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Bendigo Bank - Melbourne Headquarters
120 Harbour Esplanade, Docklands, Victoria
In 2003 Grant Samuel called for Expressions of Interest to consolidate Bendigo Bank's Melbourne operations into a single building.
We were appointed as the preferred developer of this 8,000 square metre A-Grade office building in 2004.
Located directly adjacent to Victoria Harbour - with panoramic views back to Bolte Bridge and beyond, Bendigo Bank has been very impressed with the result
on staffing efficiency and positive morale.
The building was subsequently sold to APN Funds Management.
"All involved are absolutely over the moon about the new building, its location and the change it will have on both staff and client perception of the Bank"
Terry Dohnt
Director, Bendigo Bank
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Como Plaza
651 Chapel Street, South Yarra
This site had sat dormant for more than 5 years. Several constraints had made this site very challenging to develop. It was very small and has one of Melbourne's main drains running along one side as well as a car-parking requirement of one car park per apartment.
We solved these problems by negotiating an arrangement whereby 20 car parks were secured at the nearby Daly Street car park. This meant that expensive excavation works were not needed yet still fulfilling Council's car parking requirements.
The site also lent itself to serviced apartments. Enjoying a tremendous position
in one of Australia's premier shopping and cafe strips.
The management of Como Plaza was fiercely contested - with three major serviced apartment groups pitching for the long-term management rights to the building.
Como Plaza is operated by Quest Inns. Since opening it has enjoyed a remarkably high occupancy rate and extremely good room rates. This has resulted in tremendous capital gains for those who invested in this project.
"The Como Plaza serviced apartments in South Yarra is an exciting project that will assume the mantle of the largest single serviced apartment complexes in South Yarra. The site is well located for this purpose."
Paul Constantinou - Chairman Quest Inns.
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Defence Housing Authority
1990 - 1994
The Defence Housing Authority (DHA) was established by an
Act of the Commonwealth Parliament in 1988. Its mission was
(and remains) to house military personnel around Australia
in community standard accommodation. For too long, these
often highly skilled Commonwealth employees were housed in
sub-standard accommodation. These employees were drifting
away from military careers to remove their families from
these conditions.
We were instrumental in the DHA establishing its highly successful
long-term home leasing program. Well before its launch in 1990
we advised and assisted DHA in achieving a number of its commercial
objectives.
The final product saw DHA deliver many thousands of new homes
with no Commonwealth Government requirement for capital.
Our first development program for DHA was focused in Melbourne's
West - close to the major military bases such as RAAF
Laverton and Point Cook. Other areas included: the Mornington
Peninsula (HMAS Cerberus), Point Lonsdale (Navy), Bendigo (Army
Puckapunyal) as well as other areas such as Williamstown and
Malvern.
By completion of the DHA leaseback program in 1994, we had
developed in excess of $50 million worth of new homes around
Australia, namely: Melbourne, Bendigo, Canberra, Townsville,
Brisbane and Perth.
At the time of development we were the largest supplier of
new homes on DHA lease to the Commonwealth Government.
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Menzies Malvern
1002 High Street and 1098 Glenferrie Road, Malvern, Victoria
In 1996, we began researching the aged care market in Victoria - with a view to developing a health infrastructure division. This culminated in our acquisition in July 1999 of one of Melbourne's most significant sites. This 2-hectare (5-acre) site located in the heart of Malvern had sat dormant for more than five years. Together with our advisers, we concluded that this site was the very best available in Melbourne for a true, 5-star retirement village.
Based on a retirement concept similar to that developed by Hyatt Hotels in the USA - the Menzies Malvern was designed to offer the best in retirement living.
Its location allowed residents in the more affluent suburbs of Melbourne to seriously consider moving into a retirement village for the first time.
Although our town-planning permit allowed the construction of 178 apartments, we only developed 124 apartments within the permitted envelope.
As a result, apartments are larger (an average of 13 squares). Within the facility is Club Menzies, a beautifully appointed dining and sitting area, a gymnasium, an indoor swimming pool and a medical facility. Each apartment has two car parks and the latest technology.
Mr Alec Menzies, a grandson of the late Sir Robert Menzies officially launched the construction of the Menzies Malvern on 15th August 1999. The Mayor of the City of Stonnington and the Rt. Hon. Robert Doyle, the local Member of Parliament attended the ceremony.
This project represents the first property development ever undertaken by Price Waterhouse Coopers anywhere in the world. All 124 apartments plus the Medical Centre were sold within 2 years of completion.
