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The prospect of extra income from adding granny flats to the rear of properties has prompted a wave of property investors in Sydney's western suburbs seeking to secure higher total returns, according to the valuation firm Herron Todd White.
They have been seeking out the older 1960s and 1970s three-bedroom homes on 600 square metres to 700 square metres of land and subsequently obtaining council approval to construct large, purpose-built granny flats in the backyard, the report says.
Penrith and St Marys were at the forefront of the trend, with the average cost of a property $330,000.
The investors were then seeking to improve their rental income through building granny flats.
The cost of adding a granny flat was about $70,000 plus about $30,000 for a basic renovation of the existing dwelling.
"So after spending $430,000 on average, three-bedroom houses in these locations secure rental rates around $330 a week, with granny flats achieving rental rates around $200 a week, taking the total weekly income to $530 a week or $27,560 per annum,” the HTW report says.
"Based on these preliminary calculations, a rental return of 6% to 6.5% may be possible."
HTW warned there are a few points that any astute investor should check out before diving in.
"Many of these strategies are being spruiked by specialised investment firms.
"Secondly, this a recent trend and is yet to be tested from a re-sale point of view, we do not yet know if the $100,000 spent on capital improvements will translated to a $100,000 increase in the properties’ value.
"Thirdly, there may be various tax implications for the investor," it notes.</body></html>

jchancellor-FAypfDUnLy

Sydney investors building granny flats to increase rental yields

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Australians' national interest depends on foreign investment, Treasury Secretary Martin Parkinson has warned.
And Australians face declining living standards if they do not work harder.
The Treasury Secretary said in speech last night that Australia could not rely on the mining boom to prop up the economy and if productivity did not improve incomes would not be sustainable.
Given the recent calls for new rules governing overseas investment in Australian farmland, Parkinson suggests discouraging capital from legitimate foreign sources could harm the country's potential wealth.
"I think the issue around foreign ownership, whether it's of the mining sector or the agricultural sector, has to be handled quite carefully," he says.
"And so you can see, there have been a number of political interventions this week, I just hope that they are handled with clear recognition of where Australia's national interest lies."
The Greens, members of the federal Coalition members and independent Senator Nick Xenophon have been seeking stronger rules for farmland purchases by foreign companies.
Parkinson also says economic reforms should make it easier for people to move to rapidly growing mining areas.
He says lower stamp duty – which could encourage people to sell their houses and move – and other reforms that would make it easier for people to transition to new jobs were sensible.
Parkinson has previously worked at the International Monetary Fund on the reform of international financial architecture and in the early 1990s served as senior adviser to Treasurer John Dawkins.
The speech was to the Melbourne Institute Economic and social outlook conference.
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Treasury Secretary warns foreign investment in Australian farmland is crucial

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{yoogallery src=[images/stories/july1sussex]}
4 Sussex Street, Brighton, Victoria, 3186
There were no bids made when Brighton’s most impressive weekend listing, 1930s residence Sussex, went to auction through <a href="https://www.buxton.com.au/" target="_blank" title="Buxton">Buxton </a>agents Regina Schmidt and Brian Devlin with price hopes of $3.5 million.
The well-positioned home in the heart of Brighton opened with the auctioneer seeking bids of $3.2 million – but nothing came from the crowd.
A vendor bid came at that level, and then another vendor bid of $3.4 million, according to James Buyer Advocates.
The buyers’ agency gave it a rating of 725, which is well above average, so they and the Buxton agents expect a sale in coming days.
The house, with five bedrooms and a home-office, comes with 1835 stables that have been converted into a two-room entertainers' complex.
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Still a lot to like in Brighton

