Prestige Property: 82/7 Riverside Quay, Southbank, VIC
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Prestige Property: 82/7 Riverside Quay, Southbank, VIC

Elevated living high above the clouds.

By Terry Christodoulou
Fri, Sep 3, 2021 1:51pmGrey Clock < 1 min

Encompassing the entire 82nd floor of Melbourne’s tallest building – the gold-adorned Eureka tower – comes this heady, luxury apartment.

Offering 5-bedrooms, 5-bathrooms and 8-car parking, the residence is accessed by a private lift and boasts 360 degrees of greater Melbourne with floor-to-ceiling

The residence arrives with bespoke furniture selected specifically to suit the spaces with direction by Molecule Studio and architecture and interior design firm Fitt de Felice.

Inside the uniquely shaped apartment – penned by Fender Katsalidis – the residence can be divided into an east and west wing.

The east wing sees the majority of the common areas, with the gallery, sitting, living and formal dining and kitchen flowing together. Here, the space soaks in panoramic views of greater Melbourne through the floor-to-ceiling windows.

The heart of the home – the kitchen – sees a natural stone finish and European appliances with a concealed and equally appointed Butler’s pantry attached alongside a 1400 bottle temperature-controlled wine cellar.

The west wing of the residence sees the accommodation. Here one finds the home’s five bedrooms – each of which is complete with its own ensuite.

The expansive master suite includes an oversized ensuite complete with marble tiling, an Italian imported Kos spa as the focal point – offering more breathtaking views – and ‘his’ and ‘hers’ walk-in robes.

Elsewhere the home is privy to a large home office – which doubles as a potential boardroom and a formal lounge.

Located in one of Melbourne’s most coveted suburbs, the residence is nearby the city’s best including Southbank Promenade, Crown Casino, world-class boutiques, dining and more.

The home is listed with RT Edgar’s Gerald Betts (+61 418 371 855). Offers around $25 million; rtedgar.com



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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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