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Mickleton Grove
Mickleton Grove, Point Cook, Victoria
Completed in 2003 this development was our first exploration into the Laverton Air base region to the West of Melbourne.
This development consisted of 24 double storey, 3 bedroom, 2 bathroom townhouses. The site was specially designed for community living with its own private park and swimming pool area.
Since its construction, investors have continued to benefit from increased rental returns and capital growth.
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Nautica Apartments
65 Beach Street, Port Melbourne, Victoria
In October 1997 we acquired the fiercely contested 65 Beach Street, Port Melbourne property - a former tramways maintenance depot built in the 1880's. Given the significance of the site, we put the project to a limited design competition between such noted architects as Nation Fender Katsalidis, the Sydney award winning firm of Achor Mortlock and Woolley and Robert Peck von Hartel Trethowan - the designer of 333 Collins Street, Melbourne and the eventual winner.
The winning submission maximised views to the water - with over 80% of all apartments having both direct water views and very considerable Balconies.
The form of the building was described as combining many features found in Port Melbourne. The base podium representing a wharf like structure ringed with
Substantial wooden piers. The curved body of the building representing a ship-like structure. The penthouse levels being analogous to the famous Port Melbourne terrace houses.
Although the town-planning environment at the time was extremely volatile, in February, 1998 the City of Port Phillip voted unanimously to support Nautica's
Town planning application.
This project was completed in March 2000. Nautica achieved an average sale price of $4,000 per square metre. Its penthouse was sold for $2.5 million.
In keeping with our commitment to develop quality property, we engaged Carr Design - one of Australia's foremost interior designers for the penthouse. A separate team of skilled craftsmen undertook the fitout of this apartment.
Nautica delivered immediate capital gains of 20-25% to apartment owners - partly due to the resurgence of Port Melbourne as a popular lifestyle suburb.
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Parkwaters
122-136 Mason Street, Newport, Victoria
This 65-townhouse medium density development situated only 8 km from Melbourne CBD on the edge of Williamstown was completed in 2006.
The development consisted of:
59 x double storey, 2 and 3 bedroom townhouses
and 6 x executive single storey one bedroom luxury suites / townhouses
This development was specially designed to complement the Newport Lake facility by award winning architects Peddle Thorpe.
The success of the project was reflected by the fact that all properties were pre-sold prior to construction.
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Quest Docklands
Bourke Street, Docklands, Victoria
This 99 room specially designed one and two bedroom serviced apartment development was completed in 2006 as part of the Victoria Point stadium development program.
Since opening this development has continued to exceed all occupancy expectations and remains one of Quest's most successful projects undertaken.
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Saltwater Quay - Serviced Townhouses & Convention Centre
The Rifle Range, Williamstown, Victoria
In 1999 the Urban Land Corporation tendered its last medium density site on its fabulously successful Rifle Range estate in Williamstown.
This site had inherent constraints making its development very tricky indeed. The $200 million Mobil Cracker located at Altona required that permanent residential dwellings could not be built within 5-km of it.
Leveraging off its successful serviced apartment complex at GEM Pier Williamstown, we were very well positioned to develop more serviced apartments
for the Quest Inns Group.
These serviced apartments were sold very quickly to investors Australia-wide.
Noted architects Cox Sanderson Ness were engaged for Saltwater Quay. Cox had previously designed many world famous water based projects including Darling Harbour in Sydney.
Designed around a unique man made lake that was to extend towards the beach and public areas; the serviced apartments were to be spectacular and a fitting completion of the Rifle Range.
Each townhouse is fully fitted with designer furniture and comprises two bedrooms, a self-contained kitchen and living room. The serviced apartments represent the first stage of this project and was completed October 2000.
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Saltwater Serviced Apartments,
Restaurant & Reception Centre
Gem Pier, Williamstown, Victoria
Saltwater remains one of our best success stories to date - both from a development and ongoing operational viewpoint.
Built on perhaps the best piece of real estate in Melbourne's Western Sector; this project was developed to maximise views back to the city skyline whilst retaining a uniquely nautical and heritage theme.
A great deal of anecdotal evidence suggested Saltwater would be an outstanding success as a serviced apartment complex. Williamstown lies at the epi-centre of Melbourne's industrial heartland where companies such as Mobil, Toyota and ICI have substantial operations. Many of these companies engage engineers and other consultants for months at a time. Until Saltwater was built, most of these people trekked back over the Westgate Bridge to find suitable accommodation.
In fact, Quest Inns - the operator of Saltwater has been very pleasantly surprised by the strong demand from Melbourne locals "escaping" to Williamstown and staying at Saltwater.
