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The single tower development on Russell Street been approved by the Brisbane City Council after numerous delays.
<a href="https://olympiaonrussell.com.au" target="_blank">Olympia on Russell</a> is a joint venture between Girdis Group and the Greek Orthodox Community Church of St George Street South Brisbane.
The project has been held up in the approval process, with <a href="https://www.brisbanetimes.com.au/queensland/greek-communitys-traditional-home-under-threat-20130506-2j3jh" target="_blank">some controversy over the destruction of the Hellenic House</a> on the site.
After 18 months, the project has now been approved.
The $40 million development in in Brisbane's West End will have 65 one, two and three bedroom apartments, starting from $380,000. The most expensive apartment will be priced at $1,135,000.
According to Place Projects, who are marketing the properties, at least 42 contracts have been issued for the development.
Place Project's Syd Walker said South Brisbane "has the potential to outgrow all other inner-city Brisbane suburbs over the next 20 years".
"The market is in hot demand at the moment and we predicted strong interest from the start," said Walker.
"The extraordinary levels of interest achieved for the development shows the demand for a quality, boutique product located in the South Brisbane precinct. South Brisbane is home to all the economic and demographic drivers required to achieve long term capital growth, and we know that the rental demand for this new development is set to be unprecedented."
There will be 18 one bedroom apartments, 39 two bedroom apartments and eight three bedroom apartments available to purchase in Olympia on Russell. Their sizes will range from 54 square metres to 151 square metres.
Developer Girdis Group is Brisbane based and has been specialising in property development and asset management since 1958. The group is headed by Nick Girdis, a former dentist, and has completed more than 100 projects.The project was designed by architects Cameron Chilsolm &amp; Nichols.
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jrichardson-uRX5hFdKfN

Brisbane's Olympia on Russell apartments receive development approval

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A house in the Northern Territory's Herbert has been named the "distressed property of the week" by SQM Research managing director Louis Christopher.
<a href="https://www.realestate.com.au/property-house-nt-herbert-118742631" target="_blank">42 Koro Road</a>, which is currently under contract, is located near Humpty Doo town centre. The five acre property includes a pool and gazebo, and was listed with a price guide of $720,000 before it was under contract. The house has four bedrooms and two bathrooms.
"This house in Darwin has been slashed by $60,000," wrote Christopher in an <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a> newsletter.
"It was on the market for $780,000 in December last year and the owners are now aiming to draw buyers with this big discount. The property is located 40 minutes from the Darwin CBD and the price reduction reflects downward pressure on house prices in the city following the commodities downturn. 
"The SQM Weekly Asking Prices Index shows asking house prices have fallen 3.9% over the year to March 25 while asking unit prices are down 6.4%. So, for those who are cashed up and ready to go, there are some bargains in Darwin right now and no doubt, there are more to come." 
 
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Herbert, NT home Louis Christopher's distressed property of the week

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A family from Shanghai has paid the lucky sum of $8,888,888 for the Melbourne CBD freehold at 415 Collins Street.
The four level freestanding office and retail building is located near the corner of Collins Street and Market Street.
<a href="https://www.smh.com.au/business/property/collins-street-building-sells-for-the-right-number-20150326-1m8cb0" target="_blank">Fairfax reports</a> that more than 200 people attended the auction at the foot of the heritage listed building, but the bidding came down to two buyers of Chinese origin.
Bidding began at $5 million for the property, which had a sub $10 million price guide and a reserve of $6.3 million.
In total, 12 buyers reportedly made 51 bids. The locally based bidders, who eventually lost out on the property, made a $8,884,000 bid, but auctioneer Philip Kingston urged the bidders to reach $8,888,888 – eight is a traditionally lucky number for some Chinese people.
The winning $8,888,888 bid was made by the Shanghai-based Ry family.
The sale was marketed by CBRE agents Josh Rutman, Mark Wizel and Lewis Tong. Three investors, Phil Mehrtens, Ted Yencken and Wayne Judson, paid $2.28 million for the 750 square metre property in 1999. The three investors are all associated with construction firm Probuild. Mehrtens is the founder, Judson is a former Probuild business partner and Yencken is a director. Previously, the building had sold for $6.2 million 1990.
The partially vacant property sold yesterday at 2.2% yield. The Reserve Bank recently <a href="/expert-insights/investing/watch-your-yields-rba-warns-as-commercial-property-risks-rise">sounded a warning on commercial property investment</a>, saying: "Although the Australian banking system's exposure to the commercial property sector declined following the global financial crisis, and the recent lending has not increased its share of banks' domestic assets, risks in this area appear to be building."
The Sherlock Holmes Inn is currently located in the basement of 415 Collins Street. The heritage listed building, known as as both Rochelle House and Evans house, was constructed in 1929 as a mixed use building for Thomas Evans, a canvas goods retailer. Designed by Hare Alder Peck &amp; Lacey, the building has a distinctive terracotta detailing in the Moderne style.
An office on the building's first level is currently available to lease, at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501489035" target="_blank">$291 per square metre</a> including all outgoings.
 
