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Construction delays to cause data centre upset, says CBRE

12 Apr 2024  |  www.realcommercial.com.au
CBRE reports significant delays in data centre development due to construction times and land scarcity, amid high demand for AI compute power. Corporate businesses, including insurer NIB, are transitioning to third-party data centres, with NIB completing a seven-year migration to Amazon Web Services. The repurposing of NIB's old data centre and the challenges of material shortages are highlighted. Data centre operators are considering partnerships with industrial landlords as a new development strategy. Energy costs and the potential for renewable energy projects to attract data centre construction in Perth and Queensland are also noted, despite Sydney and Melbourne being preferred locations.

Construction delays to cause data centre upset, says CBRE

12 Apr 2024  |  www.realcommercial.com.au
CBRE reports significant delays in data centre development due to construction times and land scarcity amid high demand, particularly for AI compute power. NIB has completed a cloud migration to AWS, decommissioning several data centres. CBRE's Darcy Frawley notes material shortages and long lead times are constraining supply, with developers considering partnerships with industrial landlords. Energy costs and renewable energy projects influence location choices, with Sydney and Melbourne remaining preferred despite power challenges.

Sydney’s Chinatown and Thai Town to benefit from city’s Tech Central and $43.5m plan

04 Apr 2024  |  realcommercial.com.au
Sydney's CBD areas, particularly Chinatown and Thai Town, are poised to benefit from significant investments, including the development of Tech Central and a $43.5 million plan to enhance Haymarket. The City of Sydney's proposal includes reducing parking, expanding footpaths, and improving streetscapes. The plan also involves extending Thai Town and creating new bike lanes to connect various parts of the city. Despite the anticipated improvements, foot traffic in the area has not yet returned to pre-pandemic levels. Local businesses and restaurants have faced challenges during the pandemic, with some operating as pop-ups and others extending their hours to attract customers. The City of Sydney has allocated funds for various cultural projects, including a new mural and art installations. Property funds manager ISPT has noted the cultural appeal of Haymarket and its transformation, which is attracting tenants to the area.

Increased Migration and Student Arrivals to Exacerbate Australia's Housing Shortage

04 Apr 2024  |  realcommercial.com.au
The article discusses the impact of Australia's increased migration cap on the residential rental market. The federal government raised the migration cap to 195,000, which, along with the return of international students, is expected to exacerbate the already strained housing supply. Experts from PropTrack, Mirvac, and Propertyology express concerns about the lack of rental housing and the potential for price spikes in city markets. The article highlights the shortage of new housing developments, particularly investor-grade and high-rise apartments. Federal Housing Minister Julie Collins outlines government initiatives to address housing challenges, but industry leaders stress the need for more effective policies to boost housing supply. The article also touches on the broader implications for regional markets and social housing needs.

Candalepas wins Sydney CBD design for 55-storey luxury Deicorp tower

04 Apr 2024  |  realcommercial.com.au
Candalepas Associates has been chosen by an expert design panel as the preferred architect for a new 55-level luxury residential and commercial building in Sydney's CBD, planned by Deicorp. The selection followed a competitive design process overseen by the City of Sydney. The project is located at the corner of Liverpool and Castlereagh streets and awaits approval from the Central Sydney Planning Committee. The site was acquired from the Catholic Archdiocese of Sydney by Deicorp, with the development rights reportedly pursued for over $200m. The new design will feature luxury apartments, A-Grade office space, and retail areas. Deicorp's founder, Fouad Deiri, expressed enthusiasm for working with Candalepas Associates, citing their innovative design language. Deicorp aims to submit a development application by July and is known for delivering numerous residential projects across Sydney.

Why $40m fund buying up pet resorts predicts up to 8pc annual returns for investors

04 Apr 2024  |  realcommercial.com.au
Ray White Capital, an investment arm of a major Australian real estate company, is raising $40 million to invest in pet resorts across the east coast of Australia. The company plans to renovate and upgrade these resorts with amenities such as splash pools and grooming facilities. RWC's CEO, George Ajaka, notes the increasing trend in pet ownership and the willingness of people to spend on pet care. The company has conducted research into pet ownership and identified two main profiles of pet owners: downsizers and younger individuals delaying traditional family milestones. RWC, which started purchasing pet resorts two years ago, is promising investors a 6 to 8 percent dividend in the first year and expects a 20 percent annual return. The minimum investment is set at $100,000, and the company aims to attract 20 to 50 investors for the fund.

Atlassian futurist Dom Price says working in-house helps trigger exciting ideas

04 Apr 2024  |  realcommercial.com.au
Dom Price, the futurist at Atlassian, shared insights on the importance of office space in fostering team dynamics and productivity, even in a digital age where remote work is prevalent. He recounted an off-site event in Australia where his team engaged in a constructive argument after a city walk, which helped them build trust and share personal stories. Price emphasized that personal connections among colleagues can enhance patience and empathy, leading to better collaboration. Atlassian, which has a 'work from anywhere' policy, still saw 76% of its staff choosing to come to the office last quarter. Price advocates for true flexibility in the workday, allowing for activities like surfing or fitness classes. He also discussed his own work schedule, which is non-traditional but balanced, and the company's approach to communication, using different platforms for varying levels of urgency and formality.

Hanwha’s $1bn AFV centre brings commercial opportunity to Avalon

04 Apr 2024  |  realcommercial.com.au
Avalon Airport, operated by Linfox, is set to become a significant military hub in Australia with Hanwha Defense announcing a new $170 million armoured vehicle centre at the Victorian site. This follows major real estate deals involving airports, including a $1.3 billion acquisition of Perth's Jandakot airport by a Dexus-led consortium and Logos funds purchasing land near Sydney airport for $802 million. Hanwha, which secured a historic $1.3 billion defence contract, chose Avalon Airport for its modern facility, which will include assembly lines, a test track, and a deepwater testing facility. Avalon Airport CEO Justin Giddings anticipates the development will attract defence manufacturers and suppliers, while Hanwha Defence Australia's managing director Richard Cho highlights the strategic benefits of the location and the potential for future expansion and partnerships.

