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Annual Property Review 2017

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ANNUAL<br />

PROPERTY<br />

REVIEW<br />

<strong>2017</strong>


TOWER & LONDON<br />

138 Walker Street, North Sydney NSW 2060<br />

Ph: +61 2 8904 1318<br />

Fax: +61 2 8904 1306<br />

Email: reception@towerlondon.com<br />

www.towerlondon.com


TOWER & LONDON<br />

ANNUAL PROPERTY REVIEW<br />

FY 2016-<strong>2017</strong><br />

A yearly publication published by Tower & London<br />

show casing its portfolio of properties and a property<br />

market review of the respective year.<br />

*The information contained in this publication is for general information<br />

purposes only. Readers are advised that while an earnest effort has been taken<br />

to ensure the information in this document was obtained from reliable sources,<br />

Tower & London gives no guarantees or warranties, written or implied, over the<br />

accuracy of the information provided. Tower & London Pty Ltd disclaims all<br />

responsibility for any loss or damage suffered as a result of the use of the<br />

contents of this publication. The views expressed in this publication are those of<br />

the writers and do not necessarily reflect the views of the publisher.


OUR STORY<br />

John Tower founded Tower & London in May 1993 with the aim of providing<br />

property owners and investors with quality services, sound advice and an honest<br />

approach to all business. The first office was in a small premises in Milsons Point<br />

and within three years it expanded to a much larger premises at Port Jackson<br />

Tower; the second office was in St Leonards, a third in North Sydney and fourth in<br />

Hong Kong. Since 2008, with the weight of managing four offices, a decision was<br />

made to gradually sell or merge these businesses; and by September 2014 this was<br />

achieved; after 21 years from the inception of the business.<br />

Tower & London is now located in a brand new office centrally located at North<br />

Sydney; more specialised and in a smaller scale than before; offering the same<br />

quality of property services. John Tower has returned to pass his knowledge and<br />

experience of 30 years in the property industry to his clients.<br />

Tower & London offers property management, leasing, valuations, refurbishments<br />

and sales of residential and commercial premises.<br />

The first point of contact is John Tower: 0408 216 979; john@towerlondon.com


INTRODUCTION<br />

Welcome to the <strong>Annual</strong> <strong>Property</strong> <strong>Review</strong> <strong>2017</strong>, this being our first issue since the opening of<br />

our North Sydney office in the Belvedere. The main article is The Effect of the New Light Rail<br />

to Residential <strong>Property</strong> Values which explores how light rail affected values in various cities in<br />

North America; and other articles, we hope you’ll find interesting.<br />

This magazine is produced mainly for our clients and prospective clients; as its main message<br />

is to provide information about the current performance of properties in this area by listing<br />

some of the sales and leasing activity Tower & London undertook during this first year in this<br />

new premise.<br />

My aim as the Principal of Tower & London is to pace the growth of the company in such a<br />

way that it does not impede the quality of service that Tower & London is renowned for. My<br />

firm belief is that maintaining and improving the quality of the service to our clients far<br />

outweighs an accelerated growth. We have built a small team in training and with good<br />

experience, together share my philosophy of total dedication to the best interest of the client;<br />

and hard work in an efficient and fair manner. The harmony, confidence and respect between<br />

individual team members is what shines.<br />

Our first approach was to lease an office premise; but within the first year, the opportunity<br />

arose to purchase the premise: we did, ensuring security of tenure for the long-term; and as<br />

North Sydney has entered into a new development phase, we’ll be here providing property<br />

services for owners and tenants alike for the coming decades.<br />

Tower & London are unlike any other Real Estate Agency, because the breadth of our services<br />

are unmatched: apart from the typical agency services such as Sale and <strong>Property</strong> Management;<br />

we are registered <strong>Property</strong> Valuers; and, we design and manage refurbishment projects, mainly<br />

apartments that need upgrading and adding more amenities or redesigning them so that they<br />

become more acceptable to today’s tenants and modern standards.<br />

I hope you’ll enjoy browsing through this magazine, and we look forward to good business in<br />

2018.<br />

John Tower<br />

Managing Director<br />

L.R.E.A<br />

Licensed Valuer


CONTENTS<br />

<strong>Property</strong> <strong>Review</strong> 1<br />

International <strong>Property</strong> 5<br />

Sydney Map 7<br />

Sale Properties 8<br />

Rental Properties 19<br />

<strong>Property</strong> Services 25<br />

Meet the Team 27


PROPERTY REVIEW<br />

By John Tower<br />

The Effect of the New Light Rail on North Sydney Residential <strong>Property</strong> Values<br />

North Sydney has been well serviced by various tram and rail systems from as early as 1886, when a double track cable<br />

tramway was built from Milsons Point Ferry Wharf, where the North pylon of the Harbour Bridge is now, extending via Alfred<br />

