Accomodation

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Apartments of Melbourne, which specialised in short stay Melbourne apartment accommodation, has gone into administration.

It is being liquidated by Cor Cordis partner Sam Kaso.

The business had turn over of more than $10 million annually from 160 serviced apartments in Empire Melbourne Central, 555 Flinders Street, and 568 Collins Street.

The collapse of business travel has been blamed for the administration, along with rival accommodation hitting the market from the online booking site Airbnb. 

At its peak, Apartments of Melbourne employed 52 people, according to director Neil Devonport.

Booking.com. and the ATO rank among its bigger creditors, according to The Australian, with creditors owed around $1 million.

Apartments of Melbourne started in 2015.

Devonport told The Australian almost 25,000 rentals had come on to the Melbourne market in the last six months, with over half being short-stay apartments where operators had walked away.
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The collapse of business travel has been blamed for the administration, along with rival accommodation hitting the market from Airbnb



jchancellor

Short-stay accommodation provider Apartments of Melbourne goes into liquidation

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Regulation is coming for the short-term rental accommodation (STRA) industry in NSW, but not before further discussion on how it should work for residential dwellings.
The advent of online accommodation booking platforms has seen the national industry estimated to be worth $31 billion nationally in 2016, with NSW’s share about half of that figure, with short term rentals benefiting the economy and providing income for property owners.
But the shift away from hotels, motels and the traditional bed and breakfast establishments has caused problems for communities. 
At present, STRA is regulated differently in different local government areas across NSW, undermining certainty for hosts and communities.
The new schemes is a long time coming, following a parliamentary inquiry in 2015-16 and an options paper in 2017. 
In June 2018, the NSW Government announced a state-wide planning code permitting the use of dwellings under certain conditions, including limits on the days the rental can take place.
The NSW Parliament passed the Fair Trading Amendment (Short-term Rental Accommodation) Act 2018 in August 2018.
There will be a mandatory code of conduct that will apply to online booking platforms, letting agents, hosts and guests.
It was proposed that strata schemes can adopt a by-law that prohibits STRA where the property is not a host’s principal place of residence. 
Any such by-law will need to be adopted by special resolution, with 75% of votes supporting the proposal at a general meeting.
There will be ‘exempt’ and ‘complying’ approval pathways that enable a limit on the number of days possible depending whether the host is present and where the host is not present.
The policy seeks state-wide consistency in the definition and permissibility of STRA, although it will allow regional councils to nominate different day limits for un-hosted rentals,
These council include locations with many coastal location such as in Clarence Valley Shire around Angorie, Yamba and Iluka. Ditto Muswellbrook Shire around Denman and Sandy Hollow. There's also special rules around Lake Macquarie and Ballina Shire.
The presiding departments, the Department of Planning, Industry and Environment (DPIE) and Department of Customer Service (DCS)  are now seeking further feedback from the NSW public on the government's proposal.
There are going to be rules that ban hosts and guests in certain circumstances mostly regarding anti-social behaviour. The decision will come from the commissioner who will maintain a registry publicly available on the internet.
The rules require booking platforms and letting agents to keep the full particulars of each accommodation arrangement for five years.
Feedback is sought on matters including the process for registering a property; the information required to be included on the register; who gets access to information on the register and the costs associated with establishing and managing the register.
Given the time that industry may need to develop and establish the register, the regulatory framework won't commence until 2020, although there is some prospect of a staged implementation towards the end of 2019.
The closing date for submissions is September 11. Making a submission at www.planningportal.nsw.gov.au/exhibition/have-your-say-short-term-rental-accommodation-reforms or mail to: Director, Housing Policy NSW Department of Planning, Industry and Environment GPO Box 39, Sydney NSW 2001.
Meanwhile the government has convened an advisory committee which includes stakeholders including Airbnb; Home Away/Stayz; Property Owners Association New South Wales, Destination New South Wales and the Tenants’ Union of New South Wales.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

