<html><body>
The world's first kilometre tall highrise is to set to start construction later this year. 
Saudi Arabia's Kingdom Tower in Jeddah, Saudi Arabia designed by Adrian Smith + Gordon Gill Architecture, will boast a number of world firsts, including 56 of the world's fastest elevators. It's expected to be completed in 2018 at a cost of $US1.23 billion.
It will overtake the Burj Khalifa, in Dubai and which Adrian Smith had previously worked on, as the tallest building by 173 metres.
The Kingdom Tower will include hotels, offices, apartments and an observation spot and will be cheaper per square metre than its tallest predecessor.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/08/14/140707%20Kingdom%20Tower%20versus%20the%20London%20skyline%20graphic.jpg" alt="">
In an interview with Saudi Arabian newspaper Al Sharq, Prince Al-Waleed bin Talal said that it will be part of a larger 3,500,000 square metres of real estate.
"The Kingdom Tower will be a milestone in this project, because it will boost the value of the rest of the property," he said. Bin Talal said that they expect a return on investment over a period of 10 years.  
Asked by Al Sharq about Burj Khalifa's difficulty in finding tenants, bin Talal said that the development sold out and the developers got their money.
"It is the new owners who are not able to find tenants. The hotel there does very well," he said. "The problem is that Dubai faced a crisis of its own excess, add to that the crisis that hit the global banking sector in 2008, and add a new economic crisis faced by many countries around the world such as Greece, Italy and others. All these factors weighed heavily on the shoulders of the real estate market in Dubai."
Kingdom Tower continues the trend of “supertall” highrises over 300 metres. 
More than 50% of buildings over 300 metres in height have been built in the last four years, with just one, the Gold Coast's Q1, in Australia. The Eureka Tower in Melbourne falls just short of the classification at 297 metres.
The Middle East and Asia accounts for 90% of "supertall" projects, including the Kingdom Tower.
By 2020, the average total height of the top 20 tallest buildings globally is expected to be around 600 metres. 
Interestingly, these highrises bring their own challenges. In Australia, <a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">n</a><a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">ew multi storey towers were recently suggested for a number of areas of Sydney under zoning changes</a>. This is likely to prompt plenty of community opposition, despite no suggestion they will be one kilometre tall, record breaking offerings.
Insurance is also a challenge when it comes to the super highrises. Allianz Global Corporate &amp; Speciality (AGCS), who were also the insurer of the Gold Coast’s Q1, have created a Supertall Buildings Risk Bulletin detailing the challenges.
AGCS regional manager engineering, Ronan Gallgher, said that insurance has a huge role in managing the complex risks of these projects.
“One of the biggest challenges of such developments relates to safety and the success of the design because many materials are being used at the limits of their performance capability,” he said.
Photos courtesy of Adrian Smith + Gordon Gill Architecture.
</body></html>

jduke-EHk3XBmHkn

Kingdom Tower, one kilometre into the sky: New tallest highrise, new challenges

<html><body>
Mark Ronald Letten, a South Yarra accountant, was sentenced in the Melbourne Country Court today to five years and eight months imprisonment.
The charges were brought against Letten, 60, by ASIC after he had earlier pleaded guilty to 27 charges under the Corporations Act 2001.
His charges included operating 21 unregistered managed investment schemes related to property development as former director of LGH Holdings Ltd and principal of Lettens Pty Ltd (The Letten Group formerly).
LGH is now in liquidation.
He also admitted to dishonestly using his directorship to use investor funds totalling more than $533,000 and carrying on a financial services business without a license.
A minimum of three years in jail must be served before being eligible for release.
Letten’s accountancy practice sourced the majority of more than 1,000 investors between 1998 and 2010 who placed more than $100 million in investment property schemes across Australia and New Zealand.
Letten managed and promoted these projects.
These companies and schemes were wound up following applications by ASIC in the Federal Court of Victoria. This began in 2010.
Losses of at least $67 million to investors were caused by the schemes, which the judge, during sentencing, acknowledged to have been exacerbated by the non-registration of the schemes and absence of associated investor protections.
ASIC Chairman Greg Medcraft said that Letten acted in disregard for the law, and with little concerns for the interests of property investors. “His jailing should send a strong message to company directors and scheme operators about the serious consequences of operating property investment schemes outside the legal requirements,” he said.
</body></html>