Developers bear cost of Sydney’s push for 40,000sq m of culture

04 Apr 2024  |  realcommercial.com.au
The City of Sydney has unveiled a plan to increase cultural space by 2036, requiring property developers to create spaces similar to Amazon's Sydney headquarters. This initiative comes as the city seeks to revitalize urban centers post-pandemic and compete with Melbourne's own revitalization efforts. The plan follows a significant reduction in Sydney's cultural space and aims to add an additional 40,000sq m. Developers have expressed concerns about the costs and lack of clear guidelines. The council has made cultural space a requirement for certain developments, as seen in the Oxford St revitalization project. Toga and AsheMorgan have complied with these requirements in their Oxford and Foley development. The City of Sydney acknowledges the need for private investment to achieve its cultural space targets and is working with developers to address challenges. Urban Taskforce CEO Tom Forrest and UTS's Deborah Ascher Barnstone have commented on the implications and benefits of integrating cultural spaces into developments.

Herald Sun Subscription Terms

04 Apr 2024  |  heraldsun.com.au
The Herald Sun is offering a subscription service at $16 every four weeks, which is non-refundable and automatically renews unless cancelled according to the Terms and Conditions. The subscription grants access to 30 locked articles on the Herald Sun website during each period but excludes app access and the +Rewards program. Unused articles do not roll over to the next period, and prices are subject to change as outlined in the full Terms and Conditions available on the Herald Sun website.

Adaptive Reuse: The Trend Reviving Australian CBDs

04 Apr 2024  |  realcommercial.com.au
The article discusses the resurgence of adaptive reuse in property development, where old buildings are repurposed into modern facilities. This trend is seen as a potential draw to bring workers back to central business districts (CBDs). Deakin University's Dr. James Lesh and Heritage 21's Paul Rappoport provide insights into the benefits and historical significance of adaptive reuse. Developer Gray Puksand is highlighted for completing numerous projects in Victoria, including a significant redevelopment on Elizabeth St for PDG and the Yarra Falls project for Abacus Property Group. The article also touches on the impact of COVID-19 lockdowns on office space demand and the potential for adaptive reuse to cater to changing work habits. It suggests that the authenticity and character of repurposed heritage buildings can be appealing to tenants and communities.

Ducati Expands Australian Presence with New Showrooms in Sydney and Melbourne

04 Apr 2024  |  realcommercial.com.au
Ducati, the Italian motorcycle maker, has experienced record sales during the pandemic, selling nearly 60,000 units in 2021. Capitalizing on this success, Ducati is expanding its presence in Australia with new showrooms in Sydney and Melbourne, set to open in May. The Sydney showroom will be located in Alexandria, partnering with the Autosport Group, while the Melbourne showroom will be in Essendon Fields, in collaboration with PMG. Both showrooms will offer Ducati's range of on and off-road motorcycles, including the scrambler line. This expansion follows Ducati's establishment of its own subsidiary in Australia and New Zealand, aiming to enhance the brand experience for Ducatisti in the region.

Rising pub magnate Sam Arnaout is splurging $70m on his Alice Springs casino

04 Apr 2024  |  realcommercial.com.au
Sam Arnaout, a newcomer on The Australian's 250 rich list, plans to invest $70 million in the Lasseters Hotel Casino in Alice Springs, aiming to attract more international visitors. His company, Iris Capital, acquired the casino from Lasseters International Holdings for $105 million six months ago. The expansion includes adding 230 rooms to the existing 205, as part of a five-year project. The redevelopment is expected to boost the local economy and tourism, with support from the Northern Territory government. NT Chief Minister Michaell Gunner has expressed support for the investment.

New, efficient rental model needed, says Scape chairman Craig Carracher

04 Apr 2024  |  realcommercial.com.au
Craig Carracher, the executive chairman of Scape, criticizes Australia's rental market as being inefficient and a barrier to saving for home ownership. He advocates for an institutional-grade rental product, similar to Scape's student accommodation model, which could streamline costs and improve affordability. Carracher points out the lack of reliable data on rental affordability and the political sensitivity around the issue. He suggests that the build-to-rent model could offer benefits such as scholarships and crisis accommodation, citing Scape's commitment to a $26 million scholarship fund and providing a portion of their inventory for crisis accommodation.

Ex-Atlassian Workers and Melbourne Bakery Settle into New Oxford St Development

04 Apr 2024  |  realcommercial.com.au
Dovetail, a consumer research agency founded by ex-Atlassian employees Benjamin Humphrey and Bradley Ayers, and Lune Croissanterie, a renowned Melbourne bakery, are the first tenants of the Oxford & Foley development in Sydney's Oxford St revamp. The development, led by Toga and AsheMorgan, requires tenants to allocate at least 10% of their space for cultural and creative activities. The project aims to rejuvenate the area and has attracted interest from various tech, creative, and cultural organizations. Justin Hemmes, a prominent figure in Sydney's hospitality scene, expressed excitement about the revitalization of Oxford St. Toga's managing director, Allan Vidor, envisions the area becoming a vibrant destination for arts, culture, and entertainment.

Myer Advances on New National Fulfilment Centre in Victoria

04 Apr 2024  |  realcommercial.com.au
Myer, the Australian department store chain, is establishing a new national fulfilment centre in Victoria's Dexus’ Horizon 3023 industrial estate. The 40,000sq m facility will be equipped with advanced technology, including 200 autonomous robots, Korber’s sortation system, and the largest Geek+ RS8 Shuttle system in the southern hemisphere. This move is part of Myer's strategy to transition to a 'factory to customer' model, aiming to achieve $1bn in annual sales. The centre is expected to enhance supply chain operations, improve efficiency, and provide better service to both online and in-store customers. Myer's executive general manager Tony Carr highlighted the anticipated customer benefits and efficiencies. The facility also boasts a 5-star Greenstar rating, with 20% of its energy coming from solar power. Myer plans to move into the centre by the end of next year.

