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Canberra developer Terry Shaw’s buying syndicate has paid $63.75 million for five plots in <a href="/news/act/act-government-to-sell-campbell-section-5-development-site">the Campbell development</a>.
The Australian Financial Review reports that Shaw intends to begin marketing apartments at the Campbell master-planned development in early 2015. The inner-city sites have been approved for residential, retail and commercial uses. Masterplans for a boutique hotel on the sites have also been approved.
Shaw, reportedly backed by Asian investors, purchased the sites from the ACT government’s Land Development Agency at auction. He told The Australian Financial Review that 500 apartments could potentially be delivered at the site over the next four to seven years, and he intends to start marketing apartments early next year. The Campbell development plots, with a total land area of 6.4 hectares, have a reported potential end value of $300 million.
The sites range from 2095 square metres to 7020 square metres. A $15 million sum was reportedly paid for the largest site, with capacity for 205 residences. The buying syndicate purchased a 5719 square metre, 103 dwelling capacity plot for $13.5 million and paid a further $14.5 million for a 4257 square metre site with capacity for 110 dwellings. The 5719 square metre and 4257 square metre site both have approval for hotel development.
The smallest two sites purchased have the capacity for 110 dwellings in total and were purchased by the consortium for $9.75 million and $11 million each.
The total $67.5 million sum paid by Shaw’s SHL Developments at Wednesday’s auction was well over initial expectations of $40 million to $45 million. The Australian Financial Review reports that around 200 people attended the auction, with 29 registered bidders. 
Shaw is also the managing director of the Englobo Group, a property developer that has completed more than $1 billion worth of residential projects.
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jrichardson-uRX5hFdKfN

All five Campbell, ACT sites purchased by Terry Shaw’s consortium

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ME Bank cut the its one year Standard Home Loan rate by 0.05% and its five year Standard Home Loan rate by 0.4%.
The bank’s one year Standard Home Loan now has a 4.89% per annum interest rate, with a comparison rate of 5.35% per annum. The five year fixed Standard Home Loan rate is now at 5.39% per annum, with a comparison rate of 5.40%.
According to ME Bank, it currently offers the lowest three year and five year fixed home loan rates on the market. Chief executive Jamie McPhee said that the cost of fixed rate funding has been falling amidst persisting “global economic weaknesses” and growing expectations for fiscal tightening after the budget.
“Fixed rate funding costs are falling as the market pushes out expectations for future RBA rate movements. ME Bank has taken advantage of these falls and is passing on the savings to customers,” he said. He also noted the economy’s ongoing transition away from the mining sector and “below average” domestic economic performance.
McPhee warned customers not to be swayed by cash-back incentives offered by some banks.
“Cash back sweeteners can be nice in the short-term, but customers should understand they can save much more on their home loan in the long-term by locking in a lower rate," said McPhee.
For more interest rate coverage, see:
<a href="/expert-insights/finance/moderation-in-pace-of-house-prices-lately-despite-significant-yearly-growth-glenn-stevens-june-statement">Moderation in pace of house prices lately, despite significant yearly growth: Glenn Stevens' June statement</a>
<a href="/expert-insights/finance/thanks-to-low-interest-rates-affordability-at-highest-level-for-over-a-decade-hia-cba-index">Thanks to low interest rates, affordability at highest level for over a decade: HIA-CBA index</a>
 
 
 
 
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ME Bank cuts rates for one and five year fixed Standard Home Loans

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Median prices rose overall over the March quarter, according to the Real Estate Institute of Australia (REIA) and the Bendigo Bank’s quarterly review.
The weighted average capital city median price rose by 1.9% for houses and 1.7% for other dwellings, including units and apartments. According to the REIA and Bendigo Bank’s figures, the weighted average median price for houses in Australia’s capital cities is now $606,517.
The price growth was much less acute than that seen in the first quarter of last year, where the weighted average median price for houses increased by 13.1%.
For the year to March 2014, Median house prices rose across all capital cities but Brisbane and Perth. Hobart saw the biggest price rise, with its median house price up 4.1%. It maintained the lowest median house price across the capitals at $385,000. Brisbane’s median  house price dropped 1.1% over the quarter; Perth’s dropped by 1.6%.
Sydney’s median house price remains the highest among all eight capitals at $782,973, up 3.1% for the quarter. Melbourne’s median house price rose by 3.7% over the same period to $652,500.
Non-house dwellings like apartments and units in the capital cities sat at a median price of $483,320.  Darwin saw an 18.0% increase in the median price of its non-house residences for the quarter to $525,000. Sydney and Melbourne’s median non-house residence prices also increased in the same period. Median prices for similar properties were down for the quarter in Canberra, Adelaide, Hobart and Perth.
Median rents for two bedroom units and other non-house residences increased in Sydney, Melbourne and Brisbane over the quarter to March, while they decreased in Perth and Darwin. Rental rates for Adelaide, Hobart and Canberra remained static. However, the median rent for a “two bedroom other dwelling” in Canberra was down by 6.8% from the same time last year. 
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Residential prices up overall in March quarter: REIA