Street and through Blue Street and then Miller Street, eventually reaching St Leonards. Coincidently, the new Chatswood to<br />

Sydenham light rail system tunnel is under Miller Street, and the new Victoria Cross Station’s main entrance will be located on<br />

Miller Street, on the Corner of Berry Street.<br />

Construction of the Chatswood to Sydenham component of Sydney Metro is<br />

underway comprising 15.5km metro line, starting at Chatswood through Crows<br />

Nest to North Sydney, under Sydney harbour, through Sydney CBD and then<br />

out to Sydenham. The new Victoria Cross Station is part of a major<br />

development of a prominent site on Miller Street, where many commercial<br />

buildings have just been demolished making way for the project in the heart of<br />

North Sydney CBD and the new residential precinct. The new system will be<br />

operational by 2024.<br />

Simultaneously, North Sydney is undergoing major changes, as residential<br />

property values have increased over the past five years: low to medium rise<br />

commercial strata and freehold buildings; largely built in the 1960-70s have<br />

become viable development sites. They are being amalgamated and<br />

redeveloped into mixed use high-rise complexes with a large component of<br />

residential apartments. North Sydney Council continues to develop plans to<br />

rezone more parts of north Berry Street into residential uses. No longer will<br />

North Sydney be deserted on the weekends.<br />

<strong>Property</strong> values in all of Sydney have increased over the past five years, in some<br />

areas more than other; the lower North Shore has had a particularly large<br />

increase in values.<br />

Fig. 1 - Old North Sydney Trams<br />

Source: Brady, I (1958)<br />

Fig. 2 - Artist Impression of New Victoria Cross Station<br />

Source: NSW Government (<strong>2017</strong>)


Fig. 3 - New Victoria Cross Station Site<br />

Source: NSW Government (<strong>2017</strong>)<br />

North Sydney has become more popular again, not only because<br />

of the surge in demand but also because the new apartment<br />

buildings are changing the external environment; public transport<br />

is good and it is set to become much better with the new light rail<br />

system going the length of the city. This article explores the<br />

impact this new light rail system will have on values of existing<br />

and proposed residential properties in North Sydney.<br />

Studies in US cities where repeat sales of data were used before and after the construction of light rail systems, whereas<br />

otherwise prices would have been stable, had increased by about 4% on the average home price for properties located within<br />

about a kilometre from the station of METRO Blue Line in Minneapolis (Clemens, Pilgram and West 2018). The results<br />

from a study of the effect of Mass Transit Line in Brisbane show between 8.7% to 10.8% increase in property values depending<br />

on distance from the CBD; and in particular, the results show that apartment residents have a natural preference for public<br />

transport. (Hale 2008)<br />

Value increases are not only beneficial to property owners but also to the government institutions who provide the<br />

infrastructure systems. Land Value Capture (LVC) is a method of calculating value premiums on properties created by the<br />

provision of public services such a transit system; this can be treated as an investment with financial returns through increased<br />

land values and recouped through increase of tax revenue on property; moreover, taxes on increased economic activity.<br />

(Dziauddin, Powe and Alvanides 2014)<br />

The studies above point to an increase of between 4% to about 10% in various cities; and although this does not appear to be<br />

significant when we have had such a boom in property values, particularly in the lower North Shore, the point is that this is an<br />

addition to the natural increase in values. This is independent to market value fluctuations. How much will property values in<br />

North Sydney rise by the effect of the new Light rail system is not certain; albeit, this article suggests that values will increase,<br />

and probably already have somewhat since the announcement of the light rail system.


North Sydney Residential <strong>Property</strong> <strong>Review</strong><br />

North Sydney is fast becoming a very attractive residential destination; in <strong>2017</strong> North Sydney houses recorded the 2 nd highest increase<br />

of values: up 36.5% from previous year; apartments were also near the top, in fifth position, at 31.4% increase in values over the year.<br />

(CoreLogic, <strong>2017</strong>).<br />

Towards the end of <strong>2017</strong> the average Sydney property prices were<br />

generally subdued after many years of strong growth; by the end of<br />

November property prices were -1.3% lower than in August; a transition<br />

from growth to depreciation of values; what is not clear is the sustainability<br />

of this change.<br />

The Reserve Bank is repeatedly harping on the high level of household<br />

debt; and lending institutions are worried about the equity to debt<br />

positions on their books. The financing of property has, along with other<br />

levers such as stamp duty increases for foreign investors, been the main<br />

factor attributed to the beginning of this transition period. A number of<br />

changes took place during the year with regards to property financing,<br />

these are:<br />

1. Lending to residential property investors has been tightened as more<br />

equity was required by banks at higher interest charges.<br />

2. Interest only loans were restricted and; at higher interest charges.<br />

3. Lending to foreigners was curtailed.<br />

4. Lending to Australian citizens with overseas income was curtailed.<br />

5. Some lending institutions restricted lending to high-rise apartment<br />

blocks.<br />

Fig. 4 - Moving <strong>Annual</strong> Median House Prices<br />

Source: REINSW (<strong>2017</strong>)<br />

Fig. 5 - Moving <strong>Annual</strong> Median Unit and Townhouse Price<br />

Source: REINSW (<strong>2017</strong>)<br />

Although the Reserve Bank, throughout <strong>2017</strong>, was reluctant to increase the base interest rate: rates increased, the banks did<br />

implement some of the above mentioned changes to their lending policies.