Saltwater enjoys the highest occupancy and highest room rate of any Quest Inns operation in Australia or New Zealand.
Built by Lend Lease and designed by Peddle Thorpe architects, this project was an excellent advertisement of how a project should be delivered.
Opened by the Mayor of Williamstown on 27 February 1998, the 45 Saltwater Serviced Apartments were sold at an average figure of $220,000 on a 6.25% yield. These apartments have delivered excellent capital gains to owners - who have been delighted to be a part of this great success story.
"The developer is to be congratulated. Saltwater is one of our finest operation anywhere"
Paul Constantinou - Chairman of Quest Inns.
[Australia's largest serviced apartment operator]
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Sanctuary Lakes Serviced Apartments
Sanctuary Lakes Golf Course, Point Cook, Victoria
Completed in January 2007; this specially designed 46-townhouse cluster development is fully leased to Australia's premier serviced apartment operators (for 10-years). With guaranteed rentals of up to $450 per week investor returns are ensured.
Situated on the best site (alongside the 10th and 18th fairways, overlooking the lake and minutes walk from the clubhouse) in one of Australia's best residential (Greg Norman designed) golf clubs.
With three designs to choose from; all the townhouses are two-storey, two bedroom and two bathroom properties with large terraces. They come with fully equipped kitchen and laundry, air conditioning, fax and modem lines, direct dial phone and voicemail, stylish furnishings and their own private carport.
"Long after I'm gone, each golf course design will be a lasting legacy for my children and grandchildren to be proud of, and for that reason alone, I take my role very, very seriously." Greg Norman
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State Lease & Capital Lease
State Lease, Braybrook, Victoria.
Capital Lease, Roystanvale, ACT.
This development was an innovative housing program in cooperation with the State Government of Victoria & The ACT Government. After the fabulous success of our Defence Housing Authority program, we lobbied both the State and Federal Government for the introduction of long-term leasing to relieve the shortage of public housing.
The State of Victoria agreed to pilot the long-term leasing of public housing.
After an exhaustive tender, in February 1995 we were mandated by the Victorian Ministry of Housing to develop Victoria's first residential properties on long term lease.
We structured all aspects of this highly innovative program - from the key commercial risk allocation parameters within the lease to the purchase of the
subject sites from the Ministry of Housing.
Wishing to test the private sector's interest in this type of investment, the Ministry asked us to develop two sites - one in Braybrook (one of Melbourne's low income economic sectors); and the other in Heidelberg Heights (only marginally better).
Both projects were highly successful, being leased to the Victorian Government at an opening yield of 6.5% for 15 years (with a 15-year option).
Investors from all around Australia snapped up these sites unseen. L.U. Simon built both of the projects.
These projects have been a stunning success at an operational level. We commissioned Honeywell for all after hours (private) property management
Functions. Audits by the Victorian Government confirmed that tenants at both complexes do not consider themselves public housing tenants in the
"Traditional" sense. The private ownership of all dwellings has greatly reduced the stigma of public housing; this has translated to both happier tenants and
Investors.
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The Grandview Apartments
30 Marine Pde, Southport, Queensland
In 1994, we purchased a strategic site on Queensland's Gold Coast at 30 Marine Parade, Southport. Although a number of development options had been planned by previous developers for this site - including a commercial office complex, we quickly concluded that a residential solution would optimise the value of the site and yield an excellent and highly sort after residential apartment complex.
The key features of this site were its dramatic views East over the broad water to the exclusive Marina Mirage Resort and Sheraton Hotel to the Pacific Ocean. The view West is to the Gold Coast Hinterland and South to the stunning Surfers Paradise skyline.
The proximity of the site to Pacific Fair - one of the Gold Coast's best shopping centres was an additional attraction. We believed Southport was in short supply of affordable resort-style residential dwellings for young people. These factors greatly influenced the final development makeup: 59 single bedroom apartments.
Built over 10 levels, the Grandview was an outstanding success. All 59 apartments were quickly pre-sold - predominantly to owner-occupiers. In
May 1994 Baulderstone Hornibrook commenced construction with the project taking 11 months to complete.
Designed by one of the Gold Coasts leading architects, the Grandview represented our first residential project completed without a long-term lease of any kind.
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Transmetro Melbourne MCG
Jolimont Road, Melbourne, Victoria
(Serviced apartments undertaken with Becton Corporation Pty Ltd)
Our group's proven expertise in ethical, sophisticated off-the-plan
property development led to a marketing role with Becton Corporation for the
pre-construction marketing of the $22.5 million Melbourne MCG Serviced Apartment
Complex on the fringe of the CBD.