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Chinese buyer snaps up 415 Collins Street for lucky $8,888,888

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Even if they are struggling to buy a house, Generation Y may have more of an impact on the property market than they think.
While many presume a link between the proximity of train stations and property values, research firm Onthehouse believes that the positive impact of railway infrastructure on property prices is amplified by the presence of so-called 'millennials'.
According to Onthehouse's research, suburbs with a train station generally recorded capital growth rates above the Sydney region's 10 year average. However, suburbs where the median age of residents was below 37 years – the national average – showed a stronger relationship between train stations and price growth.
In Lidcombe, for example, properties within a kilometre of Lidcombe station are valued 2.1% higher than those more than a kilometre from the station, according to Onthehouse. Eliza Owen, Onthehouse market analyst, noted that the suburb has a median age of 33, and more than 22% of the workforce are professionals.
Click to open in a new window:
<a href="/images/2015/03/27/graph.JPG" target="_blank"><img src="/images/2015/03/27/graph.JPG" alt=""></a>
"Lidcombe is a great example of how millennials are driving up the change in property values in suburbs that have train stations," Owen said.
Onthehouse has picked seven suburbs to watch, based on upcoming rail construction. By 2019, planned railway developments will connect the north western suburbs to the Chatswood line.
<a href="/images/2015/03/27/table-mar-27-one.jpg" target="_blank"><img src="/images/2015/03/27/table-mar-27-one.jpg" alt=""></a>
Source: Onthehouse.com.au
According to Owen, the new stations set for the seven suburbs will allow younger residents to access the CBD, and will create thousands of jobs.
"In Kellyville, the building and maintenance of the station, increased dwelling construction and new commercial establishments are expected to create over 3,000 jobs in the area. Whereas in Kingsford, where one third of the residents fall between 20-29 years old, the light rail is expected to be popular with young people and students travelling to the city for entertainment and work outside of study hours," she said.
The house at <a href="https://www.realestate.com.au/property-house-nsw-kellyville-119208983" target="_blank">28 Ikara Avenue in Kellyville</a> sold for $920,000 earlier this month. The three bedroom house on a 696 square metre plot has polished floorboards throughout and ducted air conditioning. Less than two years ago, in September 2012, the house sold for $580,000, reflecting 58.6% price growth in two years.
In mid July last year, it was advertised to rent at $550 per week. Assuming the rent has remained the same, the house sold at a 3.1% yield.
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Sydney's seven suburbs to watch guided by rail and millennials: Onthehouse

