Issue 35 | The Property Development Review

Welcome to Issue 35 of The Property Development Review, exclusively for agents, developers and investors.

ISSUE NUMBER 35

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS

LISTINGS The best and latest commercial and development opportunities in Australia.

INTERVIEWS We speak with Australia’s best business leaders.

ANALYSIS Unique perspectives from the deal-makers on the ground.

A flexible and reliable partner. Wingate’s specialist property team provides innovative debt and equity funding, partnering with many of Australia’s leading property owners and developers. We are driven by the Wingate Way principles of partnership, deep domain knowledge, patience and alignment. Experience the Wingate way.

Since our establishment in 2004, we have funded over $12 billion in property value.

SYDNEY Ph: +61 2 8039 0900

MELBOURNE Ph: +61 3 9913 0700

www.wingate.com.au

info@wingate.com.au

2 –August / September 2022

THE PROPERTY DEVELOPMENT REVIEW

FROM THE CEO

“EAT THE FROG”

MARK TWAIN

ON THE COVER Cameron Voyce Gold Coast via-Unsplash

“If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.” In other words, just do it. Eat the frog. Grab the bull by the horns. Dive in. Whatever you choose, stop procrastinating and tackle the hard tasks first. Once this is done, a sense of achievement will set in, and the day’s momentum will continue on an upward trajectory. At RMG we eat our frogs every morning for breakfast and so far, it’s working. Ready Media Creative is flourishing and growing as we continue to foster big campaigns for leading companies in the industry. Our videos capture and our words and photos inspire with the result being marketing collateral that is a cut above the rest. Our very own Jon Stevens has moved up to Creative Lead which will no doubt generate even more competitive campaigns and out of the box ideas - Congratulations Jon! We’ve also launched our new weekly content series ‘The Talk’; exclusive real-life stories from key industry players who share their journey’s woes, successes and advice with us. This month features Scott Hutchinson, Chairman of $3b building empire Hutchinson Builders and Jennifer Lechte, marketing guru and co-director of Lechte Corporation. ‘The Capital Exchange’ will also feature Q&A insights each month from industry people about the market, this issues interview being with Wingate’s Daniel Farley. Rob Langton continues ‘The Interview’ with Adrian Loader, co-founder of Allegro Funds and RevelopAU’s Charbel Hazzouri & Anthony El-Hazouri.

Finally, as always, we have kept you up to date with the newest development sites and commercial investment listings, upcoming auctions and EOI’s as well as our ‘monthly market moves’ around the Country.

EDITOR IN CHIEF Frank Materia frank@ readymedia.com.au

Nick Headshot - TPDR Intro

MAGAZINE DESIGN Nespecart

Enjoy the read. And keep eating frogs for breakfast.

ADVERTISING OPPORTUNITIES jamie@ readymedia.com.au PROPERTY LISTING ENQUIRIES info@ readymedia.com.au EDITORIAL ENQUIRIES editor@ readymedia.com.au CONTACT Ready Media Group Head Office Levels 3, 4, & 5 161 Buckhurst St South Melbourne VIC 3205 03 9631 5476 info@ readymedia.com.au

NICK MATERIA CEO - Ready Media Group

August / September 2022 – 3

List on DevelopmentReady today! Speak with our expert account managers for more information

VIC Frank Materia Residential State Manager 0400 649 959

QLD Jake Ragkousis National Sales Director 0447 460 230

VIC Scott Bremner Chief Customer Officer 0487 600 077

QLD Sally Miller Major Accounts 0459 398 151

VIC Damien Soltan State Sales Manager 0481 117 380

SA WA TAS ACT Michael Arcobelli

State Manager 0488 882 726

VIC Michael Bevilacqua Head of Majors & Key Accounts 0437 426 043

NSW ACT Todd Stockley Majors & Key Account Manager 0428 399 357

NSW Ted Lloyd State Manger 0408 276 103

4 –August / September 2022

THE PROPERTY DEVELOPMENT REVIEW

CONTENTS

12 INSIGHTS Jennifer Lechte

10 AUCTION HUB

How Jennifer Lechte raised the bar in footy, family and property

Auction Hub

14 INSIGHTS Scott Hutchinson Vows never to miss another Burning Man festival 17 THE INTERVIEW Charbel Hazzouri & Anthony El-Hazouri Co-Founders - Revelop AU

16 FEATURED NEWS $150m price tag for super-sized industrial lot 19 FEATURED NEWS

ADDRESS

AGENCY

PRICE

67 Davenport Street, SOUTHPORT, QLD, 4215

Ray White

$2,275,000

325 Mundoolun Connection Road, BOYLAND, QLD, 4275

Ray White

$5,950,000

119-121 Rusden Street, ARMIDALE, NSW, 2350

Burgess Rawson

$4,800,000

208 Barkly Street ST KILDA, VIC, 3182

Gross Waddell ICR

$760,000

22 Rosenthal Avenue, LANE COVE, NSW, 2066

CI Australia

$4,600,000

4c McInnes Street, RIDLEYTON, SA, 5008

Ray White

$855,000

35 Production Avenue, MOLENDINAR, QLD, 4214

Harcourts Coastal

$1,838,000

Australia hits global low with industrial vacancy rate

68 Caloundra Road, CALOUNDRA WEST, QLD, 4551

Savills & Colliers

$2,520,000

21-27 Somerset Place, MELBOURNE CBD, VIC, 3000

JLL

$7,000,000

532 City Road, SOUTH MELBOURNE, VIC, 3205

Allard Shelton

$1,400,000

368 Merrylands Road, MERRYLANDS, NSW, 2160

Burgess Rawson

$7,100,000

100 WA MARKET OVERVIEW 109 TAS LISTINGS 92 SA MARKET OVERVIEW 20 NSW MARKET OVERVIEW 46 VIC MARKET OVERVIEW 68 QLD MARKET OVERVIEW

