Media

8th October, 2019

Sydney developer lists $330m North Sydney project

Reporter:
Su-Lin Tan

Sydney developer Thirdi has pulled together an ambitious office project in North Sydney after amalgamating a series of apartment blocks and listing for sale the Blue Street site, slated to be home to a $330 million development.
The move represents a further diversification for Thirdi, best known for its inner-city Sydney apartments. The developer has also made a foray into retirement living and aged care development, as well as Specialist Disability Accommodation units supported by the National Disability Insurance Scheme (NDIS).

Sydney developer Thirdi makes a breakthrough with commercial diversification, listing its office project for $330 million (render). Supplied
In North Sydney, Thirdi, with the support of commercial agency PropertyFox’s Tim Fox and Michael Wydeman, amalgamated 40 apartments across five apartment blocks under strata renewal laws to put together a 2326sq m office development site at 2-4 Blue Street and 1-5 William Street.
The complex deal took more than a year to execute and comprises three apartment blocks that were company-titled, while the other two were strata-titled. While only 75 per cent owner agreement is required to force the sale of the units, Thirdi has achieved full control of the site.
Its 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 institutional investors, including developers and the listed REITs keen to access premium office space in the scarce North Sydney market.

Following unsolicited offers, the group has launched an official expressions of interest campaign for a buyer or joint venture partner through CBRE’s Scott Gray-Spencer and Ben Wicks and JLL’s Paul Noonan, Rob Sewell and Mitch Noonan.

The group initially explored the site for apartments but consultations with local council indicated a commercial or mixed-use project better meets the North Sydney CBD expansion plans.
The soft housing market was another reason for the group’s commercial detour.
“There were a few levers that pulled back investor-driven apartment sales in 2016 to 2017, when we then moved onto aspirational owner-occupier apartments and now we are thinking outside the square, a diversification that started 18 months ago,” Thirdi’s Luke Berry said.
The completion of the project in 2022 will be timed to mop up unmet demand ahead of other projects, according to Mr Berry and the agents.
“The size of the project means a nimble developer could capitalise on the current strength in the North Sydney office leasing market and potentially deliver a new office building by 2021, to coincide with a forecast spike in tenant demand,” Mr Gray-Spencer said.
The new property will yield about 15,000sq m of net lettable area. It 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. Other groups such as Mirvac have also used the strata renewal strategy to access commercial sites in North Sydney.

Thirdi’s Robert Huxley said that as the company considers its options through the EOI process, it will proceed with the planning process, appointing architects Woods Bagot to design a scheme ahead of a development application submission by the end of October.
While the company considers other commercial sites in Sydney and Melbourne, it has also established its first retirement village project under the ThirdAge Villages brand in Newcastle, NSW, through the redevelopment of the Merewether Golf Clubhouse and its associated Seniors Village.
The group’s interest in Newcastle expands from its apartment projects in the new West End precinct in the city’s CBD. Within those projects, the company has also built its first 20 NDIS-assisted living units.

Full Article here:

https://www.afr.com/property/commercial/sydney-developer-lists-330m-north-sydney-project-20191007-p52ybs

2nd October, 2019

WestEnd GoGet Launch

We were so happy to hold the offical launch for GoGet coming to Newcastle at our display suite on Thursday 26th September.
The Newcastle Herald captured some images of the festivities. (image below).

1st October, 2019

Thirdi Group invests in two wheelchair-accessible vans as part of GoGet car-sharing initiative in Wickham

By Max McKinny

Development company Thirdi Group has doubled down on its GoGet car-share partnership, investing in two wheelchair-accessible people movers.

The purpose-built vans will be available to the public through GoGet but have been purchased by Thirdi Group to serve the 20 NDIS-designed apartments within its Stella and Eaton developments in Wickham.

Thirdi Group and GoGet announced a partnership earlier this month that will see up to 20 cars housed in the basements of Stella and Eaton.

“Our commitment to delivering the best possible NDIS apartments in Newcastle doesn’t start and stop at the front door of our apartments,” Thirdi Group director Luke Berry said.

“Residents and their families will quite literally be able to catch a lift to their basement and our [vans] will be full of fuel and ready to drive.”

Peter Hojgaard-Olsen, who with his son inspired GoGet to develop its first shared vehicle for people in wheelchairs, said it was pleasing to see they would soon be hitting the road.

“Shared vehicles like these make it possible to get transportation to where you need to go,” he said.

“Flexible transport options can also benefit an ageing population.”

NSW Minister for Families, Communities and Disability Services, Gareth Ward, commended Thirdi Group and GoGet for the innovative initiative.

“This service will provide people with disability or limited mobility another transport option to help them lead active and fulfilling lives,” he said.

