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pdoff's picture
#77

"But the profits are gifted by the community and more of them should be captured by the community"

You lost me at this point. Even before a permit is granted, there is an implied value to the site based on the market's expectation of the permit the site will achieve, and there's an appeal process if the owner feels aggrieved by the outcome. To an extent the permit is just crystalising a pre-existing value, albeit with a profit component that can increase IF the permit delivers more than expected. This can arise due to corruption but also because the market got it wrong. I don't see how at any stage in this process anything is lost by the community and gifted to developers.

Policy shifts (ie. rezoning) can gift profits but they can also cause loss (ie. FAR controls). The Fishermans Bend rezoning by Matthew Guy is a well documented example, losing the opportunity to tax value uplift to deliver schools, transport etc. Value capture exists as a policy instrument for these circumstances. But that has nothing to do with flipping, which IS the practice DB2 is trying to argue against here.. and not very convincingly I might add.

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db2's picture
#78

which IS the practice DB2 is trying to argue against here.. and not very convincingly I might add.

I am not trying to convince anyone of anything. I am just stated a position against this flipper business model.

Note, in times past trading shares for profit via inside knowledge was perfectly fine.....until it was outlawed.

If approve-then-immediate-flip continues to accelerate then I could see some folks in the planning realm wanting to put a lid on it. Anyway, it is time to draw this to a conclusion.

It will be interesting to see if the upcoming new owner of this site dumps the design and builds a Scape style crap box inside the approved envelope (a worst possible outcome).

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zenith's picture
#79

If the govt moves to limit developers making money on building approvals, where does it end? Capping capital gains by investors? Making illegal foreign exchange trades?

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Bilby's picture
#80

CBD | 183-189 A'Beckett Street | 205m | 67L | Residential

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Mark Baljak's picture
#81

mmmm much depends on the quality of the finishes if this one ever goes ahead

CBD | 183-189 A'Beckett Street | 205m | 67L | Residential

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melbourne's picture
#82

Purchased by Wee Hur Holdings - to be turned into student accommodation.

https://www.theedgesingapore.com/wee-hur-acquires-melbourne-site-36-mil-...

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Rohan Storey's picture
#83

Did it really go to VCAT ? Cant find anything there (very hard to use though). I did find this, that the Dep Planning approved plans modified in June 2016 that keep more of the original building (even internal columns ! at least at ground floor) and far less overhang of the tower but frustratingly doesn't include complete set of plans. If its now going to be student accom, will the plans change again ?

Here's the MInistry's report, which mentions conditions, but doent include them : https://www.planning.vic.gov.au/__data/assets/pdf_file/0026/84149/09-201...

Lookingupatbuildings

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Rohan Storey's picture
#84

Weird, somehow, that site, you cant copy the text !

Lookingupatbuildings

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Melbourne Muse's picture
#85

Some sites can do this Rohan, often if you copy/paste into Word or Outlook email and then copy/paste again from there, you can achieve desired outcome.

Marvelous Mega-Melbourne

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Rohan Storey's picture
#86

That was the only site ive come across where i couldnt copy any text at all ! If i really wanted to keep, i would have had to have done screen shots.

Lookingupatbuildings

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Mark Baljak's picture
#87

reported last year, but still in today's AFR

Wee Hur to turn vacant Melbourne building into student housing

Listed Singaporean developer Wee Hur has paid $35 million for a vacant Melbourne commercial building that it will develop into high-rise student accommodation.

The three-storey brick and concrete building with a ground floor warehouse at 185 A'Beckett Street, built in 1938, stands on a large 1029-square-metre site and has a permit for a multi-storey tower with 300 units.

The sale represented a windfall for the vendor, Chinese investor Chengdu Xingyuan Real Estate Development Co, which snapped up the site two years ago for just $20.8 million and secured a permit in August last year.

Wee Hur is already developing a 1500-room student housing project near Brisbane's Woolloongabba. It recently agreed to sell two neighbouring Brisbane CBD sites to Mirvac for $79 million with plans to use the proceeds for other developments.
The acquisition of the A'Beckett site near Queen Victoria Market represents its first major investment in Melbourne. It is close RMIT University and within a short commute from Melbourne University and is in an area awash with new towers.

Selling agent Daniel Wolman of Colliers International said the result was exceptional and would not have been achieved had it been a pure residential development. Demand for student housing in Australia's major cities is growing on the back of rising international student enrolments.

"Permitted CBD sites are still seeing incredible demand, particularly those that were approved under Matthew Guy's previous planning regime," Mr Wolman said.

Read more: http://www.afr.com/real-estate/residential/wee-hur-to-turn-vacant-melbou...

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Danny Boy's picture
#88

New design

CBD | 183-189 A'Beckett Street | 205m | 67L | Residential

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Mark Baljak's picture
#89

not too bad a result

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Bilby's picture
#90

Looks like a decent setback, but what's happening immediately behind the facade? And are they keeping the amazing art deco staircase inside?
https://melbourneheritage.org.au/2015/10/30/former-grange-lynne-factory-...

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Rohan Storey's picture
#91

Funny how the design can change immensely, at least in looks and detail, but the plans arent made available at any point. Glad it doesnt have the leaning forward part, and particularly glad its not a huge wall of little square windows (i guess i like my towers to be sparingly vertical or patterned or subdivided rather than look like graph paper). But would like to see the plans !

Lookingupatbuildings

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Grampians's picture
#92

no reason the developers of the Russell St Theosophical Society property can't do this!!!!

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