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Property Summary Property Name:                     Convesso Concavo Location:                                 Docklands, Melbourne VIC Type:                                        1, 2 and 3 bed apartments Expected Completion:         Late 2011/ Early 2012 Tenant Profile:                       Professional singles & couples,                                                    Empty nesters, Overseas investors

PROJECT DESCRIPTION

Convesso Concavo 8 Waterside Place: One of Melbourne’s most prestigious addresses is set to redefine Melbourne waterfront living.

Enjoying beautiful views of the harbour, Convesso Concavo is a landmark waterfront residential development in Docklands’ premier precinct Victoria Harbour by Lend Lease. Docklands is one of Melbourne’s fastest growing and most popular areas and is now firmly established as a waterfront residential and commercial precinct with extensive retail and infrastructure that has been built over the past 10 years.

Convesso Concavo is created by Vivas Lend Lease. Bates Smart has been selected as design partner based on their previous experience with premium, large scale residential developments in Melbourne.

PROJECT FEATURES

• Convesso Concavo will consist of two towers and podium buildings positioned at Victoria Harbour’s waterfront. The buildings have been designed as an architectural pair with convex and concave building forms and are to be delivered in two stages.
• The initial launch is for the first of the two towers - known as Waterside Place East.
• Convesso Concavo consists of two curved towers – their shape inspired by their waterfront location - located to maximize the spectacular views from all apartments, on all sides of the building. 
• Convesso Concavo will consist of a cross section of different apartments, from prestigious waterfront homes and tower penthouses to luxurious tower and city side apartments with access to north-facing outdoor living and garden areas.
• There are 69 one and two-bedroom city side apartments, 117 one, two and three bedroom tower apartments, nine penthouses with three or three-plus bedrooms, and 17 three and three-plus bedroom premium waterfront apartments.
• Development will consist of a superior level of amenities and facilities that include:
  - Grand lobby with concierge
  - 25 metre pool and spa opening onto a north facing landscaped terrace with barbeque facilities overlooking the marina
  - Sauna adjacent to pool and spa area
  - Treatment room
  - A gymnasium opening onto a west facing terrace

INVESTMENT OUTLOOK

Capital Growth:          

• Residex has forecast that Docklands properties will increase by 11% p.a. over the next 5 years
• Buildings that have a high proportion of owner occupiers typically result in higher than usual capital growth
• The development represents a $250 million-plus project and sits squarely at the premium end of the inner city housing market

Rental Return:          

• Rental demand in Docklands is extremely high and the Real Estate Institute of Victoria’s August report showed that the residential vacancy rate of Melbourne City and its surrounding areas was less than 0.8% 
• Rental returns are anticipated to be 5% pa gross but will vary from apartment to apartment 
  

"X" FACTORS / KEY GROWTH DRIVERS

• Many premier organisations including NAB, ANZ, Ericsson and Myer have selected the Victoria Harbour precinct in Docklands as their new home – with over 12,000 workers by late 2009.
• When complete Victoria Harbour by Lend Lease will have around 25,000 people coming every day to work driving the retail offer and keeps its doors open for residents so they can enjoy superior amenities and services.
• On completion Victoria Harbour by Lend Lease will be worth in excess of $2.5 billion.
• It is proposed that Collins St and Bourke St will intersect in Victoria Harbour.

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