M Group
Investors Encouraged to Make the Most of Rental Bubble
Perth landlords are being encouraged to leverage current market conditions that are allowing for significant increases in their rental returns, in order to create new pricing benchmarks for when the Covid-19 restrictions are scheduled to end in March 2021.
The property managers behind one of Perth’s largest apartment rental portfolios, M/Property, said that current market conditions are optimal for landlord-led negotiations, with the industry forecasting a possible 20% increase across the rental market.
They believe that while tenancy and rental freezes as a result of Covid-19 have helped to push occupancy rates to an all-time high, the impact is likely to be ongoing as the market opens up.
Kiarna Blythman from M/Property says the industry has not seen this level of activity in 14 years and believes the environment has given investors a chance to review and reset rental prices after a long period of stability.
“Instead of negotiating rents down, applicants are now offering up to $50 a week more than the asking price to secure the property they want,” she said.
“We currently have just one apartment available and eight coming onto the market with a waiting list on our database. This is in vast contrast to our typical pipeline of 20 to 30 apartments and has given us the opportunity to negotiate a new level of revenue for our owners to lock in fresh agreements that benefit the landlord.”
Based on REIWA data, the average apartment rental rates have leaped from $335 to $355 per week since the June 2020 quarter, with limited stock and increasing population effectively putting more pressure on the market.
“We are very aware that some landlords have been disadvantaged by the Covid-19 policies and have been unable to evict tenants or review rents. However, as the deadline for restrictions will soon be lifted, now is the time for landlords to take action,” Kiarna continued.
“If property owners are successful in increasing weekly rent prices in a time of extraordinary demand, there is a strong possibility their actions will help to adjust pricing benchmarks for the long term. The accelerated pace and total sum of these price shifts may be difficult to achieve when the market opens up again.”
M/Property specialises in the marketing and management of residential apartment leases and currently has a combined experience of some 50 years.
For more information visit mproperty.com.au
Construction Fast-Tracked for New Quest Apartments
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M Group
Construction Fast-Tracked for New Quest Apartments
Perth-based M/Group and its construction arm, M/Construction, have delivered its second Quest Apartment project, Quest Perth Ascot, giving investors a high-profile freehold property and a long lease arrangement with the national accommodation provider.
Although construction of the 112-room apartment hotel was subjected to lengthy planning approval delay and Covid-19 regulations, it met strict building timeframes due to a new development model and building process that saw one floor completed every two weeks.
M/Group Managing Director, Mr Lloyd Clark, said the formula used on the project had been perfected in the development of Quest Joondalup several months prior, and proved critical in an environment that brought with it unexpectedly challenges.
“The M/Construction team used a building process that combined pre-cast concrete walls and a hollow core flooring structure with the integration of construction methodologies and custom-designed features. These had all been perfected during the Quest Joondalup program and, as a result, dramatically cut down construction time,” he said.
“The process allowed for up to 100 people on site at once, and the building program was meticulously coordinated and synchronised to not merely save time and maximise resources, but adhere to new Covid-19 safety regulations. It was an extremely impressive build from many perspectives.”
With concrete floors and toppings poured and cured over the weekend to create self-supporting formwork, the workspace below was obstruction-free for follow-on trades to install framing and services unencumbered.
The process effectively shaved some three to four months off the construction timeline, which meant Quest Apartments could meet their operational deadlines and M/Group could fulfil their investor commitments.
The Quest Perth Ascot project was the result of an $11.5 million development fund managed by M/Group. Its success has been instrumental in building on a commercial relationship with Quest Apartments, which was established after the previous Quest Joondalup project attracted a great deal of praise in terms of finish and quality, including a finalist nomination in the 2020 World Travel Awards.
“We have earned a high level of trust with Quest Apartments by clearly demonstrating our capacity to deliver on what would have undoubtedly been quite a challenging process for other companies,” Mr Lloyd continued.
“We hope this relationship will open many more doors in the future, not merely from an investment opportunity perspective, but for M/Construction as an independent operator.”
The main structure of Quest Perth Ascot officially commenced in January 2020 and the building was fully completed in August of the same year, equating an impressive eight-month build.
For more information visit www.mgroup.com.au or www.mconstruction.com.au
Perfect for Como Downsizers
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M Group
Perfect for Como Downsizers
Known for its large stately homes and idyllic river-side setting, Como is undeniably one of Perth’s most enviable addresses and, over many years, has proved itself as a perfect environment for hundreds of families. However, as children grow up and leave the nest, residents have invariably been forced to look outside the suburb boundaries to accommodate downsizing.