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{yoogallery src=[images/stories/june30panorama]}
Marketing is set to begin on a new residential tower in Sydney’s Crows Nest. Panorama, with 209 apartments within three buildings on the Pacific Highway on the lower north shore, is tipped to interest medical staff from the nearby Mater Hospital, Royal North Shore Hospital, and the Northside Medical Centre.
“Crows Nest is one of the few suburbs in Sydney where the fundamentals for successful property investment remain strong,” says Tim Rees of CB Richard Ellis residential projects.
“It has a high rental base of 42% compared to the Sydney-wide average of 30%.”
Rees expects by the time Panorama is completed in late 2013, the indicative weekly rents will be $525 to $695 for the one-bedroom units and $875 to $1,200 for the two-bedrooms apartments.
The Panorama display centre at 200-220 Pacific Highway, Crows Nest, will open from mid-July.
The bulk of the apartments will be in a 17-level tower, and apartments in the upper 12 floors have multi-directional views.
Prices at Panorama start from $425,000 for a one-bedroom apartment, and from $825,000 for a two-bedroom apartment.
Willoughby Road is Sydney’s answer to Melbourne’s Lygon Street, says Rees.
Rees says the views won’t be built out because Panorama retains the height of the existing structure, the 1974 Spectrum buildings, which were a mix of retail and commercial space and hotel accommodation.
“The existing buildings will be largely demolished,” said Greg Shand, managing director of Barana Group, which is developing the JPRA-designed Panorama.
“In some cases the concrete frame will be retained, but overall this will be a new development and finished to a very high standard that is appropriate for Panorama’s unique location.”
Work is scheduled to start in September and be completed within two years.
Its interiors, by SJB, have been described as “pared-down luxury”, with timbers, natural stone and textural terrazzo.
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Panorama to fly high in Crows Nest 

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{yoogallery src=[images/stories/june27bayviewst]}
27 Bay View Street, Lavender Bay, McMahons Point, NSW, 2060
This four-bedroom, two-bathroom house has been sold for $2,105,000 through <a href="https://www.rwlns.com/" title="Ray White" target="_blank">Ray White Lower North Shore</a> agent Marshall Mullen. It’s a Victorian era terrace with a Sydney Harbour backdrop located a short walk away from the heart of the village and the convenience of ferries. It has bright interiors over its four levels and is in the most sought-after foreshore suburb. It last sold in April 2000 for $1,293,000, thereby reflecting 4.4% annual growth.


 
{module 238}
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Harbour bridge backdrop in Lavender Bay yields 4.4% annual growth

