Apartment Sizes

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<p>The Brady Group is in dispute with its minority partner property investor, Xue Bin Wu over the future of an unbuilt $300 million Melbourne apartment skyscraper.</p>
<p>The case is before the Victorian Supreme Court.</p>
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<p>The Australian Financial Review described the dispute as "bitter."</p>
<p>The dispute is between Xue Bin Wu, also known as David Wu, and the Brady Group, led by Tony Brady over their proposed 68-level apartment tower at <a href="https://urban.melbourne/projects/cbd-west-end/272-282-queen-street-melbourne" target="_blank">280 Queen Street</a>.</p>
<p>The 207-metre building comprises 533 apartments d<span>esigned by Peddle Thorp Architects, with mostly one and two bedroom apartments, 23 penthouses and one custom designed penthouse.</span></p>
<p><span>The proposal attracted attention on its 2015 application when The Age described some of the a</span>partments has not having enough space for basic activities.</p>
<p>The Age advised the plans had "angered" Melbourne City Council officials who found many of its then 589 planned units were undersized.</p>
<p>In a report to council, the planners noted "that many of the apartments are too small to allow for basic daily activities and functions such as eating at a dining table, or having a dressing table in the bedroom whilst maintaining access to the wardrobe."</p>
<div id="plista_widget_outstream_59dd3cc3d535a20" class="plista_widget_outstream" data-widget="">Although there was praise for the inclusion of 46 three-bedroom apartments, the planners said most of these dwellings were less than 70 square metres</div>
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<p>The Brady Group and David Wu formed a joint venture in 2014 to develop the property, with Brady taking a 67 percent stake.</p>
<p>Brady reportedly put up $23.785 million purchasing funds for the venture, according to an affidavit by Brady Group general manager Simon Pethica.</p>
<p>Under their agreement, it is alleged, both the partners were then to jointly approve and authorise development expenses and then work on a more detailed joint venture agreement.</p>
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<div class="cq-article-content-media section">"David has obstructed every reasonable attempt to finalise a more detailed joint venture agreement," the statement alleged.</div>
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<p>"Without a detailed joint venture agreement, it is impossible to progress the development in a timely and commercially effective manner."</p>
<p>The statement alleges that Mr Wu has "unreasonably refused" to authorise a series of expenses incurred through the development process, including the reimbursement of a $25,300 fee paid by Brady Constructions to the Foreign Investment Review Board.</p>
<p>The failure to make those payments has stalled the development of the project, it is alleged.</p>
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<p>The Brady Group has asked for a court order forcing Mr Wu to sell. Failing that, Brady seeks an order to wind up the joint venture.</p>
<p>Mr Wu, who also runs a real estate agency, has yet to file a defence.</p>
<p>In 2014 The Age initially reported the property had been purchased by Chinese national Xue Bin Wu.</p>
<div id="plista_widget_outstream_59dd3dbfedb2c40" class="plista_widget_outstream" data-widget="">It suggested Wu held a third portion of the holding company which lodged the plans for the site, suggesting an initial joint capital venture with Brady.</div>
<p>However a Brady Group spokesman told The Age in late 2014 that Mr Wu was no longer involved in the project. "It will be a Brady Group development," he said. "Work will start in about 12 months."</p>
<p>The Financial Review writes that as of October 2017 the fate of a $300 million Melbourne skyscraper hangs in the balance as under the conditions of its state government planning approval, work must begin on the project by June next year.</p>
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j.ballantyne1990-6AQqhLzZaK

