Welcome to our quarterly Melbourne investor insights.
Inside this issue you'll find:
Leasing Update
The Ironfish leasing team has successfully leased 128 properties this quarter.
Despite media reports we have maintained low vacancy in Melbourne CBD, our first inspection at Kings Domain attracted 225 prospective tenants!!
With the best marketing strategies and a team of experts we develop a strong market presence and in turn gain as much interest for you property.
Current Projects
Gardenia - Mitcham
Kings Domain - Southbank
Marina - Docklands
Up Coming Projects
8 Lygon - Brunswick East
Dux - Richmond
Willow - Doncaster
Carter Residences - Eric Clyde North
Avondale - Glen Waverley
Vacancy Rates - Melbourne vs Ironfish
Ironfish has managed to keep a lower than average vacancy rate when compared to the greater Melbourne vacancy rate as per the enclosed graph.
The New Tram to the South-East
The state government has signalled its $3 million 2018 budget contribution announced on Tuesday for the planning work on the new south-east tram line will lead to the project implementation.
The planning work to be funded will come up with a defined route, station location, determine the benefits as well as the costs and inform a shovels-in-the-ground date.
We're yet to see the strategic context of the project - we can only assume this tram/light rail project has been borne out of a network development plan for the tram network.
The five strategic outcomes in the Monash NEIC draft framework plan(link is external) are:
If speed is the favoured focus then stations should be limited to the major nodes and areas where planning schemes can be altered to develop the surrounding land intensively.
As you see in the map below, there are only stations marked at Caulfield, Chadstone, North Oakleigh, Ferntree Gully Road, Monash University, Westall Road, Waverley Park, Rowville and Stud Park.
The Station at Rowville, right near the Eastlink interchange with Wellington Road is an ideal park and ride location if that is a focus of the new line. Ditto Stud Park.
The Station at North Oakleigh is already in an area zoned for more intensive development with projects already being marketed.
Westall Road, and its eventual extension to the Monash Freeway, is right next to the second business town centre in the VPA's draft framework.
The Monash University station is located on the 'SE3' car park - there's an opportunity to consolidate the existing bus terminal underneath the light rail station.
The Chadstone station location represents an opportunity for the centre owner to expand and connect directly with the new light rail station.
Source: https://urban.melbourne/
(For full article refer to Urban Melbourne)
Southbank's development gains retail clout
A new 3,800 square metre dual-level Woolworths is headed for Southbank. Melbourne Square will host the Woolworths as part of a larger 6,000 square metre retail zone that will feature shopping, dining and cafe facilities in a European-inspired, piazza-style setting.
As Southbank’s first full-line supermarket, it will also go some way to alleviating the needs of the hundreds of new residents that move into the high-density suburb each year.
Stage One of Melbourne Square will also see a new public park spanning 3,700 square metres created, satisfying developer OSK Property's bid to have Melbourne Square become the benchmark development for amenity and services on Southbank.
When fully completed Melbourne Square will include approximately 15,000 square metres of retail, services, amenity and open space across its ground/podium levels.
The site as of this week
WHAT THEY SAY
Southbank’s population is expected to exceed 50,000 by 2036, which is 174 per cent higher than the current population.
It is essential that the community is able to access basic everyday amenity so that the area’s expanding population can be adequately accommodated. We know Southbank residents have been waiting for a full-line supermarket in their local area and we are happy to be able to provide this much-needed amenity, along with other amenities for the community.
This is in line with our vision to create an integrated mixed-use lifestyle precinct for Melbourne Square residents and the Southbank community
Executive Chairman of Malaysian developer OSK Property, Tan Sri Ong Leong Huat
We’re pleased that we’ll soon be able to offer local residents the convenience of a supermarket that will include all the usual features our customers have come to expect. From fresh fruit and vegetables to a large range of grocery items at great prices, those living in the area will be able to pick up all their shopping essentials, without needing to travel too far.
Woolworths’ State Property Manager Brad Karge
Builder Multiplex has an August 2020 scheduled completion date for Stage One of Melbourne Square; the new Woolworths will open at this point.
The retail component will sit below two residential towers of 54 levels and 69 levels respectively, which amount to 1,043 new residential apartments for Southbank. Multiplex have Stage One valued at $490 million.
Ultimately the Woolworths will cater for an altogether larger development with OSK Property holding a permit to create four additional towers. Another two residential towers are planned, with the taller reaching 73 levels; total apartment numbers across Melbourne Square are permitted at 2,160.
A commercial tower and hotel are also slated for the 5-acre, Cox Architecture-designed mixed-use development.
Source: https://urban.melbourne/
(For full article refer to Urban Melbourne)
Our Team News
Some of our staff are going on annual leave this quarter. We will appropriate arrange another staff looking after your property during this time. If you have any concerns during the break you can contact team leader Justin Tu (Justin.tu@ironfish.com.au) who will be happy to assist.
Going on annual leave this quarter:
Alvin Chen: 08/06/2018 - 22/06/2018
The contact details for your property manager will remain the same while they are on leave. However, if you have any concerns or queries please feel free to contact the Team Leader for property management Justin Tu on the following:
Justin.tu@ironfish.com.au
M. 04 5080 0768
Our Service
Ironfish is committed to providing excellent customer service and support to our valued clients. Please do inform us if you have recently changed your contact details, so we can continue to keep you updated.
Are you happy with your experience? Is there something we can improve on? Would you like to provide feedback? We would love to hear from you! Please feel free to give feedback via feedback.melbourne@ironfish.com.au