Reimagining the generic Victorian as a contemporary home

Rebecca Judd renovates a derelict beachside cottageMay Bartlett moved into this Rozelle cottage 90 years agoFederation fans give this classic a clean start
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The Victorian cottage is such a generic inner-city dwelling that has so long been the subject of remodelling, you’d think we’d have the formula perfected by now.

Yet along with church adaptations to residential, they’re the trickiest to get sorted because, as architect Anthony Chan well knows, “they’re narrow and long, and the challenge is to make that shape feel comfortable”.

Chan’s a bit of a magician in juggling amenity into impossible little footprints. In Carlton, he got two living rooms and two bedrooms into an 1870 building 4.2 metres wide.

In Prahran, and in a relatively roomy five-metre-wide building with a luxurious extra metre to the right boundary, he managed four bedrooms and a 4.5-metre-long walk-through wardrobe that leads into the rear, upstairs master bedroom.

He’s done it while respecting the daylight and privacy needs of the neighbours on each side.

Working with interior designer Mardi Doherty, a relation of the client, it’s been done on “a very, very tight budget”, but in some style.

It has a white-on-white scheme with touches of blue (check out the “striking electric blue stair carpet”), the palest greys and a variety of tiles, including a patterned one “that wraps exterior walls on both sides and rises to the top floor to wrap the eaves”.

Nothing here is imposed gratuitously. Chan’s method is to start a project “with an inventory of everything a client does in a house – from how they enter to where they put the keys. It all has to work seamlessly”.

“We really love customising a building for function,” he says. “So you create buildings around people’s quirks.”

While placing wet rooms, storage and the staircase within a timber-wrapped box in the mid-section, and upstairs making the transiting corridor between bedrooms so thin and central, and with such tremendous capacity for a serious shoe collector, this hallway spine is a very smart setback structure because it maintains neighbourly amenity and allows for multiple skylights in the ceilings of the lower floor.

The light boxes are crucial for a rear addition that elbows out to the boundary.

But in the front and core sections of the house, the open-air metre setback allows for a small light court, a tall glass door leading to it from the galley kitchen, and a small bike shed in the alleyway. This arrangement is specific to the needs of the male client, who just wants to exit the kitchen, get on his bike and pedal off.

As the subtly sophisticated Prahran home well demonstrates, “everything here has been really, really well considered”.

See more at chanarchitecture苏州夜总会招聘.au or find the classic cottage for you by downloading the Domain app.

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Big gun malls in the billion-dollar sales club

Big gun shopping centres are now turning over an average $1 billion-plus in annual sales, putting paid to any concern than they are not relevant to consumers.
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Landlords are spending just as much on new developments to make the malls the new town centre where food, movies and beauty salons generate more than the traditional apparel and department stores.

This was reflected in the weaker sales for department chain, Myer, which reported that sales slumped by of 0.6 per cent to $1.78 billion in the 26 weeks to January 28, and second-quarter sales, which included the post-Christmas clearance sale, fell by 1.3 per cent in total, or 0.5 per cent on a comparable store basis.

In the 2017 Shopping Centre News Big Guns survey, Vicinity and the Gandel Group’s, Chadstone is the largest centre with a gross lettable area of of 212,300 square metres and has the highest turnover with $1.5 billion in retail sales last year.

According to industry expert and SCN’s publisher, Michael Lloyd, n shopping centres are the most “sophisticated in the world and the shopping centre industry leads the world in the development, management and marketing of its product”.

“It’s why every major shopping centre in has an ownership structure that includes major pension funds, international funds and most of the major equity funds targeting prime performing real estate assets around the globe,” Mr Lloyd said.

“Since their inception in the 1950s, ‘s shopping centres, every year without exception, have beat inflation by at least 1 percentage point. That’s something no other major property asset class, anywhere in the world has achieved.”

Mr Lloyd, who worked with Lendlease founder Dick Dusseldorf and worked on creating Macarthur Square, said the strength of the industry can be seen in its retail sales versus those trading ‘outside’ the shopping centres.

Last week Macarthur Square opened its $240 million retail redevelopment. The Lendlease-managed centre includes a new format David Jones across two levels, international retailer H&M and a western expansion with a new look Coles, fresh food market hall, more than 40 new specialty stores, an alfresco and casual dining precinct, along with 500 additional car spaces.

Macarthur Square is jointly owned by the Lendlease-managed n Prime Property Fund Retail and the GPT Wholesale Shopping Centre Fund.

Gary Horwitz, head of retail at Lendlease, said the next generation Macarthur Square responds to the changing nature of shopping centres while acknowledging the centre’s strong history and connection to the region.

