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SOUTHBANK | 87-105 Queens Bridge Street | 51L | 171m | Residential

Riddlz's picture
#1

Fender Katsalidis design

Melbourne City council is recommending approval

http://www.melbourne.vic.gov.au/about-council/committees-meetings/meetin...

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Adrian's picture

Looks a high quality design and the podium appears to interact with the street level. I like it.

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Bilby's picture

It's interesting that foreign investment continues to fuel this boom, even though the evidence seems to suggest that off-the-plan apartments are failing to deliver short-medium term capital gains: https://www.domain.com.au/news/offtheplan-buyers-seeing-losses-and-lackl...
Which is all the more remarkable given the price boom we have been going through. Are these apartments delivering above average rental returns, or are investors simply making less of a return compared with locals who can purchase older style properties?

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SYmlb's picture

Agree Adrian, this is a decent outcome for Southbank.

Doesn't need to be any taller, the street level interaction with the laneway and podium are more important, especially at this end of town.

Looks like a winner to me.

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3000's picture

I don't mind this. The podium is something nice for a change.

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Michael Berquez's picture

Looks great from that pic...here's hoping we don't have to worry about it's back (blank wall?????) end....

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theboynoodle's picture

It's interesting that foreign investment continues to fuel this boom, even though the evidence seems to suggest that off-the-plan apartments are failing to deliver short-medium term capital gains: https://www.domain.com.au/news/offtheplan-buyers-seeing-losses-and-lackl... (link is external)
Which is all the more remarkable given the price boom we have been going through. Are these apartments delivering above average rental returns, or are investors simply making less of a return compared with locals who can purchase older style properties?

Established units are going to be biased towards established areas, so we'd expect them to do better. It would be interesting to see how established compare to off-plan within suburbs. That tells us whether people are overpaying for off-plan, or new developments are simply less desirable when it comes to resale. I expect both of those things are in play.

The list of worst performing suburbs is interesting. Carlton suggests an issue with valuation of student accommodation. Prahran is a surprise but could be skewed if there's only a small volume of transactions. I looked at units there and there wasn't much available on the secondary market.. but off-plan was expensive (prices were 20% higher than Fitzroy on a per sqm basis).

It's worth remembering that many offshore buyers are primarily looking for a safe store of wealth.. safer than at home.. so they're not going to be comparing their returns to the standards we might here. If, for example, you're worried that your local currency is going to drop 20% over five years, then losing 10% on a unit.. if it's the best you can get.. is an acceptable outcome.

Lastly.. consider the stamp duty concession. People think that this is a benefit to the buyer. It is not. The price of new units is inflated by the stamp duty saving. So if you buy with a stamp duty concession then your unit is worth that much less to anyone you might sell it to. It's a terrible tax and, given few people understand the incidence of it, a terrible concession. For this purpose, it delivers a loss in the sale price even though the true value of the unit.. being the total amount a buyer will pay.. hasn't actually changed.

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Development & Planning

Monday, January 22, 2018 - 00:00
Hot on the heels of news that Holiday Inn will anchor Werribee's tallest proposed development, the application for 22-26 Synnot Street has gone to advertising. At over 42 metres in height and spread across a 2,567 square metre site the project is Werribee's largest, and accounts for the last of a trio of catalyst sites earmarked by Wyndham City Council as perfect for urban renewal.

Policy, Culture & Opinion

Monday, November 20, 2017 - 12:00
The marriage of old and new can be a difficult process, particularly when the existing structure has intrinsic heritage value. In previous times Fitzroy's 237 Napier Street served as the home of furniture manufacturer C.F. Rojo and Sons. Taking root during 1887, Christobel Rojo oversaw operations though over time the site would become home to furniture manufacturer Thonet.

Visual Melbourne

Friday, August 25, 2017 - 07:00
The former site of John Batman's home, Batman's Hill is entering the final stages of its redevelopment. Collins Square's final tower has begun its skyward ascent, as has Lendlease's Melbourne Quarter Commercial and Residential precinct already. Melbourne Quarter's first stage is at construction and involves a new 12-storey home for consultancy firm Arup along with a skypark.

Transport & Design

Thursday, January 18, 2018 - 07:00
Late last year Urban Melbourne was invited for a tour of the new offices of CAPI in Windsor and a chat with its founder Pitzy Folk. The 1930’s building now known as '151 Albert' had previously housed Telstra and has been refurbished by renowned interior designer and family friend of the Folk family, Tamsin Johnson into 1,400 sqm of office and break out space across two floors and a basement.

Sustainability & Environment

Tuesday, January 23, 2018 - 00:00
Likened in some quarters as a miniature Federation Square, construction works began last week on a Prahran project that will rank as one of 2018's most progressive and important. Kane Constructions has the job of transforming 30-40 Izett Street under a $60+ million urban renewal initiative prompted by Stonnington City Council.