News 1 on 1 with Oz Property recently sat down with our Director Raghav Goel to discuss our latest project in Richmond

19 Dec 2018

1 on 1 with Oz Property's Raghav Goel

1 on 1 with Oz Property's Raghav Goel

1 on 1 with Oz Property’s Raghav Goel

Oz Property is looking to add to its growing medium-density portfolio with its latest development, the aptly named Shelley St, located on the corner of Shelley and Garfield Streets in Richmond. The DKO Architecture-designed development comprises nine three-storey townhouses sited around a communal landscaped courtyard garden.

Through the use of brick and a saw tooth roof line, the development has been designed to pay homage to Richmond’s industrial past and the site’s former use as a warehouse.

Established in 2007, Oz Property believe in delivering sustainable, considered developments around key activity zones for a rapidly evolving and growing Melbourne market. With a strategy of appointing Melbourne’s leading architects, builders and planners, Oz Property aims to consistently deliver high quality projects based on sound financial outcomes.

Previous projects delivered by Oz Property around Melbourne include Panorama on Lakeside, Balaclava Residences, On the Park and Highwood.

The recently completed Balaclava Residences designed by Cera Stribley Architects sat down with Oz Property Director, Raghav Goel to discuss the company’s latest project, and get a bit of insight into the business’s approach to site acquisition and development. How do you approach site acquisition? Do you seek out sites based on whether you have already determined that you want to develop a townhouse or apartment development? Or do you let the site determine that?

Raghav Goel: It’s very adapted. We have had preconceived notions before but you quickly realise that’s not the way to approach it. We tend to focus on where we can add value. Any site that has an existing permit is much harder for us to add value to because it has already had a lot of work done so we try to focus on sites off market and ones that don’t have a scheme in place already.

We love medium-density development and it’s something that we’re keen on continuing to develop. For us there’s no set formulas in site acquisition.

U: And to follow up on that, you develop properties all over Melbourne, there’s no particular region or suburb that you’re fixated with.

RG: And that’s what excites us – that challenge of doing something new, something different each time. We have a very strong relationship with our consultants and that’s something we tend to carry forward. It’s amazing how the same architect and consultant team can come up with a completely different scheme for a different location.

U: You’ve previously worked with DKO and SLAB on The Workshop in Collingwood and this has carried through to Shelley St.

RG: We’ve got that relationship working with DKO going back almost ten years now, and Shelley St is probably our sixth project working with them. They also did Highwood with us and we also worked with them on Ascot Vale Road before Caydon purchased the site. That’s a relationship we’ve maintained and as our businesses grow the whole approach tends to evolve, which is exciting isn’t it?

U: One thing DKO do very well is design a project within its context. Looking at the design response to a project in Collingwood compared to say Ringwood or Richmond, it’s evident the context is considered. At Shelley St this association with the context comes through in the saw tooth profile and brick exterior, which draws on the industrial nature of its locale.

RG: (DKO) have been fantastic and SLAB as well, in how they do things and it really is a true collaboration in every sense of the word. In the beginning you tend to sit around a table – much like we’re doing right now – and just come up with ideas.

We provide our architects and consultants with really simple briefs at the beginning of a project, and with the brief for Shelley St one of the critical aspects was we really wanted to provide independent street access to each townhouse and we wanted something standalone so that it almost feels like a terrace but with a contemporary and environmentally sustainable approach… natural daylight, ventilation etc.

How we ended up with the saw tooth (roofs) how we ended up with the brick (exterior) that came from the architect’s expression of how they saw the site. And the project feels like it just belongs in Richmond, doesn’t it? We’re quite pleased with the design and looking forward to seeing it realised.

U: With these more urban townhouse typologies we’re seeing them developed almost as a hybrid – they’re an ensemble of individual townhouses which collectively form a cohesive composition but appear more like an apartment building. 

RG: I’d say it’s probably about the balance of medium-density development. Definitely these have individual street access and frontages but the architectural form and expression is a ‘whole’ and that’s how they read together on the streetscape. That’s just as critical because if you were doing a standalone house, with a saw tooth form, all brick with such large windows, its probably going to stand out.

Something like this on a corner site, in an urban location you get the added benefits of a communal courtyard space through the middle which provides a sense of security and a sense of community for people who want it. It’s interesting how some people don’t like the idea of neighbours, so (Shelley St) gives you the option of engaging with your neighbours if you want, but also retreating back into the privacy of your own home if that’s what you prefer.

