In seeking to create great project outcomes, we also make the occasional headline. Here are the latest stories, opinions and commentary about 3L Alliance projects and related issues, from local and international media.

17 September 2017

Multiplex appointed to stage one of iconic Queens Place development

Queens Place

Multiplex, a leading global contractor, has been appointed by 3L Alliance to deliver the first residential tower in its $1 billion landmark Queens Place mixed-use development in Melbourne’s CBD.

Prominently located at 350 Queen Street at the verge of Flagstaff Hill, the development comprises some 1,500 apartments within twin towers spanning 80 levels each set above a podium.

The development will also feature retail and commercial office suites, a public plaza with a laneway shopping precinct and luxurious lifestyle amenities such as restaurants, private cinemas, a library, poker and mah jong room, a private garden terrace, karaoke suite and a cigar bar.

“We are delighted to be part of this exciting new project, set to deliver a vibrant new vertical community to Melbourne’s CBD along with some innovative and engaging public spaces,” said Graham Cottam, Regional Managing Director of Multiplex.

Designed in a collaboration by Cox Architecture and Fender Katsalidis Architects, Stage One of Queens Place is valued at $355 million and will see the construction of a six-level basement, six-level podium and the first 80 level residential tower, providing a total of 815 apartments in a range of floorplans including one, two and three-bedroom configurations plus exclusive penthouses.

It will also include resident facilities such as a swimming pool, gymnasium and crèche.

Construction will start immediately and completion is expected in the second quarter of 2021.

Queens Place has a prime location for residents being in the CBD with walking distance to Crown, the Yarra River and easily accessible to public transport to famous gardens and acclaimed universities. The elevated positioning of the site will also deliver panoramic views of the CBD and surrounds.

Source: Multiplex

16 November 2016

New suburb approved for Melbourne’s thriving west

Bridgefield amenity

A major residential precinct in Melbourne’s booming west has been approved, which be home to more than 22,000 people.

Minister for Planning Richard Wynne has approved the 752-hecatre Rockbank Precinct Structure Plan, which includes more than 8,000 homes. Wynne said, “This is good planning in action, we are supporting a new community by making sure there is infrastructure in place as the suburb develops.”

The new suburb will be bound by the Western Freeway to the north, Paynes Road to the west, Greigs Road to the south and the future Outer Metropolitan Ring Road corridor to the east, beyond Troups Road North. Rockbank is about 30km west of Melbourne’s CBD and will have a major town centre and public plaza built around the existing train station.

Future residents will be able to take the train to employment precincts around Caroline Springs, Sunshine and the future jobs hubs in Toolern and Mt Atkinson. The existing platforms at Rockbank Station will be extended and a sealed car park will also be built on the south- side of the station.

Earlier this year, the Andrews Labor Government announced it was investing $518 million to duplicate the Ballarat Railway Line from Deer Park to Melton, with works to begin early next year. Development levies will raise a total of $220 million for infrastructure, including a new six-lane arterial road connecting the Western Freeway and Greigs Road.

Land has also been set aside for three government primary schools and a non-government primary school, as well as a government secondary school. Residents will enjoy four new local sports reserves, all with pavilions, and a regional sports reserve to serve the wider growth corridor. Neighbourhoods will be connected by waterways and wetlands, including a dedicated conservation area along Paynes Road.

Source: Urban Life Magazine

10 November 2016

Queens Place, Melbourne tower one secures 80 percent sellout

Queens Place display suite

A $1 billion twin-tower vertical community is set for development in Melbourne, with Queens Place designed to create a ‘Melbourne within Melbourne’ according to developer 3L Alliance.

The development, 350 Queens Place on Flagstaff Hill, will even feature laneway shopping at ground level and a host of other services such as restaurants, private cinemas, a library, poker and mah jong room, a private garden terrace, karaoke suite, and even a cigar bar.

The development features offering one, two and three-bedroom apartments in a range of floorplans, living options, finish levels, amenity and view opportunities. The one, two and three-bedroom apartments range from 45 to 168 square metres, with prices starting at $449,000 designed in collaboration by Cox Architecture, Fender Katsalidis Architects and Hecker Guthrie.

