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American vendors worried about a second GFC have helped Dixon Advisory add discounted properties to its US Masters Residential Property Fund, according to managing director Alan Dixon.

“It has been helpful for purchases because vendors are concerned about a second recession,” Dixon tells Property Observer. “It has made vendors think things may get worse so they are willing to take the deal and sell now.”

Dixon says the New York economy is showing reasonable resilience and the outlook is not as pessimistic as in other parts of the country.

“It’s a good time to be putting the portfolio together,” he says.
<a href="https://www.propertyobserver.com.au/news/australian-investment-fund-snaps-up-19-properties-in-us-state-of-new-jersey/2011070150672" title="Dixon Advisory buys in US" target="_blank">At the start of July Dixon told Property Observer</a> the fund had bought 19 properties in New Jersey for a combined price of about US$3.8 million (A$3.54 million), though no contracts had been exchanged.
<img src="/images/stories/dixon.jpg">
It has since exchanged contracts on six properties with a combined value of over US$1.17 million (A$1.12 million) and accepted conditional acceptances for 17 properties with an estimated combined acquisition cost of US$3.08 million ($2.96 million) during the month taking the total to 23.
In addition to the  properties already purchased, the fund inspected a total of 49 properties in July.
Some of the properties were bought as vacant possessions, but all are now tenanted.


Based on the pre-purchase due diligence undertaken, the properties are expected to achieve annualised net yields of 9.3% to 11.3%, with a weighted average annualised net yield of 10.2%. 

Five out of the six properties purchased to date are detached houses, and all have been subdivided into two apartments.

The most expensive cost about $254,000 and is a detached duplex featured a two-bedroom apartment returning monthly rent of $1,500 and a five-bedroom apartment returning rent of $2,000 per month. The estimated annual yield is 9.3%.

All properties are located close to public transport and major roadways leading into Manhattan.

Dixon says the fund may consider issuing a further tranche of share capital to investors based on the feedback received to date.

“Chances are we may be able to raise more money before we spend what we have,” he says.

The fund raised close to $70 million prior to its listing on the small and medium cap National Stock Exchange.

The stock has been trading between $1.61 and a $1.62 at a small premium to its net tangible assets, which have risen from $1.53 to $1.55.
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jchancellor-FAypfDUnLy

American fears of second recession bulk up Dixon's US property portfolio

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Retail property had been caught in the perfect storm, according to BIS Shrapnel, but the mining boom might soon help loosen the purse strings of consumers.
"Not only have economic factors and consumer sentiment resulted in the slowest rate of turnover growth in decades, but what little spending is occurring is increasingly online and overseas," the report concludes.
But it still forecast solid returns despite the current turbulence – barring a collapse in the Australian dollar or a much faster rate of growth of online shopping.
“There is a lot of truth in the negative headlines, but that doesn’t mean it will stay that way,” says BIS Shrapnel senior project manager Maria Lee.
“The main problem at present is sentiment.”
It was the poor sentiment that has driven the household savings rate up to a 24-year high, its Retail Property Market Forecasts and Strategies 2011–2021 report says.
“As long as the savings rate is on the rise, consumer spending won’t keep pace with household income growth.
“However, at some stage the savings rate will level off and allow the pace of consumer spending and retail turnover growth to pick up.
“When exactly this will occur is difficult to pinpoint.
“Given the negative news constantly being created around the world, consumer spending could well remain weak for some months.
“But as the mining boom gains traction, underpinning firmer economic growth and thereby boosting the household capacity to spend, consumers are expected to loosen the purse strings.
“That is the key to stronger growth in retail turnover, and we expect it will become apparent through 2012,” Lee says.
BIS Shrapnel forecasts long-term retail turnover growth to average over 3% a year in real terms.
“This represents a more than doubling from the pace of growth recorded in 2010–11, though it does not mark a return to the glory days of retail.”
Average retail growth turnover over the decade to 2007 reached 4.4% a year during the debt-fuelled spending binge prior to the GFC.
BIS Shrapnel’s report warns that there is a big difference between aggregate growth in retail turnover and the turnover flowing through regional and sub-regional shopping centres, and then it’s a further step from shopping centre turnover growth to centre income growth.
“There are many dilutionary influences along the way, most notably internet shopping, growth in retail floorspace, high occupancy costs, over-rented tenancies, the requirement for leasing incentives and – though not immediately – pressure on retailers’ profits and capacity to pay rents from a potential slump in the Australian dollar.”
“What’s saving retailers at the moment – though they may not feel they are being saved – is the strength of the Australian dollar.
“This has enabled them to engage in competitive price discounting while retaining what are still historically high profit margins,” Lee says.
“Compared to previous economic downturns, there have been remarkably few retail failures post-GFC.”
“The key difference between the 1980s, the 1990s and now is that average profit margins are around twice as high.”
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BIS Shrapnel forecasts 3% retail turnover growth, despite gloomy headlines