“The redevelopment of Macarthur Square has allowed us to grow with the region and adapt to the changing demographics and needs of our local customers,” Mr Horwitz said.

In the SCN survey, the star performer in the turnover table was Scentre Group’s Westfield Miranda; in its first full year of trading after major redevelopment, the south Sydney centre improved its moving annual turnover (MAT) by 14 per cent recording total sales of $926 million.

Scentre Group’s Westfield Fountain Gate in Melbourne’s south east became the fourth centre in to record an annual turnover of more than $1 billion.

Colliers International’s director retail leasing NSW, George Wragge said it is apparent from the latest round of shopping centre developments across the country that “the biggest is best”.

“The more out there you make these assets, the more chance you have of attracting a new customer base,” Mr Wragge said.

The attraction of malls for investors remains strong, according to the latest JLL n Shopping Centre Investment Review which revealed that in 2016 transactions to offshore investors reached $2.3 billion, slightly below the $2.5 billion recorded in 2015.

Offshore investment activity accounted for a significant 32 per cent of total acquisitions, compared with the long-term average of 12 per cent.

JLL’s head of retail investments, Australasia, Simon Rooney, said, investor demand remains very strong from domestic and offshore capital sources.

“Demand continues to outweigh supply of investment product, resulting in surplus capital which is yet to be deployed and driving competition-led yield compression,” Mr Rooney said

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‘Bad for customers, shareholders’ – Telstra’s regional roaming rage

MELBOURNE, AUSTRALIA – MARCH 16: Telstra CEO Andy Penn is seen in Culla near Edenhope launching the 100th Mobile Base Station, funded under the Mobile Blackspot Program which is part of Telstra’s regional mobile network on March 16, 2017 in Melbourne, . (Photo by Josh Robenstone/Fairfax Media) Photo: Josh RobenstoneCulla doesn’t have a post office or any shops. It doesn’t even have a pub. But on Thursday morning the regional Victorian township did get a Telstra phone tower.
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It was a big deal for this less-than-a-dot of a township with no fewer than two federal politicians and Telstra’s chief executive Andy Penn on hand to mark the occasion.

Ostensibly this was the launch of the 100th mobile tower built under the federal government’s Mobile Black Spots, which helps explain the presence of the Minister for Regional Communications Fiona Nash and Minister for Veterans’ Affairs (and local Liberal MP) Dan Tehan.

The tower will give, for the first time, the surrounding community and visitors access to Telstra’s 4G network. This single tower will cover about 260 square kilometres. Previously residents relied on Optus’ 3G tower in Harrow, about 15 kilometres away.

Cattle and sheep farmer Anthony Close owns Kurra-Wirra farm which now hosts the new tower. He recently switched from Optus to Telstra and says for the first time he is able to stream Netflix at home.

He wanted to catch up on Suits, a series he started watching while at agricultural college in Melbourne a few years ago.

Another local said her husband noticed the new signals as soon as the tower was activated and will finally be able to make phone calls from home.

This farmer’s rationale – which many city dwellers would take totally for granted – is also at the heart of a major territorial tussle between the nation’s biggest telcos over access to towers like Culla’s.

The milestone offered Telstra an opportunity to push its bush credentials and defend the billions it has invested in the regions as the competition watchdog mulls giving its rivals access to Telstra’s network – and its customers.

It chartered two planes to fly journalists – including from Fairfax Media – from Melbourne and Ballarat into the region for the morning to promote the story. Penn’s pitch

Culla Farmer Anthony Close’s family property Kurra-Wirra is where the 100th Mobile Base Station has been built. Photo: Josh Robenstone

On a paddock next to the new tower Telstra staff set up a marquee, arranged chairs and banners. Tables were stocked with teacups, cakes and biscuits courtesy of the local Pigeon Ponds Tennis Club.

“Our model is that people come to Telstra because they know we have the best network and the best coverage,” Mr Penn told the assembled journalists.

“And we are able to basically make sites that might otherwise not be viable on a standalone basis work, through programs such as the mobile blackspots program … and by virtue of the fact that we can attract more customers because they know we have the best network.”

This is all part of Penn’s pitch to convince the n Competition and Consumer Commission that Telstra is dedicated to building high-quality mobile networks around the country, but only if regulatory settings remain exactly as they are.

More specifically, that opening up mobile networks to domestic roaming would be a terrible idea that will force Telstra to withdraw billions of dollars of investment from regional areas.

The ACCC is currently deciding whether or not to “declare” mobile networks, which would force Telstra, Optus and Vodafone to let other carriers access their entire networks at regulated prices.