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Steve Bellotti, ANZ’s managing director of global markets, has spent $8.4 million on a beachfront property in the pricey part of Sydney’s northern beaches peninsula, Palm Beach.
The vendor, dentist Graham O’Neil, had wanted $9.95 million for the 558-square-metre holding with an architect-designed two-storey, five-bedroom beach house complete with boat and watercraft storage area with hydraulic floor lift.
It ranks among the few Iluka Road properties with title to the high-water mark, whereas the other properties are mostly reserve frontage.
Its more-than-respectable final selling price at $15,000 per square metre suggests the tide might finally be rising when it comes to prestige prices.
There was a nearby $6 million sale nearby last year with a tiny cottage that reflected $10,900 per square metre of land value. And another house slightly less comparable to the Bellotti purchase sold mid-2010 at $7.2 million, which reflected $13,400 per square metre.
While it would be pushing it to suggest that Palm Beach become a peninsula of paupers, there's no doubting beachfront property prices had come off by 20% or so by late 2009 due to the global financial crisis.
The pre-global financial crisis beachfront record was $12,980 per square metre, also on Iluka Road, in 2007.
At one stage during the downturn there was a $4 million oceanfront reserve sale on Ocean Road – directly opposite the northern end of beach – reflecting $3,550 per square metre in 2009.
Prices, however, eventually found their floor in the wash-up of the much-credited Lehman's effect.
The latest sale came after marketing through LJ Hooker Palm Beach agents David Edwards and Peter Robinson, who had it listed for December 2010 tender.
But the ongoing twin challenges for Palm Beach are the strength of the Australian dollar – and the virtual absence of expatriate buyers – and perhaps the greater underlying inhibitor to any sustained recovery, the detrimental impact of land tax.
Look at the rubbish trolleys still out on the narrow streets well after garbage night, and it is easy to conclude about 80% of Palm Beach properties are holiday houses. So their purchase requires not only the initial outlay – with its inevitable NSW government premium property stamp duty – but also the annual land tax.
The best thing to do is make Palm Beach one’s principle place of residence and have a land tax-free apartment in town.
But Bellotti, who joined ANZ in March 2010 from Blue Sky Capital Strategies, where he remains chairman, bought a Mosman house in 2010 for $9 million through Richard Simeon at Richardson &amp; Wrench.
The 558-square-metre Bellotti Palm Beach block comes with a current $5.61 million unimproved land valuation. The 2008 land valuation was $5.28 million and $5.5 million in 2009, so with the NSW government's three-year land value averaging system, it would trigger an annual $93,700 land tax bill as a weekender.
Its value in 1984 was $350,000, according to RP Data.
Palm Beach sales peaked with the $15 million sale in 2007 of Anakela, the beachfront retreat of the late grocery tycoon Jim Fleming and his widow, Angela.
It was bought by the Uncle Toby's founder Doug Shears.
The Flemings had paid $3.65 million in 1995 for the 1,947-square-metre Iluka Road property, which had sold in 1973 for $140,000.
The Flemings constructed an expansively lavish house that came with a second-floor see-through glass bathtub, which was suspended above the ground-floor living area.
It was 1981 when the late Kerry Packer broke through the suburb's million-dollar threshold with his $1 million purchase from the MacCormick family. But the pianola is the raciest accoutrement around at the Packer family bungalow.
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A rising tide lifts all luxury yachts in Palm Beach

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The recent Queensland floods have triggered residential price discounts of between 30% and 40% for inundated dwellings.
Properties that were not as heavily impacted were being discounted between 5% to 20%, according to the estate agency CB Richard Ellis.
Queensland’s “two-speed” economy will mean the state’s residential recovery will only occur in the medium, rather than the short term, according to the CB Richard Ellis forecast.
As the nation’s worst performing capital city, Brisbane’s median house value has fallen during the year to March 2011 by 2.9% to $447,500, according to Residex,, which noted a 14% contraction in the volume of house sales and 12% for unit sales over the past year.
The resource-related growth in the state would be the fundamental driver for a residential recovery in the medium term.
However, the short-term property environment remained subdued in the wake of recent natural disasters and weak tourism numbers that had impacted the state’s growth in 2011.
The report noted the timing for the Queensland economy was “terrible.”
A lag in mining-related growth after the GFC meant buyer optimism had been falling in most residential price brackets across south-east Queensland, given cost-of-living pressures and concerns about rising interest rates, CBRE regional director of residential mortgage valuations Tom Edwards says.
“This has led to falling sales volumes, extended marketing periods and minimal demand across the region,” Edwards says.
The impact of the recent Queensland floods is also becoming more tangible as sales evidence in the affected areas is collated.
“Earlier observations we made concerning value impacts have been maintained, with discounts of 30% to 40% on underlying land values being recorded for properties with inundated dwellings.
“Minor discounts from 5% to 20% have meanwhile occurred for properties that were not as heavily impacted,” Edwards says.
In regard to the overall south-east Queensland market, the CBRE report highlights that buyers in all price brackets are being very selective and are only targeting properties with strong marketing features such as proximity to public transport, public infrastructure and good levels of residential amenity.
“The prestige sector on the Gold Coast has seen particularly steep value declines, with units in this market also under significant pricing pressure,” Edwards says.
“Sales volumes have contracted substantially, with higher quality units on the Gold Coast suffering given the very high levels of available stock.”
CBRE’s report highlights that the outer metropolitan suburbs of Brisbane, consisting predominantly of new housing estates, have also been under strain.
On the flipside, properties situated within 10 kilometres of the Brisbane CBD with family-oriented attributes and good land sizes have performed quite well, albeit with reduced levels of buyer interest.
“Specific projects that have been impacting the residential markets include the Airport Link and Northern Busway, which are expected to assist prices in the longer term but which have negatively impacted on the market around the construction zones in parts of Kedron, Lutwyche and Woolowin,” Edwards says.
“The Gold Coast light rail project many also provide some impetus for price growth for areas that benefit under the proposal.”
CBRE’s global research and consulting manager, Sam Reilly, notes that the recent Queensland government announcement of a $10,000 grant for any person buying a new dwelling or signing a contract to construct a new dwelling between August 1, 2011 and January 31, 2012 is a positive, albeit temporary, initiative for the struggling Queensland construction industry.
The impending abolition of the stamp duty concession currently available for the purchase of a primary place of residence from August 1, 2011 is, however, far more noteworthy, Reilly says, as purchasers would see an increase of 56% in stamp duty charges on the purchase of a $600,000 home.
“There will be some relief for purchasers of a new home under the $10,000 Building Boost Grant until 31 January 2012 but after this date the new stamp duty regime will remain in place, placing further pressure on the subdued Queensland residential property market,” Reilly says.
The rapid reduction in tourist numbers is also a concern, with the high Aussie dollar triggering employment concerns for the Gold Coast, Sunshine Coast and north Queensland tourism industries, according to Reilly.
Despite the difficulties, the report noted that Deloitte Access Economics recently forecast real growth output of 4.3% per annum from 2011 to 2015, with Queensland leading Australia.
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Flood-affected Queensland homes lose 30% of value