NSW short-term rentals set to be hit with new regulations

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The Melbourne accommodation market continues to enjoy buoyancy, according to HTL Property’s latest report.
The research showed strong increases in visitor numbers, aided by attraction to the city via its many international and local sporting events, together with world-class conference facilities, has kept occupancy levels high, and in turn, ADR and RevPAR continue to be elevated.
“Victoria is a highly sought-after accommodation market to invest in, driven by its variety of visitors,” said HTL Property’s Head of Research Vanessa Rader.
“Strong international visitors dominated by the family market enjoy the Melbourne CBD location; while domestic visitors like to travel further out of town in order to explore the natural wonders, as well as the wine regions.
“Melbourne has done much to promote its town and attract visitors; as evidenced by the various sporting events regularly held, together with the growing arts scene the city's attraction as a conference destination, has kept occupancy high and ADR competitive.
“This market has seen some new supply added and will continue to do so over the next few years, which we anticipate will keep these indicators stable.
“While investors (notably offshore buyers) will continue to aggressively contest these assets, keeping investment yields some of the lowest in the country.”
<a href="https://www.propertyobserver.com.au/images/2019/5/7/mel%201.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/7/mel%201.jpg" alt="">   HTL Property Director of Asia Pacific Region Andrew Joliffe said demand for accommodation assets remained high, however limited quality stock available to the market had resulted in 2018 recording a record low in sales volumes.
“Sales turnover for 2018 has exceeded $400 million, which is approximately 40% down on 2017 results; and well behind the highs achieved in 2015,” Joliffe said.   “The sale of Pullman on the Park in mid-2018 propping up these volumes, selling for $156 million to iProsperity Group, on a reported yield of 5.50%.   “With Melbourne CBD and surrounds enjoying strong visitor demand, regional activity has historically been limited, typically recorded at less than 5% of the total volume of sales.   “CBD assets continue to be in strong demand, with overseas buyers vying for these assets; the Quincy Hotel (under construction) being the only city hotel selling in 2018 to InterGlobe out of India for $91.3 million, (representing close to $380,000 per room).”
<a href="https://www.propertyobserver.com.au/images/2019/5/7/mel%202.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/7/mel%202.jpg" alt="">   Jolliffe said interest in accommodation hotel assets across Australia was high, particularly by overseas investors.   “This is at its highest in Melbourne given the strong international visitor numbers as well as domestic visitor attraction; keeping investment yields some of the lowest in Australia,” he said.   “Currently, Victorian yields range from 4.30% to 7.75% with an average of 5.50%, which has compressed by 210 basis points in the last five years   “Offshore activity is high with buyers hotly contesting CBD and suburban assets within a short proximity of the city centre.”
Joliffe said Victoria was the second most visited state in Australia by international visitors behind NSW, while domestic visitors choose Victoria behind NSW and Queensland.   “Tourism forecasts highlight these higher international visitor nights in 2017/2018, reaching 76,629 representing a 7.13% increase over the last year, whereas domestic visitor nights of 65,994 represented just 0.67% improvement,” he said.   “Looking ahead, international visitor nights are forecast to grow on average 7.16% per annum over the next five years, while domestic nights projections are for 2.51% annual growth over the same period.”   Joliffe said recent data from STR illustrated that the Melbourne Accommodation market has been trending slightly behind prior years, albeit ADR had remained steady.   “New stock additions to the market has kept competition high, and put pressure on the occupancy levels and RevPAR,” he said   “The accommodation market is cyclical with the various trends obvious across the Melbourne market.
“High occupancy is enjoyed during three periods throughout the year, February–March, July–August and October–November.   “Most recent data for February 2019 highlights peak occupancy of 89.1% a new monthly high, with ADR recorded at $197.74.”
<a href="https://www.propertyobserver.com.au/images/2019/5/7/mel%203.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/7/mel%203.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/5/7/mel%204.jpg" target="_blank">Click here</a> to enlarge: 
 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/7/mel%204.jpg" alt="">
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j.ballantyne1990-6AQqhLzZaK