M_Park: Stockland seeks big Pharma, MedTech for $507m business park

04 Apr 2024  |  realcommercial.com.au
Stockland, an Australian property developer, has submitted plans for a new technology precinct in Macquarie Park, Sydney. The project, known as M_Park, will offer 100,000 square meters of commercial space, including five buildings and a data center, and is expected to create up to 11,500 jobs. The development, which will cost $507 million, aims to stimulate the local economy by $2 billion and attract tenants from the technology, medical, and pharmaceutical sectors. The precinct will also feature retail and hospitality venues, a public green space, and infrastructure improvements. Stockland's partnership with Canada's Ivanhoe Cambridge, which holds a 49% interest in the M_Park Trust, is part of the company's strategy to expand its third-party capital platform.

My Muscle Chef to Open New $55m Facility in Western Sydney

04 Apr 2024  |  realcommercial.com.au
My Muscle Chef, an Australian health food delivery company, is set to expand its operations with a new $55 million facility in Western Sydney. The move will increase the company's output from 500,000 to over 1.2 million meals per week. CEO Tushar Menon, who co-founded the company with his brother Nishant in 2013, highlighted the company's rapid growth and its 20 percent market share in Australia's ready-made meals market. Despite recent industry challenges, including the collapse of Deliveroo and Voly, My Muscle Chef plans to grow by focusing on a direct-to-consumer model and is available at 5,000 retailers nationwide. The new facility will create jobs and includes a gym for employees. The company sources its ingredients from Australian producers and is committed to investing in the Western Sydney area.

Green light for Deicorp 430-unit Sydney Metro project

04 Apr 2024  |  realcommercial.com.au
Deicorp has been approved to construct a new mixed-use development in Sydney's northwest, featuring 430 residential units above the Hills Showground Metro station. This project is part of a larger plan to create 1620 dwellings in the Hills Showground Station Precinct, which includes 13,900sq m of commercial space. Located 35km from Sydney CBD in Castle Hill, the development aims to provide affordable housing options for essential workers. The project will feature four 20-story residential towers and a retail center with supermarkets and other stores. This is Deicorp's second Metro development approval, with the first being a 987-unit project in Tallawong. Deicorp plans to build approximately 2000 dwellings in the area, pending further approvals.

Tim Gurner Teams Up with Qualitas for a New High-Rise Build-to-Rent Project in Parramatta

04 Apr 2024  |  realcommercial.com.au
Tim Gurner, a luxury developer, has announced a new 61-storey build-to-rent apartment project in Parramatta, Sydney, in collaboration with Qualitas. The project, named GQ, is situated on a 2049sq m site and is part of the government's greater Sydney six cities plan, which aims to develop key economic centres in the region. The proposed tower at 12 Hassal St will offer 385 apartments ranging from studios to three-bedroom units, designed by PTW, and will feature luxury amenities including a wellness sanctuary and rooftop pool. The development also includes commercial and retail space. Gurner is confident in the build-to-rent market's potential, and Qualitas co-founder Mark Fischer sees significant opportunities due to the low national vacancy rate. A decision on the project is expected by December.

ISPT Launches $135m Tech Central Redevelopment in Sydney

04 Apr 2024  |  realcommercial.com.au
ISPT has completed a $135 million redevelopment of 477 Pitt St in Sydney, marking the first project in the new Tech Central precinct. The development combines three heritage buildings and offers a 30-storey building with office and retail space. The Collider, a former Australian Gaslight Co showroom, is a feature event space. The building is 70% occupied, with tenants like AC3 and Stone & Chalk's Scale Up Hub, which is supported by the NSW government. The hub aims to help businesses grow and network with investors. Other tenants include yotpo, Downsizer, Nano Dimension, Moray & Agnew, Hnry, and BRP. ISPT is also planning a similar development in Melbourne and is committed to transforming old buildings into innovative spaces.

WeWork drops prices on co-working spaces in wake of Covid-19 pandemic

04 Apr 2024  |  realcommercial.com.au
WeWork, the world's largest flexible space operator, is offering desks in its co-working spaces at significantly reduced prices post-pandemic. The company is providing desks for $299 per month with a three-month contract, which includes a few weeks of free rent. This pricing strategy is a substantial discount compared to the average cost of desk space in Sydney and is aimed at attracting and retaining new customers. WeWork has declined to disclose membership numbers but reported a 21% increase in sales in Q1 2022. Despite closing three venues in Australia, WeWork has seen a rise in occupancy and desk sales. Rubberdesk, a flexible desk monitor, has observed a decrease in vacant office space and an increase in prices, with WeWork's rates being significantly lower than the median rates in various Australian cities.

Beachside property on offer as Gold Coast shines

04 Apr 2024  |  realcommercial.com.au
The Sandy Point Beach Resort, located in Labrador near the Gold Coast, is up for sale with expressions of interest open until the following month. The property is considered a prime opportunity for developers due to its location and potential uses, including refurbishment, holiday letting, or addressing the rental shortage in the area. Although there is no set price, it is expected to sell for over $25 million. The resort includes 43 apartments with various amenities and was developed by Portfolio International in 1982. Avanti Commercial, with managing director Lachlan Harris, is handling the sale, highlighting the investment potential due to the rental shortage on the Gold Coast.

Subscribe to The Courier Mail for exclusive stories

04 Apr 2024  |  couriermail.com.au
The Courier-Mail offers a subscription service at $16 every four weeks, which is non-refundable and automatically renews unless cancelled. The subscription grants access to 30 locked articles on The Courier-Mail website during each period but excludes app access and the +Rewards program. Unused articles do not roll over to the next period, and prices are subject to change according to the full Terms and Conditions. Further details can be found on The Courier-Mail's subscription terms webpage.

Investors bank on games saving retail

04 Apr 2024  |  realcommercial.com.au
Property investors are capitalizing on the anticipated revival of Sydney's late-night economy by developing new assets and investing in the area. Fortius Funds Management has partnered with entertainment company Fortress to open a large arcade in Central Park mall, with a 15-year lease arranged by Colliers. The venue will include gaming facilities and a themed restaurant, catering to the growing gaming industry, which is projected to reach $4.9bn by 2025. Fortius, which acquired Central Park from Frasers Property for $174m, is planning further investments in the southern CBD. Other investors, such as Belingbak and ICD, are also developing projects nearby, indicating a trend towards immersive experiences in retail and dining.