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SQM Research's top 10 most discounted properties list shows the homes around the country that have been untouched by any recent growth in our property markets.
The 10 homes just can't seem to budge, despite price cuts and months – sometimes years, on the market.
One property that can't seem to secure a buyer is <a href="https://www.realestate.com.au/property-house-nsw-oberon-112406507" target="_blank">118 Queen Street in Oberon</a>, New South Wales.
The modest one bedroom house on a 585 square metre plot is now priced at $149,000, after a 50% price cut. The Blue Mountains house has been on the market for 800 days, according to SQM Research, although CoreLogic RP Data places the home's current campaign at 1011 days long.
<a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a>'s top 10 most discounted properties:
<ol>
<li>1/35 Empire Drive, Kincumber, NSW Initial listing price: $889,000 Now asking: $400,000 Reduction: 55% Days on market: 366 
</li>
<li>2 Louisa Street, Ranelagh, Tas Initial listing price: $2 million Now asking: $995,000 Reduction: 50% Days on market: 730 
</li>
<li>118 Queen Street, Oberon, NSW Initial listing price: $299,000 Now asking: $149,000 Reduction: 50% Days on market: 800 
</li>
<li>202-204 Gymea Bay Road, Gymea Bay, NSW Initial listing price: $1.8 million Now asking: $900,000 Reduction: 50% Days on market: 100 
</li>
<li>6 Gatumba Street, Myora, Dunwich, QLD Initial listing price: $1.5 million Now asking: $825,000 Reduction: 45% Days on market: 247 
</li>
<li>8/109 Mitchell Street, Brunswick, Vic Initial listing price: $670,000 Now asking: $390,000 Reduction: 42% Days on market: 156 
</li>
<li>114 Attfield Street, Maddington, WA Initial listing price: $629,950 Now asking: $385,000 Reduction: 39% Days on market: 499 
</li>
<li>292 Carabooda Road, Carabooda, WA Initial listing price: $1.65 million Now asking: $1,032,000 Reduction: 37% Days on market: 581 
</li>
<li>1 Dunraven Court, Sydenham, Vic Initial listing price: $780,000 Now asking: $490,000 Reduction: 37% Days on market: 317 
</li>
<li>219 Bernard Road North, Carabooda, WA Initial listing price: $3.5 million Now asking: $2,272,000 Reduction: 35% Days on market: 581</li>
</ol>
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Oberon, NSW home on the market for over two years: SQM Research's top 10 most discounted list

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Thornbury tied Reservoir as the busiest Melbourne suburb for auctions last weekend, according to CoreLogic RP Data.
Both northern suburbs had 21 auctions scheduled on the weekend of 21 March.
<a href="https://www.realestate.com.au/property-house-vic-thornbury-119173103" target="_blank">99 Hutton Street</a> (pictured above) was one of the homes auctioned in Thornbury last weekend. The Californian style period house sold for $1.15 million through Nelson Alexander's Grant Leonard and Peter Egan.
The three bedroom, one bathroom house has timber flooring throughout and is set on a deep plot, with a garage, shed and cubby house at the back of the property. At $1.15 milion, the home is valued above the suburb's median price of $827,500 (as of February, according to CoreLogic RP Data).
<a href="/news">Thornbury's median price </a>has been gradually increasing since 2011 as the suburb gentrifies. CoreLogic RP Data recorded a 15% growth in Thornbury's median house price over 2014, after 5% growth the year prior.
While Thornbury is largely associated with period cottages, the suburb is increasingly offering renovated or new contemporary homes. <a href="https://www.realestate.com.au/property-house-vic-thornbury-119179815" target="_blank">195 Gooch Street</a> (pictured below) also sold at auction this weekend, for $820,000.
<img src="/images/2015/03/27/thornbury%20mar%2027%20two.jpg" alt="">
The three bedroom, two bathroom contemporary home is brand new, and has open plan living areas with glass doors opening onto a north facing courtyard. Each of the bedrooms has built in robes, and one includes city views. The house sold through Michael Divito and Gino De Iesi of Barry Plant Northcote.
The two bedroom townhouse at <a href="https://www.domain.com.au/property/sold/house/vic/thornbury/?adid=2011800315" target="_blank">6/42 Swift Street in Thornbury</a> (pictured below) sold on Saturday 21 March through Gino De Iesi and Luke Brizzi of Barry Plant Northcote for $567,500.
<img src="/images/2015/03/27/thornbury%20mar%2027%20three.jpg" alt="">
The new residence, one in a block of six, was designed by Cornetta Partners Architects. Another in the block, <a href="https://www.barryplant.com.au/property/208341/1-42-swift-street-thornbury/" target="_blank">1/42 Swift Street</a> (pictured below), is currently listed for sale.
<img src="/images/2015/03/27/thornbury%20mar%2027%20four.jpg" alt="">
CoreLogic RP Data recorded Thornbury's median unit price as $285,000 for February 2015, but the previous month it was at $460,00. The suburb's unit prices were up 3.9% over 2014, after 13.9% growth in 2013.
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Thornbury's busy auction weekend