South Yarra accountant involved in property development schemes imprisoned for over five years

<html><body>
While Queensland’s rental markets are stabilising on the whole, five out of six of the regional markets in the state are still under stress and considered ‘weak’ markets, even with improving vacancy rates in four.
The Real Estate Institute of Queensland’s (REIQ) Residential Rental Survey, taken out across the REIQ-accredited agencies in June 2014, has painted a subdued picture for the six regional markets, and in particular notes high vacancy rates in Gladstone and Mackay.
REIQ acting CEO Antonia Mercorella said that rents had been softening in some of the regional centres, particularly mining areas where fly in, fly out (FIFO) has become the trend.
<blockquote>
"Gladstone’s rental market remains in oversupply, however the level of tenant and investor activity has returned to normal."
</blockquote>
“Median rents from the RTA (Residential Tenancies Authority) continue to soften in Gladstone, Rockhampton and Mackay,” she said.
“Gladstone’s rental market remains in oversupply, however according to local agents the level of tenant and investor activity has returned to ‘normal’ rental market conditions.”
Looking at 12 months ago, Gladstone’s median weekly rents in comparison have dropped significantly. For three bedroom houses, attainable rent is now $150 less, and two bedroom apartments are down by $140.
She noted that a similar situation is being seen in Mackay and Rockhampton.
Townsville is now recording the highest vacancy the region has ever recorded in the history of the survey and local agents have noted that below market rents are putting downward pressure on other rentals. Toowoomba is the only regional area with a positive story, having kept a tight vacancy rate of 1.5%, up marginally from the end of March. It has not been above 2% since December 2011. Here are the figures to know:
Bundaberg Down Weak March 2014: 4.5% June 2014: 4.0% Gladstone Down Weak March 2014: 6.4% June 2014: 5.6% Mackay Down Weak March 2014: 7.5% June 2014: 6.8% Rockhampton Down Weak March 2014: 5.6% June 2014: 4.8% Toowoomba Steady Tight March 2014: 1.4% June 2014: 1.5% Townsville/Thuringowa Up Weak March 2014: 4.7% June 2014: 5.4%
Source: REIQ
For a market to be considered ‘weak’, a vacancy rate of over 3.5% is recorded. For healthy, 2.5% to 3.5% is expected, and for tight anything under 2.5% applies.
</body></html>

Five out of six Queensland regional rental markets weak, mining towns worst: REIQ

<html><body>
Five office buildings have been sold by Golder Associates across three states, securing almost $20 million, in an effort to take advantage of a "hot commercial market" and to sell non-core assets.
The employee-owned company provides independent consulting, design and construction services.
The buildings, in New South Wales, Queensland and South Australia have seen Golder Associates lease back their premises, achieving 9.2% yields.
Colliers International portfolio coordinator, Rob Joyes, said that the Austerra Holdings Portfolio, which was sold on behalf of Golder Associates, was handled by a number of selling agents including Jock Murray, Ian Thomas, Chris Veitch, Jay Beattie and Nick Dowling.
The 212-216 Draper Street, Cairns, two-level office building sold for $1,425,000. It had an NLA of approximately 590 square metres and attained a 9.1% yield.
In MarOochydore, Queensland, 55 Kingsford Smith Parade, a two-level office and laboratory building, sold for $1.75 million. It was on a 9.25% yield, and included NLA of approximately 540 square metres on a 728 square metre site.
Toowoong, Queensland, 611 Coronation Drive included a freestanding two-level office building that sold, with vacant possession, for $5.1 million. It had a total NLA of 1,779 square metres and included 37 car parking bays.
A refurbished three-level office building at 124 Pacific Highway, St Leonards (pictured above) in New South Wales secured $9.6 million and a 9.2% yield. It had an NLA of approximately 2,124 square metres and total land of 1,232 square metres.
Their last offering, a South Australian office, warehouse and laboratory on 199 Franklin Street, Adelaide, sold for $1,825,000 with vacant possession.
“A number of major corporates are selling their real estate to put the money back into their operating business and we think this trend is going to continue,” said Joyes, of what he considers to be a trend of owner-occupier commercial sellers.
“One of the great benefits of a sale and leaseback transaction is the ability for the owner-occupier to increase their financial flexibility,” he said.
</body></html>