In late 2016 Telstra told the ACCC the only reason it builds uneconomical towers in regional towns is so it can boast it has the biggest network, which attracts higher paying country and city customers.

“The reason domestic roaming wouldn’t be a good idea,” Mr Penn argues, “is that it would act as a disincentive for investment. Which would mean programs like the Mobile Black Spots Programs and other sites which we might otherwise be able to invest in would become unviable.” Earnings hit

Telstra currently has an ‘incentive to invest for differentiation’. Photo: Glenn Campbell

The day before the Culla ceremony Goldman Sachs telecommunications analyst Kane Hannan released a note estimating domestic roaming would cost Telstra about $550 million in earnings in a single financial year.

He calculates mobile communications is the single biggest product for Telstra and will contribute about 45 per cent of earnings, or $4.2 billion, in 2017-18. Telstra charges all mobile customers about 15 per cent more than its competitors because of its network size.

Losing the network advantage could cost Telstra about 30 per cent of its business in regional , about 2.3 million subscribers nationally, and would force Telstra to reduce prices to match its competitors, Mr Kane believes.

However, if Telstra does stop investing outside the capital cities, as it has repeatedly threatened will happen, this will save about 51 per cent of capital expenditure on mobile infrastructure.

Or as Mr Penn tells Fairfax Media about the roaming proposal: “It is bad for customers and it is bad for shareholders.”

He added that networks need continual reinvestment and Telstra currently has an “incentive to invest for differentiation”, but roaming would remove that incentive.

For the record, Mr Kane does not think the ACCC will introduce roaming.

A spokesman for the ACCC said it does take the commercial impact of its decisions into consideration. However, its main aim is to promote competition and encourage efficient use of infrastructure.

“We will consider the likely future state of competition in the relevant market, with and without declaration of the service,” the spokesman said. Poor review

Telstra chief executive Andrew Penn in Culla telling journalists Telstra may not participate in the third round of mobile black spot funding if the regulator declares mobile roaming. Photo: Josh Robenstone

Telstra is contributing $165 million towards the towers, the federal government $95 million and the Victorian government about $21 million.

However, the first funding round was subject to a scathing review by the n National Audit Office in September, which found the program beset by “weaknesses” with many sites poorly targeted or pork barrelled into Coalition or politically convenient electorates.

Round two adjusted the criteria and Telstra received funding for 148 towers, Optus 114 towers and Vodafone four.

The audit also found towers awarded in the first round often consolidated existing coverage rather than provided new coverage.

Indeed, at least one bar of Optus coverage was present on Kurra-Wirra Farm, but would probably fade off a few metres down the road. And certainly not be strong enough for streaming video or tracking livestock. Investment continues

(Left to right) Telstra chief executive Andrew Penn, Minister for Regional Communications Senator Fiona Nash, and Minister for Veterans’ Affairs and Member for Wannon Dan Tehan. Photo: Josh Robenstone

Both Coalition politicians boasted of the benefits of the MBS program, with Senator Nash saying it fixes a “market failure” to provide coverage.

“From our perspective as the Coalition government it is just so important that we continue to invest even more in rural communications,” she said.

And Mr Tehan boasted his seat of Wannon was awarded 16 towers out of 100 awarded to Victoria. Independent Cathy McGowan’s seat received about 30 towers.

Within the telco industry MBSP is controversial because it forces regional consumers to switch to the company which receives funding for the new towers, as the residents of Culla are currently doing.

Or as Mr Penn said on Thursday: “It’s basically a service that if people want to take advantage of they are going to have to have a [mobile] plan with someone and Telstra is the company that has actually put the money into the investment so that’s Telstra. There isn’t another tower around here by another operator, but I would encourage all operators to make the investments and take advantage of the program.”

While technically Telstra must allow other companies to co-locate on all its towers – particularly those partially built with public money – few towers in the bush have equipment from multiple companies.

Vodafone’s chief strategy officer, Dan Lloyd, says it sometimes finds Telstra hasn’t built enough space for a second or third telco’s equipment and the cost of connecting to the network is too expensive.

“We find it amusing that Telstra is claiming public infrastructure is the answer and co-location is the answer when that same company is doing everything in their power to raise barriers against infrastructure competition and co-location,” Mr Lloyd says.

He is leading Vodafone’s push for the ACCC to declare domestic roaming.

About 44 per cent of the 74 sites Vodafone is building with MBSP funding will have co-location.

A Telstra spokeswoman confirmed it will still build all 577 towers that it was awarded funding for under MBSP rounds one and two but will have to reconsider whether it takes part in the smaller third round if roaming is declared.

