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Singapore’s AV Jennings sitting in pole position for Auto Alley
THE AUSTRALIAN MAY 21, 2015 12:00AM
Lisa Allen
Property & Tourism Reporter
Sydney
Greg Brown
Property Reporter
Sydney
Singapore’s AVJennings group is in the box seat to buy Sydney’s famed Auto Alley car yard site in Parramatta to transform it into a $1 billion residential and commercial development.
The veteran housing developer, listed on the Australian Securities Exchange and the Singapore Exchange, is in due diligence on the Church Street site at about $150 million.
But the deal is not entirely sealed given aggressive local development group Dyldam and Chinese behemoth Greenland Holding Group are still vying for the popular site, which won approvals for 780 apartments and up to 40,000sq m of commercial office space last September.
The Auto Alley deal comes as the city of Parramatta, in Sydney’s west, embarks on a big urban renewal program, including the proposed $2bn Parramatta Square redevelopment that is expected to include the construction of five major buildings.
Ray White says about 1200 apartments will be completed in Parramatta in the next 18 months, and claims a further 1677 units have won government approval.
The Turner family-controlled Boyded Industries Group listed the 14.8ha Auto Alley site, which has been used as a car yard since the 1950s, earlier this year.
The family declined to comment yesterday. Agents involved in the deal, including Colliers’ Harry Bui and Guillaume Volz, also declined to comment.
AVJennings recently said it was on track to deliver a full-year profit before tax of more than $40m for 2014-15 despite bad weather in NSW and Queensland. The company said the guidance came after it reported a 42 per cent lift in first-half profit.
The Auto Alley deal comes as other major sites in Sydney are in play, with The Australian revealing last month that Toga was the leading bidder on the $250m-plus William Inglis & Son stables in the eastern suburbs. While Toga was the leader, sources claim there were other parties still in play and a deal was between six and eight weeks away.
The owners of the Randwick property this month finally received approval from the NSW Planning and Environment Department to rezone the site, which is expected to yield a 700-apartment development.
In Parramatta, developers are jockeying for a number of sites that are being sold for apartment development.
Parramatta City Council is running a tender process for the development rights to the Aspire Tower as part of the Parramatta Square precinct, which could become Sydney’s tallest tower.
Developers Leighton and Walker have been short-listed to undertake the construction, while Parramatta-based Dyldam and private company Centurian Custodians are also in the running.
The council has proposed that Aspire Tower will stand 90 storeys, with 700 apartments in its upper levels, a 150-room hotel and ground-floor retailing.
Elsewhere, Colliers International is marketing an industrial site in Melrose Park that could be transformed into an apartment site in the medium term. Expressions of interest close next month, with a $90m price expectation.
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26-05-2015, 11:39 PM
(This post was last modified: 26-05-2015, 11:49 PM by greengiraffe.)
Simon Cheong has big plans with his S$500m facilities that was recently arranged with DBS...
http://infopub.sgx.com/Apps?A=COW_CorpAn...cIssue.pdf
AVJennings buys Waterfront Place in Port Melbourne
THE AUSTRALIAN MAY 27, 2015 12:00AM
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Greg Brown
Property Reporter
Sydney
Ben Wilmot
Commercial Property Editor
Sydney
Listed developer AVJennings is rapidly expanding its development pipeline across Australia, with the group yesterday announcing the purchase of the Waterfront Place project in Port Melbourne, which will have a $500 million end value.
The developer would not disclose the price of the site but it is thought to have paid well in excess of $50m.
The group, listed in Australia and Singapore, is on the hunt for sites and is closing in on the purchase of the Auto Alley car yard site in Sydney’s Parramatta for about $150m.
The under-construction Waterfront Place development will include 850 dwellings with mix of apartments and townhouses, with towers to be up to 20 levels.
AV Jennings managing director Peter Summers said the company was confident about the state’s residential market.
“The project will provide a significant increase and diversification in AV Jennings’ Victorian business,” he said.
The controversial project, bought from Evolve Development, had seen Evolve in a decade-long dispute with Hobsons Bay City Council and the Save Williamstown action group.
Mr Summers said that, as the Waterline project was under way, it was expected contribute significantly to results over the next few years.
Meanwhile, in Sydney, float candidate Metro Property Development has swooped on a prime development site in Sydney’s southwest, paying about $20m on deferred terms for a 10ha Catherine Fields parcel that will deliver 138 residential lots in fiscal 2017.
Metro has targeted the affordable end of the housing market and last month bought land at Strathfield Golf Course for $52.5m.
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AVJennings adds to development land bank
THE AUSTRALIAN JUNE 16, 2015 12:00AM
Kylar Loussikian
Journalist
Sydney
Listed developer AVJennings has purchased development land at Warnervale on the NSW central coast for a project that will yield 540 lots.
AVJennings managing director Peter Summers said the purchase was part of the strategy to build the land bank in key markets. “This is great news for home buyers and investors who are looking to buy in the central coast region as the Warnervale project will enable us to deliver a range of housing solutions to customers over the life of the project,” he said.
AVJennings has substantially increased its land bank in recent months, paying in excess of $50 million for the Waterfront Place in Port Melbourne, which will eventually include 850 dwellings. It also joined with superannuation giant AustralianSuper for a 2000-lot project north of Melbourne.
AVJennings remains a favourite to pick up the Auto Alley car yard site in Parramatta, western Sydney, for $150m, with Dyldam and Chinese developer Greenland Holding Group also vying for the property, which could yield up to 780 apartments.
