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