FOR THE MONTHS OF DECEMBER 2017 & JANUARY 2018 ISSUE 38 WWW.CBDNEWS.COM.AU 㿱 25 亥 FREE ON THE OTHER SIDE YEAR OF THE DOG IS COMING CAPITOL THEATRE APPEAL FLINDERS ST REVEALED - page 2 - - page 5 - - page 6 - - page 11 - City Square cash deal By Shane Scanlan said. “But, one way or another, we’ll have the cash to buy back the public space.” Fears have been allayed that Cr Wood said the council decided the sale and repurchase of the square was the City of Melbourne may not the cleanest way to deal with the matter have the cash to buy back the because it was not known what condition or remaining parts of the square would City Square when the Metro be available when the rail project was Tunnel project is complete. completed. “We don’t know at this stage exactly how Th e council earlier this year sold the square much of the square will be used for Metro to the State Government for around $67 Tunnel,” Cr Wood said. million and it was feared the money would “We know there will be less public open be spent on the Queen Victoria Market space, but not the absolute fi nal design. (QVM) renewal project. However, the City of Melbourne is working In April 2014, the council resolved to with Metro throughout the entire process establish a fund to pay for the QVM. to ensure the fi nal design is mutually benefi cial for everyone, most importantly It also resolved: “Commencing from 1 the residents, workers and visitors to the July 2014, all profi t proceeds from the sale city.” of any other surplus or redundant City of “Th e cleanest way is to sell the lot and Melbourne land holdings will be deposited negotiate the repurchase when the time into the fund.” comes at the mutually agreed value, But Deputy Lord Mayor and fi nance chair providing it is in line with the approved Arron Wood says funds received from masterplan.” the sale of the City Square will be held in “It was impossible to negotiate a binding trust to an agreed amount currently under agreement when there was so many negotiation with the Valuer-General. unknown variables.” “As part of the arrangement we have come Th e signed deed states that: "It is Energetic Santa Claus! to with the state is to establish a fund in trust envisaged that upon completion of the so money is available to buy back the public project the authority (DEDJTR) will space when the time comes,” Cr Wood said. retain ownership of the below ground Star-jumps in the middle of Flinders St aren't generally associated He said it was not known when the Metro lots together with any of the surface that Tunnel project would be fi nished using the is occupied by any of the new station with the fat man from the North Pole. City Square to build the CBD South station. entries. Th e remainder of the surface lot will be purchased by council subject to But someone forgot to tell this energetic photographer Barry C. Douglas last month. “It could be fi ve years, it could be six years, the design and functionality of the public Santa who was snapped by roving or it could be longer than that,” Cr Wood space being to the satisfaction of council." And in all that clobber too! Impressive. SERVICING THE MELBOURNE CBD COMMERCIAL PROPERTY MARKET 24 HOURS A DAY, 7 DAYS A WEEK CALL US TODAY 1300 666 888 CBREMELBOURNE.COM.AU 2 CBD NEWS ISSUE 38 The other side of the counter In a ringing endorsement of the Suite 108, 198 Harbour Esplanade future of the Queen Victoria PO Box 23008 Docklands 8012 Tel: 8689 7980 Fax: 9602 2929 Market, former CEO Malcolm www.cbdnews.com.au McCullough and market Advertising manager Mark Scott have Tel: 8689 7980 Fax: 9602 2929 [email protected] bought in. Reader contributions are welcome. Th e pair left the management of the market Please send articles and images to mid-year, but have re-emerged as joint [email protected] owners of Bill’s Farm in the deli hall. Th e deadline for the February 2018 Th e pair said that, after leaving the market, edition is Th ursday, January 19. they intended to create a business together Follow us on Twitter so when the opportunity to buy Bill’s Farm @CBD_News_3000 came up, they took the plunge. Like us on Facebook Being on the other side of the counter is a cbdnewsmelbourne huge challenge, but they say they’re up for it. Th e long hours, seven days a week are just CBD News is published by Shane the start of the changes. A stallholder’s work Scanlan ([email protected]). is never done! Journalist: Sunny Liu- Mark said: “We love the market. We’re [email protected] passionate about it. It’s a privilege to serve 20,000 copies are printed and the local community who have been coming