Penthouse in new $170m development is tipped to shatter north shore sales record
24th September, 2020
Penthouse in new $170m development is tipped to shatter north shore sales record
Amanda Sheppeard
24 Sep 2020
An artist’s impression of the $170m Kurraba Residences development.
Buyer’s agents for the rich and famous are already circling around a luxury boutique development at Kurraba Point.
The $170 million harbourfront Kurraba Residences project is set to be launched in early November, and will comprise 24 apartments set over six levels.
It is being developed by the Thirdi Group and Phoenix Property Investors, at 147-153 Kurraba Rd.
The developers have enlisted SJB and Mathieson Architects and landscape architects Dangar Barin Smith to create an architecturally striking design that Thirdi director Luke Berry said had never been seen before on the harbourfront.
Curved brickwork with semicircular windows and balconies make the most of the spectacular 180-degreee view.
The view is truly spectacular – an artist’s impression of the soon-to-be-released Kurraba Residences 147 Kurraba Rd, Kurraba Point.
The penthouse will be the crowning glory of the development and will have every luxury imaginable, including private pool, steam room, wine cellar, private gym and six-car garage.
Industry sources believe it will blow the lower north shore’s apartment sales record out of the water when it sells. Mr Berry would not speculate on the price guide for the penthouse as it was still to be finalised, but said the apartment would be in a class of its own.
“I pinch myself to think that my company is creating it,” he said.
He did reveal that the developer has received some 200 inquiries from potential buyers, including “buyer’s agents that represent the rich and famous”.
He said one had up to $40 million to spend, while others were interested in combining apartments into one massive home.
“There has been nothing like this for 50 years, so there is a lot of interest,” he said.
Launch date is set for November 7 with a VIP launch planned for November 14. Construction has already started with completion expected in the fourth quarter of 2022. CBRE is marketing the project.
Thirdi Lands Approval for $300m North Sydney Office
05th August, 2020
Thirdi Lands Approval for $300m North Sydney Office
Sydney developer Thirdi Group and joint venture partner Phoenix Property Investors have received approval for a $300 million office project in North Sydney.
The 10-level office building, located on an amalgamated site between 2-4 Blue Street and 1-5 William Street, will replace existing residential apartments across five buildings.
Thirdi consolidated the site into a premium mixed-use development site, lodging a development application for the site in October.
The developer has now seen its application for the 2,326sq m site approved in just under five months.
Thirdi’s Robert Huxley said despite the potential for the Covid-19 crisis to negatively impact planning, the fast-tracked approval had been reached after concise collaboration with the Sydney North Planning Panel.
“If there is a silver lining to the ‘Corona Cloud’ I believe the crisis has allowed all of us to work together and create an even better building,” Huxley said.
“We used the global pandemic to learn from the challenges that traditional office spaces were facing and ensure our building was designed in a way to deal with a similar crisis in the future.”
▲ Thirdi received approval for the scheme in 4.5 months. Image: Woods Bagot
Thirdi sales and marketing director Luke Berry told The Urban Developer that the company would considers its options throughout construction and delivery of the Woods Bagot-designed complex, keeping a close eye on the unfolding Covid-19 crisis.
“In terms of holding onto the asset, or selling it, we will explore all options in the future,” Berry said.
“Our focus right now is to confirm our building partners, secure a tenant and start demolition by the end of 2020 so we can stick to our delivery program.
“After we achieve these milestones we are happy to explore potential fund throughs or other offers on the site.”
The proposal is set to produce upwards of 3,000 new construction and operational jobs in in the North Sydney and sits within close proximity to public transport consistent with the North District Plan.
Thirdi and Phoenix plan to start construction of the office project in early 2021 and aim to finish and lease it by early 2023.
▲ The $330 million office project will on completion hold views of the city skyline, Harbour Bridge and Barangaroo. Image: Woods Bagot
The new A-grade office will yield about 15,000sq m of net lettable area.