48 VIC LISTINGS 22 NSW LISTINGS 70 QLD LISTINGS 94 SA LISTINGS 102 WA LISTINGS

1120-1124 Albany Highway, BENTLEY, WA, 6102

Burgess Rawson

$10,060,00

25 Goderich Street, INVERMAY, TAS, 7248

Burgess Rawson

$11,000,000

67 Davenport Street

325 Mundoolun Connection Road

21-27 Somerset P

August / September 2022 – 5

MARKET MOVES

VIC

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

485 Elizabeth Street, Melbourne

An hour-long bidding war resulted in the landmark sale of a high-profile Elizabeth Street-based freehold to a private local investor. The site, at 485 Elizabeth Street, is a three-storey building situated on a 263 sqm site with a net lettable area of 711 sqm. The sale price exceeded the local private vendor’s reserve by $3.525 million, representing a yield of 1.63%. Anna and Michael Coughlan have acquired the Wykeham property at 560 North Boundary Road, which has been previously run as a prime lamb breeding and cattle enterprise by John and Sally Robertson. The Coughlans will add Wykeham to their Hereford beef operation, Tarabah Pastoral, after paying over $22,000 a hectare for the Dunkeld property. The three-storey mixed use office and retail building is underpinned by a 415 sqm landholding that possesses a building area of 770 sqm. The competitive four-and-a- half week International Expressions of Interest campaign resulted in twelve offers being placed from groups based in Australia, Singapore, China, and Vietnam. 225 Rix Road has sold for $4.14 million, which represents a precinct record for standard density residential zoned land, as it equates to an exceptional $414 paid per sqm. The 345 sqm part-single level and two-storey building comprises open-plan ground floor accommodation with rear staircase providing access to an office on the first floor. Situated on a large 544 sqm site, the property represents a substantial acquisition for the local private buyer. The Beenak estate contains 45-hectares of Pinot Noir and Chardonnay grapes, which was a significant incentive for the incoming owners. “The Beenak vineyard was planted in 1988 and is the source of one of the most extensive plantings of Pinot Noir and Chardonnay in the Upper Yarra Valley,” Langley & Co Advisors' Stephen Strachan said. The property is comprised of a fully-functional medical building on a 329 sqm corner site with rear access, located just 350 metres from one of Moonee Ponds’ busiest roads in Puckle Street. One of the last former Masters outlets still standing has been sold. The Commercial 2-zoned, 5.4-hectare property is located on Pascoe Vale Road, and contains 13,000 sqm in gross floor area, in addition to 362 car parks. Kennards intends to redevelop the property into a mixed-use hub that will contain both retail, fast food, and self- storage facilities. The home of the well-known King Kahuna Beanbags store has sold to a local landbanking developer. The local private owners had held the asset for approximately 35 years. They sold the site on an incredibly sharp initial yield of 1.55%. A 79,000 sqm landholding at Lot 1 & 12 Ascot Gardens Drive in the Ballarat fringe suburb of Bonshaw has sold to a Sydney-based residential developer, after an Expressions of Interest campaign that procured over 150 enquiries. The 400 sqm office and warehouse was offered with vacant possession, and includes a 135 sqm mezzanine and four on-site parking spaces. A prominent fully-leased freehold investment positioned within the Great Ocean Road’s most established retail and tourism precinct has sold. The site is zoned Commercial 1 and General Residential, and is comprised of a mixed-use multi-level building on the 1,341 sqm site. The asset contains 6 apartments and 5 retail shops, with retail tenancies that include Tommy Bahama, Deluxe Lorne, and Lorne Beach Club. One of the country’s biggest venue operators, Australian Venue Company, have purchased eight of Melbourne’s most well-renown hospitality assets. The venues include St Kilda’s The Espy, one of the most prominent entertainment complexes in the city, as well as the Garden State Hotel, the Prahran Hotel, the Bridge Hotel in Richmond, and the Terminus Hotel in Abbotsford, amongst others. The freehold titles for all eight properties will be retained by their respective owners.

P: Local private investor

Colliers' Anthony Kirwan, Daniel Wolman and Leon Ma

$12.025 million

560 North Boundary Road, Dunkeld

V: John and Sally Robertson P: Anna and Michael Coughlan

HF Richardson Livestock and Property's Ken McDonald

Circa $22 million

365 Lonsdale Street, Melbourne

P: Offshore buyer

Colliers’ Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma

$10 million

225 Rix Road, Officer

Direct

$4.14 million

Stonebridge's Julian White, Chao Zhang and Dylan Kilner

310-314 Lygon Street, Carlton

V: Private owners / P: Local private buyer

Fitzroys’ Ervin Niyaz and David Bourke $4.075 million

Beenak Vineyard, Upper Yarra Valley

V: Accolade Wines P: Treasury Wine Estates

Langley & Co Advisors’ Stephen Strachan

Circa $7 million

218 Ascot Vale Road, Moonee Ponds

Fitzroys' Ervin Niyaz and Chris Kombi $1.603 million

V: Occupying doctor P: Local medical practitioner

Masters, 1550 Pascoe Vale Rd, Coolaroo

V: HMC Capital P: Kennards Self Storage

Savills’ Peter Tyson, Callum Stenson, and Rick Silberman

$35 million

291 Maribyrnong Road, Ascot Vale

V: Local private owners P: Local landbanking developer

$3 million

Fitzroys’ Ervin Niyaz and Chris Kombi

Lot 1 & 12 Ascot Gardens Drive, Bonshaw

Stonebridge Property Group’s Julian White and Chao Zhang, in conjunction with Buxton Ballarat’s Mark Nunn