The rock musician-turned-entrepreneur Tim Freedman is battling Byron Shire Council for approval to use his near-beachfront Broken Head retreat as a wedding reception venue.

He wants permission to hold up to 35 functions a year with a maximum of 70 guests. The functions to stop at 10pm, with all live acoustic music to finish by 8.30pm. But neighbours have lodged concerns with council before the mid-June close of comments.

Freedman, the singer with ARIA-winning band The Whitlams, paid $2.8 million in 2009 for the 1.1-hectare holding in the upmarket bushland Pavilions Estate at Broken Head. The Newtown-based Freedman had for many years prior been content with a cabin at the local holiday park.

[smartcode_project:default project_id=7363 project_image_fid=41840]

Tucked away adjoining a beachfront bushland reserve, it&#39;s one of seven in the Pavilions development by Mathew Macpherson and three partners. It comes complete with interconnected pavilions, one each dedicated to living, dining, entertaining and sleeping.

The neighbours&rsquo; complaints mostly relate to excessive noise, litter, traffic, access and parking problems.

There are also concerns regarding the local fauna, which could be affected adversely &ldquo;by the light, noise and impact by vehicle strikes&rdquo;.

Freedman&rsquo;s lawyer, Wroth Wall, has told the <a href="https://www.northernstar.com.au/" target="_blank" title="The Northern Star">Northern Star </a>that Freedman&rsquo;s case centres on the fact that the area is zoned T2, for tourist use, and that weddings and other functions fall within that category.

After the council received several complaints in relation to weddings occurring at the Pavilions development, it served a noise abatement direction on Freedman last November.

[smartcode_project:default project_id=25196 project_image_fid=165544]

The council report noted that the premises had since been advertised as a wedding venue with a capacity of 50 guests sit-down or 90 guests canap&eacute;-style.

Following an order to cease use of the property as a place of assembly, a Land and Environment Court proceeding could determine the future of Freedman&rsquo;s plans.

In May 2011 Freedman lodged a development application to use his premises as a place of assembly on nominated conditions.

The application has yet to be presented to a formal council meeting for consideration.