Thirdi said the building’s key location near North Sydney’s bus and rail interchange, as well as the future Victoria Cross metro station, has drawn the attention of several CBD based media, healthcare and technology companies.
The office building will join other new office developments, the Nine-anchored tower at 1 Denison Street by Winten Property Group and Dexus’ new 100 Mount Street block.
Projects such as CBRE Global Investors’s 118 Mount Street project have now completed construction while Lendlease’s $1.2 billion Victoria Cross Tower over the Metro Station recently received approval.
Fund manager Investa, with joint venture partner Oxford Properties Group, is also pushing ahead with plans for a major a $500 million commercial tower between 105 to 151 Miller Street.
Other groups such as Mirvac have also used the strata renewal strategy to access commercial sites in North Sydney.
Last year, the country’s biggest residential housing developer Stockland picked up 118 Walker Street and 122 Walker Street, adjacent to its existing office building at 110 Walker Street, for a combined price of $121 million.
Record approval time for Thirdi’s $300 million office project
28th July, 2020
Joint venture partners Sydney developer Thirdi Group and private equity firm Phoenix Property Investors secured development approval from the Sydney North Planning Panel for their North Sydney project in record time.Thirdi and Phoenix plan to start construction of the $300 million office project in early 2021 and aim to finish and lease it by early 2023.
Thirdi and Phoenix plan to start building their 10-storey office tower in North Sydney early next year.
The 10-floor office building will be built at 2-4 Blue Street and 1-5 William Street after the existing 40 residential apartments across five buildings were demolished.
Thirdi sales and marketing director Luke Berry says the building is well-positioned to deal with the fallout of the COVID-19 crisis.
“We were designing the office building in the midst of the pandemic, so we were able to see the weakness unfolding in the office sector, which gave us the ability to change tack and incorporate some features that would make the building as safe as we can for future crises,” Mr Berry said.
“The building will feature cross-through natural ventilation, where tenants can open the windows and not rely on air conditioning and getting recycled air through the building, which is going to be a massive drawcard for a corporate tenancy.”
“So we’re building an A-grade office, with a fantastic view of the harbour that’s around $300 per square metre cheaper than an office in the CBD.”
Mr Berry said Sydney-CBD based media, healthcare and technology companies have already expressed a strong interest in leasing space in the building.
“We’re in advanced discussion with several potential tenants to secure multiple levels within the building and are currently doing ‘test-fits’ for a number of large tenancies with the goal to announce an agreement for lease as early as September,” he said.
“While there is short-term anxiety about going into the office to work, I don’t see it as a long-term problem. I think for businesses, there will be a flight to quality office assets like this in the future.”
Developers and builders have fielded a wave of renewed interest from home buyers motivated by the federal government’s HomeBuilder scheme.
The $25,000 grants come as a welcome shot to the arm for the new homes industry, which was suffering a dramatic drop in sales during the COVID-19 pandemic.
The grant applies to new homes of up to $750,000 with contracts signed between June 4 and December 31 this year, where construction is due to commence within three months of the contract date. Buyers must also meet income tests.
The scheme comes in sync with the first signs of a rebound for the industry, says Patrick Cooney, sales and marketing director at Melbourne developer Milieu.
“With HomeBuilder and improved market sentiment, a combination of both really, we’ve had a lot more people inquiring at the just under $750,000 mark,” he said.
Cooney said inquiries about the company’s developments had quadrupled in the past week.
An artist’s impression of Pace at Sunshine North, a new development in Melbourne. Photo: Supplied
“It’s really given people an incentive to go out and purchase,” he said. “It’s a huge amount of money – if you’re looking at a $500,000 apartment, it’s 5 per cent of the purchase price.
“It’s an extra kick that has really given people an earlier avenue to be able to make a purchase, rather than having to wait another year to save that 5 per cent.”
In the three months to May, new home sales fell by 20.3 per cent compared to the previous three months, Housing Industry Association figures show. Project cancellations also hit 26 per cent, compared to the typical range of 7 to 9 per cent.