Golder Associates sells five office properties for nearly $20 million in total

<html><body>
The maximum rental available for permanent CBD car spaces have been said to have stalled across Australia, notably in line with a marginal change in office vacancies. However, the situation is expected to worsen in Brisbane and Perth, according to Savills Australia.
The Savills’ Quarter Times reports data has looked at rent achievable on car parks across the country.
{plotalot id="21"}
In Melbourne, car space rentals saw some upwards movement from a maximum of $600 per space per calendar month to the end of June 2013, to $700 this year – a 17% increase.
Adelaide, Brisbane and Sydney remained static at $375, $600 and $800 respectively. Perth also saw no change, at $765, despite reporting one of the strongest increases in office vacancies across the mainland – of 2.7%.
The end of the mining boom may negatively impact car park rentals in Brisbane and Perth, explained Savills national head of research Tony Crabb.
Brisbane’s state government staff cuts may also exacerbate any downturn, along with a trend of businesses moving to the city’s fringe, said Crabb.
He also noted that the city’s office vacancy rate currently tops those of the mainland capitals, at 14.7%.
Perth’s rents have also been stable over the past 18 months, but Crabb expects this to alter soon.
“However, as with the other key non-mining state, Brisbane, we do expect some negativity over the next 12 months given the dramatic rise in office vacancy,” he said.
While in Melbourne, the strength has come about due to government changes.
“The Melbourne market, for example, has been largely influenced by a 2006 state government congestion levy on both public and private car parking spaces within Melbourne CBD as well as a virtual cap placed on the number of car spaces approved in new buildings in and around the CBD,” he explained.
Sydney’s lack of growth was noted to be as due to the GFC, however an upward trend is expected by Crabb over the next 12 months.
Adelaide is expected to remain stable for the next 12 months. Rents may, however, be altered by a proposed new $750 per space levy bill currently before parliament.
</body></html>

Future looks bleak for Brisbane and Perth car park rentals: Savills

<html><body>
A new library is coming to Green Square Town Centre and it boasts something a little different – a lot of it is underground.
The detailed designs have been submitted as part of the DA and integrate the library with the ground level plaza. It includes a sunken garden, an ampitheatre that seats up to 160 people, and a glass 15 metre entrance.
The library is a seven storey tower and will contain an acoustically-designed music room, community function room, two levels of reading rooms and a technology suite.
The design, as can be seen in the pictures above, is from Sydney-based designers Felicity Stewart and Matt Hollenstein, in associate with Stewart Architecture, who won the City of Sydney’s international design competition for both the library and the plaza.
The Green Square Town Centre, spanning 14 hectares of land next to Green Square railway station, is part of a 278 hectare urban redevelopment area. An estimated $8 billion is being funneled into apartments and facilities for an expected 53,000 new residents by 2030.
Lord Mayor Clover Moore said that Green Square is the fastest growing village in the City of Sydney, and the facilities will be much used by the residents..
“This important project is quickly taking shape and I’m delighted to see how these plans have been refined and improved,” she said.
The cost of the library and plaza are estimated at $47 million, and are part of $440 million being invested by the City of Sydney into Green Square. Work will commence next year.
</body></html>