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Lid on development
Fiona O’Doherty
326 words
24 Jun 2015
Hobsons Bay Leader
NLHOBB
English
© 2015 News Limited. All rights reserved
THE State Government has kept its election promise to introduce mandatory height controls on the controversial Port Phillip Woollen Mills development in Williamstown.
Planning Minister Richard Wynne last Friday approved a planning scheme amendment for the site that means apartment heights will be limited to 25m and the developer will be forced to contribute to local infrastructure.
The amendment applies to the 60 per cent of the site not yet developed. The new owners of the Port Phillip Woollen Mills development expect the controls to have little impact on its plans.
Evolve Developments recently sold the development site to AVJennings for $350 million, with a plan to build up to 850 dwellings, including townhouses and a 10m apartment tower.
AVJennings will now also have to prepare an assessment of the potential hazards posed by a high-density residential development in the vicinity of Mobil’s tankers and fuel loading and unloading docks.
AVJennings Victorian general manager Peter Vlitas said the company welcomed last Friday’s announcement as it provided certainty.
“It is what we expected to happen when we did our due diligence before buying the development,’’ Mr Vlitas said.
“We still haven’t done our final assessment of the development but we still expect to build about 850 dwellings. Any impact would be a slight change to the mix in terms of bedrooms.’’ Save Williamstown spokesman Godfrey Moase said the announcement was a good win for the community but didn’t signal the end of the campaign for sustainable and appropriate development for the site.
“Today AV Jennings may realise that they have purchased more risk than they planned for,” Mr Moase said.
Williamstown state Labor MP Wade Noonan said the announcement was a victory for common sense.“The people of Williamstown have certainty, and it’s thanks to their efforts, along with Hobsons Bay Council, who have advocated for the good of their neighbourhood,’’ Mr Noonan said.
News Ltd.
Document NLHOBB0020150623eb6o00016
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QLD:
http://www.nottinghamsquare.com.au/
FRIENDS NOW NEIGHBOURS
Alexandria Utting
274 words
11 Jul 2015
Courier Mail
COUMAI
English
ONE southside development may soon be the real-life equivalent of the television show Neighbours, with friends and colleagues living side-by-side.
Shanshan Chen bought her first home at Nottingham Square in Calamvale in 2011. During the past four years, she has convinced three of her friends to move into the AVJennings development, each of them now owning a townhome in the community.
“We are all first home buyers and looking for conveniently located property that offered value for money,” Ms Chen said.
Sharing her three-bedroom townhome with her mother, Ms Chen bought the property based on location.
“My mum lives with me so it’s important to me that our home is located close to everyday conveniences and public transport,” she said. “Like many people who migrate from China, she does not have a car and here mum can easily jump on a bus and travel to do her grocery shopping.
“One of my friends is in the same situation and also bought with her mum in mind.” AVJennings state general manager Rodney Chadwick said the company was committed to creating a relaxing, safe and convenient community at Calamvale.
“Word of mouth is always the best form of marketing and if we have residents of Nottingham Square spruiking the benefits of the development to other potential buyers, it reinforces that we have created a thriving community,” he said.
Nottingham Square has a mix of 258 two and three-bedroom townhouses and terrace designs, ranging from 123sq m to 166sq m.The final stage of the development is planned for release in the next six months.
News Ltd.
Document COUMAI0020150710eb7b000dl
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http://avjennings.com.au/QLD/Development...owMap=true
NUMBERS ADD UP
Jane Pinder
298 words
18 Jul 2015
Courier Mail
COUMAI
English
A SURGE of interest from first-home buyers has pushed sales at AVJennings’ Villaggio community in the western corridor.
The $42 million community in Richlands will have 142 two-and three-bedroom townhouses and terraces once completed in about two years.
AVJennings Queensland general manager Rod Chadwick said prices started from $316,000.
“The past six months has shown a 50 per cent increase in owner occupiers compared to the second half of 2014,” Mr Chadwick said. “The majority of these sales have been made to first-home buyers.” Restaurant manager Brant Fahey was living with his parents, searching for a rental property, when he found Villaggio.
He bought a two-bedroom Fusine loft home, with balcony views of Mt Coot-tha and the top of the city skyline.
“The location, the quality and low-maintenance design is precisely what I was looking for, and when I weighed up the cost of renting compared to the repayments on a two-bedroom townhome, I asked myself why would I continue to pay off someone else’s mortgage,” Mr Fahey said.
“I have stepped into a brand new home for just $349 a week – which is on par with the rentals I was looking at – and I am investing in an asset that should increase in value over time.” Mr Fahey said comparable properties he was considering in suburbs such as Mansfield were up to three times as expensive as Richlands.
Mr Chadwick said first-home buyers were taking up the opportunity offered by low interest rates and government incentives.“Property prices are certainly escalating across the country, yet properties in southeast Queensland are still very affordable for first-home buyers compared to what is on offer in the southern states,” Mr Chadwick said.
News Ltd.
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http://www.avjennings.com.au/QLD/Develop...owMap=true
Loft designs on offer
127 words
1 Aug 2015
Courier Mail
COUMAI
English
HALF of the properties in a northside community’s latest release sold at the launch.
The $30 million AV Jeannings Halpine Central community at Mango Hill saw 12 of the 25 townhomes in stage one sell on the first weekend.
Construction on the first stage is expected to be completed in November. The project will add 78 two and three-bedroom townhouses to the existing Halpine Lake estate, with prices from $340,000. Buyers have a choice between single or double-car garages, and a selection have a loft design.
Once complete, Halpine Central will also have a leisure precinct with a pool and barbecue area.AVJennings Queensland general manager Rodney Chadwick said the location and surrounding amenities were key selling points.
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