Developers and builders in the new home industry are hoping HomeBuilder will fend off any further market decline.
“It’s certainly a big help and, given its quick implementation, will go a long way to smoothing out the significant drop that was looming,” said Ash Bramich, director of sales and marketing at development firm Pace.
“The limited window that the grant is available will serve as additional motivation for those buyers who were already planning to buy in 2020.”
Bramich said inquiries had risen by an average of 30 per cent across all of Pace’s projects since the scheme was announced on June 3.
HomeBuilder is expected to be more successful in cities such as Brisbane and Adelaide where the median house price is $584,778 and $542,418 respectively, compared to Sydney at $1.168 million and Melbourne at $918,000.
The Orchards Norwest by Sekisui House. Photo: Artist’s impression
David Laner, general manager of Stockland’s 11 residential projects in Queensland, said the scheme complemented the Queensland government’s first home owner’s grant of $15,000.
“At our Aura community on the Sunshine Coast for example, this could see a $380,000 three-bed, two-bath, one-car free-standing home cost the customer approximately $340,000, with the potential for further concessions for those eligible,” he said.
Queensland’s Daniel Hirst, residential director at Colliers International, said he expected the popularity of HomeBuilder would stimulate other sections of the property market.
“It will feed into the resale of existing homes and into the sale of apartments as well because that’s what traditionally happens when one segment of the market becomes buoyant, the others will come along for the ride,” he said.
However, Hirst said there was still a measure of confusion around the scheme’s fine print.
“There’s a few questions unanswered yet such as how do the mum and dads get the money, when is it paid to them?” he said.
“The banks don’t know that, we don’t know that, so hopefully the government can quickly answer that at such a point in time that it doesn’t stop the momentum that’s started.”
Luke Berry, co-founder of Sydney-based developer Thirdi Group, said buyers of his apartments wouldn’t qualify for the grants because construction wasn’t commencing before the cut-off date.
“It’s good and positive that the government is creating this incentive for the home buyers and the house-and-land companies, I just hope the government realises that our sector is a major employer of trades, architects and designers,” he said.
“I’m waiting with interest to see what they’re going to do to help activate off-the-plan, medium and high density part of our industry.”
Scott Rudgley, marketing manager at Sekisui House, said the developer was running out of stock, largely as a result of first home-buyers motivated by HomeBuilder.
“It has renewed interest, particularly at that lower end of the market obviously because of the price point,” he said.
“Generally speaking, it’s the first-home buyer who has been sitting on the fence for the past six months or thereabouts who are ready to transact now.”
Q&A with Katie Rea from Property Developer: Thirdi Group
02nd June, 2020
Industry news / Q&A with Katie Rea from Property Developer: Thirdi Group
Q&A with Katie Rea from Property Developer: Thirdi Group
Urban.com.au caught up with Katie Rea from Thirdi Group for a Q&A session to discuss how developers are navigating the current crisis.
1. How are you going about things at Thirdi in 2020?
Thirdi finished 2019 in an incredibly strong position having bolstered the development pipeline for years to come. To date, the first half of 2020 hasn’t come without its challenges though as we navigate and pivot into new ways of working, my honest belief is that from these challenges growth and opportunities start to arise. For Thirdi it has been a firm belief that it is “business as usual’ albeit with a twist. Friday drinks are morphed into zoom cocktail hours, coffee catchups are done virtually, and sales inspections have unfortunately been carried out without a friendly handshake. Whilst we are all facing adversity our commitment to ‘innovative brilliance’, embracing change, adopting new technologies and assuming the Australian spirit of ‘having a crack’ are the traits in which will ensure Thirdi can and will deliver on its value proposition for years to come.