Supply and Demand in North Sydney Area<br />

North Sydney and the immediate localities to the north up to St<br />

Leonards and the south of McMahons Point are going through an<br />

unprecedented presidential property construction boom. From<br />

small apartment blocks to large high-rise multi-building complexes<br />

built by locals and the new entrants such as the Chinese and<br />

Singaporean development companies.<br />

Prices paid by property investors off the plan for tiny apartments in<br />

high-rise developments, particularly along the Pacific Highway<br />

were astonishing; at times, more than $20,000 per square meter.<br />

Foreign investors fuelled the market and locals competed with<br />

them, borrowing large amounts against values that could, at any<br />

time, come undone and wipe out their equity if not more.<br />

Fig. 6 - North Sydney Residential Apartments<br />

Source: Meriton Apartments (2018)<br />

During 2018 and 2019, many of these developments will be<br />

completed; and predictably, the number and the size of these<br />

projects will start to decrease as the values stabilize, or indeed,<br />

adjust.<br />

The new supply of apartments on this market will substantially be filled, putting some downward pressure on rental yields and<br />

increases in vacancy factors across the Lower North Shore.<br />

On the demand side; although some buyers have been dislodged from the market because of the lending policies and many have<br />

already entered the market; buyers’ confidence remains positive despite the headlines about the boom coming to an end: those who<br />

can still purchase a property are doing so, but more cautiously than they were a year ago.<br />

First home buyers are in the increase; State Government grants are attracting them to the lower priced properties, such as one<br />

bedroom apartments in the Crows Nest area and surrounding. This trend will probably continue throughout 2018.<br />

Generally most owners in the mind of selling their existing property are holding back to catch the top of the market before selling.<br />

The question remains, have we not already reached the top of the market for this cycle?


INTERNATIONAL PROPERTY<br />

By John Tower<br />

Buying a Holiday Apartment in Italy is Exciting but it Comes with Exertion<br />

Fig. 7 - Lake Laguna, Switzerland<br />

Source: Lake Laguna Homes (<strong>2017</strong>)<br />

I am a keen cyclist; and Europe is the most enjoyable destination for<br />

many passionate cyclists. Italy, in my view, is the pinnacle, because<br />

it’s not just the sport itself, it has more to do with tradition,<br />

architecture, music, food and the beautiful climbs. I travel to Europe<br />

almost every year, mostly to Italy. About five years ago, a cycling tour<br />

took me to Como, Lake Como. I was with an organised tour; we<br />

were making our way across northern Italy after spending some time<br />

in the majestic mountains called the Dolomites. We stopped for a<br />

couple of days of cycling around Lake Como and Lake Lugano in<br />

Switzerland.<br />

I was in the leading car; and by the time the rest of the crew arrived,<br />

I had already made an appointment with a local Real Estate Agent to<br />

view an apartment overlooking the lake, I immediately loved the<br />

place. Imagine, a sparkling blue lake, two or three times wider the<br />

Sydney Harbour and possibly ten times longer, surrounded by<br />

quaint villages that barely blemish the bottom end of epic mountains<br />

longer, surrounded by quaint villages that barely blemish the bottom end of epic mountains with snow covered peaks.<br />

The first apartment I viewed had two bedrooms, situated on the lake shore in an old castle, it was facing North: not a good aspect in<br />

the Northern Hemisphere; it also needed extensive renovations, priced at about AU$900,000; after Stamp Duty and renovation<br />

expenses it would have easily reached $1.2million. Still, compared to Sydney prices, it was relatively inexpensive.<br />

The next year, I returned to Como with a mission to purchase an apartment: I did, in a popular locality named Cernobbio situated<br />

three kilometres north along Como lake from the historic town of Como. Cernobbio has two hills overlooking it: narrow roads with<br />

frightening switch backs lead you through beautiful villas, the odd church in a Piazza with busy restaurants, bakeries and gelati shops.<br />

Just above Piazza St Marco: a block of five apartments was under the last stage of construction on a sloping block facing south with<br />

views to Como city, the lake and the surrounding mountains to the west towards Switzerland.