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A Fairhaven holiday house has sold for $3 million before its scheduled Easter Sunday auction.
The double storey home at <a href="https://www.realestateview.com.au/Real-Estate/lialeeta-road-fairhaven/Property-Details-sold-residential-8401114" target="_blank">Lialeeta Road</a> was listed with $2.75 million to $3 million price expectations by Marty Maher and Mim Atkinson of Great Ocean Properties Aireys Inlet.
While Maher says there is often strong interest in the tightly held holiday homes in Aireys Inlet, the Lialeeta Road house is "certainly a standout property".
"There have only been a handful of $3 million plus sales in the area," says Maher.
The home's location, with easy access to the Fairhaven Surf Lifesaving Club, along with its clifftop position, set it apart from other properties in the area.
The vendors had held the property, used as a holiday home, for 19 years. The three bedroom house on a 920 square metre parcel was renovated in 2010, with timber featuring prominently.
"It had quite a lot of people looking through it, but affordability is an issue at that end," says Maher.
Ultimately, there were two interested parties, with buyers from Melbourne making the $3 million offer pre-auction and securing the property. It will be used as a holiday home.
Its auction was to be one of a number Victorian coastal properties going under the hammer on the traditionally quiet <a href="/news/vic/two-aireys-inlet-homes-among-coastal-victorian-easter-auctions">Easter long weekend</a>.
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Fairhaven clifftop house sells for $3 million before Easter auction

