Australian property market wrap 23 October 2023
Images: Supplied.
  • Leaders in ESG performance were unveiled.
  • A new DA was lodged for a Palm Beach project.
  • An 1890s mansion in Victoria has been listed for sale.

From Victorian mansions to modern beachside bliss, today’s wrap spans the country, architectural eras, and sectors.


Sustainability leaders revealed

Lendlease‘s Australian Prime Property Fund Retail (APPF Retail) has been ranked Australia’s most sustainable unlisted retail fund in the 2023 GRESB Real Estate Assessment as well as Global Sector Leader in Retail.

It is the fifth time in the last six years that APPF Retail has ranked first in its peer group and first in Oceania Retail.

“Every year we continuously strive to improve sustainability outcomes across the APPF Retail portfolio, and investors are also increasingly aligning their own investments with sustainable outcomes,” said APPF Retail fund manager, Anne MacSporran.

“Buildings that integrate the physical risks of climate change will increasingly contribute to investment performance and provide a competitive advantage. Over the coming year we’ll be looking to rollout solar across the rooftops of many of our assets to help meet the Fund’s net zero targets by 2025.”

The Fund achieved this result through increased collaboration with tenants and reducing its energy and greenhouse gas emissions through operational efficiencies and capex upgrades.

APPF Retail also maintained its 5 Start GRESB ranking, which represents the top 20% of all participants in the GRESB assessment.

GRESB is an independent organisation providing validated ESG performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement and decision-making.

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Image: Supplied.

Frasers Property Limited also performed well, with Frasers Property Industrial being recognised as Regional Sector Leader, Oceania in the Industrial category for its Australian portfolio while Frasers Property Singapore was awarded Regional Sector Leader recognition in Asia’s Diversified – Office/Retail (non-listed) category.

Fourteen Frasers Property entities took part in the Standing Investments category, of which 10 maintained their ratings and another four recorded rating improvements. Relevant entities also participated in the Development category with four entities recording higher ratings, and three maintaining ratings.

The Gorup’s improved performance was the result of various sustainability efforts including greater data coverage, better sustainability reporting and disclosure practices, and stronger stakeholder engagement.

“Our marked improvement at GRESB this year reflects Frasers Property’s commitment to raising sustainability standards across our business. We continue to learn from our experiences and the wider industry as ESG standards evolve. When we align ESG priorities with business considerations, we can drive long-term value creation for our stakeholders,” said Frasers Property Limited group head of sustainability, Paolo Bevilacqua.

DA lodged for Palm Beach project

Sherpa Property Group has lodged a new development application for its Perspective Nexus development.

The code-assessable project, located on a 1,583 sqm site at 949-953 Gold Coast Highway, will rise nine storeys and deliver a collection of 32 spacious apartments, including two half-floor penthouses and three skyhomes with their own private rooftops.

Sherpa’s latest development is the company’s twelfth for the Gold Coast region and comes on the heels of a reimagination of the site which is located adjacent to Dune Café and overlooks the Palm Beach Parklands.

The proposed development is the product of a detailed design process led by HAL Architects that has taken into account the requirements of the Gold Coast city plan and the expectations of the local community.

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Image: Supplied.

Council’s approval for the original development application was overturned by an appeal in August, an outcome that Sherpa Founder Christie Leet took as an opportunity rather than a setback.

“We are excited to launch our new development in the coming months which has been carefully designed to be the best code assessable project in this world-class location,” said Leet.

Sherpa has gone back to the drawing board with its latest proposal for the Palm Beach site where the company originally had proposed a 14-level project.

“After taking onboard community feedback from the original design, we are now submitting an entirely new proposal that has been scaled back to nine levels to ensure it is a code assessable development,” said Leet.


Victorian mansion comes to market

A historic Brighton mansion offering a unique glimpse into 19th century living has hit the market, with Marshall White listing the magnificent luxury estate at 81-83 South Rd, known as Kiora.

The sprawling 2,077 sqm property was once a private school in the early 20th century and has been home to aristocrats, boarders, school children and families across more than 130 years.

The elegant home features exquisite Australiana Edwardian features and plasterwork and houses Melbourne’s largest-known skylight in a private home, which sits above the enormous octagonal hall.

A tower at the top of the home also offers residents an unmatched view of the nearby Port Phillip Bay, just a stone’s throw away.

The property took two years to build and was completed in 1890. It features elaborate ornamentation befitting a European cathedral and was first lived in by John Russell Brown, a noted architect in the late 1800s.

The National Trust listed home includes six bedrooms, four bathrooms and space for four cars and is expected to sell for more than $10 million.

Adelaide health care centre listed

The GP Plus Health Care Centre, Elizabeth, at 16 Playford Boulevard has been listed with JLL’s Ben Parkinson and Simon Quinn.

Located 24 km north of the Adelaide CBD, the property is adjacent to the Elizabeth City Centre, one of Adelaide’s largest shopping centres and located on a major arterial route.

The 11,720 sqm site offers ample space for future expansion, subject to council approval, in addition to 186 car parks.

Parkinson said GP Plus Health Care Centre offers an impressive WALE of 6.97 years and significant income security via a government supported 20-year lease.

“This is a core healthcare offering providing a secure defensive investment. This rare opportunity allows an investor to acquire a unique, well-established, public healthcare infrastructure asset in the highly sought after healthcare market.

“With the backing of a AAA covenant, GP Plus Health Care Centres has a high level of income security for investors,” Parkinson said.

The expressions of interest close 25 October.

Adelaide CBD office heads to market

A five storey office building at 104 Frome Street in Adelaide has been listed with JLL South Australia’s Ben Parkinson and Jack O’Leary.

The location offers an easy walk to the CBD core while also benefiting from 53 on-site car parks.

The building offers 4,387sqm of office (NLA) with generous parking on a 1,693 sqm site.

Current tenants are Adelta Legal, One Advisory, Our Money Market, and Adecco Australia make up over 60% of the building’s tenancy profile, while 68.50% of the building is currently leased.

A 100% freehold interest in 104 Frome Street is offered for sale via expressions of interest closing 16 November.

JLL - Frome St-8
Image: Supplied.

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