Fig. 8 - View from Towerhill<br />

Source: Tower. J (2015)<br />

Typical in this region, new apartments are of two bedrooms and one<br />

bathroom; this block at street level has two of them, and from the<br />

courtyard a circular stair case, Harry Siedler style, led to a landing at<br />

the top floor apartment, a sprawling open space covering two<br />

apartments below, with three balconies and high vaulted roof line<br />

with exposed timber beams and skylights. There were no walls but<br />

piping for water heated underfloor system was exposed, timber<br />

trusses, and plumbing rough-ins in the bathrooms and kitchen<br />

predetermined positions. The space, the views and the style of this<br />

property stunned me.<br />

Needless to say, I purchased the property; the Stamp Duty for foreigners is 10% of the purchase price, 4% for locals. The property<br />

does not come completed as they do here in Australia; kitchen and bathroom fit-out is not included nor are built-in wardrobes,<br />

lighting and air-conditioning. The developer had suggested a floor plan. I had to employ a local interior Architect to design the<br />

interior and work with the builder to complete the internal layout, then fit the apartment with the rest at the owners’ cost.<br />

For the property enthusiast: the interior architects in Italy have a combined showroom and design practise under one roof; one can<br />

design and fit the apartment with fixtures and fittings all with one designer, selecting colours and materials and envisaging the concept;<br />

then the designer will have the furniture custom made for the property.<br />

The region between Milan and Como is famous for its artisan furniture makers: these were farming areas; and in winter, the farmers<br />

made furniture, for extra income; the furniture sold very well; and as time went they became better at it, until the income from<br />

furniture making surpassed the farming income; sheds were converted to factories and now some of Italy’s best furniture is made in<br />

this region. Custom made furniture to the highest of quality is at hand and not terribly expensive.<br />

Despite, the agonising experience in the process of purchasing the apartment and the following work to get it completed, I think, the<br />

effort has been well worth it. The Euro has substantially appreciated since the purchase, and property values have started to recover in<br />

the regions that were badly affected by the general sluggishness of the Eurozone countries since the financial crises of 2008. I intend<br />

on keeping this one for a very long time.


SAMPLE SALE<br />

PROPERTIES<br />

1. 21 Dumbarton Street, McMahons Point<br />

2. 20 Wonga Rd, Cremorne<br />

3. 43 Treatts Rd, Lindfield<br />

4. 801/138 Walker Street, North Sydney<br />

5. 103/138 Walker Street, North Sydney<br />

6. 1003/138 Walker St, North Sydney<br />

7. 1205/138 Walker St, North Sydney<br />

8. 1/104 Bay Rd, Waverton<br />

9. E513/3 Carlton St, Chippendale


1 21 Dumbarton Street,<br />

McMahons Point<br />

A Contemporary Home with Commanding Views Over<br />

Berrys Bay<br />

A fine example of modern practical architecture; carefully sculptured into<br />

an elevated site taking full advantage of the width and the breadth of the<br />

land; sand stone and concrete bordered by frameless glass form the<br />

façade of this solid home. Sydney Architect Mark S. Pulham: crafted a<br />

free standing building with three meticulously appointed levels with tall<br />

ceilings, natural light from all directions and wide expansive views.<br />

4 3 2


Situated of the east side of Dumbarton Street is this fine home built on a rectangular block of prime<br />

land on the east side of Dumbarton Street, having a frontage of 8.3m and 27m depth; an area of<br />

approximately 270sqm. The topography is of an elevated block starting at street level and gradually<br />

rising all along the side boundaries; thus enabling the architect to sculpture the sandstone foundation<br />

to fit a wide and generous building of three levels utilising the whole width of the land.