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Townsville's residential property market is currently at the "start of recovery phase", according to Herron Todd White's March Month in Review report.
The northern Queensland city was once touted as a hotspot, with both Australian Property Investor and Your Investment Property <a href="/expert-insights/buying/of-15-000-suburbs-21-rise-to-the-top-as-worth-a-look-for-investors">both naming Townsville</a> in their annual respective Hot 100 and Top 100 lists in 2011. But a sharp economic downturn quelled enthusiasm for Townsville's property market as unemployment rose.
Now, the valuation firm Herron Todd White is cautiously optimistic about the market. The real estate agency predicts that the recent interest rate cut is unlikely to have a great affect on the sluggish market.
"Over the past 12 months on the back of record low interest rates and subdued market conditions, activity remained slow and we believe that the most recent cuts in interest rates will provide little stimulation at a local level with economic factors still being the main driver of our market," says the report.
However, the agency advises that it is currently "a good time to buy" in Townsville, given low median prices and low interest rates. According to the Real Estate Institute of Queensland (REIQ), Townsville's median house price was down 5.6% in the September quarter to $340,000, with a 27% increase in sales activity.
<a href="https://www.realestate.com.au/property-house-qld-bohle+plains-118955947" target="_blank">5 Fulford Annex</a>, in the outer eastern Townsville suburb of Bohle Plains, sold for $331,000 earlier this month. The three bedroom house on a 520 square metre corner plot overlooks parklands and comes with a garden shed and side access (pictured below).
<img src="/images/2015/03/26/bohle%20plains%20mar%2025%20one.jpg" alt="">
The vendors made a loss on the sale, paying $350,000 in November 2011. They attempted to sell it once before, in early 2014. The property spent 61 days on the market, with its asking price reduced to $355,000, before the vendors pulled the listing. When it returned to the market in late January this year, its price guide had dropped further, to $349,000.
The house had been used as an investment property, and was last advertised to rent at $340 per week, in April 2014. Assuming the rent has remained constant, the property sold at a yield of 5.1%.
While the vendors of <a href="https://www.realestate.com.au/property-house-qld-kelso-118785147" target="_blank">17 Janelle Street in Kelso</a> (pictured below) did not make a price loss on the sale of the house, its growth has been subdued over their nine years of ownership.
<img src="/images/2015/03/26/kelso%20mar%2025%20one.jpg" alt="">
They paid $310,000 for the four bedroom, two bathroom house in 2006. It sold for $322,000 in January this year, reflecting just 3.9% price growth in nine years.
In the September quarter of 2014, units and townhouses had a median price of $251,750, down 6.8% from the previous period. Units did not see the escalation in sales activity that Townsville's house market did in the same period, with sales activity down 6.8% for the quarter.
The price of <a href="https://www.realestate.com.au/property-apartment-qld-south+townsville-118434571" target="_blank">402/2 Dibs Street in South Townsville</a> has steadily declined since it was purchased in June 2007 for $355,000. When investors bought the property in September 2011, they paid just $300,000 – a 15.5% price drop. At its sale earlier this month, it traded for $255,000 – down another 15% from its 2011 price and $100,000, or 28%, from its 2007 price.
<img src="/images/2015/03/26/townsville%20mar%2025%20one.jpg" alt="">
Its advertised rent has also dropped, from $400 per week throughout 2013 to $350 per week in May 2014. At that rental rate, it sold at a 7.1% yield.
The "economic factors" cited by the Herron Todd White report include "lingering high unemployment levels" and doubts over job security, which continue to hinder the market despite surrounding "positive vibes". While Townsville is widely regarded as being less exposed to volatile single-industries as some other regional Queensland towns, its economy still suffered last year over a range of industries. Data released in July 2014 showed Townsville had the highest unemployment rate in Queensland, at 10.5%. At the time, regional economist <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-07-18/townsville-records-qlds-highest-jobless-rate/5606418" target="_blank">Colin Dwyer told the ABC</a> there were many factors contributing to the poor employment factors:
"That is more likely to be ... structural issues within the regional economy and that's likely to be in the areas of construction, likely to be in the areas of transport, likely to be in the areas of mining and also agriculture, so it's not a single item that's contributing to the high unemployment rate," Dwyer said.
In September, Local Government, Community Recovery and Resilience Minister <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-09-19/townsville-jobs-disappear-amid-perfect-storm-of-economic-factors/5751132" target="_blank">David Crisafulli told the ABC</a> that the economy was suffering under a "perfect storm" of factors.
Since then, Townsville's economy appears to have improved, perhaps indicating the beginning of a recovery, as identified by Herron Todd White. Figures released in February show Townsville's unemployment rate is now at 8.0%, with areas like Cairns and Mackay showing weaker employment figures.
As for Townsville buyers most likely to benefit from the current "depressed market" and low interest rates, Herron Todd White believes it is those who already have money saved, including investors. According to the REIQ, though the Townsville rental market remained "weak", with a 4.7% vacancy rate, it was steady, while vacancy rates in many other Queensland regions, including Cairns, were increasing.
Currently, this three bedroom Queenslander in Garbutt, at <a href="https://www.realestate.com.au/property-house-qld-garbutt-408504651" target="_blank">45 Chandler Street</a>, is being offered with the first week rent free (pictured below).
<img src="/images/2015/03/26/garbutt%20mar%2025%20one.jpg" alt="">
The advertised rent for this investment property has decreased from $575 per week in December 2010 to $500 per week in September 2012, down to the currently advertised $450 per week.
The owners paid $461,000 for the house in 2008. If they can secure a tenant at the currently advertised rate, it will reflect a rental yield of 5.07%. In 2010, it was yielding 6.49%.
SQM Research has tracked an escalation in Garbutt's vacancy rate from mid-2012.
<img src="/images/2015/03/25/Picture%2022.png" alt="">
<img src="/images/2015/03/25/Picture%2023.png" alt="">
While low interest rates currently on offer may entice some investors, Herron Todd White observe that it's the local economy, not interest rates, which will have the biggest effect on Townsville's recovering market.
"Overall the impact of low interest rates is not currently having any dramatic impact on the market, and until our local economic conditions improve, this is likely to remain the status quo", reads the report.
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High unemployment "remains a restraint" for Townsville market: Herron Todd White

