News & Discussion: General CBD Development

[Nathan]

Council not only approved the high rise parking garages destroying the fabric of the city - they also developed, owned and managed them for profit. No thanks ACC, you've had your chance.

[HiTouch]

Council not only approved the high rise parking garages destroying the fabric of the city - they also developed, owned and managed them for profit. No thanks ACC, you've had your chance.

Amen, please send this comment to Stephen Knoll.

[Norman]

Pics of the refurbished Central Market façade. Looks great!

[Patrick_27]

Agreed!

When the ACC eventually go to the drawing board for the arcade/Coles replacement, regardless of how they purpose the new arcade etc I'd love to see the façade on Grote Street replicate the previous market building that sat on the site, bringing back some uniformity and history to the strip. Picture below shows what I mean...

[aeon]

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[Stryker]

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Awesome photo! Is that 3 or 4 photos stitched together? Also, whereabouts is it taken from? It'll be interesting to see the difference around 2020/21.

[EBG]

This was in the business news in the Advertiser on 24 July - 399 king William St revisited ?

[Pikey]

This was in the business news in the Advertiser on 24 July - 399 king William St revisited ?

Yup, the sites being flipped by the looks of things.

[aeon]

Awesome photo! Is that 3 or 4 photos stitched together? Also, whereabouts is it taken from? It'll be interesting to see the difference around 2020/21.

Is around 10 photos, was taken from Mt Osmond.

[Nort]

This was in the business news in the Advertiser on 24 July - 399 king William St revisited ?

Yup, the sites being flipped by the looks of things.

Called it!

Hoping it is real and a DA is lodged soon.

It's a small firm and on the status they have said it's an early sketch. Looking through more of what the firm has done it seems like a big jump from their previous work so I'm now a bit more hesitant. Wonder if it's a situation where someone is hoping to get approval for a decent sized building on the land to increase its value and flip it.

[Mpol03]

What do you mean when you say it’s been ‘flipped’?

[phenom]

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Awesome photo! Is that 3 or 4 photos stitched together? Also, whereabouts is it taken from? It'll be interesting to see the difference around 2020/21.

Agree totally. It's such an interesting viewpoint because it's rare to be able to take in the whole city at once - we forget how big our 'square mile' is - twice the size of the Melbourne main CBD (Hoddle Grid).

I love the impact many of the current under constructions are having - not sure if they always used to light them up like they do these days (maybe LED lights because they don't use much power) but they really pop with life at night.

[Pikey]

What do you mean when you say it’s been ‘flipped’?

Purchased, plans and DA completed to increase the value of the plot, then on-sold for a profit. Happens quite a lot.

[Algernon]

What do you mean when you say it’s been ‘flipped’?

In property, flipping is the act of buying a property with intent to hold it for a very short time, do something in that period to improve its value, then sell it to make a quick profit. It has to be quick, otherwise whatever improvement you're undertaking might be wiped out by a dip in the market. What that improvement is is really up to the type of property and what improvement can be made in a short time. So, house flippers will buy a run down house in a nice street, renovate it quickly, then sell typically within a few weeks. Or, people will buy a run down suburban house, demolish, and subdivide into two plots for instant sale, again a flip. For this sort of site, especially where there is nothing built on it, the improvement is to get a development approval for something big, then sell. The value for the buyer is either they have a ready DA to proceed and can cut that time off and get to market quicker than the competition. Alternatively, if the regulations are highly variable, or they expect a change to the development plan, buying a property with a DA means they're locking in its development potential for up to 6-8 years.

Overall, if you buy a house you don't intend to actually hold for a long time, and you're undertaking some sort of improvement, you're probably flipping it.

I was involved in it for houses and TBH... it's so much fun it isn't funny. There are some reality shows about flippers on cable TV, e.g. "Flip This House" which are great viewing as well. In Australia it's really hard to do because the government stamp duty eats a hefty chunk of the profit.

[Mpol03]

Oh wow thanks for clarifying guys I really appreciate it. Here’s hoping the new development is a solid one, considering the location.