1<br />

20 Wonga Rd, Cremorne<br />

Exceptional Waterfront Living<br />

This luxurious home spans over 600m 2<br />

featuring the finest<br />

calibre of fixtures and finishes. Set right at the water’s edge, the<br />

residence enjoys one of the Lower North Shore’s most<br />

admired settings, gazing north across Middle Harbour to the<br />

Northbridge Golf Course and the surrounding bushland. A<br />

dream home for anyone.<br />

4 3 2


2<br />

43 Treatts Rd, Lindfield<br />

Classic Federation Family Home<br />

This beautiful home is perfectly positioned over<br />

920m 2<br />

of level land, taking full advantage of<br />

northernly aspect in a quiet location on the east<br />

side. Intact with all the period details, adorned<br />

with complementary fittings and state of the art<br />

contemporary updates.<br />

5 3 2


4<br />

801/138 Walker Street, North Sydney<br />

Northeast Aspect in the Beautiful<br />

Belvedere<br />

This apartment is positioned in the perfect corner of the<br />

building, enjoying sweeping harbour and district views,<br />

winter sun and cool summer breezes. This property has<br />

an area of 115sqm including balconies; two double<br />

bedrooms, the main with balcony, two good bathrooms<br />

and a delightful kitchen with a study nook. Two parking<br />

spaces in tandem and separate storage room, adding<br />

another 30sqm on title.<br />

2 2 2


5<br />

103/138 Walker Street,<br />

North Sydney<br />

Large Studio with a Balcony and Storage<br />

Situated in the popular “Belvedere”, this building is one<br />

of the finest in North Sydney with rooftop gym and<br />

swimming pool; as the bedroom area is not totally<br />

enclosed; hence, this studio is larger than many one<br />

bedroom units. East facing with a tree top outlook and<br />

with small common property area separating it from the<br />

front of the street front. NBN connected, GoGet cars in<br />

the building and pet friendly. A dream property for<br />

tenant and owners alike.<br />

Studio 1


6<br />

1003/138 Walker St,<br />

North Sydney<br />

Beautiful Views from the Belvedere<br />

This one bedroom apartment is located on the 10th<br />

floor facing east, capturing the changing colours of<br />

sunrises over Sydney harbour. The bedroom is open<br />

style with a built in wardrobe; contemporary style<br />

kitchen opens onto the living room then spilling onto<br />

the enclosed balcony which could be used as a<br />

wonderful study. 3m storage facility elsewhere in the<br />

building. Not to be missed.<br />

1 1


7<br />

1205/138 Walker St, North Sydney<br />

The Belvedere at its best<br />

This contemporary iconic building was developed by<br />

Architects, which is evident by the design of this<br />

superb two bedroom apartment on the east side of<br />

the building. High up on the corner of the 12th floor,<br />

taking distant harbour views wrapped by an extensive<br />

front-to-side balcony. Abundance of natural light,<br />

only defused by the extensive window dressing<br />

throughout. Two modern bathrooms, a fully<br />

equipped kitchen, laundry and ample internal<br />

storage, secure parking space and storage area.<br />

2 2 1


8 1/104 Bay Rd, Waverton<br />

A Quiet Location in the Heart of<br />

Waverton with City Views<br />

This well maintained building is almost hidden amongst<br />

the gum trees: set well back from Bay Road yet near the<br />

train station. Just a few steps up at the end of the private<br />

walkway from Bay Road leading to the building, is this<br />

well designed three bedroom apartment with timber<br />

floors throughout and quality fittings. The apartment has<br />

two bathrooms and a good balcony with distant harbour<br />

bridge views and city lights. A good size parking bay in a<br />

secure area.<br />

3 2 1


9<br />

E513/3 Carlton St, Chippendale Dual Key Apartment with Two<br />

Courtyards and Parking in Central<br />

Park<br />

This is a truly impressive property in the most<br />

sought after Central Park multi award winning<br />

concept of integrated living; with beauty, vibrancy,<br />

fashion shops and delectable restaurants; a vertical<br />

green oasis in the heart of the Sydney’s new<br />

downtown, opposite UTS. These two apartments<br />

are in the prime building, on one title having a<br />

combined area of 126sqm plus 16sqm of parking<br />

and storage.<br />

2 2 1


SAMPLE RENTAL<br />

PROPERTIES<br />

1. 1805/211-223 Pacific Hwy, North Sydney<br />

2. 2802/77 Berry St, North Sydney<br />

3. 1801/138 Walker St, North Sydney<br />

4. 1109/138 Walker St, North Sydney<br />

5. 308/138 Walker St, North Sydney<br />

6. 56/171 Walker Street, North Sydney<br />

7. 506/245 Pacific Highway, North Sydney<br />

8. 4/95A Ridge St, North Sydney<br />

9. 96/237 Miller Street, North Sydney<br />

10. 102/38 Alfred St, Milsons Point<br />

11. 1801/30 Glen Street, Milsons Point<br />

12. 13/187 West St, Crows Nest<br />

13. 14/187 West St, Crows Nest<br />

14. 1505/241 Oxford Street, Bondi Junction<br />

15. E5131/3 Carlton St, Chippendale


High in the Skye<br />

1805/211--223 Pacific Hwy,<br />

North Sydney<br />

1<br />

This apartment is offered unfurnised at $750<br />

per week or furnished at $800 per week. On<br />

the 18th floor facing north-east is this lovely<br />

historic buildings and vast vista of the beautiful<br />