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A family home designed by architect Michael Suttor has sold for $5.85 million after 24 years of ownership.
The four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-woollahra-118040975" target="_blank">8 Wallaroy Road, Woollahra</a> sold at auction through Georgia Cleary of Bradfield Cleary Double Bay. The first bidder, who eventually secured the home, placed the opening $5 million bid. The house was declared for sale at $5.65 million.
With an outdoor entertaining area by Annie Wilkes, the double storey home includes multiple formal and informal living areas. Each of the four bedrooms have built in robes, while there is an additional fifth bedroom or library space. The house also includes a wine cellar and a solar heated pool.
CoreLogic RP Data named the home the most expensive to sell in the past week, with the data house not including the sale of <a href="/expert-insights/buying/sandringhams-7-8-million-versace-inspired-trophy-home-tops-sydneys-weekend-auctions">Sandringham's $7.8 million Versace-inspired mansion</a>.
CoreLogic RP Data's top 10 sales of the week ending 23 March:
<ol>
<li>8 Wallaroy Road, Woollahra, NSW, 2025, four-bedroom house, sold at auction on March 17 by Bradfield Cleary Real Estate for $5.85 million</li>
<li>15 Tamarama Marine Drive, Bronte, NSW, 2024, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $4.51 million</li>
<li>15 Tusculum Street, Potts Point, NSW, 2011, three-bedroom house, sold on March 17 by McGrath Estate Agents for $3.5 million</li>
<li>3 Stack Street, Balmain East, NSW, 2041, four-bedroom house, sold prior to auction on March 20 by Cobden &amp; Hayson Balmain for $3.275 million</li>
<li>70 Carabella Street, Kirribilli, NSW, 2061, three-bedroom house, sold at auction on March 21 by Belle Property Neutral Bay for $3.2 million</li>
<li>32 Cutler Road, Clontarf, NSW, 2093, four-bedroom house, sold on March 20 by L J Hooker Balgowlah for $3.1 million</li>
<li>8 Slade Avenue, Lindfield, NSW, 2070, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $3.095 million</li>
<li>16 Alfred Street, Bronte, NSW, 2024, five-bedroom house, sold prior to auction on March 18 by McGrath Estate Agents for $3 million</li>
<li>35 Gellibrand Street, Kew, VIC, 3101, five-bedroom house, sold at auction on March 21 by R T Edgar Hawthorn for $3 million</li>
<li>67 Crows Nest Road, Waverton, NSW, 2060, four-bedroom house, sold prior to auction on March 21 by L J Hooker Milsons Point for $2.925 million</li>
</ol>
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Michael Suttor designed Woollahra house sells for $5.85 million

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Auctioneer David Wood of hockingstuart Albert Park is set to return to The Block this season to sell Charlotte and Josh's apartment.
Mark Konishi of hockingstuart South Yarra is the listing agent.
Wood's greatest success on The Block so far came when he auctioned off Steve and Chantelle's winning apartment on The Block Fans v Faves. The Albert Park apartment in the former Dux Theatre sold for $2.47 million, a record price for the show.
Steve and Chantelle, dubbed the season's "renovation rookies", pocketed the $636,000 above-reserve "profit", along with a $100,000 prize.
At the time, Wood told Property Observer that he would be "delighted" to return to the show.
However, he didn't make an appearance last season, on The Block Glasshouse, where two teams only sold their apartments for a disappointing $10,000 above reserve.
Previously, he appeared on <a href="/news/agents-back-at-the-block-hockingstuart-set-to-sell-in-the-block-albert-park">The Block Sky High</a>, auctioning Trixie and Johnno's penthouse apartment at 142 Park Street, which sold for $1,605,000.
Charlotte and Josh, a chippy and food stylist from Manly in New South Wales, won the show's most recent room reveal with their en suite. The black and white tiled room featured a timber vanity, double black and white sinks, and white plantation shutters.
According to <a href="https://www.propertyobserver.com.au/https://www.therealestateconversation.com.au/2015/03/24/the-blocks-first-apartment-auction/1427198400" target="_blank">The Real Estate Conversation</a>, Josh and Charlotte's apartment will be listed with a price guide of $1.4 million on 30 March. The property will be open for inspection on April 11 and 12.
Meanwhile, it appears returning couple Darren and Deanne are considering careers in property development. The <a href="https://www.dailymail.co.uk/wires/aap/article-3007202/The-Block-double-Ds-eye-renovation-career" target="_blank">Daily Mail</a> reports that Darren Jolly is hoping to become a registered builder, while Deanne has been "inundated with requests" for her redecorating services from both commercial and individual clients. She also told AAP that she has been considering future television appearances.
 
 
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David Wood of hockingstuart to auction Charlotte and Josh's The Block Triple Threat apartment

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>

Joel Robinson

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.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

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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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Jessie Richardson

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