One of The Best Investment Opportunities in Brooklyn Yet

Once in a generation, a building comes along that changes our perspective. A building that creates bold new horizons, promises new beginnings, and sets standards that others can only hope to follow. Rarer still is the opportunity to call this building home.

Fig.1: The Brooklyn Tower, 9 Dekalb

1. ONE OF NEW YORK’S FASTEST GROWING BOROUGHS

From 2010 to 2021, New York City led the rest of the state in terms of population growth. By absolute numbers, Brooklyn achieved the highest growth of any county in the state, remaining the largest borough by size of citizens.

2. RECORD PRICE GROWTH AND SALE VELOCITY IN 2021

Price trends continue to reach or approach record levels as witnessed over the past five years, along with heavy sales volume and stable listing inventory. In Q4 2021, the average sales price increased 11.7% annually to $1,178,237 and was 21.1% above the fourth quarter of 2019.

Additionally, the number of sales rose 19.4% year over year to 3,217 which was 26.4% above the same period in 2019 and the fifth straight quarter with an annual increase. The number of yearly sales reached their highest level in fourteen years and was 63.5% above 2020 results, indicating the significant scale of the market recovery.

3. RENTAL DEMAND REACHES ALL-TIME HIGHS

In December 2021, new lease signings rose year over year for the sixteenth consecutive month. Listing inventory fell at its highest annual rate on record as heavy leasing volume consumed listing inventory faster than it can be replaced.

4. NO FOREIGN BUYER STAMP DUTY TAX

As prime markets such as London, Hong Kong SAR, and Singapore continue to impose heavy foreign buyer stamp duty taxes, the U.S. has no stamp duty tax for foreign buyers, providing signification savings on transaction costs.

5. PUBLIC TRANSPORT ACCESSIBILITY

Downtown Brooklyn is one of the most connected neighborhoods in New York City. Offering a 10 minute commute to Manhattan and with access to 13 subway lines, 11 commuter trains via the Long Island Railroad and 22 Citi bike stations, the transportation access is unrivaled. Both JFK and LaGuardia Airports are quick drives away for domestic and international access.

Fig.2: Brooklyn Tower’s, Nexus of Transportation

6. TECHNOLOGY & ENTREPRENEURSHIP HUB

One exclusive attribute of Brooklyn is the availability of low-cost commercial space when compared to Manhattan. This paired with a growing population and young, entrepreneurial workforce has made Brooklyn an extremely attractive environment for start up’s, which in turn has contributed to its rapid business growth. Tech and entrepreneurship in Brooklyn is thriving and that is ever apparent in the Brooklyn Tech Triangle, a hub of innovation positioned in the neighborhoods of Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard featuring business HQs such as Etsy, Vice Media, and Food52.

7. CULTURE & HISTORY

Culturally diverse, Brooklyn has become a dining destination in itself thanks to its critically acclaimed restaurant scene. Home to celebrated galleries, museums, landmark architecture, music and entertainment venues, Brooklyn is an arts and cultural hub which offers a wealth of lifestyle options for all ages. One in four U.S. citizens have ancestors born in Brooklyn.

Fig.3: Fleet Street Residential Entry, The Brooklyn Tower

8. EDUCATION

Brooklyn offers renowned options for both public & private education

at all levels. Downtown Brooklyn is surrounded by some of the top educational grade school institutions, such as the Packer Collegiate Institute, St. Ann’s School, Montessori Schools, and Brooklyn Friends. Brooklyn is also home to leading universities such as the Pratt Institute, Brooklyn College, Brooklyn Law, NYU College of Engineering, and NYU only a 20 minute subway ride via subway on the express line.

9. PUBLIC OPEN SPACE

Brooklyn is host to an abundance of parks and public open space. Fort Greene Park, Brooklyn Bridge Park, and Prospect Park are just three of the world-class green spaces that surround Downtown Brooklyn. Each one offers a broad range of amenities ranging from acres of lawn, waterfront access, recreation activities, sport fields, protected gardens, and wildlife preserves.

10. UNRIVALED CITY, RIVER, AND HARBOR VIEWS

Brooklyn offers breathtaking, unobstructed views of the Manhattan and Brooklyn skylines, New York Harbor, and the East River.

Fig.4: Fort Greene park

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One of The Best Investment Opportunities in Melbourne Yet

Designed for life, Flagstaff Hill is a 25-floor residential tower located West of Melbourne on 45 Dudley Street, and its city fringe location allows residents to enjoy a vibrant city lifestyle without having to be deep within the bustle of the city. A stunning addition to Melbourne’s city skyline, the development offers unparalleled connectivity to the best of the city centre, offering a modern and desirable lifestyle for all.