$15 million

P: Sydney-based residential developer

$1.35 million

26 Swanston Street, Preston

P: Adjoining owner

Fitzroys’ Brent Glassford and Marco Sandrin

Direct

$8.3 million

106-112A Mountjoy Parade, Lorne

JLL’s Nick MacFie, Josh Rutman and MingXuan Li

Direct

Circa $100 million

Melbourne Pub Portfolio

V: Sand Hill Road P: Australian Venue Company

6 –August / September 2022

VIC 450 Gore Street, Fitzroy

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Circa $9.3 million

A significant triple-fronted 900 sqm site on Fitzroy’s Gore Street has sold to prominent high-end boutique developer Neometro, at a land rate of $10,350 per sqm. The site possesses favourable Mixed Use zoning, and is situated within the Fitzroy East and Johnston Street North planning precinct. A flexible 135 sqm property in the prime of the Centre Road shopping strip in Bentleigh has sold to an investor for an extremely sharp yield of 3%. 448 Centre Road is called home by popular fish and chips specialists Hunky Dory on a substantial seven-year lease that holds options for an additional seven years. A warehouse/showroom currently leased to national brand Clark Rubber has been sold at auction. The landholding is comprised of 1,524 sqm of land, and 910 sqm of building space, and its lease has recently been renewed for five years, with a further five-year option available. The warehouse/office comprises an overall building area of 1,910 sqm with a total land area of 3,136 sqm, that includes a clear span warehouse with 3 container roller doors, ground floor and first first-floor office, kitchenette, amenities. Additionally, the site is enhanced by 12 on-site car spaces.

V: Private family P: Neometro

Fitzroys’ Chris James and Chris Kombi

Direct

$2.26 million

434 Centre Road, Bentleigh

Fitzroys’ Tom Fisher and David Bourke

Direct

$2.94 million

730 Burwood Highway, Ferntree Gully

CVA Property Consultants' Jarrod Moran and Stan Dawidowski

$4 million

4-8 Hayward Road, Ferntree Gully

P: Tile importing business

CVA Property Consultants' Jarrod Moran and Stan Dawidowski

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

46 Chelsea Court, DIanella

Direct

LJ Hooker Commercial Perth’s Greg D’Arcy and Vincent Siciliano

A Place of Worship site at 46 Chelsea Court has sold. The 3,036 sqm site is well-located within the suburb of Dianella, which attained a 16% increase in median land value in 2021. Situated only 8km from the Perth CBD, the urban infill property provides for the potential creation of 8 individual lots. The centre offers 42 specialty shops, kiosks and pad sites, which complement the anchoring retail outlets; a set of Coles, Woolworths and Aldi supermarkets. The 14,577 sqm centre sold on a passing yield of 5.9 per cent. Located at 621 Wellington Street, the 17-storey hotel was initially opened in 2016, before going up for sale in 2017. 1-7 Napoleon Street in Cottesloe has sold for $4.825 million, generating an investment yield of 4%, which serves as a record for the 40-shop, cosmopolitan retail strip the property is a part of. The 382 sqm landholding includes the renowned and well-established Vans café/bistro, and Esola Jewellery, which has occupied the premises since the 90s.

$2.4 million

Forest Lakes Shopping Centre, Thornlie

CBRE's Simon Rooney and James Douglas

V: DRH Property Investments P: Greenpool Capital and Savills Investment Management

$81.5 million

Circa $26 million

Peppers King Square, Perth

P: High Street Holdings

CBRE Hotels

$4.825 million

1-7 Napoleon Street,Cottesloe

V: Reid Nominees Pty Ltd P: Jasara Nominees Pty Ltd

Jack Bradshaw and Vincent Siciliano, from LJ Hooker Commercial Perth

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Walhallow Cattle Station

The adjoining NT properties of Walhallow and Creswell Downs have been offloaded by retail billionaire Brett Blundy to an asset manager from Sydney, in a deal that would constitute a price record for an Australian cattle station. The Walhallow aggregation was offered with 61,000 cattle. Queensland’s Pickersgill family have purchased Neutral Junction Station through their family-owned Australian beef operation, Bunderra Cattle Co. The site was purchased from former Rabbitohs rugby league star, Charlie Frith. The Pickersgill family operate 10 properties throughout Queensland and the Northern Territory, and Neutral Junction will add substantially to their portfolio of property.

$250 million

V: Brett Blundy P: Asset manager from Sydney

Colliers’ Rawdon Briggs, Jesse Manuel and James Beer

Nutrien Harcourts' Olivia Thompson Circa $30 million

Neutral Junction Station, Davenport

V: Charlie Frith P: Bunderra Cattle Co

ACT

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

Casino Canberra

Sam Arnaout and his Iris Capital vehicle have acquired Casino Canberra from the Tony Fung-owned Aquis Entertainment for $63 million, after a bidding war contested with Bill and Mario Gravanis’ Oscars Hotels. The asset in question is a 4.5-star hotel resort with 205 rooms, operated by the InterContinential Hotel Group.