M/26 by Match is a boutique apartment complex located in the heart of Como. It is designed specifically for people who are well-accustomed to quality living and partial to staying in an area that has served them well for decades.
Mr Lloyd Clark, Managing Director of Match parent company M/Group, said the company’s market-led design process identified a fairly significant gap in the Como marketplace. He believes the M/26 by Match apartment complex has delivered a highly sophisticated and inviting environment that is perfect for people wanting to downsize.
“We couldn’t imagine living in a suburb for most of our lives only to find it had very few home options for when it became time to downsize. The challenge for us, of course, was to create an environment that could make the transition from large home living to an apartment as simple and stress-free as possible,” Mr Clark said.
“You only have to visit the M/26 by Match display apartment to experience a standard of luxury that is unique, not merely to Como, but across Perth.”
M/26 by Match comprises just 40 stylish and well-considered apartments, most with exquisite views of the Swan River and Perth City.
It is located within a tree-lined street just minutes’ walk from the popular café strip and famous art deco Grand Cygnet Cinemas, as well as a short stroll to the Swan River and easy access to the Freeway and CBD.
“Each luxury apartment has been designed to exude elegance and sophistication, with an importance placed on space, light and airflow. Attention to detail has been paramount, as our intention was to create an atmosphere that melded into the Como environment,” Mr Clark continued.
“And while the apartments have been designed for a downsizer market, there are many other market groups, such as young professionals, who are attracted to these qualities and the proximity to Perth’s CBD.”
Internally, there are two colour schemes available; light and airy Hamptons-style and bold and moody Manhattan. All finishes are of a high quality with floorplans that allow each apartment to open up and make the most of the stunning location with full-height glazing.
“The apartments and their location have already proved to be extremely popular with residents. This has been particularly beneficial for those who opted to use their apartment as an investment. Renters just love the space and many opportunities have been snapped up after the first opening,” he said.
“As a design-focused apartment developer, it is truly a pleasure to offer such an acutely niche and beautiful property to the market. We welcome all our new residents and wish them the very best in their next stage of life.”
M/26 by Match includes one and two-bedroom apartments with large balconies, high ceilings and stunning sunscreens. The building has created a distinctive addition to Mary Street, Como, with the installation of a stunning artwork sculpture by Ayad Alqaragholli at its entry.
For more information contact www.m26apartments.com or call 0432 660 066.
An incredible Quest for M/Construction
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M Group
An incredible Quest for M/Construction
Amid unforeseen planning approval delays, strict contract brief requirements and the onset of Covid-19, M/Construction has achieved what many would deem impossible.
The company recently completed its second multi-residential Quest Apartment property, to a standard befitting of its high-profile client, Australia’s largest apartment hotel operator, Quest Apartments.
And despite extraordinary circumstances during the construction program, M/Construction successfully shaved some three to four months off a standard construction schedule to deliver the property both on time and to budget.
M/Construction director, Michael Read, believes few construction firms in Western Australia could have navigated the range of challenges faced throughout the construction of Quest Perth Ascot as well as M/Construction. However, he said innovation and ingenuity is what the company does best.
“M/Construction is today recognised for a range of advanced technologies that we have in place to manage on-site systems and processes to the highest degree,” he said.
“These systems do not merely help us manage onsite activity, they also enable us to evolve as construction professionals. We bring valuable intel from one site to the next, which proved particularly critical in the recent Quest development, where we were working to strict deadlines, unplanned factors and with multiple stakeholders.”
Quest Perth Ascot is a nine storey, 112 room apartment hotel that includes a pool, gym and conference room. It is located on a 2,211sq.m site at 266 Great Eastern Highway, near Perth Airport and enroute to the Perth CBD.
“We had an obligation to meet our client’s operational timeframe. Construction delays were not an option, regardless of the unprecedented circumstances we faced,” Michael continued.
“We pulled out all stops to ensure the property did not merely get completed, but was built to the highest standards possible.”
ONE FLOOR EVERY TWO WEEKS
Perhaps the most remarkable accomplishment throughout the construction program was M/Construction’s capacity to execute a new development model and building process that saw one floor completed every two weeks.
This was achieved by the installation of pre-cast concrete walls and a hollow core flooring structure, together with the integration of construction methodologies and customised design features that had been perfected during the Quest Joondalup program.