Here are some of the top reasons as to why Flagstaff Hill is one of the best investment opportunities in Melbourne, and why it should be on the top of every investor’s list.

1. Neighbourhood Rich in Culture and History

As one of Melbourne’s oldest public parks, Flagstaff Gardens is a well-loved botanical wonder nestled in the heart of the neighbourhood and has been a haven for nearby workers to wind down and relax.

Fig. 2: Flagstaff Gardens in 1840

Erected in 1840, it has historically been the beacon for communication between the harbour and town, with it being the city’s highest point at that time. It played a crucial part in shaping Melbourne’s well-sped growth and continues to present itself as a timeless landmark moving forward.

2. Strategically Located; Post-COVID

Understandably, residents of Melbourne have been re-evaluating their living preferences due to the increased time spent at home when COVID-19 hit the world hard.

One apparent shift in lifestyle is that homeowners are now opting for a more decentralised address, preferring to live in apartments that are strategically located along the fringe of the Central Business District (CBD), and it appears that this trend is here to stay.

Flagstaff Hill is ideally located along the fringe of Melbourne’s CBD – just 15-minutes away via public transportation to the main street of Melbourne’s business district, Bourke Street, and is within a 6-minute walk from the serene Flagstaff Garden. Ticking off most checkboxes, the development is a promising location for young professionals living in Melbourne.

Moving forward post-COVID, Flagstaff Hill remains as an attractive investment option.

3. Vibrant Amenities in the Vicinity

Flagstaff Hill offers unparalleled connectivity for most individuals looking to live in Melbourne; be it for students, working professionals, or individuals working from home. Its strategic location allows residents to enjoy the best of Melbourne without compromising on the quality of the neighbourhood, whether you’d like to meet up with friends at Flagstaff Gardens, study at renowned institutions at the University of Melbourne, or working in Melbourne’s bustling CBD.

The nearest mode of public transportation is Flagstaff station, located just 8-mins walk away from the development.

Iconic landmarks of Melbourne’s bustling city is within a clear reach from Flagstaff Hill, with Queen Victoria’s Market just a brisk 9 minutes’ walk away, the world-famous lanes of Flinders, Collins and Bourke Street just a 6-minutes’ drive away, and the stunning waterfront entertainment hub Docklands a 5-minutes’ drive away. Enjoy and experience one of the world’s most liveable cities with ease and convenience, with a plethora of world-class amenities within accessible reach.

4. Within Minutes Reach from Melbourne’s Tech Boom

Melbourne’s tech and start-up boom has been on the rise in recent years, where close-knitted start-up communities have started to garner the attention from names, big and small. The conducive environment has created a form of tech cum creative cluster, in tandem with other existing professions.

Numerous American tech companies have identified the city as an ideal location to set their Asia-Pacific headquarters, what with the supply of high-quality talents from Melbourne’s top university, as well as the conducive working hours of the city. In fact, we can expect a surge of foreign talent coming into Melbourne’s borders to support its tech boom, and this population growth would result in a higher demand of housing within an ideal location. Off the record, Melbourne’s very own ‘Silicon Yarra’ has been seen growing in two locations; the small enclave of Cremorne and also in the CBD along Swanston Street.

Fig.3: Slack Headquarters in Melbourne

Flagstaff Hill is positioned superbly from the tech boom, located on average just 22 minutes away from some of the biggest tech headquarters via public transportation. From the perspective of renters, the development poises as an attractive option in terms of lifestyle offerings and locality.

5. Strong Investment Option

The general outlook for Melbourne’s development is strong, with the city’s population growth estimated to grow at 2%, mainly consisting of young working professionals and students. In fact, Melbourne’s growth as a city is expected to surpass Sydney by 2030, all accounting from the shift of the economy towards technology.

In fact, the situation with Melbourne’s growing tech ecosystem has spurred a residential growth and gentrification occurring in the city’s inner north and west, suggesting that suburbs such as West Melbourne to shape the future of Melbourne’s office supply, which would eventually impact the demand of residential spaces within the precinct and positively affect capital values of residences within the neighbourhood (source).

6. Millennial’s Lifestyle & Identity

Melbourne’s new generation of workforce, the millennials, have been fuelling lifestyle trends in the city. In fact, they find that living and working in the fringe is as much as an amenity as is location and architecture (Source: Knight Frank).

Being situated in the fringe brings benefits in the form of forming a brand identity, and life in the fringe reflects a level of desirability and vibrancy that many are willing to pay a premium for. Flagstaff Hill is located perfectly along the fringe, just a 10-minute drive away from hip lanes such as Collingwood, and a 14-minute drive away from Richmond, arguably one of Melbourne’s hippest spots.