In 2020 we are seeing digital take over even more so than the previous 3-5 years. Video calls have allowed us to sell our high-end stock to clients who are currently overseas without them having to physically turn up. We are seeing clients spend more time on our App, looking at views, studying floor plans and watching video content to familiarise themselves with the product before they purchase. With some good luck and good management over the past 6 months, Thirdi is sitting in a good position to slingshot out of this on the other side.
2. How has COVID 19 changed the landscape of marketing for higher-priced stock?
COVID with all its surprises and unpleasantries has come with its silver linings. As financial markets around the world retreated, pandemonium set in and governments gathered to formulate strategies, savvy investors/owners looked to park capital in high quality, safe haven, asset classes. Over the past 12 weeks Thirdi has exchanged on large volumes of stock in high-quality areas across Sydney and Newcastle. I honestly believe that over this period of time people who knew what they wanted and were in a position to purchase still put their hat in the ring.
Marketing in general over the past 12 weeks has been difficult and has given everyone the opportunity to think outside the box. We were lucky at Thirdi that in the lead up to the shutdown we had some great momentum on our live projects. With completion dates nearing closer it pushed us through the challenging new world that we found ourselves in. Additional learning from COVID is that everyone has had to find more innovative ways to serve their clients and this has opened up a lot of communication between all teams involved throughout the development process.
COVID-19 has provided the industry with an opportunity to pivot, embrace new technologies, scrutinise internal practices, self-analyse, peer review and over-service clients. No industry has been immune to COVID 19 though I firmly believe, post-crisis these best practises will evolve and be implemented. Whether in person or not our lessons learnt have paved the way to give our clients the best experience in purchasing property. Video content is going to be essential in all marketing campaigns and that needs to be supported with digital access to views, digital floor plans, 3D floor plans.
Tech is evolving so fast, it’s going to be amazing to see what comes out of COVID. At Thirdi, we have now rationalised a Chatbot on website and listings so that clients can get an immediate answer while they’re at home. This is active to take clients on the journey start to finish and then be contacted within business hours.
At Thirdi our approach has been to control what we can control. Our best in class marketing practices help to celebrate the extraordinary enlightened developments that we have brought to cities around Australia.
3. Do you see a difference in the lead to sale ratio in the higher-priced stock?
What I have seen over the past 6-12 weeks is that people who are enquiring are more qualified. Leads have dropped over this period however the leads that we are receiving, and I speak for Thirdi, are purchasing and this is resulting in a shorter time to exchange on a property.
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Thirdi Group and Merewether Golf Club secure major senior village development approval
01st June, 2020
Merewether Golf Club (MGC) is on track to be the home of a brand new $120 million golf club and seniors living precinct within the Merewether Golf Course in Newcastle.
The Hunter and Central Coast Regional Planning Panel unanimously agreed to approve a Site Compatibility Certificate (SCC) for Thirdi Group and Merewether Golf Club in support of their plans to create a senior living precinct.
The SCC approval provides the mechanism for future development consent to be obtained from Newcastle City Council across the site for the purposes of a seniors living precinct.
The proposed MGC development includes the creation of a new clubhouse that will provide for a new restaurant, sports bar, pro-shop & conference center, as well as the provision for 148 serviced, self-care seniors living units and wellness center, within a multi-story tower development with basement parking and associated facilities.
Director of Acquisitions at Thirdi Group, Robert Huxley, said this was a huge development to add to their list, and was happy to hear the project had been approved.
“This is a major development milestone for the project, and we are thrilled with this decision from the Hunter and Central Coast Regional Planning Panel,” he said.
“This endorsement gives both Thirdi and MGC great confidence in the proposal and we now look forward to working with Newcastle City Council to finalise our Development Application and deliver on our promise to create one of the best golf clubs and seniors living precincts ever seen in the Newcastle and Hunter region”.
Club Captain of the MGC board, Aaron Spalding said everyone is excited by the recent approval and to see some outcomes after many years of work to get the project across the line.