“Over the past 10 years, Telstra has enabled co-location in 97 per cent of applications it has received for design and construct,” the spokeswoman said.

“The Mobile Black Spot Program is guided by clear rules on co-location. We have and will continue to offer other network operators the opportunity to use space on our mobile base station to install their own equipment and offer services to their customers. We’ll also continue to request co-location of our equipment on other operators’ sites so that we can improve coverage for our regional customers.”

Whatever the background battles, the locals at Culla are enormously grateful to now have decent mobile coverage.

A representative of the local Country Fire Authority brought home the importance of a reliable service without any thought of competition or economic efficiencies simply by saying: “It will be great to have reception at the shed to be able to call the crew.”

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Melbourne’s most perfectly preserved streets are found here…

What’s not to love about Albert Park?The enduring appeal of BrightonWelcome to South Yarra
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Long before Toorak was even a twinkle in Melbourne’s eye, East Melbourne was the home base for a developing city’s wealthy elite.

Laid out in Hoddle’s original plan in 1837, the earliest of East Melbourne’s houses date from the late 1850s with its heyday occurring in the 1880s.

The suburb developed at a similar time but on a grander scale to its working-class, industrial neighbours such as Richmond, Fitzroy and North Melbourne. Where Richmond and Fitzroy were developed with narrow streets and mostly poor housing, East Melbourne was laid out with wide streets, large blocks, grand houses and around elegant English-style squares.

Today, East Melbourne is probably the closest Melbourne has to a London-like suburb with almost perfectly preserved streets of grand mid-late Victorian housing. Hotham, Grey, Darling, George and Gipps are a particular feast for the period-lovers’ eyes.

With a population of fewer than 5000 people, set in a park-filled 1.9 square kilometres, East Melbourne offers an amazingly spacious, restful and green address within 1-2 kilometres of the city centre. Richmond, by contrast, has five times the population on only twice the land.

East Melbourne is blessed with Powlett Reserve and Darling Square, English-style squares overlooked by the terraces in the four streets surrounding them. To the south of the suburb is the large Yarra Park, which flows on to the MCG, and to the west is the glorious Fitzroy Gardens.

And for those who can’t afford the century-old terraces, there are new and old apartments at more affordable prices. 116 Hotham Street

About $5 million 3 bedrooms, 2 bathrooms, 4 car spaces

Dorset Terrace is a row of four with twin cast-iron verandahs and ornate lacework. Number 116 sits beneath the name plate and has period features and a contemporary open-plan kitchen, living and dining room. There’s also a 130-year-old pomegranate tree.

EOI closing 5pm, March 27

Agent:Kay & Burton 9820 1111, Monique Depierre 0407 881 327 50 Hotham Street

About $12 million 7 bedrooms, 4 bathroom, 2 car spaces

Shrewsbury House is a delightful 1880s Gothic revival on a 1000-square-metre block. There are four levels with glorious living areas, including a charming breakfast nook, and outside is a pool, a large garden and a studio apartment/bedroom above the garage.

Agent:Marshall White 9832 4724, Marcus Chiminello 0411 411 27

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State of the Nation | Saturday, March 18, 2017

Need anational newssnapshot first thing – well, we have you covered.
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Tragedy: Ryan Teasdale. Photo: Facebook

► ILLAWARRA:Ryan Teasdale has been remembered as a carefree young boyas mourners rally in support of his family, particularly his brother. Ryan, 11, and his 13-year-old brother were boogie-boarding down the slippery slopes of Unanderra’s Riley Park on Thursday afternoon when tragedy struck. Read more

►ALBURY: Passengers on a Regional Express aircraft flying from Albury in NSW endured a nightmare flight after one of its propellers sheared off in mid-flight, forcing it to make an emergency landing at Sydney Airport. Read more

► BALLARAT: A Castlemaine grandmother has performed a circus act of kindness, delivering fresh fruit and Anzac biscuits to out-of-work performers and crew at Ballarat Showgrounds on Thursday. Read more

►MONTELLO: Montello Primary School united on Fridayto send a strong message that bullying isn’t okay.Students and teachers used their bodies to spell out “Bullying no way!” on the school’s oval. Read more

►COOTAMUNDRA: Cootamundra is mourning the passing of Andrew ‘Jack’ Raleigh. He lost his battle on Thursday, March 16, following almost eight weeks in hospital. Read more

►KATHERINE: Next Wednesday willmarkthree quarters of a century since Katherine was bombed. Between 80 and 90 high explosive bombs were dropped on the, then much smaller, outback town by the Japanese as part of their seemingly unstoppable push south. Read more