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The executive producer of The Block has slammed Consumer Affairs Victoria for scaring off potential buyers from the auction finale held on the weekend.
Saturday morning’s newspapers carried stories that all four estate agencies had been raided by the state government department.
Julian Cress, co-owner of Watercress Productions, which made the show for Nine, says the investigation into underquoting by the four estate agents created the impression that the reserve prices on all four houses could be well above $1 million.
''It was an absurd investigation in the first place, and I'd think today they'd be taking a long hard look at themselves,'' Cress says.
''On Sunday night they would have watched TV and realised the reserves were set well within the range the agents had been discussing,'' Cress told The Age.
The three single-fronted houses were quoted in the $800,000 to $890,000 range, and their reserves were revealed at auction as between $840,000 and $860,000. The double-fronted house was quoted between $900,000 and $990,000, and its reserve was revealed as $950,000.
Only one house – 39 Cameron Street, Richmond, renovated by Polly Porter and Waz Jones – sold under the hammer, for $855,000, $15,000 above the reserve. They pocketed the difference, plus $100,000 prize money for winning the series.
The house at 41 Cameron Street, renovated by sisters Katrina Chambers and Amie Godde, sold shortly after being passed in for its reserve price of $860,000.
The negotiations continue on the remaining two houses, with the renovator contestants still able to keep any profit above their reserve prices.
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The Block slams CAV investigation as scaremongering

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{yoogallery src=[images/stories/august19lighthouse]}
The 1881 <a target="_blank" title="Vaucluse" href="/news">Vaucluse </a>lighthouse keeper's cottage, perched on the clifftops overlooking the ocean near South Head, has been listed for sale with $8 million expectations, although it failed to sell for $7 million when it was marketed by McGrath in a more buoyant market in early 2008.
The 2,600-square-metre leasehold property been listed by Steven and Carmen Davidson, who bought it from neurosurgeon John Matheson and wife Jeanne Eve for $2.52 million in 2002.
The 125-year lease cost $820,000 in 1992 when sold to the Mathesons by the Commonwealth government.
The lease will expire in 103 years.
Towering over the four-bedroom Old South Head Road cottage is the 1883 lighthouse, which replaced the 1818 Francis Greenway-designed lighthouse that had been Australia's first lighthouse.
Ray White Real Estate agent James Hundt says the heritage-listed cottage has been extensively renovated as a family home by the heritage architect Clive Lucas.  But Hundt envisages the offering, which sits on a 2,600-square-metre block, could be suitable for a commercial enterprise such as a reception centre.
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Lighthouse keeper's cottage a beacon in Vaucluse