Each of the 140 serviced apartments is leased to the publicly listed Transmetro
Limited for 10 years.
Within 4 months of commencing marketing the project, we had placed 100% of
the outstanding balance of 73 apartments to our investors.
By supplying a very comprehensive package of pre-tax and after-tax cash flows,
our computer modelling was instrumental in providing investors with a clear
picture of how the investment would perform.
We controlled all facets of this marketing and settlement program. These investment
apartments have outstandingly for our clients over the years. All have had
steady, uninterrupted cash flow and significant capital gains of more than
110% in 5 years. |
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University Grange
Latrobe University, Bundoora
Casey Institute & Monash University, Berwick, Victoria
After a great deal of research into the student housing market, we concluded that the inner city area (around RMIT and the University of Melbourne) was too
volatile for investors. Demand for cheap apartments in these areas was high, however, so too was the supply of new apartments being built. Additionally, we doubted the demand for these apartments if the Asian economic crisis and changes in the way education is delivered (i.e. with local institutions building
campuses in Malaysia, China etc. - not to mention the threat of the Internet) continued to impact on overseas student demand.
For these reasons we chose to develop townhouse style properties close to major University campuses.
These townhouses would appeal both to students (who could lease them in groups) and the thousands of academic and administrative staff who work at these campuses.
This investment product was known as University Grange.
In June 1998 we purchased a significant 5-hectare site from the Urban Land Corporation at its Gresswell Grange Estate in Bundoora. On it were built a total 51 townhouses.
Bundoora is also home to RMIT's second major campus in Melbourne - with over 15,000 students.
Even before this project was finished, all townhouses were leased to students and staff of Latrobe University.
Townhouses sold for an average figure of $165,000. They have continued to be keenly sort after and yield excellent capital gains to owners.
We extended the University Grange concept to include a further 14 townhouses at Reserve Street, Berwick.
This complex is located within a 10-min walk from Victoria's largest TAFE College (Casey Institute) and the fast growing Information Technology
Campus of Monash University.
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Victoria Point - $320 million Mixed Use Project
100 Harbour Esplanade, Docklands, Victoria
Situated next to the waterfront and Telstra Dome in Melbourne's Docklands; Victoria Point is the tallest structure in the area and represents the largest single-stage project in Docklands' history.
In 2003, we sold the equity in the project to a publicly listed developer and retained an ongoing delivery and administrative role across many facets of
the project. The project was substantially resolved and implemented prior to this sale of equity.
We obtained all permits, statutory approvals including a complex application for change of use and increased height (from 25 metres to 150 metres).
We were responsible for the development of the Bendigo Bank component, over $150 million in residential pre-sales as well as the in-line sale of the $12 million retail and gymnasium component.
We secured the participation of Quest for the 115, 4-star serviced apartments along Bourke Street.
ABN AMRO provided project financing.
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Other Projects
Integrated Car Dealerships, Heaths Road, Hoppers Crossing, Victoria
In 2003 we were appointed to design one of Melbourne's first integrated car dealership projects.
Situated on the popular Heaths Road in Hoppers Crossing in Melbourne's West this site is now leased to five major car dealerships.
Namely: Ford, Honda, Volkswagen, Nissan and Mazda.
21 Park Street, South Melbourne, Victoria
This $5 million project was 100% pre-sold prior to the completion of construction.
Its fabulous location (near the corner of St Kilda Road) and quality construction; has resulted in Quest Inns - Australia's largest serviced apartment operator leasing most of the available apartments upon completion.
"Maritime on Nelson", Williamstown, Victoria.
In October 1994 we purchased a prime site located in the heritage precinct of Williamstown, Melbourne.
Situated opposite the Royal Victorian Yacht Squadron, the "Maritime on Nelson" comprises 45 two and three storey townhouses.
Construction of this $10.0 million project commenced in May 1995 after pre-sales of 75% (mainly to owner-occupiers). Maritime on Nelson has been one of the Group's most successful projects to date.
Heaths Road, Hoppers Crossing, Victoria
In 1994 we completed our first commercial development; a $3.0 million retail Complex.
Vox Limited anchored this development along with Captain Snooze. Located in Melbourne's West the project was pre-sold to a Brisbane investor "off-the-plan".
GE Capital's Headquarters, Burnley
We have also advised Lend Lease in respect of a number of transactions including: the development of GE Capital's new Headquarters at Burnley. This project was completed in 1998.
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