THE PROPERTY DEVELOPMENT REVIEW
There has always been significant influence on the property market by having key amenities such as schools, healthcare and public transport readily available. However with the significant investment of “Victoria’s Big Build” Project this is now even more of a consideration for property development. With Victoria’s population set to reach 10 million by 2051, there are more than 165 major road and rail projects such as the Metro Tunnel, Westgate Tunnel, Suburban Rail Loop and the North East link. This will have a direct bearing on future increase in demand and property values that will benefit from these projects. It is also acting as a catalyst for the current market which has seen a complete reset of property values, such as Melbourne’s western region having experienced significant growth in the past few years partially due to the Westgate Tunnel project aimed to provide better connectivity and allow trucks to access the port via an underground tunnel resulting in the ease of congestion the Westgate is notorious for. How are property developers incorporating sustainable design and construction practices in their projects, and what are the environmental benefits of these initiatives? Over the past few years, we have experienced an increase in tenants, owner occupiers and investors becoming more conscious with sustainable and environmentally friendly buildings particularly in the commercial office market. As this is still one of the most challenging markets, to overcome this, developers are requiring to deliver buildings with a high NABERS rating. The rating uses a calculation of a 0 – 6 rating system which focuses on the efficiency and environmental impact a building may have by measuring energy efficiency, water conservation, waste management and greenhouse gas emissions. In addition to regulatory requirements, developers are recognizing the importance of their public image in the marketplace and as a result, they are now embracing sustainable design principles to not only comply with regulations and market demands, but also to enhance their reputation, brand and offering. How do property developers collaborate with local communities and stakeholders to ensure their projects
align with the needs and preferences of Melbourne residents? There are various ways a developer can collaborate with local community such as community meetings and various online platforms to seek an understanding of potential concerns, issues and expectations. This can be beneficial to demonstrate the current needs and demand for future projects. However, it stems from a more streamlined process and improvement in collaboration and decision making with relevant planning authorities to be able to establish an understanding of realistic and a most suitable development outcome for the current market. With further transparent communication and continued review of planning policies between developers and the planning department, we will see better planned developments that align with the market appetite and community. Could you share details about some of the most notable or fulfilling campaigns you and your team have been involved in, and what made them particularly meaningful? We are fortunate to be able to handle a range of assets across all sectors. Personally, and more recent, it would be a sale we concluded this month at 13 Railway Road, Blackburn which comprised a former 45 bed assisted living facility on over 4,000sqm of land. It was a pleasure to receive such a wide range and high volume of enquiry and achieve a successful result for our long - standing Vendors. Additionally, a block of 13 apartments at 39 Rockley Road, South Yarra which we sold for circa $9 million, is also a forefront. We received nearly 200 enquires and countless inspections. We dealt with such a diverse range of buyer profiles including developers with interest in both refurbishment and a complete new development and investors looking to both retain and sell down the apartments. We were able to achieve the best outcome for our client by approaching a syndicate of buyers which had the ability to act and settle as the one acquisition group. Another notable transaction would be the Adelphi Hotel at 187 Flinders Lane, Melbourne, where we have been involved in Owners Corporation and Asset Management for over 2 decades.
July / August 2023 – 39
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