Qualitas

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The redevelopment of the Jam Factory on Chapel Street will now include between 550 and 650 apartments after Gurner and Qualitas have bought into Newmark Capital’s $1.4 billion redevelopment.

The Gurner-Qualitas partnership will reportedly tip in about $75 million of equity.

The partnership will acquire part-ownership of the iconic site, with the project to be jointly developed with Newmark.

Construction is expected to be completed in 2025 if works start next year.

Chapel Street’s forlorn Jam Factory was acquired by Newmark, led by Chris Langford and Simon Morris, for about $165 million in 2015 from Challenger.

Newmark's sale will see less commercial office space, and a 170 room hotel, in the proposal that updates the 20,000 square metre mall at 500 Chapel Street.

Langford told Nine Entertainment the project would reinvigorate the Chapel Street precinct.

"We have a strong belief in the area and the economy,” he said.

Newmark will retain the retail centre and new office tower, while Gurner and Qualitas will acquire the hotel portion along with having a share in the profits and revenues stemming from the apartments sales.

Mark Fischer, the global head of real estate at Qualitas, told Nine the real estate fundamentals of the location were “indisputable”.

“The deal provides the opportunity to bring together great real estate, nimble large-scale capital, and market-leading development capabilities,” he said.

The latest residential projects on Chapel St include 661 Chapel with 116 one, two, three and four-bedroom residences across 30 floors at the Yarra River end of the strip.

[smartcode_project:default project_id=600]

Gamuda Land’s 661 Chapel Street enjoys views of the river and Melbourne CBD.

The architecture firm, Bird de la Coeur, designed the compex winning the 2019 Good Design Awards in the category of commercial and residential architectural design.
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The redevelopment of the forlorn Jam Factory on Chapel Street will now include between 550 and 650 apartments

jchancellor

Chapel Street gets fillip from Gurner with Jam Factor renaissance

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Real estate investment firm Qualitas has announced its acquisition of the Allied Pinnacle property portfolio for around $400 million. 
The portfolio comprises ten flour-milling and bakery operations across Australia. Allied Pinnacle will maintain full control of the operations at the sites through 30-year, triple-net leases.
Purchased from Allied Pinnacle, the portfolio is expected to provide a yield of 6%. The tenant has a 100-year trading history and is the largest supplier of flour for human consumption in Australia, with a market share of approximately 40% servicing major grocery retailers, industrial bakeries and over 2,000 independent bakeries nationally.
Mark Fischer, Managing Director, Principal Investments at Qualitas, said: “These properties represent core strategic assets of the tenant and provide a national network of irreplaceable production facilities that are critical to the nation’s food supply.TENAN
“The long-term leases provide operating certainty for the tenant and positive returns for investors, as the tenant has a long history and significant market share. The properties provide exposure to a resilient part of the food sector, with flour-based products making up over 20% of the Australian diet. The underlying real estate is predominantly urban infill land, with most sites in prime suburban locations of major cities.”
Mr Fischer said the properties have been placed into a wholesale vehicle, the Qualitas Food Infrastructure Fund. There has been strong investor support for the fund, predominantly from European and Asian pension and life insurance capital as well as domestic institutional investors, he said.
“This is a unique offering for investors, as it has elements consistent across real estate, infrastructure and agricultural investments, and brings benefits from each sector. Our thesisis that there is a developing universe of “cross-over” investors from each of those sectorswho are increasingly focused on what we call ‘soft infrastructure’.
“This delivers long-duration income without the regulatory risk that comes with hard infrastructure or the tenant demand vagaries of traditional real estate.
“Deals like this don’t come along often, so we’re really pleased that Qualitas was the successful bidder,” Mr Fischer said.
James Ajaka, Allied Pinnacle CEO, said: “We are very pleased to have sold these tenproperties to Qualitas. This partnership will allow us to maintain full operational control of ourbusiness, while Qualitas take ownership of a great suite of properties”.
An extensive sales process was run by CBRE and Charter Keck Cramer, with Arnold Bloch Leibler advising Qualitas on the acquisition and King &amp; Wood Mallesons advising the vendor. Minter Ellison advised Qualitas on the establishment of the Qualitas Food Infrastructure Fund.
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j.ballantyne1990-6AQqhLzZaK

Qualitas buys Allied Pinnacle property portfolio in $400 million deal

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Australian based real estate investment manager Qualitas recently announced the acquisition of the Fawkner Centre at 499 St Kilda Road, in a move that will see the site redeveloped into high-end apartments. In a joint venture with LAS Group, the $300 million project dubbed ‘The Fawkner’ will transform the former commercial building into 253 apartments providing direct access to Fawkner Park, while offering expansive views to Port Phillip Bay and Albert Park.

