REAL ESTATE DEVELOPMENT – VICTORIA

Andrews tax a $7bn hit to the economy

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Original article by Rachel Baxendale
The Australian – Page: 7 : 14-Jul-21

Matthew Kandelaars, the CEO of the Urban Development Institute of Australia’s Victorian branch, has called for an urgent review of the state government’s proposed ‘windfall gains tax’ on property developers. Modelling undertaken on behalf of UDIA Victoria suggests that the rezoning tax will reduce state ­economic output by $7bn and result in the loss of 20,000 direct jobs, while at least 6,700 dwellings will not be built if the Budget measure goes ahead. UDIA Victoria has proposed an alternative model for the rezoning tax.

CORPORATES
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA (VICTORIA)

Grange raises property stake amid concerns

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 26-Apr-19

The decision by iron ore miner Grange Resources to diversify into property development continues to attract scrutiny. Grange is focusing on apartment developments in Melbourne suburbs such as Toorak and Prahran, where dwelling prices fell sharply in 2018. Some shareholders have expressed concern about the adequacy of Grange’s disclosures regarding its investment in the venture. CGI Glass Lewis has also urged investors to vote against Grange’s remuneration report at its upcoming AGM.

CORPORATES
GRANGE RESOURCES LIMITED – ASX GRR, CGI GLASS LEWIS PTY LTD, CORELOGIC AUSTRALIA PTY LTD

Fromelles exhumation can guide market plan over city’s first cemetery

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Original article by Ian Royall
Herald Sun – Page: Online : 9-May-18

Pollster and Melbourne lord mayoral candidate Gary Morgan has proposed the construction of an underground car park at the Queen Victoria Market. This would entail exhuming and relocating several hundred of the 6,000-plus bodies that are interred at the site. Morgan stresses that exhumation would occur only where "absolutely necessary", and he says the procedures used for exhuming and DNA-testing bodies from the battlefields of Fromelles could be used at the Queen Victoria Market site.

CORPORATES
CITY OF MELBOURNE, QUEEN VICTORIA MARKET, ROY MORGAN LIMITED

Lord mayoral candidates round on developer lobbyist frontrunner Sally Capp

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Original article by Clay Lucas
The Age – Page: Online : 18-Apr-18

Rohan Leppert and Jennifer Yang are among the candidates for the role of Melbourne’s lord mayor who will instruct voters to direct their preferences away from Sally Capp in the upcoming by-election. Capp is the executive director of the Property Council, which lobbies on behalf of developers. Rival candidate Gary Morgan says the by-election has become a referendum on the proposed redevelopment of the Queen Victoria Market, which Capp supports. Morgan opposes the redevelopment.

CORPORATES
MELBOURNE CITY COUNCIL, PROPERTY COUNCIL OF VICTORIA, QUEEN VICTORIA MARKET, ROY MORGAN LIMITED

Nylex site battle heads to court

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 34 : 22-Sep-16

The refusal by Heritage Victoria to allow Caydon Property to demolish some elements of the historic Nylex maltings site along the Yarra river in Melbourne has resulted in legal action. Caydon took the matter to the Victorian Supreme Court, frustrated that it could not proceed with its plans to develop the 1.1 hectare site into an apartment, office and entertainment precinct.

CORPORATES
CAYDON PROPERTY PTY LTD, SUPREME COURT OF VICTORIA, CITY OF YARRA, CAYDON PROPERTY PTY LTD, HERITAGE VICTORIA, VICTORIA. CIVIL AND ADMINISTRATIVE TRIBUNAL

Crowdfunding gay retirement village

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 4-Mar-16

DomaCom intends to use crowdfunding to raise funds for the construction of a gay and lesbian retirement village near Ballan in Victoria. CEO Arthur Naoumidis says crowdfunding for property development is a form of internet-based syndication. The proposed development involves constructing 120 dwellings on a 30-acre block of land, at a cost of $A10 million to $A12 million.

CORPORATES
DOMACOM LIMITED, S KIDMAN AND COMPANY PTY LTD

Chinese developers spend $56m on Melbourne sites

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 31 : 6-Jan-16

Three residential development sites in Melbourne were sold to Chinese developers during the Christmas 2015 holiday period. The transactions included the sale of a 6,000sq m site in the suburb of Oakleigh for $A28m, while an office building in South Melbourne fetched about $A15m and a two-storey office building in St Kilda Road was sold for $A13.7m. At least 800 apartments are expected to be developed on the three sites.

CORPORATES
CBRE PTY LTD, VIAPAC AUSTRALIA PTY LTD, GUANGDONG CARRINGTON REAL ESTATE GROUP, YONG HALL PTY LTD, SPACIOUS GROUP

Cbus, Brookfield team up in $150m apartment plan

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 33 : 23-Nov-15

Cbus Property and Brookfield Property Partners will undertake two upmarket apartment projects in the inner-city suburb of East Melbourne. The projects comprise an 11-storey apartment building at 178 Wellington Parade and the conversion of Mosspennoch House at 22 Clarendon Street into six apartments. A seven-storey apartment building will also be developed on the latter site.

CORPORATES
CBUS PROPERTY PTY LTD, BROOKFIELD PROPERTY PARTNERS LP, ACCOR ASIA PACIFIC, PULLMAN ON THE PARK, BATES SMART ARCHITECTS PTY LTD, THAKRAL HOLDINGS GROUP, HILTON HOTELS CORPORATION

Call for suburbs to grow up, not out

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Original article by Michael Bleby
The Australian Financial Review – Page: 58 : 29-Oct-15

Changes must be made to zoning rules for established suburban areas in Melbourne. Victorian Planning Minister Richard Wynne has announced a review of rezoning decisions made by predecessor Matthew Guy, but he must proceed cautiously because of possible opposition from municipal councils. Leonard Teplin of real estate agency Marshall White says denser residential development is needed in suburbs to accommodate population growth.

CORPORATES
VICTORIA. DEPT OF TRANSPORT, PLANNING AND LOCAL INFRASTRUCTURE, MARSHALL WHITE AND COMPANY PTY LTD, MIRVAC GROUP – ASX MGR

Lang Walker launches final leg of Collins Sq

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 39 : 14-May-15

Property developer Lang Walker has commenced talks with potential tenants of the fifth and final office tower in his Collins Square development in Melbourne. The $A400m tower will feature 40,000sq m of space, and construction has commenced on the podium and parking levels of the building. Link Group recently agreed to lease 25,000 sq m in Tower 4. The Collins Square project will cost $A2bn in total.

CORPORATES
WALKER CORPORATION LIMITED, LINK GROUP PTY LTD, CIMB TRUSTCAPITAL ADVISORS SINGAPORE PTE LTD, WOODS BAGOT PTY LTD, AUSTRALIAN TAXATION OFFICE