distributed exclusively within here for decades. Th ey’re big shoes to fi ll, but Melbourne's CBD each month. CBD we’re up for the challenge.” News works for advertisers because Forever on the look out for a marketing Mark Scott and Malcolm McCullough at their new business. people like to know what is happening opportunity, Mr Scott said: “We off er farm in their neighbourhood. fresh, quality products from all over the For Mr McCullough, it’s a return to his And serving from the deli counter at Bill’s world at an aff ordable price.” retailing roots. When he resigned as CEO on Farm is very intimate customer facing. Views expressed by contributors are not July after little more than a year, one of his those of the publishers. Th e pair also off ers curated, delivered “We’ve always said the market renewal was a reasons was to get back to basics. platters to off -site customers. good thing for traders. We weren’t joking!” Melbourne’s Owner Occupier Apartment Market Coming of Age 574»ZTHYRL[LUNHNLTLU[HUKL_[LUZP]LIVK`VM 4ZHSLZZLJ\YLKIV[OVUHUKVɈTHYRL[[OYV\NOJVUÄYTZ[OL structural shift occurring at the top end of the city’s housing market. As Melbourne furthers its position on the world stage, the demand for scarce, owner occupier apartment accommodation continues to deepen, particularly within the premiere precincts of the CBD and city fringe. This is not to say that luxury re SH[LZ[V[OLWLYJLW[PVUVMQ\Z[\ILYX\HSP[`9H[OLYP[PZPUJYLHZPUNS`LTLYNPUNHZHZSPNO[S`KPɈLYLU[JVUJLW[[OLZJHYJP[` VM[OLVWWVY[\UP[`HUKKPɉJ\S[`PUP[ZYLWSPJH[PVU ;OLWYVJLZZVMZHSLHUKUH[\YLVMLUNHNLTLU[^P[O[OLTHYRL[PZHSZVYLX\PYPUNHZOPM[PUNMVJ\Z6\Y[YHUZHJ[PVUZHJYVZZ the city and city fringe high value apartment market, including the setting of a new price benchmark for an established apartment resale in the CBD at 35 Spring Street, further entrenches our view that understanding the drivers of the sector, [OLWVZP[PVUVMPUKP]PK\HSI\PSKPUNZ^P[OPU[OLTHYRL[HUK[OLJ\YYLU[HUKM\[\YLPUÅ\LUJLZHɈLJ[PUNLHJOWYVWLY[`HYL critical in engaging with the market and ensuring the full narrative of a property is portrayed. Interestingly, and reassuringly, the key themes by which we operate continue to come the surface and were reiterated [OYV\NO4LSIV\YULPZVU[OLJ\ZWVM\UKLYZ[HUKPUNOPNO]HS\LV^ULYVJJ\WPLYHWHY[TLU[ZI\[[OLTHYRL[Z[PSSOHZ YVVTMVYTH[\YP[`0TWVY[HU[S`OV^L]LY^LHYLJLY[HPU[OLYLPZYVVTMVYOPNOLYX\HSP[`YLWYLZLU[H[PVUHUKTHYRL[LUNHNL Sam Nathan ment on behalf of vendors at this level of the market. Managing Director To arrange a discussion about the state of the luxury apartment market, the ongoing evolution of the sector or position of your particular property, please feel free to make contact with us directly. 3P[[SL3VUZKHSL:[4LSIV\YUL=0* T: E: [email protected] W: www.npm.com.au ISSUE 38 CBD NEWS 3 oBike could be state issue CBD is the jobless capital By Sunny Liu the CBD. Lord Mayor Robert Doyle Some 2387, or 15 per cent, of working CBD Th e CBD is a “port of entry” for residents reported they were employed at has indicated the City of cafes or restaurants in 2016. Melbourne has limited international students who are Across the City of Melbourne, 7500 more power to regulate oBike new to Australia, contributing people were employed in the food services and may ask the state to high unemployment rates, a sector between 2011 and 2016. government to intervene. demographic expert says. Mr Kuestenmacher said hospitality was where international students would most It’s a stepping stone for students who might likely fi nd casual or part-time work. When asked about his tolerance level on Census employment data released in move after they fi nish their degree or move oBike, Cr Doyle said state government October shows from 2011 to 2016, the “When so many students live here, the for work,” Mr Kuestenmacher said. regulation might be needed. percentage of full-time workers living in the obvious employment opportunity is CBD has dropped from 61.4 to 49.2 per cent, When international students fi rst come to hospitality,” he said. “If we are not happy after a reasonable much lower than Victoria’s current average Australia, they typically would choose to live period of time, then we need to ask the “If we look at the workforce in the CBD, it’s a of 57 per cent. in the CBD to be close to their universities. state government for regulatory change typical student profi le. Th e students live and in order to forcibly remove those bikes,” Meanwhile, 15.1 per cent of CBD residents “A large share of the housing stock in the work casually here because it’s convenient.” CBD is specifi cally targeted at international he said.