The architecture of Queens Place weaves the city’s past, present and future into a striking, tri-form composition that succeeds at every level and from every vantage point.
Gavin Boyd, 3L Alliance General Manager

3L Alliance General Manager Gavin Boyd said the design of the building was inspired by Melbourne’s myriad alleys, and much-loved institutions like the historic Block and Royal Arcades, and is criss-crossed at ground level by a network of intimately scaled laneways.

“The architecture of Queens Place weaves the city’s past, present and future into a striking, tri-form composition that succeeds at every level and from every vantage point,” he said.

“Be it for exercise, entertaining or entertainment, a quiet escape, or to partake in your favourite indulgence, the level of communal amenities is above and beyond that of any residential development in Melbourne’s history.”

“Reaching new heights on floors 69 to 78, the expansive and sublimely appointed ‘Queens Residences’ will reward owners with the ultimate in urban sophistication across a selection of penthouses and sub penthouses.”

The display suite is currently located at 332 La Trobe Street, Melbourne, and is open from 11am to 4pm daily and contactable via 1300 793 798.

Source: The Property Observer

22 June 2016

Melbourne land sales up 20% In April

Residential land sales in Melbourne in April rose to 1,503 transactions, the highest ever recorded for that month, and around 21 per cent higher compared to April 2015 according to new data from Oliver Hume.

The trend points to growing buyer confidence and robust demand for land development opportunities according to the national property firm. April 2016 recorded 1,503 transactions – a firm increase from April 2015 data, which recorded 1,245 sales.

The sales volumes are the highest for April since the leading property firm began tracking data in 2004 with 2016’s April sales representing a minimum 12-year high.

Oliver Hume Research Manager George Bougias said the result speaks volumes about Melbourne’s land market.

“The results represent the highest volume of transactions for the month of April since 2004 when Oliver Hume began recording the data – back when transaction numbers rarely reached over 500, with April 2004 itself only recording 386 transactions. Recent data reflects the continued strength in the market which we have seen in recent years,” he said.

“Since April 2014, we’ve seen year-on-year annual growth in monthly sales ranging from 62 per cent (April 2014 to April 2013), 38 per cent (April 2015 compared to April 2014) and now 21 per cent (April 2016 compared to April 2015),” Mr Bougias concluded.

“Leading the charge in 2016 are Melbourne’s western corridor markets with 689 sales in April 2016 with Wyndham, Casey and Melton the strongest performing locations accounting for 23 per cent, 19 per cent, and 23 per cent of the total, respectively. “

Sales slowed toward the end of 2015 with expected seasonal drops at Christmas, but 2016 has seen monthly sales consistently rise.

“Sales are expected to remain strong as population growth continues and lower interest rates support demand,” he said.

Top performing regions

“Melton has experienced a significant increase in sales coinciding with Bridgefield’s (Rockbank) launch in March this year, and the resulting interest from buyers,” Mr Bougias said. “The top 10 performing projects have delivered a median sales rate of 28 transactions per month.”

Median land prices

Gross median land prices ranged from $152,275 in Melton to $230,100 in Casey.

“Median lot prices are now seeing a bump in growth after an extended period of relative stability, a marked trend visible in locations including Cardinia, Casey and Whittlesea, indicative of broader movement in outer Melbourne.”

“Buyers are taking the leap and buying land as a true asset which speaks to confidence.

“There is a visible resumption on price growth clearly evident upon looking at the cycles.”

Time on Market

“Average time on market saw a two-third reduction of 62 per cent since 2012 to notch the current all-time low of 2.4 months signifying the pure speed of sales.

“The most recent peak of 6.6 months was recorded during the fourth quarter of 2012.”

Oliver Hume Director Paul Ciprian said the rising Victorian population combined with steadily improving economic conditions while supporting sales.

“As Victoria’s population and economy have continued to grow, so has the number of buyers looking for opportunities to build a home.

“The month of April represents a high point in the market cycle,” he said.