Lower North Shore. Two bedrooms, the<br />

smaller one can be used as a study or guest<br />

room, private balcony, superb bathroom, and<br />

the most chef friendly kitchen.<br />

2 2 1<br />

2802/77 Berry St, North Sydney<br />

2<br />

Views from Every Window<br />

High above just about everything else in North<br />

Sydney is this fabulous apartment with<br />

panoramic views spanning from Chatswood<br />

across to the distant blue mountains and back<br />

to the city and the harbour. Two good<br />

bedrooms and two bathrooms; timber floors in<br />

the living areas and a spotless kitchen. Modern<br />

high-rise building with superb facilities; parking<br />

for one car.<br />

2 2 1<br />

1801/138 Walker St, North Sydney<br />

Living in an Ivory Tower<br />

This apartment is a home for those accustomed<br />

to the first class living. Situated on the 18th<br />

floor, this modern apartment with captivating<br />

sunrise-to-sunset views from both bedrooms<br />

and the fully equipped kitchen. It is ideal for a<br />

growing family as there is a delightful café at its<br />

doorstep and it is close to the transports, shops<br />

and a selection of premier schools.<br />

3<br />

2 2 1


4 1109/138 Walker St, North Sydney<br />

The Beautiful Belvedere<br />

This near new two bedroom apartment is of<br />

clever design, filled with light and good space.<br />

Quietly positioned yet in the heart of North<br />

Sydney. Both bedrooms with built-ins, the<br />

main with an ensuite. The Belvedere is a<br />

delightful building with roof top swimming and<br />

gym facilities; this apartment comes with<br />

security parking.<br />

2 2 1<br />

5<br />

308/138 Walker St, North Sydney<br />

Extra Large One Bedroom in the Belvedere<br />

The Belvedere is arguably the best residential<br />

building in North Sydney; suitably located on<br />

the edge of the CBD. Nothing is too far: from<br />

the best of private and public schools to all the<br />

services that one needs; all at the door step.<br />

The property comes with main furniture<br />

items.<br />

1 1<br />

6<br />

56/171 Walker Street<br />

North Sydney<br />

Large Apartment with Stunning Harbour Views<br />

Situated in the Iconic Century Plaza, this<br />

popular Mirvac apartment block occupies a<br />

prominent position in North Sydney; perched<br />

on the fourteenth floor is this three bedroom<br />

apartment, renovated and superbly finished<br />

with stone crafted kitchen, modern bathrooms,<br />

balconies, and large living spaces.<br />

3 2 1


506/245 Pacific Hwy, North Sydney<br />

7<br />

Near New Fabulous Apartment with Enclosed<br />

Balcony<br />

In one of North Sydney’s newest and best<br />

buildings with superb facilities is this open style<br />

one bedroom apartment, with a perfect eastern<br />

orientation, abundant natural light without the<br />

hard westerly sun. Quality built-in wardrobe;<br />

fully equipped kitchen, internal laundry and<br />

timber deck enclosed balcony.<br />

Studio 1<br />

4/95A Ridge St, North Sydney<br />

8<br />

Luxuriously Renovated & Lavishly Furnished<br />

Adorned with artwork and fine furniture; this<br />

three bedroom apartment is a rare quality<br />

offered for lease; all bedrooms have built-ins,<br />

the main with harbour views, two brand new<br />

bathrooms and fully equipped kitchen built<br />

with stone and state-of-the-art fittings, open<br />

dining and living room with generous<br />

proportions.<br />

3 2 2<br />

96/237 Miller St, North Sydney<br />

9<br />

Terrace on Top of the World<br />

This is a calibre of property that is usually<br />

owner occupied; there is no shortage of space<br />

from the instance one enters the property, the<br />

vastness of the living area spilling onto the<br />

terrace becomes apparent. All bedrooms with<br />

northerly balconies. All living areas open to a<br />

massive terrace, similar to a rooftop garden<br />

with flower beds and enormous outdoor<br />

entertainment area.<br />

3 2 2


10<br />

1801/30 Glen St, Milsons Point<br />

A Modern Apartment in a Convenient<br />

Location with Outstanding Facilities and<br />

Expansive Harbour Views<br />

The Collonades is one of the best buildings in<br />

Milsons Point. Apartment 1801 is set high and<br />

away from noise overlooking the tranquil<br />

Lavender Bay and glorious sunsets. Internally<br />

solid wide timber floorboards throughout are<br />

framed by floor to ceiling glass walls.<br />

2 2 1<br />

11<br />

102/38 Alfred St, Milsons Point<br />

Port Jackson Tower with Harbour Glimpses<br />

This tidy and expansive property is situated<br />

near Milsons Point station and opposite the<br />

park. Capturing lovely morning sunshine it<br />

occupies an ideal corner position. Two<br />

balconies, floor to ceiling windows and builtins<br />

in all bedrooms. Port Jackson Tower has<br />

all the good facilities such as an indoor pool;<br />

gym and sauna.<br />

2 2 1<br />

12 13/187 West St, Crows Nest<br />

North Facing, Top Floor Fully Renovated and<br />

Furnished Apartment<br />

Completely redesigned one bedroom<br />

apartment with timber floors throughout, eat-in<br />

and semi open and fully equipped kitchen, a<br />

delightfully fresh bathroom; built ins in the<br />

bedroom and balcony off the living area.<br />

1 1 1


14/187 West St, Crows Nest<br />