What an underground library looks like: Green Square, Sydney

<html><body>
Last night, the City of Greater Geelong voted to remove a covenant on a contentious block of land.
The Geelong West Bowling Club had been looking to remove a covenant over an area of land that previously was to be used solely for the purpose of bowls.
In 1986, 1,728 square metres of land at 12 Bowlers Avenue, Geelong West had been sold to the Geelong West Bowls Club for $48,000 and had applied the covenant at that time restricting its use as a bowling green. The amount they paid was agreed upon by Council to be at or close to market value and had previously been used as a table tennis site.
The initial valuation and associated documents were unable to be found, so the council struggled to ascertain whether they had purchased it for a discount. However, they did note that due to a later valuation they believed they paid close to full market value.
The Club looks to move their site and want to maximise the revenue from the sale of the land for this purpose. The value would be greatly enhanced without the covenant, which restricted it to a bowling green and occasional car parking.
The council approved the removal of the covenant (M262445Q).
Attending the council meeting, the Geelong Advertiser tweeted the following:
<img src="/images/2014/08/13/geelong%20aug%2013%20one.png" alt="">
Council records note that the Club and the Drumcondra Bowling Club have entered into an agreement with Links Investco No 1 Pty Ltd to acquire land and build new clubrooms and greens at the former Geelong Golf Club site. The sale of the existing land is to support the move and club’s consolidation at the new location on Ballarat Road.
“In deciding to agree to the removal of the covenant, the Council is entitled to consider whether at the time of sale of the land to the Club, the covenant had a restrictive effect on the price at which the land transferred,” council meeting minutes note.
The land is currently zoned Residential 1, and is proposed to be included in a Residential Growth Zone 2 under a Greater Geelong Planning Scheme amendment.
“Once the covenant is removed the owner of the land is free to use and develop the land subject to the provisions of the Planning Scheme and subsequent planning permit,” the minutes confirm.
<img src="/images/2014/08/13/geelong%20aug%2013%20two.png" alt="">
Source: City of Greater Geelong
The entire site is <a href="https://www.realestate.com.au/property-residential+land-vic-geelong+west-200945771" target="_blank">currently being marketed through Gartland Real Estate, who are calling it a unique development/subdivisional opportunity</a>.
“The former Geelong West Bowls Club is located only 85 metres to Pakington Street and adjoining the Geelong west public park this is a one of a kind development opportunity,” the listing reads.
“Set within moments to the vibrant Cafe and restaurant precinct, offering direct access to major arterials and public transport, this location offers a multitude of opportunities to the buyer. Surrounded by residential homes in one of Geelong strongest neighbourhoods this is the perfect mix of location and opportunity.”
It is open for expressions of interest.
The Geelong Advertiser had previously indicated that locals fear the site would become a high-density housing block if this took place and noted that Gartland had estimated a sale price of up to $10 million for the combined Geelong West and Drummondra clubs’ locations.
</body></html>

Geelong council removes covenant on bowls club land, paving way for possible development

<html><body>
A five year lease of 1,466 square metres of additional space has been agreed to at 20 Windmill Street by Dentsu Aegis Network (Aegis).
Aegis had already been occupying 4,578 square metres over three floors at the site. Savills Leasing's Jonathan Kearins brokered the extension deal.
Rents are understood to be circa $580 to $700 per square metre net at 20 Windmill Street. Next door Barangaroo rents are said to be $900 to $1,100 per square metre net.
Aegis’ current lease was due to expire in March 2015.
“It was an excellent result for both the tenant and the landlord that this additional floor became available for lease,” said Kearins.
The building is called Bond One and is an A grade office building built in late-2008, including 9,150 square metres of space and 175 car spaces.
</body></html>