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<img src="/images/stories/harknessinside.jpg">
America’s highest-profile art dealer, Larry Gagosian, has reportedly snapped up New York’s 1910 Harkness Mansion, a 25-room townhouse at 4 E. 75th St., for $US36.5 million. That’s at $16.5 million less than what it fetched in 2006, according to the New York Post, when it was the most expensive residential property ever sold in New York.  The mansion, sold for about $7 million in 1987, stretches 7.3 metres wide and 31 metres deep. The Harkness family made their money from an investment in John D. Rockefeller’s fledgling Standard Oil Company. It is on the EzineMark.com list by Mary Rose of the Top 10 New York City’s Most Expensive Townhouses.
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New York's Harkness mansion sells for $16.5 million less than in 2006

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The Commonwealth Bank, the nation's largest home lender, has dumped the federal government's much-vaunted but little-used First Home Saver Account scheme.
The bank withdrew the product earlier this month with a CBA spokesman suggesting that young home hunters preferred to save through term deposits and savings accounts.
Only 18 financial institutions offer the accounts, and most of them are credit unions. Just one of the four big banks, ANZ, now offers the accounts. Westpac and NAB were never participants in the scheme. 
Before coming to power, the then-aspiring prime minister Kevin Rudd suggested the FHSA scheme had the potential to revive the Great Australian Dream for young home hunters.
Treasurer Wayne Swan anticipated $4 billion would flow into the accounts.
But, five years on, the recent March quarter figures show less than 5% of this amount – $173 million – has been deposited into FHSAs. Although the government aimed to have 400,000 accounts by 2010, it has only attracted a total of 27,400.
The<a target="_blank" title="Saving for a first home thanks to a silver spoon" href="https://www.propertyobserver.com.au/residential/saving-for-a-home-thanks-a-silver-spoon/2011060850440"> first home saver account scheme </a>had appeared to be finally gaining some traction, as the 27,400 accounts represented a 21% jump in accounts over the past year to form the basis of their future home deposits.
The purpose of the scheme was to encourage first-home buyers to save in a disciplined environment, which then helped with applications to banks.
The Daily Telegraph was told by a CBA spokesman that customer feedback was that the FHSA was too complex and they didn't want their cash locked away for four years.
But this well-intentioned scheme hasn’t matched the federal government’s initial high hopes of $4 billion under deposit by 2012. The typical account currently has $6,300, the Australian Prudential Regulation Authority says.
The initial projections were of 220,000 accounts opened in 2009, and 730,000 by 2012. The scheme had a very slow start, with just $41 million deposited after its first nine months. As at June 2009 there were just 13,946 First Home Saver accounts. This jumped to 22,600 as at June 2010, and to currently about 27,400.
It dates back to an election commitment by then aspiring prime minister Kevin Rudd, with the government offering to contribute up to $850 for every $5,000 deposited each financial year. This amount has now been adjusted to $935 for every $5,500 or more.
Anyone over 18 and under 65 who has not previously purchased a home in which to live can have an account with an indexed $80,000 balance limit.
One of the main reasons why the scheme's uptake was woefully slow was its introduction coincided with the frenzy accompanying the first home owner grant boost, one of the overdone stimulatory measures during the global financial crisis.
The first-home saver scheme became swamped by the first home owner grant bonus.
There are tight rules regarding withdrawals, which are tax-free but can only be used to go to the purchase of a first home.
Account holders who change their minds about buying a house can transfer the balance of the account into superannuation.
The account holder must live in the home for at least six months as his or her main residence following the purchase of the property after the withdrawal of the funds.
First home saver accounts are an individual account, not a joint account.
Account holders don't have to be Australian residents or living in Australia to open or contribute to a first-home saver account, but do have to be Australian residents for income tax purposes for at least part of the financial year to receive the government contribution.
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ANZ the only bank to offer government-backed first home saver accounts as CBA exits