Direct

$63 million

V: Aquis Entertainment P: Iris Capital

August / September 2022 – 7

MARKET MOVES

NSW

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

One Circular Quay, Sydney

The Lendlease Group have teamed up with Mitsubishi Estate Asia to acquire the One Circular Quay development in Sydney’s CBD from vendors AW Holding Group. The $800 million price tag includes upfront and deferred considerations, with an additional $50 million to be paid subject to certain project outcomes. The mixed-use parcel spanning 4,000 sqm has been earmarked for two towers with an end value of approximately $3 billion. Construction on the project is set to start imminently. The property is spread over a 9,527 sqm landholding, and generates in excess of $14.5 million in trade annually, thanks to a well-diversified revenue base. Whilst HTL Property did not announce a sales price, they did confirm the agency’s market guidance was achieved by the deal. Developed in 2017, the site is 97% leased, contains 5,474 sqm in net lettable area, and anchored by a Woolworths outlet.

Direct

V: AW Holding Group P: Lendlease Group and Mitsubishi Estate Asia

Circa $800 million

The Mill Hotel, Milperra

V: JDA Hotels P: Marlow Hotel Group

HTL Property's Daniel Dragicevich and Andrew Jolliffe

Undisclosed

18 Hannah Street, Beecroft

V: Landream P: Unlisted wholesale fund

Stonebridge's Carl Molony and Philip Gartland, in conjunction with Knight Frank's Graeme Russell Knight Frank’s Wally Scales and James Reeves, in conjunction with Moxham Commercial’s Jeff Moxham and Bawdens’ Marcel Elias Savills Hotels’ Nick Butler, Selin Ince and Nick Lower

$65 million

150-152 Briens Road, Northmead

Situated within the Northmead Employment sub-precinct, a vacant 6,490 sqm industrial parcel in Western Sydney’s Northmead has sold, with the buyer expressing intentions to develop the site into a mixed-use business or industrial estate.

V: Private owner P: Hannas Group

$13.5 million

The Lord Roberts Hotel, Darlinghurst

“The new owner, who is also new to the asset class, is in the enviable position of being poised to capitalise on the activity that’s expected with such ambitious development,” Savills Hotel's Nick Butler commented. “While there are plans for some minor renovations to the hotel, the new owner recognises the importance of preserving the character of the building with respect to its history and place in Sydney’s pub landscape.” Over 2,000 sqm metres, the Macquarie Street asset possesses 27 gaming machines, 24 accommodation rooms, a bar, bistro, and a nightclub. The deal comes as the outgoing Pilon family have indicated that they are planning to focus on interests outside of the hotel sector.

$22.5 million

V: Sue Cameron P: Private investor

$22.5 million

Amaroo Hotel, Dubbo

V: Greg & Kellie Pilon and partners P: Local syndicate

HTL Property’s Blake Edwards and Xavier Plunkett

$31.5 million

15 Orion Road, Lane Cove West

Built in 1998, the eight-storey building offers 6,529 sqm of office space, 3,036 sqm of warehouse facilities, and an additional 245 car bays.

V: Argus Property Partners P: Oceana Property Partners

CI Australia's Chris Veitch

Undisclosed

70 Eaton Road, Luddenham

A historic 16.5-acre parcel of land at 70 Eaton Road has been sold by the Eaton family, who decided to sell the property as the Western Sydney Aerotropolis looks to renew the area in time for the West Sydney International Airport opening in 2026. The site represented a DA approval for 23 luxury apartments and townhouse/ terrace product, and possesses a total land area of 1,883 sqm. Notably, the transaction represented the highest sale $/sqm on gross floor area for a residential development site in South Sydney. The Uniting Church has sold a 1,601sq m land holding at 32 & 32a Railway Street. The property consists of a large single-storey heritage church – Petersham Uniting Church – and neighbouring dilapidated two-storey terrace. A rare 18-year net lease to 2039 with options helped encourage the sale of 8 Lakewood Drive in Woodcroft, which is leased by Young Academics ELC; a highly experienced Sydney childcare operator that operate 32 centres nationally. Sold on a sharp 4.51% yield, the site offers fixed 5% annual rent increases to 2025, and fixed 3% annual increases thereafter, and possesses a net income of approximately $121,800 pa. The Tavern is situated on a 5,574 sqm parcel of land, and contains a public bar, bistro, gaming room, bottle shop, outdoor terraces, and a two-bedroom manager’s flat.

V: Eaton family

Colliers’ Nick Estephen and Thomas Mosca

$15.2 million

55-99 Belmont Street, Alexandria

V: Aqualand

Knight Frank’s Demi Cariliano, Anthony Pirrottina, and Dominic Ong

$4.25 million

32 & 32A Railway Street, Petersham

P: Local value-add purchaser Knight Frank's Anthony Pirrottina and Demi Carigliano, in conjunction with Adam Charles' Adam Bodon

Direct

$2.698 million

8 Lakewood Drive, Woodcroft

Burgess Rawson's Sophie Herdegen and Yosh Mendis

$28 million

Glenquarie Tavern, Macquarie Fields

V: Radford and Cullen families

JLL Hotels and Hospitality Group's Kate MacDonald and Ben McDonald

8 – August / September 2022

THE PROPERTY DEVELOPMENT REVIEW

QLD

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

Dunk Island

Dunk Island, one of only a few freehold islands on the entire Great Barrier Reef, has sold. The island offers a mainland connection, commercial sealed airstrip, and extensive utilities infrastructure.