Tim Gurner gets go ahead for $1.75bn Gold Coast paradise La Pelago

04 Apr 2024  |  realcommercial.com.au
Tim Gurner's company, Gurner Group, has received approval to construct a $1.75 billion luxury development named La Pelago at Budd’s Beach near Surfer’s Paradise in Queensland. The project includes four towers with over 900 residences and 200 hotel suites, as well as wellness, retail, and hospitality spaces. ICON Construction has been contracted for the build, with an estimated cost of $350 million. The development will feature luxury amenities, including a ground-floor retail space, dining precinct, and recreational facilities. The design by Warren and Mahoney incorporates a private island theme with lagoons and tropical plants. Construction is expected to start in the third quarter and the first building should be completed in just over three years. Gurner has indicated a high level of interest in the project, with a VIP client list already in place for a mid-year launch.

Sydney’s Chinatown to Undergo Multimillion-Dollar Revival

04 Apr 2024  |  realcommercial.com.au
Sydney's Chinatown is poised for a major transformation with over $100 million in developments planned, including several high-rise towers and renovations of existing businesses. The area, which was significantly impacted by the COVID-19 pandemic, is seeing renewed interest from developers. The Yee family, owners of the Emperor’s Garden restaurant, are planning a 14-story tower on the site. Other developments include a high-end seafood and karaoke den by Jinchao Li, a $60 million sale of the Golden Century site, and a $52 million student accommodation project by Singaporean developer Elegant Dixon. The article also touches on the history of Chinatown, the impact of the pandemic, and the future outlook with quotes from local stakeholders like Brad Chan and Lance Lai, who are optimistic about the precinct's recovery and development.

Property magnate David Devine defies industry woes with new $400m Gold Coast luxury apartment plan

04 Apr 2024  |  realcommercial.com.au
David Devine, through his private firm DD Living, has submitted a development application for a new $400m luxury apartment building named the Burly in North Burleigh, Gold Coast. This follows the commencement of another Devine project in Surfers Paradise. The Burly will amalgamate two waterfront blocks and feature 100 apartments and a penthouse. Despite the construction industry's challenges, Devine has managed to secure funding from Stamford Capital for a separate 38-level tower, the Royale Gold Coast, which has already pre-sold 60% of its apartments. The Royale is under construction by Hutchinson Builders and will include luxury amenities. The article also mentions the withdrawal of Central Equity from a project due to supply chain issues and the collapse of Nerang St Pty Ltd, which has left creditors with substantial debts.

Retail sector unlikely to pass 2021’s $13.2bn in transactions but neighbourhood centres run hot

04 Apr 2024  |  realcommercial.com.au
The article discusses the anticipated competition in the Australian neighbourhood retail sector as it recovers post-lockdown. Although competition for retail assets is expected to be strong, analysts do not foresee the market surpassing the $13.2 billion in transactions recorded in 2021. This figure was partly due to a $2.2 billion recapitalisation of an AMP Capital-run fund. JLL's annual retail investment report highlights a current wave of offers, including Centuria's sale of a portfolio of five neighbourhood centres. JLL's Sam Hatcher and Nick Willis, who are handling the portfolio, note a high demand for neighbourhood centres despite limited investment supply. Jacob Swan of JLL mentions the convergence of institutional and private capital on the sector, with a scarcity of high-quality centres. The report also indicates that the retail market may face challenges from rising interest rates, but the impact on retail valuations is expected to be limited.

Council threatens legal action over Balmain Tigers blaze

04 Apr 2024  |  realcommercial.com.au
Darcy Byrne, the mayor of Inner West Council, is considering legal action against Transport for NSW following a fire at the abandoned Balmain Leagues Club in Rozelle, Sydney. The site, which has been vacant since 2010, is at the center of a dispute due to a compulsory acquisition order by Transport for NSW for a tunnelling project. The Chinese-backed developer Heworth Holdings had planned a $400m development for the site, including a new club for the Balmain Tigers and residential units, but this has been delayed until 2028 due to the acquisition. The recent fire has intensified calls for the NSW government to demolish the derelict building, which is seen as a safety hazard. Heworth is awaiting compensation from the government, and the local community is frustrated by the stalled development and the ongoing absence of the Balmain Tigers' home.

Kingscliff Beach Hotel on the market for $100m

04 Apr 2024  |  realcommercial.com.au
The Kingscliff Beach Hotel, located between the Gold Coast and Byron Bay, is up for sale with an expected price of $100 million. The hotel is a well-known establishment in Kingscliff, a town that has become a hotspot for sea changers from Sydney and Melbourne during the pandemic. The sale is part of a broader trend where pubs and hotels have seen a surge in prices following the pandemic. Other notable sales include The Oaks Hotel and the Longueville Hotel in Sydney, and the Imperial Hotel and HOLA in Eumundi. The Taphouse Group, which operates the Kingscliff Beach Hotel, has received several unsolicited offers before the official listing. HTL Property's directors Andrew Jolliffe and Dan Dragicevich highlighted the hotel's iconic status, revenue generation, and development potential due to its zoning rules.

Herald Sun Subscription Terms

04 Apr 2024  |  heraldsun.com.au
The Herald Sun is offering a subscription service at $16 every four weeks, which is non-refundable and will automatically renew unless cancelled according to the full Terms and Conditions. The subscription allows access to 30 locked articles on the Herald Sun website during each subscription period but does not include app access or carry over of unused articles. It also excludes access to the +Rewards program. Subscription prices are subject to change as stated in the full Terms and Conditions, which can be found on the Herald Sun's subscription terms webpage.

2020 Gadgets News & Coverage

04 Apr 2024  |  theaustralian.com.au
The article briefly mentions an upcoming event, CES, where new and innovative gadgets are expected to be showcased. One such gadget highlighted is a refrigerator with a panel that allows users to watch TikTok videos. This suggests that CES will feature a range of quirky and technologically advanced products.

Grants take off: Gilmour Space Technologies $15m takeoff ahead of $50m raise

04 Apr 2024  |  realcommercial.com.au
Gilmour Space Technologies, a venture capital-funded space start-up led by Adam Gilmour, is facing challenges in expanding its facilities in southeast Queensland due to surging property prices. The company has $10 million allocated for the fit-out of two new facilities, which are part of a larger $156 million Australian Space Manufacturing Network (ASMN) project. This project aims to create a network of space centers and launch facilities across Australia and has received $52 million from the federal government's Modern Manufacturing Initiative. The remaining funds will come from the Queensland government and ASMN partners. Gilmour Space is also planning a $50 million Series D capital raise later this year. The company is currently constructing the $15 million Bowen Orbital Spaceport in the Whitsunday region, with a completion target within the next three months.