► MT COTTON: Sirromet Winerywants to boost its major restaurant, entertainment and restaurant business bybuilding 56 “glamping’’ tentsto add wedding and tourist accommodation. Read more

►WINDSOR: Iconic Hawkesbury pub The Fitzroy Hotel has closed its doors after almost 165 years of trade, eight months after owners Jennie and Philip Young purchased the lease from previous long-term owners Rebecca and Troy Mifsud. Read more

National news Snowy Hydro CEO Paul Broad and Prime Minister Malcolm Turnbull address the media after his tour of the Snowy Hydro Tumut 3 power station in Talbingo, NSW, on Thursday 16 March 2017. fedpol Photo: Alex Ellinghausen Photo: Alex Ellinghausen

► is poised for widespread political instability as more than one in four voters flee the two-party system, political analysts say.Read more

►Each member of the ABC’s audience has a gripe about the public broadcaster – including those who run it. Read more

►The Parliamentary Budget Office has costed a proposal that would kill stamp duty and replace it with land tax, saving home buyers up to $40,000 in Sydney and $55,000 in Melbourne, while delivering billions of dollars to fund schools and hospitals. Read more

National weather radarWhat’s coming your way …

International news►WASHINGTON: Fairly or not, presidents sometimes are cast in the shadow of their advisers – think George W Bush and Dick Cheney. So, as the Trump administration promises a triple-barreled Armageddon, by hacking into the budget, the bureaucracy and regulations, it’s no surprise that some look past this president – to fix on his anarchic chief strategist Stephen Bannon.Read more.

►BALI:n Sara Connor could face more years behind bars over the death of a Bali police officer after prosecutors announced they would appeal her four year jail sentence. Read more

►INDONESIA:Notorious people smuggler “Captain Bram”, who organised the asylum seekers’ boat at the centre of the notorious’cash for boat-turn-back’ scandalin 2015, has been sentenced to six years’ jail in an Indonesian prison.Read more

On this day1793–War of the First Coalition:Habsburg Austrianstogether withDutch Republictroopsrepulseda series of French assaults after bitter fighting inNeerwinden, present-day Belgium.

1834- TheTolpuddle Martyrswere sentenced totransportationto forswearing an illegal oathto join theirfriendly societyinDorset, England.

1915–First World War: Inone of the largest naval battlesin theGallipoli Campaign, theOttoman Empiresank threeAlliedbattleships and severely damaged three others.

1970–United States postal workersbegana two-week strikeafterCongressraised its own wages by 41% but raised the wages of postal workers by only 4%.

1985– The first episode of the nsoap operaNeighbours(location pictured)was broadcast on theSeven Network, eventually becoming the longest-running drama in n television history.

The faces of :Mick YarringtonHe is Wagga’s oldest cricket groundsman and Mick Yarrington has no plans to hang up the boots.

The 71-year-old dedicates 20 hours perweek to maintaining the Wagga Cricket Ground and supporting his beloved sport.

When Mr Yarrington –alife-long sportsman– realised he could no longer keep up with the game, he branched out tocurating wickets. Read more

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Getting to know this very fine Hawthorn house of the week

74 Wattle Road, Hawthorn $3.6 million-plus 4 bedrooms, 4 bathrooms, 4 car spaces Auction at 11am, on Saturday, March 25 Inspect on Saturday from 2pm-2.30pm Kay & Burton, Walter Dodich 0413 262 655
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Some houses have a magical quality that invite much more than a cursory glance as you pass by; sometimes you just have to get to know them better.

That’s the case here at Wattle Road. The period exterior here is superb – the handsome facade so elegantly composed, the generous space surrounding the home enhancing the classy vibe.

The wide hallway is a ripper, underscoring the generous footprint here. Before you head out to the urbane rear extension, the front rooms are fine examples of how you can marry the period to the progressive with coherence and style.

To the right of the entry is a classic formal lounge – gorgeous cornicing and ceiling rose, an original tiled fireplace and box window combine to create a timeless room.

Opposite, the main bedroom offers more period pomp while behind a very generous walk-in robe/dressing room and chic fully-tiled en suite articulate the new millennium amenity here.

Another bedroom sits further along on the right with a bright, sleek central bathroom and laundry completing this front section of the house.

Out in the open plan rear the contemporary style really starts to hum. A window splashback cleverly slides more light onto the stainless-steel preparation benches and a smoothly cool marble floating bench has a handsome heft.

A polished concrete floor flows across this rear space to accommodate a dining area as well as the terrific family room over on the right. The gas fireplace is framed in distinctive Kimberly Brown Granite that stylishly anchors the area.