“Sales volumes have seen an historical jump, production levels are now at capacity and prices remain affordable, particularly when compared to Sydney.

“But at the same time, strong land sales activity and development during the last few years has begun to impact inventory and the amount land available for purchase.

“Upward pricing pressures are being restrained by a desire for wider Melbourne projects to secure market share, which is great news for buyers.”

Source: The Urban Developer

13 May 2016

Buyers hot for Melbourne land as time on market reaches new low

George Bougias

The average time on the market for land in Melbourne’s growth corridors has reached a new recent low, according to research by property group Oliver Hume.

The research, compiled from analysing more than 4,000 transactions at more than 135 active projects, shows the average time on market for land in Melbourne in the first quarter of 2016 was 2.5 months.

With the exception of the first quarter of 2015, the average time on market as fallen every quarter since the third quarter of 2013 or remained steady, after peaking in the current cycle at 6.6 at the end of 2012.

The research reflects Oliver Hume’s experience on the ground. The company has sold 118 blocks of land at the Bridgefield Estate in Melbourne’s west in the six weeks since the development’s official launch in March.

The first land release of the 3L Alliance and Goldfields-developed $320 million estate at Rockbank has received unparalleled attention from the local market after more than 20 groups of buyers slept overnight in cars to secure one of the first 57 lots last month.

Oliver Hume Director Paul Ciprian said low interest rates were a key driver for sales.

“The RBA’s rate cuts are certainly an added incentive for buyers on top of Bridgefield’s existing affordability and high quality land and lifestyle offering,” he said.

“A good value, high quality opportunity like Bridgefield will always attract buyers. All signs point strongly to this community (Bridgefield) being very tightly held now and in the coming years,” he said.

Oliver Hume Research Manager George Bougias said the low time on market was a reflection of the strong demand for land across all growth corridors in Melbourne.

“This record low can be attributed to several factors, but primarily it is a function of the declining cost of borrowing and increasing levels of consumer and investor confidence as a result of the strong Victorian economy,” he said.

“Affordability is a key factor which is underpinning demand as well,” he said. “Melbourne is still regarded as one of the most affordable cities in Australia and attracting buyers from all over the country.”

“We expect the time on market statistic to stay relatively low for the rest of the year before heading back to more traditional levels in the medium term,” he said.

While the Melbourne land sales market is the strongest he’s seen in some time, Mr Bougias said buyers need to be conscious that conditions could change over the next 12 months.

“APRA’s move to tighten investment lending affected the market as did banks amending loan serviceability criteria – these changes are now working their way through the system. It’s crucial for investors to continue to remain aware of broader market conditions,” he said.

Source: The Urban Developer

01 April 2016

Buyers camp out to secure land at Bridgefield

Aerial view of Bridgefield

More than 20 groups of buyers camped out to secure land in the first stage of Bridgefield, a new $320 million community at 1230 Leakes Rd, Rockbank in Melbourne’s west.

Stage One of the 1000-lot estate, being developed by 3L Alliance and Goldfields, was released on March 19 and recorded 49 sales in the first week.

The developer said it expects to sell the remaining eight lots quickly, prompting an earlier-than-forecast release of the second stage.

Goldfields Marketing Director, Mr Rohan Ames, said buyers were attracted to Bridgefield’s easy access to the nearby Rockbank train station, a planned shopping centre, a residents’ club and the estate’s commitment to landscaping and recreation areas.

“Bridgefield is one of few new residential communities serviced by an established train station that’s within walking distance,” Mr Ames said.

Internationally renowned garden guru Wes Fleming has overseen the design of 16 hectares of botanic gardens and green spaces throughout the community, while buyers will have the choice of one of six free landscape treatments for their front garden, also overseen by Wes Fleming.

“On top of that, the Bridgefield residents’ club – including swimming pool, tennis courts, gym, residents’ lounge and function room – is an entirely new offer for the area.”

Civil construction works are planned to begin in mid-2016, with the first residents expected to move in by mid-2017. Lot sizes in Stage One range from 221 square metres to 799 sqm. Prices start at $134,000.

Source: The Urban Developer