“We are absolutely thrilled with this outcome. We started this process close to four years ago and the SCC is the strongest indication yet our shared vision of a creating a world class golfing facility and seniors living precinct is now on track to become a reality,” Aaron said.
“Not only will this development help secure our clubs future, it also paves the way for significant investment to take place in our course infrastructure and facilities, something that was really important to our members when we decided to explore this type of partnership with Thirdi Group.”
The move fits in with a nation-wide trend of golf clubs seeking partnerships to redevelop their courses into seniors living developments that helps improve facilities and secure their clubs financial future by way of a joint venture on their land.
However, with the broader Newcastle economy under pressure due to the COVID-19 crisis, this development isn’t just important to the Merewether Golf Club and its members, it will also deliver an employment boom to the broader economy if approved and created in the desired timelines set by Thirdi Group.
Director of Sales Marketing at Thirdi Group, Luke Berry, said these developments will help provide further job opportunities in the community, and eventual housing for those who’ve been most at risk.
“These are the sorts of developments our community needs in a COVID-19 recovery, providing jobs during construction and importantly providing housing for those that have been identified as our most vulnerable during the crisis,” Luke said.
“We estimate that our project will create over 1000 jobs in the region during construction and close to 100 ongoing jobs when the new club, facilities and seniors living village is operational.
“We are also using the COVID crisis as an opportunity to drive better design and future proof our project if a similar crisis arises in the future, ensuring our residents remain safe and will be living in the best designed properties possible.
“This is something that we see as really important to individuals and families considering senior living housing options in the future.”
Already the project is having a positive impact on local businesses, with many local firms engaged to assist MGC and Thirdi Group formalise their joint venture and plans for council.
An example of this is local firm Catalyst Project consultant that has played an integral part in securing the SCC.
Both Thirdi Group and MGC thank the Catalyst team for their insight and guidance in progressing the projects planning.
Their local knowledge, professionalism and flexibility in working into the proposals tight requirements has played a major role in securing the SCC for the new development project.
Thirdi Group will now work with the MGC and their consultants to finalise their Development Application and lodge with Newcastle City Council this month or in June this year.
IMAGE | Merewether Golf Club development project artist impressions.
Industry Leader Series – video interview with Luke Berry at Thirdi Group
26th May, 2020
As the Director of Sales and Marketing, Luke is responsible for the implementation of all sales and marketing activities, the brand development of Thirdi Group and the projects they create.
With close to $2billion in property created and delivered since Thirdi Group launched in 2006, Luke is passionate about design and is committed to creating spaces that improve people’s lives.
Luke’s key duties include the creation and implementation of sales strategies to help sell or lease the property Thirdi Group create, delivering outstanding results for their joint venture partners and clients. Luke is also responsible for the creation and management of web-based businesses and investment portals that Thirdi Group owns and operates across the property industry.
Luke is also a sought after keynote speaker on the Australian property market at a range of property education events and a regular contributor to Apartments & Developments,Your Investment Property, ‘BRW’ and many other industry publications.
Luke Berry has been recognised by smartcompany.com.au as one of Australia’s Hottest entrepreneurs and was included in the Commonwealth Banks ‘CommSec Entrepreneur Series’ for his part in creating Thirdi Group & NextHotSpot.com.au.
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Merewether Golf Club Approved for $120m Seniors Living Project
17th May, 2020
Merewether Golf Club Approved for $120m Seniors Living Project
Development plans for a $120 million seniors living village development at Merewether Golf Club in Newcastle have advanced after receiving a nod of approval from the regional planning panel.
The senior living precinct would sit within the golf course located between Adamstown and Merewether, with the proposed project to include 148 serviced units within a tower development.
Thirdi Group and Merewether Golf Club’s plans were given concept approval by the Hunter and Central coast Regional Planning Panel. The proposal, including the wellness centre, comprises four separate towers on two podiums above car parking.
Merewether Golf Club captain Aaron Spalding said the project would help secure the club’s financial future, after starting the process four years ago.
