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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
#2

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
#3

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
#4

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
#5

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

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Michael Berquez's picture
#6

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
#7

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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Mark Baljak's picture
#8

Old design and newer expanded design

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Rohan Storey's picture
#9

O dear, talk about pushing the envelope ! A weird swirly greenish podium hovering above a huge inward sweeping hole through the 'podium' - I suppose I should be used to largeish sites playing around with public space and streetwalls but Im not - I still like my streets to feel like a street, with rows of varied facades with visual interest and then the towers above well set back - mostly this hasnt happened in Southbank, with towers rising straight up, or maybe with blocky podiums, but at least theyve been more or less similarly tall and thin - this is the opposite, being very wide and not so tall, and replacing a streetscape of 4 frontages with effectively one - and the same at the back i guess.

Also, very poor treatment of the retained facades, keeping only 5m depth, then 5 levels of the 'podium' sitting out over them; the edwardian warehouse will go from being almost the most prominent thing there to being a fragment almost lost under the glassy thing above, not to mention that the single storey thing is a mirror of one on the other side of the brewing tower, so that whole composition would be lost. : (

Lookingupatbuildings

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Grampians's picture
#10

stamp duty is a tax just that they are gutless and won't own up to actually calling it that. The government has been guilty of pushing sd higher and because it adds onto every transaction is a significant contributor to house price accelerated inflation and hence (eventually) affordability. Should be about one quarter of its current rate. House price inflation has delivered easy and lazy profits to the government via sd

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Nicholas Harrison's picture
#11

I don't think that the demolition of the upper two levels of the heritage building at 113 Queensbridge has been adequately justified. The heritage study hypothesised that the levels four and five were a later addition but did not provide any evidence to back up that claim.

Looking closely at the building it looks like they were part of the original building or constructed very soon after the lower levels were constructed. The lack of a parapet on the section of the building with only three levels suggests that only one section of the upper two levels was constructed initially with the remainder to be constructed at a later date.

There is a picture from 1917 that shows the buildings with the additional levels and a sign for Hall's baby carriage factory who were the occupants from 1910. So even if it was a later addition it is still more than 100 years old.

Also the gap between the new building and the brew tower at 129 Queensbridge is inadequate to preserve the sense of the brew tower being a freestanding structure.

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Adam Ford's picture
#12

Amen, Mr Harrison! Former Robur Tea Company factory-warehouse, 1910. The little multi-storey arches mirroring the lower levels is surely part of the whole?

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