Housing policy limiting Australians to substandard homes

04 Apr 2024  |  realcommercial.com.au
The article discusses a new housing policy proposed by Australian Prime Minister Scott Morrison, which would allow prospective home buyers to use their superannuation for purchasing homes. The policy is controversial and has sparked debate within the property industry. Labor leader Anthony Albanese has proposed an alternative shared equity housing scheme. Economists Shane Oliver from AMP and Cameron Kusher from REA Group have criticized both policies for not addressing the fundamental issue of housing supply in Australia. They argue that these policies may inflate prices and fail to provide a long-term solution to the housing crisis. Both policies are seen as politically motivated rather than effective economic measures.

Plans Unveiled for New Hunter Street Metro Station in Sydney

04 Apr 2024  |  realcommercial.com.au
The article discusses the unveiling of plans for the new Hunter Street Metro Station in Sydney's CBD, which includes the construction of two towers, Hunter Street East and West, each with varying heights and floor space. The development will lead to the demolition of existing properties, including a significant acquisition from Hong Kong's Value Partners Group and Ashe Morgan for $344m. The project aims to enhance the employment capacity of the site and is part of the new Sydney Paramatta metro line, which will halve travel times between the two CBDs. NSW Premier Dominic Perrottet has promoted the development as transformative for the city. Major developers and investors are showing interest in the project, which is expected to revitalize the CBD post-pandemic.

Bourse resets record as big four banks rally on bolstered rate cut bets

08 Mar 2024  |  www.theaustralian.com.au
The S&P/ASX200 and All Ordinaries indices set new records, driven by a rally in financial stocks amid growing optimism for US Federal Reserve rate cuts. Commonwealth Bank, Westpac, ANZ, and NAB shares surged to multi-year highs. Fed Chair Jerome Power indicated a readiness to ease interest rates, while ECB President Christine Lagarde suggested the ECB might cut rates from June. Virgin Money's stock soared after a takeover bid from Nationwide Building Society. Ramelius Resources is considering acquiring Karora Resources, and GQG Partners' shares fell after Pacific Current Group sold a stake.

ASX Health Stocks: Algorae’s update on AI-powered drugs discovery platform

08 Mar 2024  |  theaustralian.com.au
Algorae is developing an AI-powered drug discovery platform called AlgoraeOS, in collaboration with AI experts from the University of New South Wales. The platform, which uses machine learning and neural network algorithms, is designed to predict combination drug targets and relies on a vast database of medical and scientific information. Data acquisition is ongoing, with contributions from pharmaceutical companies like Merck and Co and Novartis AG. AlgoraeOS will also utilize Gadi, the most powerful supercomputer in the Southern Hemisphere, operated by NCI Australia, and is expected to be operational in Q3 of this year.

The next Neuren? Nyrada chases two big markets – stroke and traumatic brain injury

08 Mar 2024  |  theaustralian.com.au
Nyrada's stock surged 400% after positive pre-clinical study results for its brain injury drug candidate, NYR-BI03, which showed potential to protect the brain from secondary injury in stroke and traumatic brain injury. The drug blocks TRPC ion channels to prevent calcium overload and brain cell death. The study demonstrated a 42% reduction in brain injury, indicating a significant therapeutic and market opportunity. Nyrada plans to initiate human trials in the latter half of the year and is collaborating with the Walter Reed Army Institute of Research for a study on battlefield injuries. The company recently raised $1.755 million to fund these initiatives. Other companies in the brain space include HITIQ, which provides concussion management technology, and Actinogen Medical, which is developing treatments for Alzheimer’s disease.

How to walk your way into better shape

13 Jan 2024  |  theaustralian.com.au
The article discusses the numerous health benefits of walking and suggests ways to enhance the walking experience for better physical and mental health. Dalton Wong of TwentyTwo Training recommends nasal breathing during walks to increase oxygen circulation and reduce stress. Professor Costas Karageorghis from Brunel University London advises walking in silence to reconnect with one's surroundings and enhance the mind-body connection. The article also suggests wearing a weighted vest, like those used by David Beckham and Mark Zuckerberg, to add resistance and benefit muscles and bones. Research from Imperial College London and others indicates that brisk walking can reduce the risk of type 2 diabetes and may slow biological ageing by preserving telomere length. Additionally, walking backwards is recommended for its benefits to the hamstrings and brain. The article emphasizes that walking is a free and effective form of exercise that can be easily incorporated into daily life.

New AI technology could solve cold cases by linking fingerprints from different fingers

12 Jan 2024  |  theaustralian.com.au
Researchers from Columbia and Buffalo universities have developed an AI system that can detect whether two fingerprints come from the same person with 88% accuracy. This breakthrough challenges the long-standing belief in forensic science that each fingerprint is unique and not identifiable across different fingers of the same person. The system, which uses a deep contrastive network, focuses on angles and curvatures rather than traditional minutiae like branchings and endpoints. Despite initial rejections from forensic and general science journals, the study was eventually published in Science Advances. The findings could potentially help solve cold cases and exonerate wrongfully convicted individuals, although further research is needed before it can be applied in law enforcement.

Social media platforms ‘have to be moderated’

21 Dec 2023  |  theaustralian.com.au
Elon Musk's company, X Corp, previously known as Twitter, is facing legal action in Australia by the online watchdog eSafety. The legal challenge arises from X Corp's alleged failure to comply with the Online Safety Act, specifically regarding the handling of child abuse material. eSafety claims that X Corp did not respond or did not truthfully respond to a transparency notice issued in February, which required information on the company's compliance with legislative requirements. Additionally, X Corp is accused of not paying a fine of $610,500 for this noncompliance. The regulator is seeking to have the judicial review of the transparency notice and the civil penalty proceedings heard together, emphasizing the importance of compliance with statutory notices.