“It also paves the way for significant investment to take place in our course infrastructure and facilities, something that was really important to our members when we decided to explore this type of partnership with Thirdi Group.”
▲ The existing site plan.marchese partners
The project, which was announced by the club in 2016, involves a 99-year lease of the development land to Thirdi Group.
“These are the sorts of developments our community needs in a Covid-19 recovery,” Thirdi Group’s Luke Berry said.
“We estimate that our project will create over 1000 jobs in the region during construction and close to 100 ongoing jobs when the new club, facilities and seniors living village is operational.”
The site compatibility certificate, granted by the planning panel, ensures development proposals are broadly compatible with land uses, before advancing to the development application lodgement stage.
Thirdi Group will now work with the club to finalise its development application, with plans to lodge the project with Newcastle City Council by mid-year.
See full article here: https://theurbandeveloper.com/articles/planning-panel-ticks-120m-seniors-living-development-at-merewether-golf-club?utm_source=TUD+Master+List&utm_campaign=f56e6bfbe5-EMAIL_CAMPAIGN_2019_07_03_11_11_COPY_03&utm_medium=email&utm_term=0_9f25b32131-f56e6bfbe5-188322735
Regional Planning Panel approves concept for $120m seniors living project at Merewether Golf Club
12th May, 2020
Thirdi Group will lodge a development application for its $120 million joint-venture seniors living project at Merewether Golf Club before the end of the financial year.
The group’s directors met with club officials and members at the course on Tuesday to celebrate the approval of a site compatibility certificate for the development.
The Hunter and Central Coast Regional Planning Panel approved the concept plans for the site early last week, allowing Thirdi Group to progress with a DA.
“We’d like to think we can lodge [the DA] by the end of June,” Thirdi Group sales director Luke Berry said.
“The bulk and scale has essentially been approved by the state government and we’re now going to submit our plans that fit within that bulk and scale. [The] project will create over 1000 jobs in the region during construction and close to 100 ongoing jobs when the new club, facilities and seniors living village is operational”.
Thirdi Group is aiming to create a lifestyle precinct at the course. Its aged care business Third Age will manage the seniors living apartments which, if approved, will be constructed in four six-storey unit blocks along one of the existing fairways adjoining the redeveloped clubhouse.
“The golf club will benefit from a new clubhouse, restaurant facilities and a wellness centre that will be shared between the club [members] and the community of the seniors village,” Mr Berry said.
“We’re proposing a 25-metre lap pool, gym, consult rooms so you can have local businesses come to the facility. The broader community will benefit from a multi-million dollar clubhouse, restaurant, sports bar and we’d like to think, back to the olds days when this club was centre to weddings and conferences, we’re going to be able to create that for this club and the community.”
NEXT STEP: Thirdi Group director Luke Berry, right, speaks at the course on Tuesday.
Speaking on behalf of the board, Merewether Golf Club captain Aaron Spalding said the project, which involves a 99-year lease of the development land to Thirdi Group, would help secure the club’s long-term financial future.
“We started this process close to five years ago and the SCC is the strongest indication yet our shared vision of a creating a world class golfing facility and seniors living precinct is on track to become a reality,” he said.
“Not only will this development help secure our clubs future, it also paves the way for significant investment to take place in our course infrastructure and facilities.”
City of Newcastle objected to the development in its assessment made to the panel, suggesting it was inconsistent with the strategic context and vision for the area.
It raised concerns with the height, scale and character of the proposed development and likely traffic impacts on local streets, including up to a 50 per cent increase in traffic at the King Street and Glebe Road intersection.
But the Department of Planning said in its submission that “current strategic planning does not specifically deal with this site” and “an opportunity exists for a development that takes advantage of the large site to minimise offsite impacts while allowing for the continued use of the golf course”.
The planning panel ultimately approved the SCC subject to a number of conditions that require additional plans to be lodged with the development application regarding landscaping, tree retention, design standards and traffic impacts.