An apartment building with a shared and enclosed corridor will never provide you with that, and townhouses tend to allow for that more commonly, which is good because it appeals to a slightly different market – the owner-occupier – who have been there and done that, and now realise what they want.

The Workshop, Collingwood. Image: Oz Property

U: What buyer type would you see buying into Shelley St?

RG: If you look at say, The Workshop in Collingwood – which again DKO and SLAB designed for us – it’s interesting because we thought the demographic there was going to be young professionals, potentially 30-somethings looking at their second or third home because those were loft-style apartments… split level of about 70-80 square metres. In the end we actually saw a whole lot of 20-somethings who were really excited to get into the market and saw that they could either live in it or have it as an investment property as well.

Coming back to (Shelley St) we aren’t ruling that out although we think it will probably be suited more towards 30-somethings, potentially with kids or with kids on the way. But you know, you tend to see instances where they get support from mum and dad so you can’t rule anything out.

U: You mentioned the development has a central courtyard. Does that mean the townhouses have a dual aspect or in the case of the corner a triple aspect?

RG: There’s actually three streets, so there’s obviously Shelley and Garfield but then there’s also a laneway along the rear off Shelley Street, which provides individual access to the four townhouses at the back and then the five along Garfield although the fifth is a bit hidden.

That was critical because we wanted to maintain that streetscape, and there’s an existing building adjacent to the site so we wanted to drop down in scale with the townhouse on the end. It’s similar to what we did at Balaclava (Residences) as well. Interestingly when you walk down the street, it’s almost as if the building has always been there but it’s brand new, it sits comfortably in the streetscape. That’s what excites us about medium density – it’s not something bold and brash that changes the dynamic of the streetscape. As you walk you subconsciously realise there’s something pleasant on the street.

I think that’s the direction Melbourne is going in and the type of streetscapes we’re likely to see across the city in the future – well designed medium-density. Don’t get me wrong, we can all appreciate Melbourne’s skyline and its striking buildings but I think it’s critical for our inner-suburbs to evolve architecturally.

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Ringwood’s development scene and property market remain strong coverage of our HighWood development

09 Oct 2018 coverage of our HighWood development coverage of our HighWood development

Located 23km east of Melbourne’s CBD, Ringwood is beginning to fulfil its potential as a state government-designated development area. Considered fringe suburbia until 15 years ago, Ringwood has enjoyed a substantial growth in recent years, with currently tracking 19 projects at various stages of their respective life cycles within the Ringwood Metropolitan Activity Centre, reinforcing its status as a burgeoning satellite city.

With a population of 17,471* and rising, a range of factors have contributed to Ringwood becoming a key property hot spot with investment from both the private and public sectors. The major catalysts has been the $66 million redevelopment of Ringwood Station and the $665 million expansion of Eastland Shopping Centre, which also included a Sage Hotel – the first to be developed above a shopping centre in Melbourne.

Additionally, as Melbourne seeks to decentralise into a series of 20 minute neighbourhoods, Ringwood is capitalising on its proximity to schools, freeways, public transport and major shopping destinations such as Eastland.

More recently hotel operator IHG announced it had signed an agreement to operate a Holiday Inn-branded mixed-use development, signalling its confidence in Ringwood. The development will feature 82 apartments and a 164-room hotel offering all day dining and bar, conference and meeting facilities, a gym and a swimming pool, along with on-site parking.

Opening in 2020, the Holiday Inn & Suites Melbourne Ringwood is being developed by Ninety Four Feet and Omni Property Group who recently signed Hamilton Marino to build the CHT Architects-designed complex.

We are thrilled to sign our second hotel with IHG, and our first hotel in Australia. Ringwood is an exciting destination, with a vibrant community and growing business investment that has included a $66 million upgrade to Ringwood Train Station and a $665 million expansion of Eastland Shopping Centre. We are confident that, with the world’s largest brand family behind it, Holiday Inn & Suites Ringwood will be a huge success

– Dean Rzechta, Managing Director at Ninety Four Feet Property Development 

Developer OzProperty has also found recent success with its Highwood residential development designed by DKO Architecture, which delivered record-breaking capital appreciation for Ringwood on a challenging site. Completed in late 2017, the master planned development comprises 36 town houses,with an emphasis on maximising light to interiors and providing a variety of architectural typologies along the streetscape.

DKO has designed Highwood with a range of streetscape typologies to reflect families who make up a large proportion of the local area. It is no surprise that one of the homes at Highwood has broken the record for capital appreciation because Ringwood is an exciting area for everyday people who are looking to get onto the property market. It’s one of several government identified growth zones, where infrastructure and industry will be leveraged for capital growth.