Telstra fined $300,000 for failing to provide 19,000 customer details to emergency warning system database

28 Nov 2023  |  theaustralian.com.au
Telstra has been fined $300,000 by the Australian Communications and Media Authority (ACMA) for failing to provide accurate customer details to the Integrated Public Number Database (IPND), which is crucial for emergency services. This database assists in locating individuals during emergencies and is used by triple-0 services. The investigation revealed that Telstra did not comply with the IPND rules on 19,000 occasions between October 2010 and August 2022, including incidents where silent numbers were incorrectly listed in directory services. Previously, in 2011, Telstra was fined $2.5 million for similar compliance failures. ACMA chair Nerida O’Loughlin emphasized the importance of telcos maintaining effective processes to meet these obligations. Telstra has apologized and committed to an independent review of its compliance processes, quarterly data accuracy checks, and reporting to ACMA.

‘Market is going to be surprised,’ says Firebrick as it prepares launch antiviral nasal spray

27 Nov 2023  |  theaustralian.com.au
Firebrick Pharma has seen a significant surge in its share price following news about its antiviral nasal spray, Nasodene, which is expected to enter the market in 2024 without further clinical studies. The global antiviral drugs market is projected to exceed $US90 billion by 2033. Firebrick's executive chairman, Peter Molloy, highlighted Nasodene's effectiveness against SARS-CoV-2. Despite a failed Phase 3 trial for the common cold, Firebrick remains committed to developing Nasodene. Other ASX-listed biotechs like Starpharma, Biotron, Island Pharma, and PharmAust are also advancing in the antiviral space. The article emphasizes the growing market for antiviral drugs and the potential of these companies' products in preventing future pandemics.

'Secret sauce’ of competitiveness will set the nation apart

27 Nov 2023  |  theaustralian.com.au
The article discusses Australia's potential to benefit from global economic changes due to decarbonisation, electrification, and population growth. It highlights Australia's economic resilience in the face of various challenges over the past 15 years, including the financial crisis and the pandemic. However, it also points out the structural challenges facing the Australian economy, such as slow productivity growth, cost-of-living crisis, and an ageing population. The article emphasizes the need for Australia to diversify its economy, invest in technology and skills, and create a stable policy environment to attract global capital. It argues that competitiveness should be the national goal, as it can be measured and tracked, and calls for collaboration between businesses and government to recapture Australia's competitiveness.

Package delivery alert text scams are back Banks are targeting scammers like never before.

24 Nov 2023  |  theaustralian.com.au
Australia's major banks are implementing a $100 million Scam-Safe Accord to combat online fraud and identity scams. This initiative includes a new payee system requiring customers to confirm account names and pay IDs for transactions, aiming to reduce the risk of scams. The Australian Banking Association (ABA) announced that the design of an industry-wide 'confirmation of payee' system will begin immediately, with full implementation expected between 2024 and 2025. ABA CEO Anna Bligh emphasized the importance of collaboration among government, banks, and other sectors to fight against scamming activities. Additional measures include biometric checks for new bank accounts and a major expansion of intelligence sharing across the banking sector through the Fraud Reporting Exchange and Australian Financial Crimes Exchange. Mike Lawrence, CEO of the Customer Owned Banking Association, also highlighted the industry's commitment to protecting Australians from scammers.

The Guardian removes Osama bin Laden's letter after it sparks antisemitism

16 Nov 2023  |  theaustralian.com.au
The Guardian has removed a letter by Osama bin Laden from its website after it was used to spread anti-Semitic comments on social media regarding the Israel-Hamas conflict. The letter, written 21 years ago and published in 2002, gained recent attention with the hashtag #lettertoamerica on TikTok, leading to it becoming one of the most-viewed stories on The Guardian's site. The letter contained antisemitic language and blamed Jews for the 9/11 attacks. Due to the letter being shared out of context, The Guardian decided to remove it and instead direct readers to the original news article providing the context.

Inside Canva’s new office where there’s six desks for every 10 and possibly fish on the roof

01 Oct 2023  |  www.realcommercial.com.au
Canva's new 12,000 sqm Sydney campus features innovative amenities like ice baths and a rooftop green garden with potential aquaculture. The office, part of Sydney's Tech Central project, aims to foster employee wellness and sustainability, with plans for renewable energy and reduced heat load. The development includes a gym, studio space, and various wellness programs. The office will have six desks for every ten employees, reflecting post-Covid work trends. The project is set for completion in 2026, with Atlassian and other tech companies also developing nearby. The economic value of such tech offices will soon be tested with Afterpay's headquarters up for sale.

Big telco players must take responsibility and help better protect customers against cybercrime, minister says

05 Apr 2023  |  theaustralian.com.au
Home Affairs Minister Clare O’Neil announced that telecommunications companies like Telstra and Optus will be required to assist in detecting cyber attacks as part of Australia's new cyber security strategy. The government plans to enforce new regulations on businesses to protect against the rise in cybercrime, which saw a 23% increase in reports in 2023. The strategy includes a $600m investment to strengthen critical infrastructure and introduces a mandatory reporting scheme for ransomware attacks. Companies will be prohibited from paying ransoms to cybercriminals and will face restrictions on the amount of customer data they can retain. The government aims to reduce the vulnerability of businesses and citizens to cyber threats with these measures.

Western Australia Seeks Partner for New $4m GreenTech Hub

05 Apr 2023  |  realcommercial.com.au
The West Australian government is collaborating with Chevron to create a new GreenTech Hub, with Chevron providing $4 million in funding. This initiative is part of a larger $40 million agreement aimed at fostering green technology and reducing emissions in the state. The hub will offer a Lower Carbon Grants Program Fund, distributing between $5 million and $15 million for innovative projects. Science Minister Stephen Dawson expressed the government's commitment to achieving net-zero emissions by 2050 and mentioned the possibility of partnering with universities or non-profits to establish the hub. The government also plans to support the WestTech Festival with $500,000 over two years. The GreenTech Hub is expected to be operational by mid-2024, with grant applications opening by February of the same year.