13<br />

One Bedder Overlooking a Sea of Trees<br />

Older style yet immaculately presented and<br />

fully furnished in a security three storey<br />

building. Timber floors throughout opening<br />

onto a pleasant balcony hovering above<br />

gardens. The apartment comes complete with<br />

modern easy furniture and electrical<br />

appliances. Well positioned in front of a bus<br />

stop to all major destinations.<br />

2 1 1<br />

Aqua at Bondi Junction<br />

1505/241 Oxford St,<br />

Bondi Junction<br />

14<br />

An inspirational building in the heart of Bondi<br />

Junction, right opposite Westfield shopping<br />

centre. This compact one bedroom apartment<br />

has its living room surrounded by glass<br />

capturing views stretching to the distant ocean;<br />

beautifully crafted kitchen with dining nook;<br />

built ins in the bedroom, internal laundry and<br />

a balcony.<br />

1 1<br />

E5131/3 Carlton St, Chippendale<br />

This is the Life<br />

15<br />

This is a truly impressive property in the most<br />

sought after Central Park multi award winning<br />

concept of integrated living; with beauty,<br />

vibrancy, fashion shops and delectable<br />

restaurants; a vertical green oasis in the heart<br />

of the Sydney’s New Downtown, opposite<br />

UTS. An open plan completely self contained<br />

apartment leads to a private courtyard and one<br />

optional parking space.<br />

Studio 1


PROPERTY SERVICES<br />

RESIDENTIAL AND COMMERCIAL PROPERTY SALES<br />

Every sale is carefully assessed: firstly we establish the value of the property. As licenced property valuers, we are in the position to<br />

provide comprehensive research on the value and apply the appropriate valuation method. This is where accuracy is crucial as the<br />

client will rely on this very important figure.<br />

Then, we ascertain the market segment/s that will be attracted to this property. Buyer segments fall into many categories. We mainly<br />

consider the following: property investors, first-time owners, families upgrading larger properties or older people downsizing. Once we<br />

have established the segment/s, we then recommend a Method of Sale.<br />

Most real estate companies will recommend sales by way of auction. Auctions may well be the best method for a particular property at<br />

a particular time in the cycle. But there are other more subtle ways of selling property; at times, much better methods, attracting<br />

quality buyers and; allowing the negotiation skills of the salesperson to take full effect. Sales by Private Treaty and by way of Tender<br />

are often forgotten, to the detriment of property owners, leading to the downturn of the profession, as these good skills are being lost;<br />

only to be replaced by lazier auction systems, where buyers are attracted by slightly lower expectations, brought to the auction; and<br />

then, its hope or luck, not skill that sells the property.<br />

The submission will also include an individually designed advertising programme; but only until the market segment/s have been<br />

identified and the method of sale has been recommended. The photography, wording and the design of the sales materials are<br />

carefully pointed in the direction of the market segments that the property is likely to attract. This is not a scatter-gun approach; it is<br />

tuned and directed through the main media channels.<br />

The result is always successful; in nearly 24 years of selling property, Tower & London almost always sold every property when taken<br />

through the proper process, despite prevailing market conditions. The main reason for this level of success is the careful market<br />

assessment and good negotiation skills.<br />

PROPERTY VALUATIONS FOR ALL CLASSES OF PROPERTY<br />

Tower & London provide comprehensive valuation services as John Tower is a fully licenced and registered valuer. Our valuations<br />

can be for all reasons; the majority are for tax purposes, or for adding value when improving property. We provide feasibility studies<br />

for developers and to renovators.


PROPERTY MANAGEMENT AND LEASING<br />

In this work we truly excel; Tower & London Management System developed over 24 years of rationalising every aspect of it:<br />

• Leasing: Market rent is ascertained as the first step; then, at our expense, we arrange for professional photographs and advertise<br />

the property. Tower & London is the only agency that has North Sydney Top Spot in Domain.com.au. This is also free to all our<br />

clients. As a result, properties are leased quickly and for the right rent.<br />

• Tenant Selection: We select the best tenants and the most appropriate to the property; our investigation on their backgrounds is<br />

extensive; and then, at least two staff will assess the suitability and refer to the licensee to accept before seeking owners’ approval.<br />

• Repairs: Every repair reported will be inspected by our property manager before a tradesperson is appointed, sometimes, there is<br />

nothing to repair. Every tradesperson we use is licenced and insured; we have had some trades for decades. Honest reliable and<br />

consistent. We keep a close eye on how the tenant is treating the property and ensure the at the tenant pays for damage caused due<br />

to negligence. We also work with Strata Managers if any repair falls in their jurisdiction.<br />