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Investors should seek an independent second opinion when investing their super savings in property, according to the Real Estate Buyer’s Agents Association of Australia (REBAA).
The industry body’s president Jacque Parker urges investors to question advisors offering inflated property values and guaranteed rents.
“The real estate industry has always attracted its fair share of ‘shonky’ selling agents and it’s disappointing to hear advisors accepting kickbacks from developers under the guise of “financial advice” and taking advantage of innocent investors,” says Parker.
REBAA’s warning comes amid reported claims of advisors receiving higher than standard commission payments for recommending off the plan residential apartments as self-managed super fund investments.
Earlier this year, property commentator <a href="/expert-insights/investing/exclusive-how-to-spot-a-dodgy-operator-tips-from-the-experts">Neil Jenman told Property Observer</a> that "property spruikers are getting commissions ranging up to $50,000 per property".
Parker advocates engaging an accredited buyer’s agent for a second opinion on property investments. Buyer’s agents do not sell real estate but specialise in finding, evaluating and negotiating property purchases on the behalf of buyers.
 “The old saying ‘if it sounds too good to be true, then it probably is’ certainly applies here,” said Parker.
“If you are an investor who is considering investing your superannuation in property, then we would highly recommend you get an independent second opinion from a buyer’s agent.
“Independent buyer’s agents do not sell real estate or accept any kickbacks from other sources for doing so.
“If they do and they don’t disclose this to the buyer then they are contravening Section 47 of the Agents Act.”
Parker claims that using a buyer’s agent can save investors thousands of dollars.
 
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Don’t be lured in by “one stop shop” SMSF advisors: REBAA

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An Auckland couple have washed their hands of the rental market after attempting to lease out a fully furnished flat with a toilet in the kitchen. 
Unfortunately, this is <a href="/news/nsw/a-toilet-in-the-kitchen-a-strange-unit-layout">the second kitchen-toilet hybrid Property Observer has seen this year</a>.
The studio apartment in Auckland's Forrest Hill has a combined bathroom, laundry and kitchen.
<a href="https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&amp;objectid=11268470" target="_blank">The New Zealand Herald </a>reports that the rental was advertised on Trade Me, an online classifieds site, through Ray White (picture from the advertisement above). Agent Serena White told The New Zealand Herald that although she inspected the property before advertising it, she hadn’t noticed the bathroom bungle. She later asked the landlord to set up a partition.
"I shouldn't have done the advertisement first, I should have done the advertisement after," she said.
"We talked to the landlord, we can't list this kind of property. Some clients reported it wasn't legal."
The landlords, Anthony Wong and Anita Leung, agreed.
"I don't want to rent the room because we can't do the kitchen in the bathroom,” Leung told The New Zealand Herald. "It’s illegal."
The listing was reportedly pulled after prospective renters complained about the layout. It seems that even the inclusion of utilities in the rent wasn’t enough to lure toilet-shy tenants.
Earlier this year, a <a href="/news/nsw/a-toilet-in-the-kitchen-a-strange-unit-layout">Darlinghurst art-deco apartment</a> with a less than flattering view from the stove was listed for rent (pictured below).
<img src="/images/2014/06/11/darlinghurst_0002_3.jpg.jpg" alt="">
In defence of Darlinghurst, at least its toilet had a floor-to-ceiling glass door, which might provide the cook from noxious fumes and germs (if not an eyeful).
Not so for Auckland’s novoviral paradise, where the portable stove and toaster are set within full spray of the toilet. According to The New Zealand Herald, New Zealand building codes require that there is at least one door between the kitchen and the toilet. 
Thankfully, Wong and Leung say they haven’t rented the flat out before.
Feature photo source: Trade Me via The New Zealand Herald.
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Toilet in the kitchen, number two