Brady Group in partnership stoush with David Wu over 280 Queen Street

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<div class="column">GUEST OBSERVER</div>
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<div class="column">Secret Agent wanted to dig deeper into what sort of apartment buildings are being proposed by developers.</div>
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<div class="column">Using planning permit applications sent to local Melbourne councils, we sampled 1,680 proposed apartments from 34 buildings in 15 suburbs of metropolitan Melbourne.</div>
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<div class="column"><a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.46.28%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="column"><img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.46.28%20PM.png" alt=""></div>
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<div class="column">Key findings</div>
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<br>1 bedroom apartments will be 8 percent bigger on average</div>
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<br>2 bedroom apartments remain the same size</div>
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<br>3 bedroom apartments will be 4 percent smaller and remain rare</div>
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<br>Little to no 4 bedroom apartments are being proposed<br><p>Most apartments meet the minimum balcony size.</p>
<p>Our findings are summarised in Table 2 below.</p>
<p>We've noted the composition of one, two and three bedroom apartments in each suburb, as well as the average sizes of internal and outdoor (balcony) areas.</p>
<p>As a benchmark for comparison, Table 1 (above) shows the current average apartment size (indoor area only) in inner Melbourne. <br><br>Note that the majority of Cremorne apartments sampled are from the proposed development at 2 Gough Street and is thus more of a reflection of this specific building than the entire suburb.</p>
<p><a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.49.43%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.49.43%20PM.png" alt=""></p>
<p><a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.50.50%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.50.50%20PM.png" alt=""></p>
<p>Where to find the biggest two bedroom apartments?</p>
<p>Looking at just two bedroom apartments, here are the suburbs with proposed developments that are bigger than average, followed by those below the average:</p>
<p>Above average two bedroom apartments: Abbotsford, Collingwood, Fitzroy, Richmond, South Melbourne</p>
<p>Exactly average: Coburg and Thornbury</p>
<p>Below average two bedroom apartments: Box Hill</p>
<p>Brunswick East, Cremorne, Highett, Preston, Reservoir</p>
<p>Balconies</p>
<p>The Victorian Government’s Better Apartments draft design standards suggests a minimum of 8m2 of outdoor area for 1 bedroom apartments and 10m2 for two bedrooms or more.</p>
<p>Most regions seem to exceed this standard, with the only exception being Cremorne one bedroom apartments (7m2). </p>
<p><br><em>For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.</em></p>
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jchancellor-FAypfDUnLy

New Melbourne apartments and what to expect: Secret Agent

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<p><span>GUEST OBSERVER</span></p>
<p><span>Inner Melbourne's apartments are getting tinier with each new development. </span></p>
<p><span>But, how small is small? </span></p>
<p><span>Secret Agent's updated apartment index reveals that the average size of a 1 bedroom apartment is only 47sqm, and for the more popular 2 bedroom apartment the average size is 73sqm.</span></p>
<p><a href="/images/2016/08/26/Screen%20Shot%202016-08-26%20at%2011.52.29%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2016/08/26/Screen%20Shot%202016-08-26%20at%2011.52.29%20AM.png" alt=""></span></p>
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<p><span>These figures are frustrating for many homebuyers looking for an apartment that they can actually live in comfortably. Our index, which is based on 870 apartments in inner Melbourne which have sold between the 1st January 2016 and 30th </span>June 2016, offers some insight into where buyers can find apartments with larger than average floor plans. </p>
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<p><span>East Melbourne has the largest two bedroom apartments. At almost 90sqm on average, this was a standout with the second largest 2 bedroom apartments being 10sqm smaller at 80sqm in Port Melbourne. </span></p>
<p><a href="/images/2016/08/26/Blog-1-2-1.jpg" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2016/08/26/Blog-1-2-1.jpg" alt=""></span></p>
<p><span>These suburbs are generous with the size of their apartments, most likely due to the properties occupying the top end of the market. Buyers here are much more willing to pay for additional space and are not as price sensitive. </span></p>
<p><span>This means a developer in these areas may be able to sell bigger apartments and still get a similar profit to what they would if they sold more smaller apartments. </span></p>
<p><span>On the other hand, Travancore and Prahran have the smallest 2 bedroom apartments at 57.6sqm and 60.9sqm respectively. </span></p>
<p><span>Click to enlarge</span></p>
<p><span><img src="/images/2016/08/26/Blog-2-2.jpg" alt=""></span></p>
<p><span>A younger demographic is attracted to these suburbs and thus they tend to be more price sensitive. developers here have designed smaller floor plans and perhaps would be penalised if they built apartments too large in size. The investor market is also more prevalent in these suburbs. </span></p>
<p><span><em>For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.</em></span></p>
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