P: Annie Cannon-Brookes

Undisclosed

JLL Hotels and Hospitality Group’s Andrew Langsford and Nick Roche, in conjunction with Tom Gibson from CBRE Hotels Cushman & Wakefield’s Jonathon O’Brien, Mike Walsh, Peter Court and Frederic Le Fanue, in conjunction CBRE’s Bruce Baker, Jack Morrison and Adelaide O’Brien

1 Breakfast Creek Road, Newstead

The site includes two buildings; an A-grade office tower and a retail annex. The complex comprises nearly 7,000 sqm over five tower levels, and is located within the urban renewal precinct, just minutes from the CBD. The sale comes after a recent upgrade has improved amenity on the ground floor, by adding a new café and updated landscaping. Buildings 2 & 3 are underpinned by long-term leases to TAFE Queensland and Wise Medical. Both possess 10-year leases with average fixed annual rental increases of 3.2%. The site has been owned by family entity Australian National Homes for the past 13-years, and was sold with a new, triple-net 35-year lease to NRMA Parks and Resorts attached. The building, known as Corbett Chambers, was originally designed by prominent Brisbane architect Claude William Chambers for the Commercial Travels Association, who sold the building to the Commonwealth in 1963. The building was acquired and renamed by the Corbett Family in 2009. The building has 2,121 sqm of commercial net lettable area, including 1,712 sqm of office space and 409 sqm of basement retail space. The 10-storey CBD office tower asset is in a prominent corner position, and contains approximately 7,631 sqm of net lettable area that includes ground floor retail tenancies, as well as one level of secure basement parking. The strata-titled building sold on a passing yield of 7.53%, based on a total net income of $1,641,742 per annum at the time of sale. The five-level commercial and retail building is occupied by 15 tenants, including Cardno, Oliver Hume and The Uniting Church. 6 Ron Parkinson Crescent has sold to Trilogy Funds’ industrial trust, in a deal that stands as the biggest industrial transaction conducted on the Sunshine Coast in the year thus far. The civil construction materials supply business Civilmart occupies the property, and carries a 10-year lease that expires in 2032. The property is comprised of approximately 2.612-hectares, and possesses a 4,900 sqm warehouse.

V: Gold Coast-based private investor P: Bloomberg Incorporation

$55 million

209 Robina Town Centre Drive, Buildings 2 & 3

V: Alceon QLD / P: Charter Hall's Social Infrastructure REIT and Direct Long WALE Fund V: Australian National Homes P: G & R Kratzmann Property Investments

$80 million

NRMA Agnes Water Holiday Park

CBRE’s Paul Fraser and Dillon Murphy $27.5 million

283 Elizabeth Street, Brisbane

Undisclosed

V: Corbett Family P: Silverstone

Knight Frank’s Blake Goddard, Matt Barker and Justin Bond

193 North Quay, Brisbane

V: The Kyko Group P: Aviator Capital

CBRE’s Jack Morrison, Peter Chapple and Adelaide O’Brien

Circa $50 million

Emerald Lakes Town Centre

V: Pointcorp P: Acure Asset Management

$21.5 million

CBRE’s Mark Witheriff, John Nucifora and Daniel Doran

6 Ron Parkinson Crescent, Bells Creek

$20.6 million

P: Trilogy Funds' industrial trust

Colliers’ Nick Dowling, Nick Evans, David Brisk, and Daniel Coburn

560 Anzac Avenue, Rothwell

The prominent single-storey asset at 560 Anzac Avenue is currently leased to Lead Childcare. The sales price reflects a passing yield of 5 per cent.

V: Wenworth Property Group Ray White’s Stephen Kidd and Elliot Kidd

$6.975 million

$21.1 million

Yamanto Village, Ipswich

Yamanto Village is a fully leased, modern convenience centre constructed in 2016 with over 65% of gross income underpinned by national brands. It benefits from a complimentary mix of tenants including an Ampol service station, three national fast-food drive-throughs, a gym, a dentist and seven specialities.

P: Quanta Investment Funds

Direct

August / September 2022 – 9

Auction Hub Upcoming Commercial Auction s Our top picks of the latest commercial auctions from around the country