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It was a dose of reality when three of the four houses in the Channel 9 series The Block 2011 failed to sell under the hammer at their weekend auction.
But what was noteworthy was there was no shortage of buyers for the Richmond cottages, even when you take out those who had a bidding paddle intended for a few seconds of camera fame.
The genuine buyers – mostly represented by unemotional buyers’ agents who also saw the marketing opportunities – just wouldn’t budge on price, and Channel 9 prudently didn’t want a sale at any cost.
The reserves all matched their marketing campaigns, so the pre-auction raid by Victorian Consumer Affairs to investigate claims of under-quoting was just another stunt that helped the ratings, which peaked at 3,089,000.
For Polly and Waz – the Steven Bradbury of the renovation world – the $855,000 sale was $15,000 and eight bids above its $840,000 reserve. It was the cheapest offering on The Block.
After some commendable auctioneering by Biggin Scott sales director Russell Cambridge, the house was knocked down to buyers’ agent Frank Valentic from Advantage Property, who was apparently buying for a couple holidaying in Bali. Valentic is chairman of the Real Estate Institute of Victoria’s buyer’s agent chapter. Cambridge has been with the Biggin &amp; Scott Richmond team since 1993 and has sold well more than 2,000 properties at auction since.
There's little doubt the producers of The Block 2011 paid above market rates to get four houses in a row on Cameron Street – given they are a rarity. And the challenge of four houses selling in one auction session rather than four units was too high a hurdle.
Nine’s decision for reserves that were moderately reflective of current values was vindicated after the first offering – Jenna and Josh’s double-fronted cottage – attracted a post-auction offer reputedly at its $950,000 reserve.
It had been passed in at $901,000 with just the two bids, including a try-on at $750,000.
It seems negotiations continue on the double-fronted cottage through Woodwards Ruth Roberts and Robert Clements, as the estate agents are confident they can get something above reserve for the contestant couple to take home with them after their eight weeks of intense labouring.
Roberts told the auction attendees that it’s possible for the next buyer to extend the house with a second floor, which Channel 9 didn’t wish to do in order to keep the competitive playing field as even as possible.
Josh and Jenna have now set up their own design company, Bickering Designs.
The very disappointed Amie and Katrina – the sisters from rural NSW – had an $822,000 top offer,  and the house sold subsequent to auction at its $860,000 reserve. They will go home empty-handed to the bush after a journey they described as a “bloody waste of time”.
Rod and Tania’s offering got a top offering of $832,000, and it remains listed for sale.
The Block 2011’s Richmond auction results were a poorer showing than last November when for the first time in the four series that one of the four Vaucluse flats didn’t sell under the hammer, and only one fetched an out-of-line bullish result.
Who can ever forget the hoopla at Bondi Beach in 2003 and then at Manly in 2004?
There appeared to be between three and eight bidders (some repeating themselves) on the Cameron Street offerings, which were renovated over an eight-week period by the four contestant couples, who unlike in previous series, worked full time on their renovations.
Unlike the quick-paced auctions put to air, the auctions were painfully long – not assisted by starting an hour late, which prompted at least one buyer on the final offering to head home to his daughter as the babysitter’s time was up.
Additionally every auction was constantly interrupted by the monotonous “Is it at reserve yet?” query.
“Gee, you’re a tough crowd,” Jellis Craig auctioneer Clayton Smith summed it up during the final unsuccessful auction.
For some time now the smart money has been suggesting Sydney was set to enjoy a small property fillip while Melbourne still needed some price adjustment.
Just when and how that will come remains a point of contention, but The Block has assisted in informing the market that property outcomes can sometimes be underwhelming.
The most moving moment of the night had nothing to do with the gavel, but the tide of goodwill towards Josh and Jenna’s engagement.
Even if it too was somewhat contrived for the cameras, with it subsequently being learnt that Women’s Day had been there when he bought the Tiffany ring.
On the all-important television ratings, its seems even Sydney decided to tune in on the last night, virtually equalling Melbourne’s ever-strong hometown audience for the first time during the series.
And Sydneysiders got what they wanted!
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The Block auction a dose of reality, which Sydney finally loved