The terrific looking rear wall of black framed glass has some cool art deco echoes and slides open to access the fine outdoor terrace. More interest and design depth is created by raising the rest of the back garden up. It gives the sparkling pool and perimeter planting a relaxed resort feel. You can also get a good look of the inverse of the facade, the monumental scope of the Hebel brick two-level rear extension is impressive.

Right at the back you get a garage, accessed by a side right of way, as well as a workshop and kitchenette that opens onto the pool area.

Head back inside and up the excellent timber rib stair to the fabulous retreat/rumpus with a good eyeful of Hawthorn views beyond the roofline.

Up here you get two bedrooms, each with their own supremely composed little en suites, and winning views over the pool. Very fine.

Need to know: The house was last traded for $416,000 in 1997 and the highest recorded house price in Hawthorn (past 12 months) was $9.75 million for 7 Shakespeare Grove in November 2016.

Recent sales: $5,361,000 for 4 Osborne Court, in March 2017; $2.41 million for 59 Mason Street, in February 2017, and $1,535,000 for 74 Denham Street in February 2017.

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Fed rate rise boosts Chinan property interest

n property is expected to be a beneficiary of the lower for longer global interest rate environment as investors seek out the stable, safe haven that bricks and mortar offer.
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The AREITS are also being targeted as indirect investment vehicles for overseas investors who want stable, higher-yielding returns.

On Thursday, the US Federal Reserve raised its benchmark lending rate a quarter point to 0.75 per cent to 1 per cent and maintained its expectation for two more increases this year, a bounce in oil prices also helped.

Utility and real estate shares led the late-day rally as 10-year Treasury yields fell the most in two months.

According to Ian Hetherington, national head of capital transactions at Savills, the change in US rates is a good thing, as it demonstrates that the US economy is growing, which is typically positive news for .

“With regard to interest rates, with rentals growing as fast as they are in the major investment markets, the effect of a potential minor increase in domestic rates would not even register,” Mr Hetherington said.

The managing director of Folkestone Maxim Asset Management, Winton Sammut??? said AREITS have outperformed the overall ASX 200 as investors look for the “safe haven” sectors.

“The lower for longer interest rate environment will be positive for the AREITs, as asset managers and owners, and are attractive to investors with their higher yields,” Mr Sammut said.

“The market has been calmed by the fact the Federal Reserve has maintained its policy of two more rate rises this year and one next year, so there will be no surprises or change in policy.”

Currently the AREITs trade on an average yield of about 6 per cent, compared to the average 3 per cent for 10-year bonds.

Mr Sammut said investors were happy with that positive gap.

???Direct property investment is also a beneficiary as it makes an attractive market.

The n head of research at CBRE, Stephen McNabb, said the US Fed rate hike is moving in line with expectations although the upward movement in the n dollar immediately following the announcement suggests the market was pricing in an expectation for a steeper upward trajectory for US rates.

“While usually, the n cycle follows the US rate cycle, low inflation and steady, non-accelerating economic growth in suggest the Reserve Bank of will hold the course on interest rates in this year, despite the direction of movement of rates in the US,” Mr McNabb said.

“The potential for a gradual upward movement in inflation back into the RBA’s target band, slowing housing construction, steady business investment and slower jobs growth [the latter consistent with a weaker n jobs outcome in February] suggests steady rates are the more likely outcome in . As such we haven’t changed our assumptions for the n commercial property market in 2017.”

According to Tom Park, strategy & research, North America, TH Real Estate, interest rates and capitalisation rates are believed to move in lockstep, with higher interest rates quickly translating into higher capitalisation rates and lower property values.

“However, that is not necessarily the case. If interest rates are rising because of stronger economic growth, as is currently the case, real estate demand will also likely be growing,” Mr Park said.

“If interest rates are increasing gradually, and are likely to remain at, or below, long-term averages, as is currently expected, real estate would likely be well positioned to benefit in such an environment.”

TH Real Estate adds that the relationship between interest rates and property values is complex and likely to depend more on prospects for economic growth and real estate fundamentals, such as Net Operating Income (NOI) growth.

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A renaissance for one of Melbourne’s best-loved ice creameries

Leafy and luxe and Malvern EastLifting the bar for upmarket developmentsPrivacy plants to block out neighbours
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Victoria’s ice-cream lovers rued the day Dairy Bell shut the doors on some of its shops, including the one at Malvern East. Now a new chapter is starting at the site, which was the Hedgeley Dene Gardens from the mid-1800s.

Hedgeley Malvern East will uphold the site’s legacy as a green retreat with a heavy emphasis on gardens. Softening the look and feel of the six-level apartment development was an important part of the brief for landscape architect Jack Merlo.