– Koos de Keijzer

Purchasers Lu Dongyan & Duan Hongbo purchased Highwood’s Lot 26 off the plan in 2015 for $549,000 and settled the property on 6th November 2017. They decided to sell their home a few months later in April 2018 for $702,500. They making a profit of $153,500 in 5 months.

Highwood has demonstrated that demand for highly considered, architecturally designed medium density homes with multiple typologies, and close to amenity and transport are still highly sought after.

The overall Melbourne market is generally challenging, however areas such as Ringwood are still maintaining strong interest from buyers. The primary reason is the recent infrastructure and private development spending has now been delivered, making Ringwood a great place to be, but another part of the story is price attainability and affordability. You can still get a 4 BR townhouse, suitable for a family, under $1m. We’re all aware the challenge in the current market is the limited liquidity and credit due to the main banks’ lending policy changes, so affordability is critical.

Ringwood was a suburb in transition. The central Ringwood area was earmarked for over $1b in developments including the Eastland expansion, new Costco, Ringwood train station upgrade and a series of mixed use developments. Furthermore, the supply of large parcels of land was limited, so we had a unique opportunity to offer a high quality medium density solution in the backdrop of all the other higher density development activity.

With most of the infrastructure and developments now complete, Ringwood today offers a much higher level of liveability than other suburbs. It’s surprisingly walkable and the green, leafy outlook is just wonderful.

– Raghav Goel, Director, Oz Property

Established in 2007, Oz Property Group is focused on delivering sustainable, considered developments around key activity zones in response to a rapidly evolving and growing Melbourne market.

See the full article HERE

Ringwood off-the-plan townhouse’s record breaking capital appreciation

A fantastic result for our client at our HighWood development

10 Aug 2018

Ringwood off-the-plan townhouse’s record breaking capital appreciation

Ringwood off-the-plan townhouse’s record breaking capital appreciation

A RINGWOOD off-the-plan townhouse has made its buyers a profit of more than $150,000 in just five months.
The townhouse’s capital appreciation of 27 per cent is the highest recorded for the suburb, an area that has been dubbed a burgeoning satellite city.
Investors Lu Dongyan and Duan Hongbo purchased the yet-to-be-built property at 22/37 William Stfor $549,000 in 2015.
A few months after settlement, in November 2017, they sold the three-bedroom pad within the Highwood development for $702,500.
The property was listed via Jellis Craig Doncaster and had initial price hopes of $620,000-$670,000.

Oz Property developer Raghav Goel said it was becoming more common for people to make money from off-the-plan apartments quickly, but some areas had done better than others, Ringwood a prime example.
“There has been a lot of investment made from the government and money being spent helps any property in Ringwood,” Mr Goel said.
“Our focus was the owner-occupier market and there’s strong demand for that in Ringwood.”

Only two of the 36 properties were purchased by investors, the remaining were bought by owner occupiers.

The suburb has been identified as a designated development area by the state government, earmarked as a key property hotspot for Melbourne.

It has experienced 73.6 per cent growth in the last five years, landing it with a $874,000 median house price, CoreLogic data shows.

The master plan enclave consists of 36 spacious townhouses across a 1.3ha site, a property owned by a local vendor for more than 50 years.

“We always had a vision to create a strong community and were conscious of the fact that is a large parcel of land and there are neighbours on all four side,” Mr Goel said.

“We wanted to be sensitive to what was already there.”

Mr Goel said despite the risks involved in buying off the plan there is plenty of money to be made.
“It’s always tricky buying off the plan and research is critical,” he said.
“The research should be about who the developer is, the design team and architect.
“It’s pretty easy to tell if the development fits the purpose you’re going after.”

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Balaclava Residences – Finishing Touches Jul 2018

The scaffolds have (mostly) come down at Balaclava and finishing touches have begun

06 Jul 2018

Balaclava Residences - Finishing Touches

Balaclava Residences - Finishing Touches

The scaffolds have (mostly) come down at Balaclava and finishing touches have begun. The blackbutt cladding has been given a coat of natural protective seal which should silver off beautifully!

Donvale Residences – Early Works Commenced Mar 2018

Early works including demolition has commenced at Donvale Residences

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Early works have commenced at Donvale Residences

Early works have commenced at Donvale Residences

Early works have commenced at Donvale Residences

Balaclava Residences Construction Update – Feb 2018

Groundworks including piling and slabs are complete. Framing is now underway

09 Feb 2018

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