The project initially began life under the stewardship of joint partners LAS Group and Malaysian developer IGB Corporation. After gaining approval during 2014 for an Elenberg Fraser rebirth accommodating 245 apartments, the project has since been reconfigured by Kerry Phelan and her design team at K.P.D.O.

The residential conversion will see all internals stripped before being reconfigured to one, two and three-bedroom apartments featuring five-star, hotel-like amenity. Capping the project will be a new reflective glazed facade.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/aerial_upd3_reduced.jpg" rel="gallery-all" title="499 St Kilda Road aerial. Image courtesy Qualitas"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/aerial_upd3_reduced.jpg?itok=Qgj2_WQj" title="499 St Kilda Road aerial. Image courtesy Qualitas" width="580"></a>

<figcaption>499 St Kilda Road aerial. Image courtesy Qualitas</figcaption></figure>According to Qualitas Managing Director – Real Estate Principal Investments, Mark Fischer, The Fawkner is largely driven by a desire to cater to the owner-occupier and downsizer market who appreciate generously sized apartments with excellent amenity and a standard of finish that is expected of St Kilda Road apartment developments.

<blockquote>
The focus for both ourselves when we became involved and LAS Group was that this is somewhat an irreplaceable location and a rather unique opportunity to have residential connected directly to Fawkner Park. Ideally the purchaser profile for a project like this is going to be someone very discerning, someone who has lived in quite a nice family home and is seeking a very clever and intelligent floor plan and strong level of finishes in the project.

So we spent significant time reworking the floor plans again, and that’s really where K.P.D.O came into the project initially, as an interiors firm but I think the value Kerry and her team have added to the project is outstanding. The floor plans are to a level now where purchasers will see them as a high levels will see them as a high level, quality product as opposed to the more traditional cookie cutter apartment floor plans that are out there.

K.P.D.O is not solely an interiors practice, they are a strong, bespoke architectural firm, and they had some fantastic ideas on the development of the façade. Obviously we’re going through a conversion of an existing office building to high end residential so you really need something to be done with the façade to tie in with what we’re trying to achieve in terms of product quality.
<cite>Mark Fischer</cite>
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image154.jpg" rel="gallery-all" title="Elenberg Fraser's scheme to that of K.P.D.O.'s"><img alt="" class="image-article-full-width-580px" height="243" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image154.jpg?itok=QEkS6Ef9" title="Elenberg Fraser's scheme to that of K.P.D.O.'s" width="580"></a>

<figcaption>Elenberg Fraser's scheme to that of K.P.D.O.'s</figcaption></figure>The façade design developed by K.P.D.O. plays on the concept of reflectivity drawing on its park setting, while allowing for a different visual experience from various angles around the site. The location and views on offer essentially dictated that the project had to deliver a quality product to prospective purchases, as development sites bordering significant parks are becoming increasingly scarce.

<blockquote>
On a global scale, there are very limited opportunities to live directly within and amongst a mature parkland such as Fawkner Park. There are only a handful of examples in other global cities such as London, New York and Tokyo of premium residential buildings being on a parkside location, so this project has unparalleled attributes.

As the project is an existing office structure, we are able to retain the high ceilings and the building has been re-designed to deliver larger apartments, offering  purchasers an opportunity to consolidate apartments

This project is an example of how ageing office buildings along St Kilda Road can be converted into market-leading residential developments – the market has talked for a while about office-to-residential conversions, however this will be one of the first examples to launch in the market in recent times, and certainly the first of this scale, making it a unique offering
<cite>Mark Fischer</cite>
</blockquote>

Resident facilities will include an impressive porte-cochere from St Kilda Road, 24-hour concierge service for residents, wine room and cellar, theatre, swimming pool, gymnasium, steam and massage rooms, children’s play spaces and communal meeting areas.

The project is currently in what Fischer describes as a “coming soon” phase and there is currently a display gallery available by appointment for VIP’s allowing potential purchasers to take in the views. The project will be officially launched to the market in the coming months and represents the second venture between Qualitas and LAS Group in recent times, following the recent completion of the Summerhill Shopping Centre in Melbourne's north. The Fawkner will further solidify this relationship.
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Laurence Dragomir

Qualitas and K.P.D.O. provide The Fawkner with added impetus

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With a total site area of 13,390sqm in their keeping, Leighton Properties have chosen to divide the prized Readings Moonee Ponds site into separate development parcels, the first of which has recently been lodged with City of Moonee Valley. Highlighted by Urban.com.au during May 2013, the then sales campaign included an <a href="https://www.urban.com.au/news/finally-readings-moonee-ponds-for-sale">indicative development scheme of 30 levels</a>.