Concrete floors and toppings were poured and cured over the weekend to create self-supporting formwork that required no props. As a result, the workspace below was obstruction-free and allowed follow-on trades to progress with the installation of framing and services unencumbered.
M/Construction Project Manager and Master Builder’s Award winner, Joshua Stott, said the process required explicit co-ordination with a large team on site at any given time.
“The onsite activity was electric, with some 100 people on site at once. Where there might usually be a time delay between construction works and the installation of frameworks and services, we were able to coordinate and synchronise these to save time and maximise resources, he said.”
“The efficiency of the exercise effectively knocked up to four months off our construction timeline and helped us make up for time losses incurred at the commencement of the project.”
In additional to pre-cast structures, all openings and frames were prefabricated to meet accelerated time measures. This meant extensive scrutiny of products and materials was required prior to the material’s arrival on site.
ACCOMMODATING COVID-19 REQUIREMENTS
In what would already be regarded as an extraordinarily busy building site, M/Construction was required to shift into an even higher gear to accommodate new Covid-19 procedures.
Newly introduced Government regulations activated the introduction of safety management training to the entire workforce, as well as increased cleaning regimes, additional lunchrooms, scheduled break times and the installation of sinks and hand sanitiser.
As the construction site was considered an ‘essential workplace’, workers were able to continue with their tasks, but needed to adapt quickly to new workplace conditions.
“There was definitely a lot of uncertainty to start with, but we all remained conscious of the job at hand and worked effectively to maintain productivity. Ultimately, over time the availability of our workforce increased as a result of Covid-19 and we were able to leverage this through the construction timetable,” Joshua continued.
MANAGING THE IMPACT ON THE SUPPLY CHAIN
As with many projects of this caliber, Quest Apartments had outlined a strict brief of supply items to be used in the construction of the property.
The impact of Covid-19 saw several of these suppliers close production or become unable to deliver product as previously planned. This occasionally involved critical items and indefinite delays, such as the shipping of building’s lifts from international ports.
“When Australia closed down, it was like starting from scratch in terms of identifying which products could arrive, where there might be obstructions and delays, and what concessions we needed to make to ensure the timely delivery of products,” Joshua recalls.
“What could have been disastrous was made less problematic due to established supplier relationships and systems that enabled us to co-ordinate onsite activities to the availability of materials.
“We ran an extraordinary tight ship, but achieved everything in record time.”
BUILDING ON THE QUEST RELATIONSHIP
The success of Quest Joondalup had established a high level of trust between Quest Apartments and M/Construction with the project attracting a great deal of praise in terms of finish and quality, including a finalist nomination in the 2020 World Travel Awards.
The construction of Quest Perth Ascot has since been instrumental in supporting and building on this commercial relationship, and M/Construction believes its position as an extremely reliable resource that offers more than construction services has been secured.
“It is not enough to be a good builder in this highly competitive and regulated environment. The process needs to be efficient, safe and responsive to stakeholders’ needs” Michael said.
“Quest Perth Ascot is certainly an excellent example where all these factors were drawn on, and it is a testament to the great project team we had working on the job. We thoroughly enjoyed working with Quest Apartments and look forward to assisting them on further developments.”
Quest Apartments has over 43,000 operating serviced residence units in key cities around the world with a further 31,000 units under development. The company’s largest shareholder of 80%, Ascott Limited, is the largest serviced residence provider in Australiasia and is targeting to double its global portfolio to 160,000 units over five years.M/Construction is an award-wining building company that provides design, construction and maintenance services for residential, commercial, retail and government building projects. The company has built a reputation for its work across both M/Group projects and independent third-party initiatives, adding value to all projects.
The Quest Perth Ascot main transfer slab was poured in January 2020 and fully completed by August of the same year, equating to an impressive eight-month build.
For more information visit www.mconstruction.com.au.
Water Tank Art Puts an Indigenous Stamp on Albany’s New Bunnings Site
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M Group
Water Tank Art Puts an Indigenous Stamp on Albany’s New Bunnings Site
A new local landmark and tourist attraction, reminiscent of the popular ‘silo art movement’, has been installed at Albany’s new Bunnings site at Chester Pass Mall.
Commissioned by developer M/Group, the 64-panel Indigenous artwork covering two massive water tanks is inspired by the region’s diverse sea life and its deep connection to the original owners of the land.
The works were created by five traditional local Indigenous artists, Lyn Knapp, Michael Cummings, Tameka Cummings, Kathleen Toomath and Margaret Miller.