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<img style="border-style: initial; border-color: initial;" src="/images/stories/salisbury.jpg">
<img src="/images/stories/6point62.jpg" style="border-style: initial; border-color: initial;">
The weekend’s top sale was on Salisbury Street, Balwyn, through Jellis Craig.
There were four bidders, according to Kate Agnoloto from James Buyer Advocates. Auctioneer Peter Batrouney spoke of the Melbourne vendor who had purchased the property (pictured above and below) in 1979 for $325,000 which stirred a reaction from those in attendance.
The 3,977-square-metre property, known as Tennessee, comes without any restrictive grading or covenants, with the block lending itself to an exclusive residential enclave development – much to the concern of the neighbours, who plastered posters about their fears on auction eve.  
<img src="/images/stories/salisbury2.jpg">
But Paul Keane from Jellis Craig Glen Iris expects it to remain a single residence. But presumably the fate of the large 1929 residence would be now in doubt given the $6.62 million outlay. It comes with championship size north-south tennis court, pool and full cabana facilities. There’s even a deep-water bore.
<img src="/images/stories/salisbury3.jpg">
A vendor bid of $5 million commenced proceedings. When bidding reached $5.81 million it was announced on the market with competition between the remaining two bidders.
 
<hr>
<img src="/images/stories/59.jpg">
 
The weekend clearance rate for both Melbourne and Sydney was 59%.
 
<hr>
<img src="/images/stories/107.jpg"> 
Of the 167 passed in at Melbourne auction, the REIV noted 107 were on a vendor's bid, highlighting the toughness of the auction crowds.
“But before we hit the panic button, we still believe it’s a price-matching issue, not an underlying demand issue,” says buyers’ agent Mal James.
“Sellers who aim to meet the market rather than their dream price are still selling if their home is half-decent.”
 
<hr>
<img src="/images/stories/12num.jpg"> 
There were just 12 vendor’s bids across Sydney according to Australian Property Monitors. Some 40 others were passed in with unacceptable buyer bids and there were four no-bid results.
 
<hr>
<img src="/images/stories/400num.jpg"> 
Sydney has 400 auctions this Saturday, according to Australian Property Monitors research analyst Clinton McNabb.
 
<hr>
<img src="/images/stories/615.jpg"> 
There will be 615 auctions in Melbourne this Saturday, according to Real Estate Institute chief Enzo Raimondo.
 
<hr>
 
<img src="/images/stories/177.jpg">
Sydney’s top reported sale was yet again under $2 million. It was an offering on Third Avenue in Willoughby through John Curtis at McGrath. The listing last sold in 2000 at $870,000.
 
<hr>
<img src="/images/stories/740k.jpg"> 
Adelaide’s top sale, according to APM was a 1998 built, two-storey Plympton house with five bedrooms that sold through Anthony Fahey at Ray White Henley Beach. The Crews Crescent house last sold for $715,000 in 2009.
 
<hr>
<img src="/images/stories/950k.jpg"> 
Josh and Jenna had The Block’s highest reserve at $950,000, but the house was passed in at 901,000. The other reserves were Katrina and Amie: $860,000  Rod and Tania: $850,000; Polly and Waz: $840,000.
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Balwyn takes top weekend calling

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{yoogallery src=[images/stories/august22lyon]}
Former Melbourne AFL champion and now Footy Show host Garry Lyon couldn’t sell his prestige Hawthorn offering at weekend auction.
The four-bedroom, three-bathroom period house in Hawthorn Grove – one of the suburb’s premier heritage streets – was passed in on a vendor's bid of $3.6 million.
The auction opened on a $3.5 million vendor bid. Lyon bought it in 2005 for $2.74 million.
Its Jellis Craig Glen Iris listing agent Paul Keane had been quoting $3.5 million-plus.
The contemporary house sits behind a stately tuck-pointed brick façade and return veranda.
It comes with an outdoor entertaining pavilion, heated pool and spa.
The much-extended 1890s Hawthorn residence sits on an 854-square-metre block.
Its modern interiors give it a 493-square-metre floorplan over two levels.
There are four bedrooms plus fitted study.
Bennison MacKinnon sold the adjoining property last month at an undisclosed price. It had previously traded three decades ago. Both homes had been built by the same builder last century.
Hawthorn’s current median house price, according to propertydata.com.au, is $1.37 million, having peaked at $1.62 million in June 2010.
According to RP Data, Hawthorn's median house price is $1.29 million. 
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Garry Lyon fails to sell Hawthorn home at weekend auction