ADDRESS

AGENCY

PROPERTY TYPE

30 Sarah Street CAMPBELLFIELD, VIC, 3061

CVA

Industrial

1454 Brisbane Valley Highway FERNVALE, QLD, 4306

Raine & Horne Commercial

Retail, Offices, Child/Healthcare

107 Auburn Road HAWTHORN, VIC, 3122

Fitzroys

Retail

10 Corporation Avenue BATHURST, NSW, 2795

Next Commercial & Blowes Real Estate

Industrial, Retail

434 Nepean Highway CHELSEA, VIC, 3196

JustCommercial

Retail

199-201 Payneham Road ST PETERS, SA, 5069

LJ Hooker Commercial

Retail, Offices

4, 15 & 16, 33 Elkhorn Avenue, SURFERS PARADISE, QLD, 4217

Ray White

Offices

137 Carlisle Street, BALACLAVA, VIC, 3183

Aston Commercial

Retail, Mixed-Use

275 Maribyrnong Avenue, KALEEN, ACT, 2617

Burgess Rawson

Retail, Other

327 Sturt Street, BALLARAT CENTRAL, VIC, 3350

Burgess Rawson

Retail, Offices

Willowburn', Clearview Road, DARBYS FALLS, NSW, 2793

AGRI Rural NSW

Farming

21A-23A Park Street YEPPOON, QLD, 4703

Burgess Rawson

Retail

10 – August / September 2022

THE PROPERTY DEVELOPMENT REVIEW

Scan here to view upcoming auctions

EST. INCOME

AUCTION DATE & TIME AUCTION LOCATION

$95,000 p/a

23/8/2022 - 12pm

On-Site

$140,900 p/a

24/8/2022 - 11am

In-room - Raine & Horne Commercial Offices (337 Gympie Road, Kedron)

$65,366 p/a

25/8/2022 - 1pm

On-Site

$923,915 p/a

30/8/2022 - 10:30am

In-room - AuctionWorks (50 Margaret Street, Sydney)

$63,548 p/a

31/8/2022 - 1pm

On-Site

$81,154 p/a

2/9/2022 - 12pm

On-Site

Vacant

8/9/22 - 11am

In-room - The Gold Coast Turf Club (Racecourse Drive, Bundall)

$75,000 p/a

9/9/22 - 12pm

On-Site

$460,566 pa

13/9/2022 -10:30am

In-room - Sydney Opera House, Sydney

$156,883 p/a

14/9/22 - 10:30am

In-room - Crown Casino - River Room (8 Whiteman St, Southbank)

Vacant

16/9/22 - 10am

In-room - AuctionWorks (50 Margaret Street, Sydney)

$425,938 p/a

16/9/22 - 10:30am

In-room - The Hilton (190 Elizabeth St, Brisbane City)

Ready to inspect, invest, or just take a look around? Visit commercialready.com.au

August / September 2022 – 11

Industry Insights

HOW JENNIFER LECHTE RAISED THE BAR IN FOOTY, FAMILY AND PROPERTY

BY SANDRA LOGIUDICE

“It’s not what you know or who you know, it’s who likes you.”

high achievers however my mother was my biggest motivator as I wanted to be better than her, to please and impress her. Anything she put her mind to she was the best.” As expected, the apple did not fall far from the tree. Jennifer excelled at school and was eventually accepted into law school, only to find out her dream of being a barrister would not come to fruition simply because she was a woman. Undefeated, she decided to be a PE teacher instead. “I was 22 and started off teaching at North Paddington Comprehensive school in the UK. I was in the gym one day with about 200 students and a young girl threw a hard medicine ball at my head. I confronted her and she replied, ‘We need to fight.’ So, I agreed and laid down the rules ‘No gauging, no biting and no hair pulling.’ The students created a boxing ring for us and with everyone watching, we fought, and I won. After that, whenever I asked the students to do something or come to training, they did it. I was constantly challenged but at the end of my 2 years there, I knew I was strong enough to do anything.” Jennifer continued on to teach at Melbourne Grammar and Camberwell Girls Grammar however it was at Templestowe Technical school that her career in football marketing began…by pure chance. A PASSION FOR FOOTY “I organized a footy clinic with Fitzroy Football Club and at the end of the session, I pointed out to our Fitzroy visitors that all the kids were wearing Richmond jumpers, so I questioned them why they weren’t more involved. Their response was ‘If you think you’re so smart, why don’t you come and market our football club?’ Despite them saying this in jest, I accepted the challenge immediately, assured them it was a done deal and that I was coming. I did not give them the chance to back out of their proposal” It took Jen five years to gain momentum at Fitzroy Football Club but like everything else she put her mind to, it grew into a success. The club eventually played in the final four and she remained tenacious in her pursuits, knowing exactly what was needed to make the club successful. In addition to her strong marketing capabilities, Jen’s sporting skills and background also held her in good stead. “I could see at Fitzroy the footballers were still

There is not much, if anything that Jennifer Lechte can’t do. And if she hasn’t done it yet, and the opportunity presents, you can be assured that she will eventually succeed with the utmost grace and poise. THE EARLY YEARS Born and bred in Mooroopna and raised as a boarder at one of Melbourne’s most elite private girls schools, Jennifer Lechte certainly knew how to raise the bar with every endeavour undertaken. And it is no wonder why, when learning about her journey and the benchmark that was set higher than most from the beginning. “It was never said that I had to be top of the class, but it was clearly expected. My father was a pharmacist and ran the Goulburn Valley hospital pharmacy in addition to two other pharmacies. My mother was a strong, dominating, champion sports woman and very much admired and respected throughout the Goulburn Valley. Both parents were

