and recycling capital into a high quality core-plus multifamily asset where we can continue to drive investment performance.</p><p>“As one of the few funds offering this kind of international core and core plus direct property exposure, our disciplined approach to buy and sell-side opportunities has seen investors enjoying double digit returns during the past six years.”</p><p>The Global Direct Property Fund provides Australian institutional investors with access to core and core plus direct property investment opportunities in large, liquid and transparent offshore markets. The fund invests in a strategic mix of international direct property assets across all the property sectors.</p></div></div></div></div></div>

AMP Capital Global Direct Property Fund has acquired The Vintage at Zona Rosa, Kansas City in the United States in an off-market transaction for US$27.7 million.

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