From Felony to Fortune: The Asian-American Entrepreneurs Breaking the Cycle of Poverty

01 Apr 2023  |  scmp.com
The article discusses the story of entrepreneur Jason Wang, who turned his life around after being involved in a gang and committing a felony at a young age. His mother's support played a crucial role in his transformation. Wang's story is featured in 'Uplifted: A Collection of Stories from Asian Hustle Network', a book that showcases the success stories of Asian-American entrepreneurs. The book, which reached its Kickstarter funding goal in less than 24 hours, is part of the Asian Hustle Network's efforts to become a hub for Asian-American entrepreneurs. The network, founded by Bryan Pham and Maggie Chui, has grown significantly and aims to be an 'Asian Buzzfeed'. The article also mentions other entrepreneurs like Mayly Tao and David and Jack Nguyen, who have found success and are featured in the book.

Aussie Angels founder Cheryl Mack’s ambitious angel investor dream

07 Sep 2022  |  theaustralian.com.au
Cheryl Mack, a former strategic adviser turned angel investor, has founded Aussie Angels, a platform for angel investors to form syndicates without upfront costs. Since its inception in November, Aussie Angels has grown to approximately 600 limited partners who have joined 21 syndicates, closing 13 deals worth $2.5 million. Mack's vision is for Aussie Angels to become a central hub for start-up capital raising in Australia. She aims to have 200 syndicates with over 10,000 LPs, investing $100 million annually by 2026. The platform allows syndicate leads to pitch their investment focus and, after vetting, promotes them to potential investors. Aussie Angels takes a portion of the syndicate's carried interest to invest in investor training, including sustainability practices. Mack also founded CMACK Ventures, a syndicate with 180 LPs. The article highlights the growth of venture capital in Australia and the innovative financial structure that Aussie Angels uses to facilitate investments.

Developers bear cost of Sydney’s push for 40,000sq m of culture

08 Jun 2022  |  dailytelegraph.com.au
The City of Sydney has unveiled an ambitious plan to increase cultural spaces by 40,000sq m by 2036, in response to a significant drop in such spaces. The plan involves property developers incorporating cultural spaces, such as areas for live entertainment and art, into their projects. This initiative has been met with resistance from developers concerned about the costs and lack of clear guidelines. The Urban Taskforce has cautioned against placing financial burdens on developers without compensatory measures. Toga and AsheMorgan have complied with the new requirements in their Oxford and Foley development. The City of Sydney has already opened the Creative Studios on Bathurst St and is working with developers to address challenges in creating cultural spaces. The article suggests that while there are short-term costs, the long-term benefits of cultural spaces can enhance the city's economy and attractiveness.

A Long Road to Justice: Stories from the Frontlines in Asia

05 Mar 2022  |  scmp.com
Sylvia Yu Friedman, a journalist turned philanthropist, recounts her harrowing experience while filming a documentary in a notorious red light district in southern China. She was there to expose the trafficking of young women, some as young as 16, from neighboring countries. The situation turned dangerous when local enforcers demanded she hand over her footage, but she managed to delete it from her phone and escape when they were distracted by the false alarm of police arrival. This incident is part of her new book 'A Long Road to Justice', which details her two-decade career in Asia, her fight for trafficked women's rights, and her personal journey, including her struggle with her Korean heritage. The book, which also covers the stories of 'comfort women' trafficked by the Imperial Japanese military during World War II, is set to be adapted into a feature film. The article includes excerpts from her book, sharing the stories of victims she interviewed and her own reflections on the injustices they faced.

Coronavirus Australia: Testing clinics ‘in meltdown’ amid record cases

25 Dec 2021  |  pressnewsagency.org
The article discusses the comment moderation policy of 'The Australian' website. It informs readers that comments are moderated before publication to ensure a constructive and respectful debate. The publication invites readers to comment but notes that submission does not guarantee publication. The article also provides guidance on what to do if a reader feels their comment has been wrongly rejected, including contacting the provided email with the relevant login email address for investigation. Additionally, it directs readers to the comment guidelines for further information.

How to Respond When a Journalist Asks for an Interview

17 Nov 2021  |  writingcooperative.com
The article, published by Joseph Lam in The Writing Cooperative, provides guidance on how to prepare for an interview with a journalist. It addresses the common apprehension people feel when approached by the media for a story. The author emphasizes the importance of being prepared to ensure the interview is not bland and that the story is effectively communicated. The piece suggests that readers should respond promptly to a journalist's inquiry to avoid increasing anxiety. It also recommends researching the journalist to get a sense of their profile and to demystify any preconceived notions about them. The article aims to calm nerves and offer practical advice for engaging with the media.

Half man, half robot in eStore Logistics' new $28m robo-fulfilling warehouse

29 Jul 2021  |  themercury.com.au
eStore Logistics, an Australian e-commerce distributor, has opened a new $28 million robot-run warehouse in Melbourne's west, in collaboration with Dexus. The facility spans 17,500 square meters and has created approximately 155 jobs. The warehouse is partially operated by Autonomous Mobile Robots (AMRs), with the latest addition of 75 robots bringing the total fleet to about 250. These robots have increased the warehouse's production capacity, enabling it to fulfil 40,000 orders daily. Managing director Leigh Williams highlighted the safety benefits and employment opportunities for a diverse workforce due to the robotic assistance. The expansion reflects the significant shift to online shopping, with a 51 percent increase in orders over the past year. The warehouse will serve about ten of eStore's 80 retail customers, which vary in size from small family businesses to large-scale operations.

Why Gemma Chan-backed podcast on murder of Vincent Chin was pulled, and the storm it unleashed

10 Jun 2021  |  scmp.com
The article discusses the controversy surrounding the podcast 'Hold Still, Vincent,' which is based on the murder of Chinese-American Vincent Chin nearly 40 years ago. The podcast, produced by A-Major Media and featuring Gemma Chan, was pulled from platforms after failing to include input from Chin's family and those who fought for justice in his case. The incident has sparked a debate about who has the right to tell such stories and the importance of including the perspectives of those directly involved. University of California Law and Race Professor Gabriel Chin and activist Helen Zia, executor of Vincent and Lily Chin's estate, are among those who have commented on the issue. Jenn Fang, founder of reappropriate.com, also weighed in, emphasizing the need for education on Asian-American history and the significance of getting such stories right, especially in light of the recent rise in anti-Asian hate.