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playing ‘kick to kick’ at the time… so I called Gary Wilson, and we talked PE teacher to PE teacher, not woman to man. I suggested he go and watch some hockey or women’s netball where you pass the ball to the space in front of the player with the indication of going left or right, not pass the ball directly to the player. Although it was taken on board, it was also followed up by a gentle reminder that I was not allowed to criticize the coach, however, how did they expect me to make money for the club when they were still playing kick to kick?” It wasn’t until 1983 that the now late John Elliott invited Jennifer to move to Carlton Football Club. “Initially I didn’t want to as I was on a mission to continue building up Fitzroy however, he made me an offer I couldn’t refuse.” So, Jennifer continued to excel and amongst other strategic feats at Carlton, set up the renowned ‘Presidents Men’. “It was probably the most admired, respected and powerful business organization in Australia” states Jennifer. “There were 55 Presidents men who at the time were paying a large sum of money to be a part of it and attend 9 home games, and they didn’t necessarily barrack for Carlton either, they just had to be part of it for business; stockbrokers, bankers, would be’s, could be’s. It was amazing to be a part of, it was wonderful.” IMPACT SPORTS MARKETING However, at the end of 1989, Jennifer decided it was time to leave Carlton and set up her own marketing company, Impact Sports Marketing. Here, she attracted many high-profile clients such as the Australian Cricket Board and the Melbourne Arts Centre where she set up the philanthropic group ‘Arts Angels’ for Richard Pratt. Jen also worked closely with Head of the TAC, Leon L’Huiller and gained exclusive sponsorship for the 1991 Motorcycle Grand Prix. “Leon especially was a great mentor. He taught me the importance of attention to detail and courage and I’m very grateful to have worked with him.”

By 1992, Jennifer joined forces with her husband Peter Lechte, a high-end property expert with over 45 years in the industry behind him. However, to this day, she still looks back at Carlton with great fondness. “In my opinion, I don’t think Carlton will ever be like that again. It was an era in itself.” And although for some, being a woman working in football at the time was as every bit of difficult as one could imagine, Jennifer makes a point that she herself received nothing but respect at Carlton in particular. “It also helped that I had earned my stripes in the industry.” She states with great satisfaction. And that she had. LECHTE CORPORATION Jennifer is now co-director of Lechte Corporation with husband Peter and son Christopher Paul. “Christopher has exceptional skill in feasibilities, management, and all areas of property development and over the years has become the driving force that has helped take the business to another level.” For more than 25 years, this multi-million-dollar family business has been collaborating with the best in the industry to deliver exceptionally high end, design-rich developments in prominent locations such as Drewery Lane, Melbourne, Canterbury, West Melbourne, Hawthorn and more. It has a reputation as one of the most established and highly regarded property development companies in Melbourne synonymous with buildings of superior location, lifestyle, aesthetic design and investment performance. When Jennifer and Peter commenced working together, they also worked closely with joint venture partner, Geoff Lord, as well as Gil Hoskins who was an actuary. “They were great partners and we enjoyed working with them for years and years” “In order to be successful, you don’t need to have the ability to do everything yourself, you just need to employ the people who have the ability to do it; the very best people you can possibly employ. Also, it’s not what you know or who you know, it’s who likes you. You have to be trustworthy, and you have to trust and work with trustworthy people. Trust could not be more important. I’m so lucky to deal with so many wonderful people who I really admire and genuinely like and trust.” When Jennifer is not scoping out new projects or collaborating on new residential masterpieces, she enjoys going to the gym, walking, golf, attending the opera and reading. However, the most important time is that spent with her family. “I just love my family. When you walk into the room at any of our family functions you can just feel the love; there are hugs and so much love between us all.” “Spirituality is also particularly important to me and since my 50’s, it has become essential to my being. During my time at Fitzroy, someone came to me and said the following, which became key to everything I do … “Whatever you vividly imagine, ardently desire and enthusiastically act upon must inevitably come to pass.” I have that in a frame on my desk and now I start every day strong, with a short 5–10-minute meditation, because whatever you think about comes about. Then I just go out there, be myself, strong and confident and do my work.”

Melior - Shierlaw Avenue, Canterbury,

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Industry Insights

WHY THIS TOP PROPERTY EXEC VOWS TO NEVER MISS ANOTHER BURNING MAN FESTIVAL

BY SANDRA LOGIUDICE

Scott Hutchinson loves to celebrate. Celebrate life, music, and the people around him. Many others in his position who turn over around $3 billion a year would be splurging on yachts, jets, and horses but he much prefers a characteristic pinball machine, some good music and a festival or two…or more.

“Most people in my situation tend to go for status interests, however mine are different. All my interests involve crowds and celebrations so there are many people that can share in it. But if you buy a boat or a plane it’s just for one or a few people.” BUILDING FORTITUDE MUSIC HALL Scott also spent $46 million on building Brisbane’s renowned Fortitude Music Hall, and although it is now only valued at $27 million, this does not appear to bother him. “In 2003, Festival Hall which was my temple, got knocked down for high rise residential, which is the highest and best commercial use of a block in the inner city. Somebody had to do something to get music back into the centre so I built Fortitude Music Hall. Someone had to lose money so I thought it may as well be me.” He says with a chuckle. However, for what Scott supposedly ‘lost’ or gave away, he has gained 10-fold in satisfaction and enjoyment, whilst giving to so many people, especially those in the music industry. Shows continue to sell out and people now flock to the area which has increased tourism, economic activity and most importantly, reactivated the Brisbane nightlife

and entertainment scene, something that was slowly dwindling away. The impressive state-of-the-art Fortitude Music Hall was a team effort with Paul Pittico and John Collins and is now an iconic venue that acts from around the globe seek out. The Triffid, another one of Mr. Hutchinson’s philanthropic ventures was also brought to life with the same ‘A-Team’ and is a characteristic, converted commercial hangar that now houses some of the best gigs in town. Scott also gives his time as Patron of QMusic which is part of the Australian music conference, BIGSOUND. QMusic helps start-ups in the music industry including young bands and also helps to bring music to the regional areas of Queensland. What Scott Hutchinson has ‘given’ to the community purely for the love of music and celebration, is clearly invaluable not only for those who enjoy it but also for those that depend on it for their livelihood. BURNING MAN FESTIVAL However, one of the most prominent festivals that he himself enjoys most, and loyally attends every year is Burning Man - a week of radical self-expression in Nevada, USA