• Maintenance: We insist that the property has landlord insurance; we keep smoke alarms maintained, air conditioners serviced,<br />

vents and fans clean and functional, light fittings and switches are safe and working, plumbing and taps not leaking. Windows and<br />

door safe and secure. As all the matters can be expensive and unsafe to the occupiers if not well maintained.<br />

• Accounting and landlord payments: We collect rent on time; if the rent is not on time, the next day we start a thorough and<br />

consistent follow up, as a result 100% of rent is collected in the first three days. And unlike every other management company, we<br />

pay the landlords at the beginning of the month, not the end of the month; after accounting for all the outgoings.<br />

PROPERTY REFURBISHMENT<br />

Most properties can do with some improvement to reach their highest<br />

and best use, or income. We undertake refurbishment projects that vary<br />

in size and scope. We plan, design, seek approval from strata managers<br />

and authorities, and then administer the work until completion. All this is<br />

done after ascertaining that the proposed work will add value to the<br />

property.


MEET THE TEAM<br />

John Tower<br />

Managing Director<br />

L.R.E.A<br />

Licensed Valuer<br />

Nicole is a licensed real estate agent with over six years of<br />

experience in the real estate industry. She has not only worked in<br />

Sydney but she has the experience of working in Hong Kong and<br />

Shen Zhen for Tower & London. Throughout her career, she has<br />

gained a good reputation and relationship with both her clients and<br />

tenants ensuring the very best leasing experience for them. In her<br />

past time Nicole enjoys the benefits and tranquillity of Yoga classes.<br />

Nicole Zheng<br />

L.R.E.A | Residential <strong>Property</strong> Manager<br />

The principal and licensee of Tower & London,<br />

John Tower has extensive experience in the property<br />

industry in both Residential and Commercial<br />

capacities. He has spent the past 24 years<br />

concentrating on residential property sales,<br />

predominantly to investors on the North Shore and<br />

among other achievements, managed one of the most<br />

successful real estate agencies: Tower & London.<br />

Along with agency and business management, John is<br />

a practicing registered property valuer; the<br />

fundamental and proven methods of valuation are<br />

applied, arriving an estimated sale price that is as<br />

accurate as possible. There is no guess work<br />

involved, a proper analysis is made and an honest<br />

figure is given to the owner.<br />

Over the years, John has been instrumental in<br />

amalgamating and marketing development sites for<br />

residential and mixed uses; major development sites<br />

in prime regional centres in Sydney have been<br />

successfully sold and redeveloped with his direct<br />

involvement.<br />

A postgraduate degree holder of Macquarie<br />

University in marketing Management, John has the<br />

educational tools to establish market trends,<br />

segmentation, ascertain target markets, position the<br />

property and apply creative advertising and<br />

marketing tools.<br />

John established a charity branch in Australia:<br />

Assyrian Aid Society in 1999, it is the only successful<br />

worldwide organisation that supports the indigenous<br />

people of Iraq.<br />

John is a passionate cyclist and an avid reader.<br />

Tania is a multi-disciplinary individual with master degrees in<br />

property and development as well as construction project<br />

management. Further to this, she has a background in interior design<br />

with a bachelor honours attached to it. Prior to joining the T&L<br />

team, she worked in Singapore for a couple of years as an interior<br />

designer with projects all over Asia. Her design experiences<br />

cultivated her meticulous eye for detail with a solid performance and<br />

a highly dependable support.<br />

Tania Kusmuljadi<br />

Assistant <strong>Property</strong> Manager & Valuer |Marketing<br />

Tamara is intrigued with the evolving opportunities and lessons the<br />

real estate profession provides. Seeking to explore the industry<br />

firsthand Tamara has entered T&L with an eagerness to gain<br />

knowledge from tenants, owners and her colleagues in order to<br />

understand the key strategies a property manager needs to know in<br />

order to create the best experience for their clients. Prior to 2018,<br />

she undertook a gap year in the United Kingdom, in which she<br />

gained valuable life experiences.<br />

Tamara Carter<br />

Assistant <strong>Property</strong> Manager<br />

Sophie is a qualified accountant who has been with Tower & London<br />

for nearly a decade; Sophie is accurate, honest and hardworking. Her<br />

passion is to travel and see the world.<br />

Sophie Wang<br />

Company Accountant


OUR OFFICE<br />

TOWER & LONDON<br />

138 Walker Street, North Sydney NSW 2060<br />

Ph: +61 2 8904 1318<br />

Fax: +61 2 8904 1306<br />

Email: reception@towerlondon.com<br />

www.towerlondon.com<br />

Tower & London Pty Ltd<br />

TowerLondon_RealEstate


www.towerlondon.com

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