Subsequently parent company Leighton Holdings was revealed as the buyer and approximately a year later have presented in conjunction with project partner Qualitas a planning submission with the intent of delivering a substantial apartment project.

<h2>Application summary</h2>

<ul>
<li>Stage 1 development: 40 Hall Street, Moonee Ponds</li>
	<li>Current site use: at grade car park (formerly Moonee Ponds Market)</li>
	<li>Application for development lodged September 2014</li>
	<li>15 levels @ 49.2 metres</li>
	<li>Site area: 2,388sqm</li>
	<li>162 apartments (1/2 bedroom) &amp; 2 retail tenancies over 437sqm</li>
	<li>137 car spaces &amp; 70 bicycle spaces</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image3hall.jpg" rel="gallery-all" title="Artist's impression of 40 Hall Street . Image © Plus"><img alt="" class="image-article-full-width-580px" height="773" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/image3hall.jpg?itok=1hqoX-oL" title="Artist's impression of 40 Hall Street. Image © Plus" width="580"></a>

<figcaption>Artist's impression of 40 Hall Street . Image © Plus</figcaption></figure><h2>Design impetus</h2>

Plus Architecture have employed a gentle undulating facade over the tower with a variety of materials on display. Differing glaze colours are joined by metal cladding, masonry and applied finishes (assumed precast) to create the external look.

<blockquote>
The articulation of the building envelope is both unifying and highly adaptive. The design presents a singular bold expression to Hall Street, providing the relatively short building the required gravitas to anchor the future precinct in a clear and calm manner .

The design considerations have resulted in a unique and contemporary design response that will contribute significantly to this streetscape and the overall centre. The development displays a high amount of glazing, including a mixture of tinted glazing and glass balustrades. The proposal will incorporate quality materials and finishes, including a mix of applied light and dark colours to respond to the highly innovative architectural design of the overall building.
<cite>Plus Architecture: planning application design statement</cite>
</blockquote>

<h2>Communal focus</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image8.jpg" rel="gallery-all" title="Expected ground level layout. Image © Oculus"><img alt="" class="image-article-full-width-580px" height="481" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/image8.jpg?itok=eECzrxOl" title="Expected ground level layout. Image © Oculus" width="580"></a>

<figcaption>Expected ground level thoroughfare. Image © Oculus</figcaption></figure>Consisting of recycled brick and concrete pavers, 40 Hall Street seeks a new north-south pedestrian link with a likely future extension through to Homer Street. Beyond ground, a 482sqm resident's communal garden is included over the mezzanine level whilst level 5 also carries a communal terrace complete with mature trees.

A 147sqm roof garden is proposed to supplement the indoor/outdoor rooftop communal terrace area. Included is a kitchen, dining area and lounge space whilst the external area holds a BBQ and dining/entertaining space. It's envisaged an easily reconfigured terrace could also hold an outdoor cinema with the CBD as a backdrop.

<h2>One of many</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image2_0.jpg" rel="gallery-all" title="Readings overview with 40 Hall Street in red. Image courtesy Urbis planning report"><img alt="" class="image-article-full-width-580px" height="371" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/image2_0.jpg?itok=wM5hu9tv" title="Readings overview with 40 Hall Street in red. Image courtesy Urbis planning report" width="580"></a>

<figcaption>Readings overview with 40 Hall Street in red. Image © Urbis</figcaption></figure>Prior to 40 Hall Street's submission, City of Moonee Valley had indicated that 17 levels was an appropriate outcome of the Readings site. With scope for an additional four or five apartment towers onsite and the nearby Moonee Valley Racecourse seeking 25 level towers as part of its redevelopment, it remains to be seen whether Leighton will push for future towers in the 25-30 level vicinity.

In the wider context Urbis' 40 Hall Street planning report states "Moonee Ponds is expected to undergo a shift in character to a taller, higher density precinct. There are also a number of new developments under construction or approved in the wider area." Indeed Moonee Ponds continues on an upward trajectory in terms of apartment development.

Currently three separate apartment buildings fronting Moore Street are under construction whilst The Montgomery and MOPO are both at sales, yielding a combined 178 apartments. Other projects currently of note within the Moonee Ponds Activity Centre include the 10 level 6-14 Young Street and Moloney Group's 33 Hall Street at 14 levels.

<h2>40 Hall Street development team</h2>

<ul>
<li>Developer: Leighton Properties / Qualitas</li>
	<li>Architect: Plus Architecture</li>
	<li>Planning: Urbis</li>
	<li>Transport: GTA Consultants</li>
	<li>Landscape: Oculus</li>
	<li>Sustainability: Lucid Consulting Australia</li>
	<li>Waste Management: Leigh Design</li>
</ul>
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