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Expatriate Australian billionaire Michael Hintze has added another NSW property to his rapidly expanding east coast farming portfolio. It's a $7.12 million 1,640-hectare farm at Young in the southwest region of southern NSW.
The London-based hedge fund founder has amassed one of Australia’s fastest-growing farm portfolios, with acquisitions totalling about 47,100 hectares since 2007. His private pension fund, MHPF, has spent about $127 million on the land and water purchases.
Hintze is the founder and senior investment officer of CQS Management, a London-based hedge fund with assets of $US10.5 billion.
His most recent NSW purchase before this one was a $1.4 million 410-hectare farm at Munderoo in the southeast of the NSW Riverina.
The Hintze portfolio has been accumulated and managed by Richard Taylor, a director of Growth Farms Australia. MHPF has been described as "a newly diversified agricultural force taking shape in eastern Australia" by The Land's agricultural writer, Peter Austin. It now has made 15 acquisitions in NSW and <a target="_blank" title="Hintze buys sugar plantations" href="https://www.propertyobserver.com.au/sweet-deal-for-michael-hintze/2011060450346">recently added two sugar cane farms in north Queensland</a>, which marked a shift away from its weighting towards the southern NSW mixed farming of wool, prime lambs, cattle and winter cropping.
The latest Young purchase was from Philip Brown’s Equitas Group.
Hintze’s initial Young district purchase was Glaisnock, the 969-hectare rotational cropping enterprise that had the capacity to operate as a mixed agricultural business.
The purchases have been driven by the view that rural land in Australia now represents good value in light of the strong global demand for “soft commodities”. A key strategy of the group has been to aggregate parcels of land where possible to achieve efficiencies of scale and cross-property synergies.
Hintze's buying spree began when he spent $12.5 million for a Breadalbane property in July 2007. Despite his acquisitions Hintze is not likely to join the Australian Farm Journal's top 10 landholders, since other new players, Macquarie Group and the British private equity company Terra Firma Capital Partners, have between them spent $740 million buying vast chunks of northern Australia. Hintze's biggest purchase was the 7,700-hectare grazing property Warrane, west of Armidale, costing $22 million in late 2007.
Hintze's wealth has been estimated by Forbes magazine at $US1.4 billion in early 20111. Rare with his public pronouncements, Hintze has said he was not just looking for capital gain from the properties. He says he seeks solid returns on production.
''I'm not a farmer, but I do the numbers. It's got to make money,'' the hedge fund chief, who spent 12 years at Goldman Sachs in roles such as head of European emerging markets, told the Australian Financial Review last year. Hintze left Sydney in 1980 for Salomon Brothers in New York.
Trained as an engineer, Hintze served in the Australian army and started his firm, CQS, in 1999. It is short for "Convertible and Quantitative Strategies". He is a well-known philanthropist, with beneficiaries including the University of Sydney.
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Expat billionaire Michael Hintze adds to NSW farming portfolio

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Joel Robinson

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/6RNt3AvtBpI?si=JUhuCV2ZRXsYaoJZ" title="YouTube video player" width="560"></iframe>

Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

[smartcode_project:default project_id=149637 project_image_fid=351027]

The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

[smartcode_project:default project_id=149637 project_image_fid=351031]

For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

Jonathan Chancellor

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