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A freestanding IGA supermarket has secured a seven figure sum after it was purchased by a Chinese investor.
The buyer put their faith in the numbers, paying $3,398,888 for the Boondall supermarket. The number eight is associated with prosperity in Chinese culture. The transaction reflected a yield of 8.1%.
Set on a 3,434 square metre site at 2138 Sandgate Road, the 790 square metre supermarket was developed by Hardev Property two years ago. It was sold by in an off-market transaction by Michael Harcourt and Jon Tyson of Savills Retail Sales.
Luck aside, Harcourt said the high profile main road location was a key factor for the buyer.
“IGA Boondall is underpinned by a 10-year lease with a further three five-year options and also features convenient on grade parking for approximately 51 vehicles,” said Harcourt.
According to Tyson, the property combined a number of highly sought after characteristics in the convenience retail market.
“It boasts a prominent left-hand location to capture outbound traffic out of Brisbane and a core non-discretionary offering of grocery and fresh food items,” said Tyson.
“Having opened its doors just two years ago, the Boondall IGA Supermarket is now well established and supported in the local community. As Savills originally secured IGA as the tenant, it is rewarding to have now closed the loop on the property with a strong sales result for both vendor and buyer,” he said.
 
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Chinese investor pays lucky sum for Brisbane IGA

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A 37 year old Manhattan resident has converted his apartment into a gamer’s paradise.
Chris Kooluris told <a href="https://www.nydailynews.com/life-style/turned-apartment-arcade-article-1.1816727" target="_blank">The New York Daily News</a> that he decided to indulge his nostalgia after reading Ernest Cline’s Ready Player One, a novel about 1980s gamer culture. He’s spent US $26,000 on his interiors renovation, including a number of vintage arcade games and a leather fold out bed (complete with Teenage Mutant Ninja Turtles bed linen).
The senior vice president of a global public relations firm, Kooluris reportedly custom built a four-player arcade console, where he can play thousands of games, including Street Fighter II. Thousands of dollars have gone towards first-edition Transformers action figures.
But it seems that nurturing Kooluris’ inner child has come at a loss – he told The New York Daily News that in the process of building his arcade, his fiancée left him.
In truth, it seems that Kooluris’ extreme renovation makeover was inspired by more than just a book. After moving in with his fiancée, his apartment failed to sell and he reportedly began feeling uncomfortable in his new surroundings.
"This is the extreme reaction of someone who isn't surrounded by his own stuff," he told The New York Daily News. But while Koolouris and his friends reportedly love his arcade-apartment hybrid, it seems that Koolouris might have taken a tiger uppercut to the heart.
"Now that my fiancée and I are no longer together, it's hard to enjoy the room as much as I want to," he explained to The New York Daily News.  "I always end up thinking about her."
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Fantasy renovation: Manhattan gamer turns his apartment into a video game arcade