Aegis leases additional Walsh Bay office space

<html><body>
Calling itself the fastest growing property portal in Victoria, reviewproperty.com.au has re-launched its website and will be spending half a million dollars on a mixed-media advertising campaign at the end of the month.
Simultaneously, REA Group will be running their already infamous <a href="/news/left-field-realestate-com-au-puts-wagga-wagga-on-the-map-with-weird-arnold-schwarzenegger-ad">Arnold Schwarzenegger TV advertisements</a>.
The reviewproperty.com.au site is a partnership between 11 different Melbourne real estate agents, representing 250 offices, and Metro Media Publishing.
MMP’s chief operating officer Trent Casson said that it had been a success since its November 2012 launch and is profitable.
He notes it is sold as a package with Domain.
“We employ a dual brand strategy, with domain the national listings portal, and reviewproperty carrying those listings but also providing relevant, suburb-specific information that genuinely assists buyers and sellers in their decision making,” he said.
“The analysis clearly shows people value this information. Our audience is growing and time spent on site is up significantly.”
He notes that premium listings are up 40% year on year for July. The website includes features ranging from live auction and sales results, weekly market wrap videos with a summary of the different market activity across Melbourne, more first in market listings than other websites and ‘hyper local’ content with lifestyle, local news, suburb profiles and other details.
They’re set to spend $500,000 on a television, radio, magazine and newspaper campaign for the site that is expected to begin in late-August.
These will be in competition with REA Group’s realestate.com.au advertisements featuring Arnold Schwarzenegger.
The advertisements, called the Australia Lives Here campaign, is a series of seven television commercials airing over the course of several weeks. The first ad in the series was advertised on all free to air, subscription Australian commercial television and major digital advertising networks at once. It was estimated that 2.7 million viewers saw the ad at the same time.
Group manager marketing strategy for realestate.com.au, Natalie Feehan, said that it’s the result of six month’s work.
Their new video, Local Knowledge, has just gone live on Youtube. It currently has under 1,000 views.
{qtube vid:=PXxfSegE5L4}
The 'Landing in Australia' video on YouTube from REA (below) has 30,000 plus views.
{qtube vid:=8VKoOyv4h08}
YOU MIGHT ALSO WANT TO READ
<a href="/news/how-an-australian-ad-agency-convinced-arnold-schwarzenegger-to-appear-in-its-ads">How an Australian ad agency convinced Arnold Schwarzenegger to appear in its ads</a>
<a href="/news/left-field-realestate-com-au-puts-wagga-wagga-on-the-map-with-weird-arnold-schwarzenegger-ad">Left-field realestate.com.au puts Wagga Wagga on the map with weird Arnold Schwarzenegger ad</a>
</body></html>

Real estate sites spending big on advertising campaigns

<html><body>
The latest Real Estate Institute of Queensland Residential Rental Survey has seen the vacancy rates creep up across Brisbane, with some areas recording increases up to 1.6%.
In Brisbane City, the figures were recorded at 2.4%, compared to 2.3% for the March quarter. This was described by the REIQ as a steady trend and indicating a tight market. Within inner Brisbane (zero to five kilometres from the city) a 0.3% increase to 3.4% was recorded, with a ‘healthy’ result. This appears to be largely affecting the overall slight increase, as the remainder of Brisbane dropped from 1.9% to 1.7%.
The latest figures from the Residential Tenancies Authority also seem to back up these figures, recording a decline in the number of bonds lodged over the June quarter for three-bedroom houses, two-bedroom units and three-bedroom townhouses compared to the March quarter.
In Greater Brisbane surrounds, with an average 2.2%, the highest area’s vacancy rate for June 2014 was recorded in Ipswich City at 3.0%, up from 1.8% in the March quarter. This increase was similarly reflected in Logan City, up 1.6% to 2.8%, the highest increase across Brisbane. These figures appear to have driven the overall Brisbane Surrounds 0.7% vacancy rate increase.
Steady results were seen in Moreton Bay Regional (1.7%) and Redland City (1.5%).  Within Moreton bay Regional, Caboolture was the only area to record a softening, up by 0.4%. Pine Rivers and Redcliffe dropped slightly, by 0.1% and 0.2% respectively.
Redland City, Bay Island’s vacancy rate increased by 0.1%.
Across the entire Queensland rental market it’s a mixed picture, however REIQ acting CEO Antonia Mercorella said that the stabilisation coincides with a surge in sales.
“Historically in Queensland we tend to see one market thriving more than the other and at the moment it’s the sales market that has the upper hand,” said Mercorella.
“Vacancy rates still remain tight in many parts of the State, however according to REIQ members the rental market is starting to stabilise, with vacancies creeping up in some areas.
“This is the result of strengthening first home buyer activity, which is reducing tenant demand, along with increased investor activity which is increasing the rental supply in some areas,” she said.
The Residential Rental Survey is carried out at the end of June across the REIQ-accredited agencies in the state.
</body></html>

Brisbane’s rental market softening, Logan vacancy rate jumps by 1.6%

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Jennifer Duke

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News