“Obviously it’s in a pretty leafy area in East Malvern, so we were really keen to incorporate that greenery and softness in what’s otherwise a high-density development,” he says.

“One of the main focuses is that central courtyard and then we’ve also got the roof terraces at the top.

“So obviously the courtyard’s more green, a more passive space. There is a usable element to it, but the more outdoor entertaining, functional spaces are up the top.”

Landscaping plays a big part in Hedgeley’s design, particularly with the ground-floor atrium garden. But its unique exterior shape will also draw attention.

The building’s rounded form wraps around the corner site on Belgrave and Waverley roads and even features curvaceous balconies. Exterior colours bronze, champagne and charcoal respond to the project’s lush landscaping.

Within the grounds are terraced gardens that add yet another point of difference.

“You’re not only appreciating it in one flat dimension, it’s also got that vertical element,” Merlo says.

“We’ve really tried not to have any visible retaining walls, it’s really just layers of greenery cascading over the walls, which will eventually be well covered by green.”

The green living theme can be found throughout the development with rainwater harvesting, solar panels, sensor LED lighting, energy efficient appliances and jetpack charging units for electric vehicles.

The $100 million development will include seven ground-floor retail outlets and an entrance lobby off Belgrave Road. There’s also a lounge with a dining area for eight people, private cinema and a gym.

Two internal lifts lead to the rooftop, which will be a year-round attraction thanks to outdoor fireplaces.

Inside the apartments, buyers can expect roomy proportions, timber floors, wool carpets and the use of stone surfaces. In the kitchens, island benches have been designed to connect to the dining and entertaining areas in a smooth flow of spaces.

All residents will have access to storage and bike parking in the basement. At a glance

Hedgeley Malvern East 60 Belgrave Road, Malvern East Architect:SJB in collaboration with AdeB Architects.Developer:Little ProjectsInterior design: SJBNumber of apartments: 117; 41 one-bedroom, 66 two-bedroom, nine three-bedroom, one four-bedroom.Internal sizes (square metres): One-bedroom 47-75; two-bedroom 64-98; three-bedroom 82-150; four-bedroom 178.5.External areas (square metres): One-bedroom 6-26; two-bedroom 7-91; three-bedroom 17-80.5; four-bedroom 135.Prices: One-bedroom $455,000-$675,000; two-bedrooms $595,000-$1.1 million; three bedrooms $795,000-$1.75 million; four bedroom $2.1 million.Car parking: One car space for every one and two-bedroom apartment, two car spaces for three-bedroom apartments.Completion: Late 2018.Agent: Three Sixty Property Group, Greg Curtis on 0430 448 566Open for inspection: Launch of on-site display suite on Saturday, March 25, 11am-3pm

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A lawyer’s love for all creatures great and small

If David Herman needs a reminder of the importance of his role as the chief executive of Melbourne’s 81-year-old Lort Smith Animal Hospital, he can find two by casting an eye around his office.
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The first is his dog, Pearl, whom Herman adopted from Lort Smith almost nine years ago. “I had no idea then I would end up chief executive of Lort Smith, and be bringing Pearl back here almost every day,” Herman says.

The second is an antique desk in the corner of Herman’s office. It belongs to Louisa Lort Smith, the founder of the charity. “It’s a reminder of the history of this place, and the remarkable woman who founded it,” Herman says. “Eighty years later, the principles and beliefs of Louisa Lort Smith still underpin the strategy work I am doing right now.”

Herman took a long and diverse career journey before becoming the chief executive of Lort Smith.

A qualified lawyer, he was on secondment at Village Roadshow when he jumped ship to the corporate world. During his decade-long career with the cinema giant, Herman made his mark as a change agent and oversaw the redevelopment of the cinema business, including the landmark Jam Factory site in South Yarra, Victoria, in the mid 1990s.

It was at that time, while looking for a marquee retailer to fill a key site within the Jam Factory complex, Herman made his next career step. “I came across Borders books, and I knew they were the perfect fit,” Herman says.

Herman oversaw the arrival of Borders at the Jam Factory in 1998, and its first 14 n stores, before a dispute over strategy led them to part ways. “They wanted to expand fast, and I thought a more conservative strategy was the key,” Herman says.

Given the collapse of the global Borders empire in 2011, maybe the company should have listened to the Melbourne lawyer. By then, however, Herman had moved on to his next venture.

In 2003 Herman launched the British pet care retailer Pets at Home in , with three big-box sites. During the launch of the n stores, Herman contacted Lort Smith. “I am research hungry by nature, and made contact with every animal welfare organisation I could ahead of the launch,” Herman says.