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A 1960s era modernist home in Melbourne’s eastern hills will go to auction this weekend.
The single storey home at <a href="https://www.realestate.com.au/property-house-vic-croydon+north-116962735" target="_blank">90 Richardson Street in Croydon North</a> bears all the hallmarks of 60s era design, with sprawling open plan entertaining areas and a full-length sun terrace. Set on a leafy 1,480 square metre block, the house has views to Mount Macedon and over the Yarra Valley.
Owners Rob Hauser and Ruth Barr are selling the home through PhilipWebb. General manager of sales Anthony Webb describes the home as a contemporary classic.
“Although the home was designed in the 1960s, the qualities of modernist architecture that it features have never been more relevant,” says Webb.
“Modernist homes such as this are all about function and form. This home offers a seamless integration between the indoor and outdoor spaces, and with floor to ceiling sliding doors and windows throughout, it harnesses natural elements such as the sun and the breeze,” he says.
{qtube vid:=OL_GiAA7pQ8}
The house was designed by Australian architect Charles Duncan, a proponent of organic Wrightian architecture, inspired by the work of Frank Lloyd Wright. The home’s floor to ceiling windows and sliding doors are a classic characteristic of Wrightian architecture, unifying the landscape with the interior. There is also timber flooring, ceilings and timber panelled walls with exposed brick columns throughout.
Duncan was one of a number of young Melbourne architects who designed Wrightian style homes in the 1960s, including David Godsell, David Chancellor and Rex Patrick, Geoffrey Woodfall and Kevin Knight. Their Sydney counterparts included Adrian Snodgrass, who built the 1960s Point Piper home that was later sold to <a href="/news/jon-aisbitt-almost-drops-off-latest-sunday-times-richest-1000-list">former Goldman Sachs Australia boss Jon Aisbitt</a>.
In 1965, Duncan was awarded the Royal Australian Institute of Architect’s Single House award for the Williams House in Heidelberg.
The Croydon North home was built by Melbourne builders Fasham Johnson. It was not the last collaboration between Duncan and Fasham Johnson - Duncan designed two low energy display homes in Mills Parks and Taylors Lake in the 1980s that were constructed by Fasham Johnson.
The Duncan designed home is set to be auctioned on Saturday 14 June.
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Charles Duncan modernist home to go under the hammer

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Melbourne saw the biggest price drop for houses of any capital city last month, according to RP Data.
RP Data-Rismark’s Home Value Index recorded a 3.6% drop in house values in May. The median price of houses in Melbourne based on settled sales over the quarter to May now sits at $612,000.
Property Observer looks at recent sales in Melbourne to see just what that price will get you.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-vic-flemington-116056671" target="_blank">282 Pin Oak Crescent, Flemington</a>
<img src="/images/2014/06/10/flemington-june-10-one.jpg" alt=""> This two bedroom Victorian weatherboard sold for $600,000. Marketed as a “renovators delight”, it was sold at executors auction through Geoff Green and Adam Hicks of Geoff Green Real Estate. The <a href="/news">Flemington</a> home is within walking distance of a train station, trams, cafes and restaurants and the Newmarket Village shops.
Price: $600,000 Bedrooms: Two Drive to CBD: 16 minutes
</li>
<li>
14 St Andrews Close, Croydon 
<img src="/images/2014/06/10/2.jpg" alt=""> A four bedroom, three bathroom <a href="/news">Croydon</a> home sold for $608,000 last month. Set on a 1,092 square metre plot, this sprawling family home is essentially a duplex, with two dwellings under the same roof. At one end of the home there are three bedrooms, two bathrooms, a kitchen, two large living spaces and a separate dining space. The other home, which has separate meters and access has a bedroom, one bathroom, a kitchen and dining area.
Price: $608,000 Bedrooms: Four Drive to CBD: 43 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-reservoir-116465303" target="_blank">9 Tambo Avenue, Reservoir</a> <img src="/images/2014/06/10/3.jpg" alt=""> This home is located in the northern suburb of <a href="/news">Reservoir</a>, roughly 12 kilometres from the Melbourne CBD. The three bedroom, one bathroom home has a formal living room, a separate formal dining room and a central kitchen. Sitting on a 730 square metre lot, the new owners could potentially redevelop on the land as the neighbours have done.
Price:$620,000 Bedrooms: Three Drive to CBD: 34 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-seddon-116323435" target="_blank">17 Scott Street, Seddon</a> 
<img src="/images/2014/06/10/4.jpg" alt=""> This two bedroom home clad in Tasmanian Red Gum was sold for $615,000 earlier this year. The <a href="/news">Seddon</a> house was marketed as an “Eco-home” by selling agent Bretty Ayles of Village Real Estate, with exterior double insulation, a “thermal chimney for heat escape”, double glazed windows, solar panels and a first flush cleaning system for water capture. 
Price: $615,000 Bedrooms: Two Drive to CBD: 20 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-ringwood-116772519" target="_blank">41 Barkly Street, Ringwood </a>
<img src="/images/2014/06/10/5.jpg" alt=""> Another two bedroom weatherboard home, this house in <a href="/news">Ringwood</a> sold for $610,000. The home has an open living and dining area, a renovated kitchen and sunroom, with polished timber floorboards throughout. Outside, there is a carport and covered verandah. 41 Barkly Street is within walking distance of Heatherdale and Ringwood Station.
Price: $610,000 Bedrooms: Two Drive to CBD: 32 minutes
</li>
</ol>
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What does a house at Melbourne’s median price look like?

