Resdential Development

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Construction is complete on Salta Properties’ third residential project in the Victoria Gardens Precinct, A Place to Live.
Located at 8 Burnley Street, the 61 apartment development was completed this month with an end value of $35 million.
Designed by multi-awarding winning architects and trusted project partner of Salta Properties, SJB, A Place To Live brings a graceful curvilinear silhouette and natural timber looks to the area.
Salta Properties’ managing director, Sam Tarascio, said A Place To Live was another exciting chapter of the company’s masterplan for the Victoria Gardens Precinct.
“As we complete this property we will be moving focus to our next residential development located across the road in Abbotsford, set to be released in mid-May,” said Mr Tarascio.
The building comprises six stories of one, two and three bedroom apartments, lifestyle amenities including gym facilities, a café and community centre on the ground floor adjacent to soon to be upgraded Williams Reserve.
A Place To Live follows the success of Salta Properties’ residential developments Richmond A Place To Live and Green Square and are all within minutes of each other and the company’s retail hub Victoria Gardens Shopping Centre.
All apartments at A Place To Live were sold prior to construction.
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Salta finishes latest Victoria Gardens Precinct development

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Three vacant government land sites north of Sydney are being auctioned off with the potential for development into 100 dwellings.
The three residential sites, a high density residential development site at 2 Burley Street, Lane Cove North, a medium density residential development site at 460 Willoughby Road, Willoughby and seven lots in Kerela Avenue, Muttama Street and The Broadway, Wahroonga, will be offered online 5 November through Frank Knight.
Government Property NSW chief executive officer Brett Newman, said proceeds from these sales will be reinvested back into government agencies. 
“These sales reflect the Government’s approach to divesting latent property assets which are not core to service delivery," he said.
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NSW Government land sales announced for Sydney's north

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Improving consumer confidence and market conditions in Melbourne, Sydney and south-east Queensland have helped residential developer Sunland Group boost profits for the 2015 financial year. 
The group reported an after-tax profit of $30.1 million, 111% up on its 2014 result. 
It said higher development margins and an increase in settlement values were partly responsible for the profit uplift, but most of the increase came from the sale of $90.1 million worth of assets in Sydney and Melbourne. 
Some of the sale proceeds were earmarked for reinvestment in south-east Queensland, including the acquisition of a 42 hectare site on the Gold Coast and the group’s first residential housing development site in Brisbane.
“Sunland has maintained a counter-cyclical approach to site acquisition and divestments, positioning the group’s development portfolio to capitalise on the improving south-east Queensland residential markets,” managing director Sahba Abedian said.
The group also used the proceeds to pay out a special 6 cent per share dividend, bringing dividends for the year to 10 cents, fully-franked. 
Sunland, which has developments along Australia’s eastern seaboard, reported sales were up 20% on the previous year to 754 lots, however settlements were down by 13% to 389.
“Whilst settlement volumes decreased as a result of [the] strategic asset sales, settlement values still increased by 7% across the balance of the portfolio,” Abedian said.
Multi-storey apartment buildings account for $2.3 billion worth of the group’s $3.7 billion portfolio, with residential housing and urban developments making up the balance. 
It has 10 projects scheduled to launch in 2016 and aims to increasingly focus on multi-storey developments over the medium-term. 
The group intends to issue profit guidance at its annual general meeting on November 20.
 
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