Herman struck a deal with Lort Smith to provide in-store pet adoption centres. “We set the benchmark for animal welfare at those adoption centres,” Herman says. “I also learnt of the power of the Lort Smith name. Demographics are a big driver of strategy for me. I noticed we had customers driving 100 kilometres or more to adopt a pet, just because of the Lort Smith name. That stuck with me.”

Pets at Home was bought by private equity giant KKR, and in one of life’s twists, Herman – along with Pearl – ended up back at Lort Smith, the charity that had impressed him more than a decade earlier.

“I am a bit of a tumbleweed; I pick up knowledge as I go and take it to the next place,” Herman says. “All of that learning in the legal and private sectors has been perfect for here.”

Lort Smith runs the largest animal hospital in Melbourne, with 60 vets and 150 veterinary nurses. Under Herman’s guidance, Lort Smith has also opened an animal adoption hub and is pushing ahead with its community outreach program, taking animals into hospitals, prisons and mental health charities. “It’s all about the animal-human bond that Louisa Lort Smith found so crucial for human wellbeing,” Herman says.

He speaks almost as much about Lort-Smith the person as the organisation. A talented pianist and dance teacher, Louisa Lort Smith’s pupils included former n prime minister Harold Holt. But animals were Lort Smith’s love. She founded the Lort Smith-Lyle Hospital for Sick and Injured Animals in 1936, amid the dark days of the Great Depression.

Today, the hospital continues to provide veterinary services for those under financial duress.

“She recognised the bond between animals and people,” Herman says. “Back then, there were almost as many working animals as pets. Families not only loved those animals, but relied on them for their livelihood. The hospital kept those animals healthy, and families happy as a result.”

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In Riverdale’s ‘Archie’ reboot, we see through a glass, darkly

The Archie comics are as American as cherry pie, girls named Elly-May and high school pep rallies.
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They are painted in primary colours and have superficially bland storylines about teenage love and high school campus shenanigans. This is America at its most deeply fantasist; all-smiling, all-dimpled and too good to be true.

Translated to television, Riverdale (Netflix, on demand) is that world but reflected in a mirror, darkly. This is the all-American world of Archie and high school pals, but turned into a sort of post-Buffy teen horror lite, with the framework of Twin Peaks dropped around it to give it an anchor in relatable pop culture.

Previous iterations of the Archie comics on television have mostly been cartoons because, to be fair, that’s probably all the weight the material had. Think back to The Archie Show and Josie and the Pussycats.

Riverdale is far more ambitious. The jury is still out on whether it works. On viewing the first episodes, it does, but only just. A second season has been ordered which should to give it time to find its feet.

The original Archie was something of a sanitised stepchild of the nothing-is-as-it-seems soap opera Peyton Place, with Archie, Betty and Veronica standing in for Peyton Place’s star-crossed teens Rodney, Alison and Betty.

In terms of subcutaneous melodrama, Riverdale’s writer Roberto Aguirre-Sacasa (of Glee fame) wastes no time letting blood, both of the metaphorical sort and the more literal kind.

The immediate cultural comparison is Twin Peaks, though Buffy the Vampire Slayer might be closer to the mark. When placed alongside those greats Riverdale does come up a bit short. Joss Whedon’s Buffyverse was confident and beautifully self-aware – a sort of joke with a serious riff that both charmed and stunned.

Riverdale, in contrast, takes itself too seriously. In knowingly aping Twin Peaks, it comes a decade or two too late, the recent exhumation of Twin Peaks notwithstanding. This kind of anti-Archie angst, underlined with black lipstick and sullen sideways glances, seems awfully 1990s at times.

The series opens predictably with a murder mystery, the special ingredient of choice for all TV makers these days. (“No, wait, it’s Knots Landing meets 90210 but … wait for it … it opens with a murder!”)

To ice this particularly uncomfortable cake, there’s Luke Perry, the former 90210 high school heartthrob, still playing two decades younger, this time as Archie’s dad.

In the role of Archie is Kiwi actor K.J. Apa, which cues the entry of the two girls vying for his attention: nicer than nicey nice Betty (Lili Reinhart) and the town’s new mean girl Veronica (Camila Mendes). On the sidelines all those familiar names: Jughead (Cole Sprouse), Ethel Muggs (Shannon Purser) and even Josie (Ashleigh Murray) of Josie and the Pussycats fame.

In the last of those the show’s salvation might be found. The neat riffs into the expanded universe of the Archie comics (Josie and the Pussycats in Outer Space, anyone?) should mix the recipe nicely.

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