Construction on Light House continues to progress on program with the following updates as of 25 November 2016:

• Structural core has been completed to Level 58.
• Concrete pours to Level 56.
• Glass and metal façade to Level 52 has been completed.
• Joinery installed to Level 40.
• Defecting completed to Level 27.

Construction on Light House has made rapid progress this past month with the following updates as of 24 October 2016:

• Structural core has been completed to Level 52.
• Concrete pours to Level 50 .
• Glass and metal façade to Level 45 has been completed.
• Joinery installed to Level 35.
• Defecting completed to Level 20.

Construction on Light House has made rapid progress this past month with the following updates as of 22 September 2016:

• Structural core has been completed to Level 46.
• Concrete pours of levels o 43.
• Glass and metal façade to Level 37 has been completed.
• Joinery installed to level 26.
• Defecting completed to Level 14.

Construction on Light House Tower is progressing smoothly with the following updates as of 23 August 2016:

• Structural core has been completed to Level 39.
• Concrete pours of levels to Level 37.
• Glass and metal façade to Level 32 has been completed.
• Joinery installed to Level 19.
• Defecting to Level 5.

China-based developer Hengyi will sell down its remaining stake in its The William project in Melbourne, including nine retail outlets and four offices, with expectations around $25 million.

The developer, an affiliate of mainland Chinese player Shandong HYI, rebirthed the former William Street office as a $200 million, 24-storey serviced apartment and residential complex in 2015 after buying it for $45 million.

The two buildings at 199 William Street, connected by enclosed overhead walkways on the upper floors, had sat idle since Telstra vacated in 1994.

Hengyi property director Dean Fossey confirmed the group will divest its remaining holding in the building – nine fully-leased shops on the ground level in Williams Court and four offices on level one.

The shops include a cafe, hairdresser, sushi bar, laundromat, dry cleaner and a Middle Eastern restaurant, Tahini.

One office is leased on a 10-year deal to Wyndham Resorts – who took a large stake in the building from Hengyi to operate as serviced apartments – the others will be sold with vacant possession.

CBRE’s Tom Tuxworth, appointed to manage the sale with colleagues Paul Tzamalis, Nick Lower and Josh Rutman, said the shops were expected to fetch between $470,000 and $4.5 million.

Hengyi was taking advantage of the “unprecedented yield compression we have seen over the past 24 months”, he said.

Clamour from investors for CBD retail assets has seen yields fall below 4 per cent.

A ground floor shop at 326 William Street sold for $4.81 million in January on a 3.95 per cent yield, another at 306 Flinders Lane recently fetched $2.95 million on a 3.81 per cent yield.

Retail specialist Zelman Ainsworth said major private and institutional landlords in the city’s west end were reinvigorating their retail offerings.

Grollo Group, along with co-owner St Martin, are midway through a refurbishment of the landmark Rialto to include 3000 square metres of retail, anchored by Mercedes Benz.

The Juilliard Group has finalised leases on 23 shops, anchored by SAKE, set to open next month, in St James at 555 Bourke Street, he said.

Mr Fossey said Hengyi will concentrate on its two remaining projects in Melbourne, the 69-level Light House apartment at 450 Elizabeth Street and the 1039-unit Swanston Central in Carlton’s former CUB site.

It was also developing a 50-level residential tower in Auckland, he said.

By: Simon Johanson

We are pleased to report that construction progressed well in April on Lighthouse Tower with the following updates:

• Concrete pour of levels to Level 17 as of 13/05
• Core walls have reached level 19
• Glass and metal façade has reached level 13
• Form work has been stripped in key areas including amenities and pool located on level 8
• Level 3, 4 & 5 installation of joinery and final finishes

With construction commencing in February 2015, Lighthouse Tower, 450 Elizabeth Street is currently advancing at a healthy pace with Level 11 poured and facades up to Level 6 now completed. Core is finished to Level 14.

• Level 9 pool slab poured
• Façade complete to Level 6
• Core complete to Level 14
• Finishes Level 2 – Level 5 (in progress)

On Tuesday 27 October, over 75 industry professionals attended the forum, held at the Melbourne Aquarium, with guest speaker, Rod Fitzroy, Founding Director of Fitzroys Real Estate Agency and former Chairman and Director of the Victoria Racing Club, providing intriguing history and insight into the history of the “Race That Stops the Nation” – The Melbourne Cup. The 2015 Melbourne Cup was there in all its glory for our guests to view and take photos.

The Property Industry Foundation is a successful charity organization within the property and construction industry, who contribute their time to key projects and initiatives to assist helping young people at risk of homelessness.

We had a such great time together. Thank you to Property Industry Foundation for hosting the great event. Thank you to Rob and every individual who attended the forum.

Wyndham Hotel Group has officially opened its flagship Melbourne development, Wyndham Hotel Melbourne, becoming the company’s first hotel in the city.

Centrally located in Melbourne’s central business district (CBD) on the corner of William Street and Little Bourke Street, the much-anticipated high-rise complex boasts 531 apartments across two towers and comprises hotel accommodation, vacation ownership, residential apartments and a retail precinct.

It joins 15 hotels currently open and operating in the South Pacific under the Wyndham, Ramada and TRYP by Wyndham brand flags.

Wyndham Hotel Melbourne operates as a mixed-use property, providing accommodation for both Wyndham Hotel Group guests and vacation owners with 86 apartments through WorldMark South Pacific Club by Wyndham, part of sister company Wyndham Vacation Resorts Asia Pacific, Australia’s largest vacation ownership company. The two companies first introduced this successful hybrid model in the South Pacific in 2009 with Wyndham Surfers Paradise.

Barry Robinson, President and Managing Director Wyndham Vacation Resorts Asia Pacific and Wyndham Hotel Group in South East Asia and Pacific Rim, said this new Melbourne development would mark an exciting first for both companies.

“We are very happy to enter the Melbourne market with this exceptionally designed, flagship property that will appeal to both business travellers and holidaymakers,” Robinson said.

“Wyndham Hotel Melbourne reflects the vibrancy and sophistication this cosmopolitan city is renowned for and we look forward to offering guests and more than 49,000 vacation owners the exceptional service and product for which the Wyndham brand is known around the world.”

The 23- and 21-storey towers were designed by Melbourne-based Bruce Henderson Architects and feature stylish one- and two-bedroom apartments as well as three-bedroom Grand and Presidential Suites that boast added luxuries such as built-in fireplaces, wine refrigerators and outdoor lounge and dining areas.

The transformation of the building includes a new façade and upgraded building services as well as significant environmental initiatives such as rooftop solar panels, rainwater reuse in bathrooms and double-glazed doors and windows to reduce noise and increase energy efficiency.

Additional hotel services and amenities include a 24-hour reception, concierge, a gym, a library, meeting space, ground floor retail and dining precinct and a rooftop pool with a barbecue area and city skyline views.

The property was developed by Hengyi Australia, an affiliate of Shandong HYI (Group) Co. Ltd., an award-winning residential and commercial developer based in China. It is operated by Resort Management by Wyndham.

“Wyndham Hotel Melbourne makes a major architectural contribution to the streetscape in this part of the CBD and is a long-awaited upgrade of what was once an abandoned building,” said Stephen Speer, head of Marketing and Business Development at Hengyi.

“It is a great commercial success for Hengyi and an opportunity to establish our reputation in Melbourne. Furthermore, the project has given us the opportunity to work with Wyndham, a company that shares similar values to Hengyi, and we will no doubt go on to partner with them on many more opportunities around Australia.”

by James Wilkinson December 5, 2014