Commissioning artwork agent and Wardandi Bibbulmun Elder, Dale Tilbrook, said she started with a concept, but the piece took on a life of its own.
“Our original concept for the installation was for it to resemble a book of stamps, so that each section would be placed between the structure’s rivets. I did a lot of research on the wealth of sea life in the local waters, and when the artists took inspiration from this, the piece materialised into something quite extraordinary,” she said.
“This has been an important project for this group of Aboriginal artists at a time when the steady flow of interstate and international tourisms has been absent from the local galleries. Each artist shared in the commission and have now left their stamp on what will soon become a high traffic area of Albany.”
The public artwork commission represents the value of 1% of the entire development and held a mandate to reflect or enhance the local cultural identity.
Co-ordinated by Minang Elder, Vernice Gillies, and printed by Indigenous owned and operated print company, Sista Girl, the artwork compilation incorporates sea animals from humpback whales to tiny blue ringed octopus and seahorses, displayed on vinyl panels sized between 2200 x 1100mm.
M/Group Managing Director, Mr Lloyd Clark, said the Indigenous artwork does not only pay homage to Albany’s extraordinary natural asset, it also stands as a tribute to the significant contribution that Indigenous communities have had in the development of the new Bunnings property.
“The new Bunnings is the first of its kind to be constructed by Indigenous building services company, Marawar, and supported, where possible, by a fully owned and operated Indigenous supply chain. It is part of M/Group’s commitment to the Reconciliation Action Plan to support Indigenous programs and initiatives,” he said.
“The Bunnings development has allowed us to create a platform for Aboriginal people demonstrate their sheer capacity in delivering outstanding work.
“The new artwork installation will serve as an enduring reminder of their involvement and a visual backdrop to those visiting the new Bunnings building.”
Accompanying the work will be a commemorative plaque:
The oceans surrounding Albany hold myriad treasures. A selection of these wondrous sea creatures has been painted by five Minang artists. Their work has been transformed into the pictures on the water tanks.
Bunnings Regional Operations Manager Hayley Coulson said she was excited to have the artwork ready for the new store’s opening.
“We’re really proud to have such incredible artwork from the local Minang artists as part of the new Bunnings Warehouse in Albany,” she said.
“The new store is on track to open by the end of 2020 and we can’t wait to welcome customers through the doors.”
Three Awards in Three Years for M/Construction
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M Group
Three Awards in Three Years for M/Construction
As the dust settles on this year’s coveted Master Builders Western Australia Excellence in Construction Awards, M/Construction is making more room on the shelf for its third victory in the same amount of years.
This year, our dynamic building company took home the award for ‘Best Multi-Unit Development between $5-10m’ for its work on the sophisticated and understated M/28 by Match in South Fremantle.
Designed by David Barr from David Barr Architects alongside Cameron Chisholm Nicol Architects and developed by Match, this latest award puts a spotlight on the attention to detail that M/Construction is increasingly being recognised for.
It also provides even greater assurance for those seeking to engage M/Construction in private building contracts, or those looking to buy an associated Match apartment ‘off-the-plan’.
Lloyd Clark, Managing Director of parent company M/Group, has reflected on the significance of a third win in three years, particularly in light of the highly competitive construction environment.
“To receive the assurance of a high-quality builder is arguably the most important factor when making building decisions or buying an ‘off-the-plan’ apartment,” he said.
“M/Construction has consistently delivered not just high-quality work, but a standard of construction that has attracted the attention and kudos of the industry at large.
“This latest award is a testament to the unique systems and processes the company has in place. We are extremely proud of M/Construction’s ongoing achievements and what it means for its internal and external clients.”
Director of M/Construction, Michael Read, is thrilled by the acknowledgement and recognition from industry peers.
“Being able to repeatedly impress the judges over consecutive years says that the result is not by chance,” Michael said.
“We have an incredible team behind each project, backed by processes that ensure that nothing is overlooked.
“We truly believe we have introduced a new standard of building methodology to the landscape, and it is so great to be recognised for it.
In 2019, M/Construction won the Best Multi-Unit Development between $10-20m for Form by Match, Port Coogee and in 2018, the company took home the award for Best Multi-Unit Development between $10-20m for M/24 by Match, Leederville.
M/Construction is currently working on the construction of M/27 by Match in Parry Street, Fremantle and is available for discussions regarding independent opportunities.