Thirdi Group’s decision to build 20 NDIS-designed apartments in Wickham came after a similar initiative at one of its developments in Belmont almost seven years ago, when the company delivered 10 NDIS units in The Belle Apartments.

Mr Berry said the Stella and Eaton developments were now at a stage of development where, if there was demand, standard residential apartments that were yet to be sold could be transformed for NDIS needs.

He said he hoped the company’s investment to incorporate disability-based housing within its standard apartment developments could inspire other developers.

“Our bathrooms are typically bigger, the toilets are bigger to allow for wheelchair accessibility, but even what we call care automation,” he said.

“Our properties will allow people with disabilities to open and close doors by touch activation, we can even design our kitchen and bathrooms to have bench tops that rise and go forward.

“They’re able to be customised based on the tenant.”

Full Article Here:

https://www.newcastleherald.com.au/story/6408477/wheelchair-share-vans-to-be-available-in-wickham-unit-complex/

1st October, 2019

Wheelchair Market Size Worth US$ 6,388 Million by 2026

LOS ANGELES, Sept. 30, 2019 (GLOBE NEWSWIRE) — The global wheelchair market is expected to grow at a CAGR of around 5.6% from forecast period 2019 to 2026 and reach the market value of over 6,388 million by 2026.

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The global wheelchair market is studied across the region of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounts for the largest market share in the year 2018. The region is likely to maintain the dominance over the forecast period owing to rising incidences of chronic diseases due to changing lifestyle in terms of long working hours, high consumption of junk food and sedentary lifestyle. Along with this, the strong presence of major manufacturers in the regional market is further propelling the market value. The wheelchair market is experiencing positive growth, owing to the increasing number of individuals suffering from disability diseases, which are enabling them to opt another mode for mobility. Also, the rising number of obese people due to the increasing consumption of unhealthy and packaged food coupled with the changing lifestyle trends are further accelerating the demand for a wheelchair in the global market.

On the basis of product, the wheelchair market is segmented into manual and powered wheelchair. The powered wheelchair is dominating the product segment with a maximum market share in the year 2018, and the segment is also expected to maintain the dominance over the forecast period. The benefits associated with the electric or motorized wheelchair include lightweight, easy operation and customized features that are contributing to the segment growth.

View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/wheelchair-market

On the basis of function, the market is segmented into basic, standard, bariatric, and sports among others. From the aforementioned entities standard type of functionality is holding the major share in the year 2018, and the segment is also anticipated to continue with the same pace over the forecast period. The standard wheelchairs are mainly gaining positive growth owing to the benefit of convenient operation in daily life events.

In terms of end-user, the market is segmented into institutional use, and personal use among others. The personal use segment accounted for the largest market share in the year 2018. The segment is also anticipated to augment demand over the forecast period owing to increasing geriatric population suffering from diseases including spine injury, osteoporosis, and rheumatoid arthritis, where the use of a wheelchair on daily basis can improve the quality of life. The use of a wheelchair in old age population can reduce the dependency on others, and can increase the ability to move and operate on their own.

Some of the key players operating in the wheelchair market include 21st century Scientific Inc., Drive Medical, GF Health Products Inc., Hoveround, Invacare Corporation, Karman Healthcare, Ottobock, Permobil, Pride Mobility Products Corp and Sunrise Medical LLC. The major manufacturers are involved in R&D activities for developing more convenient mobility devices.

Some key observations regarding the wheelchair industry include:

• A flexible brain-machine interface or BMIs is developed by researchers for controlling powered wheelchairs. The major target for the new technology product is the people suffering from spinal injuries
• The Thirdi group and GoGet announced a partnership in Sep. 2019, where Thirdi Group is investing in two wheelchair-accessible people movers
• Abu Dhabi international airport, UAE has started the trial of autonomous wheelchairs for the travelers who require assistance in moving on the airport. It’s the first regional airport, which has started trial of such technology
• The rising government initiative for various mobility diseases to drive the demand for wheelchair. For instance, in September 2019, Indian Spinal Injuries Centre (ISIC) organized a rally on the 4th spinal cord Injury day in association with the Indian Spinal Injuries Centre (ISIC). The motive of the rally was to spread awareness among people about the spinal cord injury; this initiative created a demand for more than 200 wheelchairs.
• The researchers of biomechanics and rehabilitation engineering from Technische Universität Wien, Vienna have developed a new wheelchair with an advanced drive system. The wheelchair can move through a newly designed hand gear instead of the hand rim on the wheel.

Full Article Here:

https://www.globenewswire.com/news-release/2019/09/30/1922631/0/en/Wheelchair-Market-Size-Worth-US-6-388-Million-by-2026.html