Planning to house population growth
The Victorian Government last week released its draft Planning Policy Framework and is giving the citizens of the state fewer than six weeks to digest the 129-page document and suggest tweaks.
It’s a big task for the willing without so much as an executive summary to give readers an overarching insight as to the government’s thinking on how the city, suburbs and regions should look in 50 years’ time.
One take-away is that policymakers are forecasting booming population for years to come and they to want to ensure housing and amenities catering to the waves of new Victorians is not created in a haphazard way.
In one good piece of news, an undertaking is given is that there is no proposal to increase the revenue collected from land and properties.
Among the novel ambitions the framework articulates is the creation of 20-minute neighbourhoods “that offer good access to a range of services and facilities in walking or cycling distance”.
Reading between the lines, this aspiration could suggest a loosening of planning rules to allow rezonings to encourage mixed-use developments in the burbs.
Other stated objectives of the plan are:
To avoid the urban development of Melbourne outside the permanent metropolitan urban boundary;
To ensure a sufficient supply of land and development opportunities is available across the state to meet forecast demand;
Avoid development that cannot be adequately serviced;
To provide clear direction on the locations where growth should occur;
Require the timely development of land or action on development approval; and
Support the temporary use of land and buildings.
Surfers leasing action
Leasing activity in Surfers Paradise’s premium retail strip is humming along, with five deals signed since the start of the year at 50 Cavill Ave, according to agency CBRE.
All new leases in the office tower, the tallest in the area, are for whole floors for a total of 1500sqm.
CBRE said talks were ongoing to rent out remaining space in the building, which is currently being refurbished.
The new lessees are Chinese investment firm Liguancheng Global lnvestment Holdings, Global Work and Travel, Fire Cover Australia, Wide Estate Real Estate and Aqua Gold Accountants.
Fashion on the move
It will be no coincidence if you see more blushing brides than usual around the city when wedding dress designer Aldo Terlato moves his digs to the Melbourne CBD from Richmond Hill.
Seeking to take advantage of the flood of international high-fashion labels setting up shop in town, the couturier has taken a lease over a building at 31 LaTrobe St.
Brokered by Savills Australia, the new five-year lease covers a 75sqm building with rent set at about $420 a sqm.
Cooking up a sale
A private investor has paid $1.16 million for a charming building housing a restaurant in the trendy Queens Parade retail precinct in Melbourne’s Fitzroy.
Agents Fitzroys handled the sale on behalf of Kapitalizam to a private investor.
The transaction reflected a yield of 6%, with the new owner attracted to the premises because of the long lease in place to restaurateur Charlie’s.
The property is rented for $70,000 a year and has a five-year lease with a further five-year option.