Melbourne accommodation market remains buoyant: HTL Property

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With the Australian and New Zealand student accommodation markets set to benefit from the fastest growing foreign populations in the world, Savills has hired two experienced executives to look after its student business in these two countries.
Conal Newland is joining Savills from JLL where he was the national head of Student Accommodation. Newland has spent more than 10 years in the sector, in both Australia and the UK, and has been involved in several large-scale projects in the sector, including the University of Exeter (3,000 beds) and the University of Hertfordshire (2,500 beds).
Joining Newland is Rachel Coates, also from JLL, who has Student Accommodation advisory experience in both Australia and the UK. Together, they have more than 14 years combined sector-specific experience.
Based in Sydney, Newland will head the expansion of the student accommodation business alongside Coates. Both will be focusing on growing this platform in Australia and New Zealand.
“The student accommodation sector is a growing investment class welcomed by both local and international investors and with Conal and Rachel now on board, we can now be at the forefront of this growing platform," said Paul Craig, Savills CEO Australia &amp; New Zealand.
Newland said more than $2 billion were invested in 2015 into development projects in the region.
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jonathanchancellor-7SQnKwU6yx

Savills hires two senior executives for student accommodation business in Australia and Zealand

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Brisbane CBD’s latest purpose-built student accommodation, Iglu Brisbane City, has opened its doors after a three-month delay for occupancy approval clearances, with more than 250 students moving in.
Located at 65 Mary Street, Iglu Brisbane City includes 414 beds in air-conditioned studio and multi-share configurations. It has communal areas including a gym, games areas, cinema room, and an outdoor entertainment area.
The Queensland government had initially denied occupancy approval while it investigated the building’s external aluminium panels. 
The Queensland Fire and Emergency Service had raised concerns the cladding presented a fire risk and would put the building's occupants in danger, said an article in brisbanetimes.com.au.
During this time, Iglu paid for alternative accommodation for the students, a media release said.
Following the government confirmation, Iglu director Jonathan Gliksten said he was excited to welcome residents to the building.
“Iglu Brisbane City boosts Brisbane’s appeal as an ideal student living destination for local, regional and international students,” he said. "Our accommodation is close to universities, transport and shopping, and is staffed around the clock." 
“We have always known that our building complied with National Construction Code and are absolutely confident in the quality and safety standard of the building materials used,” Gliksten said.
“We understand that the Queensland government needs to ensure the safety of buildings, but we were disappointed with the length of time the process took."
The project is the fourth student accommodation facility under the Iglu brand with another in Kelvin Grove, and two in Sydney. Two additional properties are currently under development in Redfern (Sydney) and Melbourne CBD.
Iglu Brisbane City's accommodation options include share apartments, studios or one bedroom apartments, with early bird rates still available for Semester 2, 2016.
 
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prateek24-ezbwHMbNAk

Iglu's Brisbane student tower opens after 3-month delay for safety checks

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The pet-friendly accommodation search is on the rise as people travelling to visit friends and family look to bring along their furry companions.
A fully-serviced room that allows for pets are few and far between in Canberra which is why local hotel company, Abode Hotels, has sought to fill the gap.
Already offering pet-friendly rooms in its Gungahlin location, Abode Hotels had seen significant rises in reservations where pets are the primary guests.
Each of the pet-friendly rooms have remained occupied every week since the inception of the hotel’s pet-friendly package released in early April with demand on the Abode Hotels website increasing each week.
The local company has now added a new option to the mix, opening their fourth hotel in Narrabundah this week with 86 fully-equipped, apartment-style rooms fit for all guests with specific rooms ready and waiting for visitors bringing their cherished pets.
Each of the 86 rooms at Abode Narrabundah offer a complete self-contained studio experience with views over the back nine at the Capital Public Golf Course with accommodation options suitable for leisure, corporate travellers, groups, families, and of course, pets.
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