7. Organic and Outstanding Designs and Architecture

Flagstaff Hill’s architecture comprises of Podium, Tower and Crown, which skyscapes 25 floors into Melbourne’s stunning skyline. Its designs take advantage of the magnificent views of Flagstaff Gardens in the east, and the city to the east and south.

The interior design is also intrinsically crafter to capture Melbourne’s day and night. Continuing the narrative, the light palette adopts the sunny, lighter moods of Melbourne’s distinct seasons, with cloud-white acrylic features and complementing warm oak veneers for the joinery and grey tundra stone benchtops. The dark palette engages a more sophisticated duskier mood of Melbourne city at sunset. Black Japan veneers complemented with diamond black acrylic joinery with the grey tundra stone benchtops present a mood distinctively Melbourne.

Birds Eye View: Tower & Crown

Dark Theme (Left) and Light Theme (Right)

8. Trusted Developer, UAG

Since arriving from Singapore, the founder of UAG, Nicole Chow, has made significant contributions to Melbourne’s built environment since 1995. Each project’s team has been strategically cherry-picked to maintain a strong relationship with her design, construction and delivery teams to ensure that all finished products meet the standards that UAG demands.

Always committed to the excellence in design and the quality of projects, UAG’s core focus was always on crafting stunning luxury residences, often located in luxurious Bayside locations. Since then, UAG has had a diverse portfolio of building over 50 developments with a combined asset value of A$500 million. UAG’s deep understanding in the Australian market has allowed the company to be recognised as a developer that is synonymous with quality and luxury.

With an impressive portfolio including outstanding developments like North, Emblem and Armadale, UAG aims to widen its pipeline with projects in the USA, targeting the gateway city New York City.

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Consecutively clinching the top spots as one of the world’s most liveable cities since 2002, Melbourne’s urban metropolis has always been an ideal city to live, work and study in.

No doubt that other cities model after it, individuals aspire to live in it, and companies – big and small – all want their share in this abundant city. An all-rounder, it achieved perfect scores in healthcare, education and infrastructure. It outranked Sydney in the areas of stability, and culture & environment (source), and is forecasted to become Australia’s largest city by 2030 (source).

Due to Melbourne’s dynamics, one of its boldest assets is its readily accessible talent pool. Complemented with a creative environment conducive for talent grooming, collaboration and idea development, the city has been identified as a leading beacon for the tech scene in Australia.

Melbourne: Pushing Australia’s Economy Far and Beyond

On par with Sweden and Singapore, Australia has been ranked as the world’s most tech-ready nation, and Melbourne has been firmly riding on the global technology expansion.

Global tech-brands such as Zendesk and Square have already been compelled by Melbourne’s thriving economy, its growing population, an accessible pool of tech talent and its desirable quality of life. The city accounts less than 3% of Australia’s landmass, yet it has been generating almost 25% of the country’s GDP, signalling a massive opportunity for yet further growth.

Other US tech companies have identified Melbourne as the ideal destination to establish their Asia-Pacific headquarters, including prominent names like Slack, Eventbrite, Hired, and Guardlab. In fact, one of the key decisive factors for Slack to lay ground in Melbourne was the city’s start-up and venture capital ecosystem.

Deloitte has forecasted that the next surge of Melbourne’s growth will be mainly driven by its digital economy, with a growth rate of almost 50% in the next two years, from US$26 billion to US$37.7 billion.

People Maketh City – Melbourne as a Flourishing Tech Hub & Global Education Provider

The state of Victoria produces quality tech talent, administering the largest number of tech graduates in Australia, and the country’s top university, University of Melbourne. This constant supply of quality talent has attracted more than half of Australia’s top 20 tech companies to set base in Melbourne, on the way of reaching a state of a tech and startup “flywheel”.

The city’s very own “Silicon Yarra” has been growing as the next suburban frontier, with a small enclave named Cremorne spearheading the city’s economic re-direction (source: Knight Frank). Global names such as Tesla and Disney are housed within Church Street, while other smaller businesses are nestled safe within copious laneways.

Partnerships with the government and initiatives to grow the tech ecosystem has much to play a part in the heightened success of the scene.

Other geographical spots like Silicon Valley, New York City and Beijing have successfully become global-scale hubs for innovation and creation and are reaping the benefits off from such developments. Homes in Silicon Valley has contributed to San Francisco’s price growth of 70% in the past 10 years and has resulted in a range of innovations such as a growing demand in co-living concepts (Knight Frank).

On the same note, Melbourne is globally known for their reputable institutions, such as Monash University and RMIT University, which is a key ingredient for building successful ecosystems that can churn out talent to staff start-ups and tech companies. One thing that all these up-and-coming companies have in common is that they understand that people are the source behind growth.