TV series Warrior, inspired by Bruce Lee, gives its star Andrew Koji a chance to flex his muscles and fighting skills – just don’t call him a martial arts actor

16 Feb 2021  |  South China Morning Post
The article discusses the career of actor Andrew Koji, who stars in the HBO series 'Warrior,' a show based on an original concept by Bruce Lee and produced by his daughter Shannon Lee. Koji, who has a background in martial arts, expresses his desire to not be pigeonholed as a martial arts actor despite his success in action roles, including working with Brad Pitt in 'Bullet Train' and Henry Golding in 'Snake Eyes: G.I. Joe.' The article covers Koji's early life, his mixed-race identity, his struggle as an actor, and his eventual success with 'Warrior.' It also touches on his potential future projects and the possibility of a third season of 'Warrior.'

The rise of Asian-Australian podcasts, sharing life experiences and pop culture so others ‘feel like they’re not alone’

29 Oct 2020  |  South China Morning Post
The article discusses the emergence of Asian-Australian podcasters who are sharing their minority experiences and cultural stories through podcasts. Phillip Kuoch and Thomas Tan from Melbourne have created 'Lemon', a podcast that has gained over 30,000 listeners. They, along with other podcasters like Jay Ooi of 'Shoes Off' and the team behind 'Unapologetically Asian', are part of a growing trend that challenges the notion that podcasting is predominantly a 'white people' activity. Despite not being a lucrative endeavor, these podcasters find value in creating a sense of community and addressing topics such as racism, cultural identity, and the Asian diaspora experience. The article also touches on the collaboration between podcasters and the role of online groups like 'Subtle Asian Traits' in fostering a cultural movement.

Hong Kong model Mia Kang on her eating disorder, traumatic childhood and love of Thai boxing as she releases memoir

22 Oct 2020  |  South China Morning Post
Mia Kang's memoir, 'Knockout,' delves into her struggles with eating disorders, childhood trauma, and her journey to self-acceptance through Thai boxing. Raised in Hong Kong by a British father and South Korean mother, Kang faced early abandonment and emotional challenges, leading to addictive behaviors and a tumultuous relationship with food. Her modeling career exacerbated these issues, but Thai boxing provided a path to healing and self-respect. The memoir offers a raw look at her life, the modeling industry, and her ultimate journey from self-hate to self-love.

Hungry Ghosts cast on the TV milestone for Asian-Australians

28 Aug 2020  |  South China Morning Post
Hungry Ghosts is a groundbreaking Asian-Australian series that explores the cultural and generational impacts of the Vietnam War on the Vietnamese community in Melbourne. The series features a predominantly Asian-Australian cast, including over 350 actors, and marks a significant moment in Australian television for its representation of diverse stories. The cast members, many of whom have personal connections to the war and its aftermath, share their experiences and the importance of the series in reflecting their heritage and the shared trauma within the Vietnamese diaspora.

Why Asian students dominate top schools: it’s not tiger moms – education is ‘insurance policy’ in an unequal society in the eyes of their migrant parents

07 Aug 2020  |  South China Morning Post
Selective schools in New South Wales, which accept high-achieving students, are often compared to elite private schools in terms of student achievement. Christina Ho, an associate professor at the University of Technology Sydney, discusses the pressure on migrant parents to secure a place for their children in these schools as a way to combat social inequality. The article explores the cultural attitudes towards education among Asian migrant communities, highlighting that for many, education is prioritized as an 'insurance policy' against inequality. The piece also touches on the history of selective schools in New South Wales and the resurgence of gifted and talented programs. Experts like Helen Proctor and Megan Watkins provide insights into the educational strategies of migrant families and the cultural differences in attitudes towards education.

The 1982 killing of Vincent Chin was ‘the first time Asian-Americans came together’ to fight for justice

22 Jun 2020  |  South China Morning Post
The article recounts the tragic story of Vincent Chin, a Chinese-American man who was beaten to death in Detroit in 1982, days before his wedding. The attack was racially motivated, as his assailants, Ronald Ebens and Michael Nitz, mistook him for Japanese and blamed him for the loss of American jobs due to the rise of Japanese car sales. The incident highlighted the racial tensions and economic anxieties of the time. Despite pleading guilty to manslaughter, the attackers faced no prison time, only fines. The case became a catalyst for Asian-American civil rights activism, with the formation of the American Citizens for Justice and the involvement of figures like Helen Zia and Renee Tajima-Pena, who made a documentary about the case. The article discusses the long-term impact of the case on civil rights and the Asian-American community, as well as the ongoing struggle for justice and recognition of hate crimes against Asian-Americans.

When Sydney massage parlours reopen, unlicensed sex workers will have an income for the first time in months

10 Jun 2020  |  South China Morning Post
Massage parlours in Sydney, which often provide sexual services, have been closed due to COVID-19, impacting the income of many unlicensed sex workers. Advocacy groups like Scarlet Alliance and Sex Worker Outreach Project have responded to police actions against these workers, emphasizing the need for social distancing without criminalizing the workers. The industry is a grey area with issues of exploitation, particularly for migrant workers on visas. Research by BaptistCare HopeStreet highlighted the lower earnings and lack of formal contracts for workers in unlicensed venues. The pandemic has exposed inequalities and stigmas faced by Southeast Asian workers in the industry.

How Korean restaurants in Sydney are transforming city’s late-night dining scene

02 Jun 2020  |  South China Morning Post
Korean restaurants and bars, known as suljibs, are expanding the late-night dining options in Sydney, Australia. These establishments, which serve food and alcohol, are part of a cultural shift influenced by the growing Korean community and interest in Korean culture among Australians. Key figures like Korean-Australian business owner Andrew Dong Kim and restaurateur Jackie Park have contributed to this trend. The popularity of Korean cuisine is also tied to the convenience of long opening hours and the cultural practice of eating out late. Despite the positive cultural integration, issues such as underpayment of Korean workers have been highlighted by Unions NSW. The Korean population in Australia has been growing since the 1950s, with a significant increase from the mid-1970s to the mid-1980s, and Koreans are now attracted to Australia for its lifestyle and immigration opportunities.

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