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One day, you might have the car collection of your dreams. But where will you put them all?
Last weekend an Adelaide home was <a href="/news/springfields-17-car-garage-trophy-mansion-sells-for-1-million-less">sold for $3.26 million at auction</a>. The house has five bedrooms, but more importantly, a 17 car garage. The expansive parking space comes with a home theatre, leading reported former owner George Nowak to say that the garage had “a Bat Cave style”.
After a Bat Cave of your own? Here are some of the most impressive garages in Australia (and the homes attached aren’t too bad either).
<img src="/images/2014/06/06/1x.jpg" alt="">
The 20 car garage pictured above sits below <a href="https://www.realestate.com.au/property-house-qld-sovereign+islands-115142531" target="_blank">a six bedroom, five bathroom home</a> in the beachside suburb of Sovereign Islands, at the northern end of the Gold Coast. The owner is clearly quite the motoring enthusiast, with another professional auto shop on the ground level with a hoist (pictured below).
<img src="/images/2014/06/06/1y.jpg" alt="">
This garage and its contemporary style home will set you back $4.95 million.
<img src="/images/2014/06/06/2.jpg" alt="">
A three storey estate in Castle Cove on Sydney’s North Shore could put Wayne Manor to shame. The house sits on a 10,000 square metre waterfront plot, pictured above. Inside there’s plenty of room for Alfred, with three professional gourmet kitchens, ten bedrooms and thirteen bathrooms. The all important garage fits six cars, with another 10 car port spaces.
For those who need a dose of opulence as soon as they come in from work, look no further than <a href="/news/ridong-billionaire-riyu-li-buys-bellagio-la-villa-the-gold-coast-hinterland-mansion">Bellagio La Villa in the Gold Coast hinterland</a> (pictured below).
<img src="/images/2014/06/06/3x.jpg" alt="">
Soon to be home to billionaire Riyu Li, the garage (pictured below) features what look to be polished marble floors, arched windows and chandeliers for its possible periodic usage as a ballroom. Considering the merits of this particular garage, Property Observer’s Jonathan Chancellor thought the chandeliers were <a href="/expert-insights/investing/chandeliers-hanging-in-the-garage-he-said-she-said">“wasteful and unnecessary</a>".
<img src="/images/2014/06/06/3.jpg" alt="">
“Even the late Liberace, who was the king of gaudy over-the-top interior décor, didn’t hang crystal confections in the garage of his cheap Palm Springs home,” he wrote. Contrarian Margie disagreed, writing that they were “frivolous and fun”.
<a href="https://www.realestate.com.au/property-house-nsw-terrey+hills-116005227" target="_blank">Angoraphora Lodge</a> in the Northern Sydney suburb of Terrey Hills was apparently inspired by the alpine lodges of Aspen. Set on 16,500 square metres of land, the home has six bedrooms and four bathrooms. There’s a separate two bedroom home on the estate which also houses two garages, fitting 10 cars (pictured below). Agent Shane Hutton of Ray White Terrey Hills writes that one of the garages “could easily accommodate a helicopter.”
<img src="/images/2014/06/06/4.jpg" alt="">
And what about the car enthusiasts who have somewhat less expansive collections?
Look no further than <a href="https://www.realestate.com.au/property-house-sa-glen+osmond-116849155" target="_blank">73 Sunnyside Road in Glen Osmond, South Australia</a>, pictured below.
<img src="/images/2014/06/06/5x.jpg" alt="">
The current owner says that when designing her home, “it was all about the car”.
<img src="/images/2014/06/06/5.jpg" alt="">
The motoring enthusiast, who has owned 160 cars, was given a special place for her vintage Porsche – right in the middle of her home. She’s expecting $890,000 to $950,000 for this floating apartment, designed by Damian Campagnaro.
 
For more automative intrigue, see <a href="/expert-insights/buying/deceptive-toorak-auction-aftermath-and-the-silver-mercedes-that-almost-got-away">Deceptive Toorak auction aftermath - and the silver Mercedes that almost got away</a>
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20 cars and counting: The best Bat Caves on the market

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

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Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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Jessie Richardson

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