Furthermore, Melbourne has been identified as a future tech capital, stemming from its strong proportion of young professionals to old, alongside a high proportion of skilled university students to support this movement.

“In my view, the tech scene in Melbourne is quite vibrant. There is a nice combination of established players and global tech giants as well as a startup scene that is gaining momentum”

Professor Robin Doss, Deputy Head of the School of Information Technology at Deakin

Spotting Opportunities – Investing in Melbourne’s Real Estate

Often, all it takes is a tipping point to catalyse other chain reactions, and Melbourne’s tech boom could very much change the way spaces are used and the type of spaces in demand.

On top of the steady demand for rental apartments in neighbourhoods near universities for students and educators, the influx of global talent from new tech companies and startup brands in Melbourne will create elevated need for co-living spaces and apartments that fit the needs of the young professional demographic.

Considering the spending power and lifestyles of these young professionals, factors like connectivity, amenities within the vicinity, lifestyle selections and distance to work are crucial in determining the rentability of a precinct or apartment.

As the opportunity for Melbourne to grow and nurture into a true hub for technology and innovation becomes more apparent, the capital growth of real estate within Melbourne could very much rise in tandem with the potential of the city.

Presently, Melbourne offers a much digestible investment option as compared to other mature global tech capitals, with a considerably lower price point as seen from the summarised table below.

Prices extracted from Numbeo.com

Singapore’s One-North is a promising example that there is a burgeoning demand for housing within tech and business-centric hubs. As companies choose to relocate to One-North, investor’s interest in real estate within the vicinity has risen in tandem. Capital values within the neighbourhood has been enjoying an average of 25% – 30% growth when comparing today’s values with those 8 – 10 years ago (source).

Furthermore, Melbourne has garnered the interest of several venture capitalist firms, with Sequoia Capitals recent interest sparking this chain appeal in the city (source) .

The Next Big Question: Where?

Now that we have identified Melbourne as an opportunity hub, the next question to ask is: where is a good location to benefit from the tech boom?

Located at West Melbourne just along the fringe of the CBD, Flagstaff Hill is a handsome development by UAG that checks all key boxes on being an ideal investment opportunity (click here to read more on Flagstaff Hill). Not only is it ideally located, it has all the necessary amenities in its vicinity, with landmarks like University of Melbourne and Queen Victoria Market within a 15-minute travelling distance.

The future of technology in Australia is exciting, and that future is coming from Melbourne. Be Part of its future.

If you liked this short read and is keen on learning more about investment opportunities in Melbourne, we’d love to help.

Simply fill up the form below and connect with us on WhatsApp, and our trusted advisors will be in contact with you shortly.

The ‘race for space’ has grabbed headlines globally but cities look to be mounting a comeback

This is the first in a series of articles delving deeper into the results of Knight Frank’s Global Buyer Survey 2021. The findings provide a unique insight into what impact Covid-19 has had on housing demand around the world.

Conducted between 10 June and 22 July 2021, the findings represent the views of over 900 Knight Frank clients, located across 49 countries and territories.

This is the second time we have undertaken the survey. In 2020, the survey was firmly focused on who was moving and where.

This year, we’re keen to understand if the changes we’re seeing are permanent, for those have moved home since the start of the crisis, what are their next priorities and crucially, how do buyers’ motivations and priorities differ globally?

On the move

Globally, 19% of respondents have moved house since the start of the pandemic, this figure rises to 25% in Australasia and North America.

With strict lockdowns imposed in most markets over the last 18 months it is no surprise that more space was the top priority for buyers – 22% said more outdoor space was the key motivation behind their move, 19% said indoor space was the critical factor but there were regional variations.

In Asia, indoor space was a greater motivation, in Europe and Australasia outdoor space was the bigger driver.

Upsizing and divorce were cited as other reasons for moving, but for some the decision was purely financial, acting early to secure a mortgage before their incomes were hit by furlough or salary sacrifice schemes.

Of those that have yet to move, 20% say they are more inclined to move in the next 12 months. Perhaps most surprising, is the extent to which cities are back in favour. Globally, of those respondents that are more inclined to move in the next 12 months, 38% are looking at a city location, while 33% are considering the suburbs.

With urban living a particular aspiration for buyers in Asia and the Middle East it’s to be expected that the popularity of cities is notably high here – of those planning to move in the next year, 44% and 50% respectively are looking at a city base. Of those yet to move, 13% are considering a move overseas with Switzerland, France and the UK the top three preferred destinations: all mature, transparent economies offering stable political governance, a good quality of life and advanced vaccination programmes.

Read the original post here.