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where everyone interacts on a non-commercialised level, sharing ‘stuff’, ideas, food, drink, art and more. “It’s like camping with 80,000 mates” he states. “There are big mad max type vehicles or ‘art carts’ that drive around the festival, strangers get on and off and have a chat and a drink. You just do whatever you feel to. “The people who started it are born in the 40’s and are now 80-year-old hippies. It’s also close to Silicon Valley so tech people and executives go, so my financial situation is not unusual there. But no one can tell anyway. People do not ask you anything about yourself, no one asks what you do for a living or if you have children; they even used to have false names at one stage. You could have been Zuzu Galactic or Sparkle Pony or whatever you want. It is a week of freedom and break from reality and just gives you a chance to live as somebody else for a week. You’re not who you are in Australia.”

work, so you get materials cheaper. It is so much better for quality builders. But in a boom, builders have their fixed prices, but suppliers and sub- contractors increase their pricing because of the boom. Not many can see how turnover and profit are inversely proportional.” GROWING AN EMPIRE In the 1960’s his father took over the business, consolidated it and successfully drove it forward into the 60’s, 70’s and 80’s at which time Scott then came on board, and grew it from $6 million in turnover to over $70 million. “In the 80’s and 90’s I was lending money to young developer mates to start, and if you’re lending them money they can’t borrow, they give you the building work at negotiated market rates. So that grew the business a lot and in 20 years I never lost a cent. “There was also a flat management structure that Dad always used but I just formalised it after I did my MBA. It is about empowering your employees. There is no middle management just the people who are doing the jobs, the managing director, and a bit of support. The people on the ground are making the decisions. It can get you hung sometimes but also gives you a very dynamic organisation.” Despite his successes, Scott Hutchinson gives an abundance of credit to his Managing Director Greg Quinn who, in the last 21 years has taken the business from $70 million to $3 billion and helped to make Hutchies a tier-one, National construction business with over 1,500 direct staff. “Greg Quinn has 10 times the capacity I have and has built the business into what it is today.” And although extremely proud of the company for what it is, Scott expresses his concern about the expedited growth over the last 5 years. “It would be preferable to be 2/3rds of the size we are now, because when you grow too quickly you become less efficient however we’re stabilising at $3 billion turnover now. Also, it’s hard to go back. Our only KPI’s are to stay alive and do good work. When we do good work, we get great opportunities and have a good balance sheet and when this happens, the place grows organically. But I just don’t see the point of growing any further. I used to know all the names, wives, and children of everyone in Hutchies, now I struggle with so many people and that worries me a bit. But overall, we work well and if we finish on time, on budget with a happy client, I don’t need anything bigger or smaller than that at any level” CREATING A LEGACY Just when we thought there was nothing more that this successful, life-loving businessman could do, we find out more. The ‘1-percenters. On the rooftop of every Hutchies office are beehives, Hutchies being the only company in Australia to promote this initiative on a national scale. “It’s just a no brainer” says Scott. “The honey is great, it’s good for the environment, we share the honey and everyone enjoys it.” “We have always done the right thing because we wanted to, not because we had to. Everything we give or do, is done with no tokenism. We also have diversity inclusion and ESG policies however this is nothing new for us either. It is evident that good ethics and environmental governance is in the Hutchies DNA. However, the many layers discovered in this interview about Hutchies and Scott Hutchinson himself, was beyond admirable. Who would have known that a building company could offer so much more depth and diversity than just big cranes and fat profits? When I asked Scott in conclusion what’s ahead, his answer was clear. “Just to enjoy myself and make sure Hutchies keeps doing good work to allow me to keep going to festivals and share in celebrations with other people. That’s about it. And let’s all go to Burning Man.”

This is Scott Hutchinson’s 11th festival, and he is adamant that it will not be his last. “I more than enjoy it, it makes me live in the present. I tend to romanticise the past or worry about the future and Burning Man stops that. A festival takes you away for a day or 2 but this festival takes you to another planet. People who go to Burning Man call the real world the default world. They live for a week and the rest is just ‘existing’. Everybody has grown out of it but I haven’t and I’m not going to feel pressured to grow out of it.” And nor should he. The joy of festivals, celebration and music does not stop here for Scott Hutchinson. Each year he aims to take every Hutchies office to a festival; Melbourne does The Laneway, Townsville, Groovin’ the Moo, Sydney the ‘big bands’ such as U2 and Red Hot Chili Peppers, Adelaide the Fringe Festival and Brisbane to Fortitude Hall and Triffid events. “The favourite part of my job is to look after the ceremonial part, taking clients and employees out. You keep in touch with people, and everyone enjoys themselves.” This bright social attitude together with great management and an incredibly clever team seems to be working a treat for ‘Hutchies’ as his company is affectionately known. They have a low average staff turnover of 16 years and are currently turning over almost $3 billion a year. But this did not happen overnight; this quality business has been in the making for over a century. It was established in 1912 by Scott Hutchinson’s great grandfather and expanded rapidly in the 20’s and 30’s. “My grandfather always said our business performed best in the 1930’s around the depression. This is because in a recession, you get fixed prices, and everyone is desperate for

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