Little cloud hovers over Tim Freedman's Byron Bay wedding venue plans

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The national residential vacancy rates were down modestly during May on April 2011, with a drop of 0.1% month-on-month, according to SQM Research.
With a total of 43,786 rental vacancies, the national vacancy rate stood at 1.7%, SQM managing director Louis Christopher says.
“When compared to the same month last year however, vacancies increased by 0.3%, indicating that the rental market has loosened slightly since May 2010.
“That being said, a national vacancy rate of 1.7% still signifies a considerably tight market, and with no capital cities recording vacancies above 2.4% it is safe to say that the 'rental crisis' is yet to be alleviated,” he says.
He says until there is more substantial buyer interest in the housing market, vacancies are set to remain tight as fewer prospective buyers leave rented dwellings to purchase homes of their own.
Christopher says vacancy rates over the past 12 months have been moving in a significantly small range, with a stable trend overall.
The capital city to record the lowest vacancy rate was Canberra at 0.6%, a total of 272 vacancies.
Melbourne was the capital city to record the highest vacancy rate, at 2.4%, a total of 8,707 vacancies.
The only capital city to record a month-on-month growth in vacancies was Hobart, increasing from 1.7% to 1.9% – a total of 443 vacancies.
Darwin was the capital city that experienced the largest month-on-month decline, with vacancies falling by 0.4% to 1.4% - a total of 317 vacancies.
Both Melbourne and Darwin recorded the largest year-on-year growth in vacancies, increasing by 0.9% to 2.4% (8,707 vacancies) and 1.4% (317 vacancies) respectively.
Both Brisbane and Perth recorded the largest year-on-year declines in vacancies, falling by 0.3% to 1.8% (4,584 vacancies) and 1.1% (1,770 vacancies) respectively.
Christopher says SQM's calculations of vacancies were based on online rental listings that have been advertised for three weeks or more compared with the total number of established rental properties.
Sydney had 5,633 vacancies, reflecting 1.0%, in May last year. It now sits at 7,038, or 1.3%, slightly better than the 7,707, or 1.4%, in April.
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Vacancy rates down slightly with rental market still tight, says SQM's Louis Christopher

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Construction, retail and property companies sit among the private companies that have become more pessimistic about their short-term prospects than they were 12 months ago, according to KPMG’s annual Private Companies Survey.
The survey of nearly 300 private companies conducted in April and May 2011 also shows that 44% of respondents did not meet their revenue targets in the past 12 months. More than 70% of the respondents had been in existence for two decades or longer.
Construction companies comprised 11.3% of the respondents, retail traders 7.9%, and property industry respondents made up 6.5% of the respondents, but the report was not broken down by sector.
Peter Siebels, head of KPMG’s Private Enterprise practice, said the past 12 months has proved very challenging for private companies. South Australian businesses were the most negative, with 26.5% thinking the Australian economy was on a downward cycle. Only 8% in Western Australia thought the country was on a downward cycle.
“The environment has been more tumultuous than many businesses would have expected, especially when you consider the spate of natural disasters.
“This survey on the outlook of Australian private companies is highlighting what appears to be a very unique set of business challenges and a patchy business environment,” Siebels says.
Skill shortages, softening consumer confidence and continuing global uncertainty are the key challenges facing businesses, which all lead to a multi-speed economy.
“The challenges vary between states. For example, the resource sector is going along nicely, but if you are a manufacturer in Victoria, times are very tough,” he says.
“While skill shortages are the biggest challenge to businesses in Western Australia, those in Queensland are more concerned with low consumer confidence, which may reflect the recovery from the floods and cyclones.
“In South Australia and Victoria, respondents are more concerned about business confidence and competitor activity.
“New South Wales is most concerned about the impact of continuing global uncertainty,” Siebels says.
One positive all states agree on is the opportunities arising from the digital economy. The survey found that despite 45% of respondents reporting an increase in online business transactions this year, less than 5% regard the growth of online business to be a major challenge.
“I don’t think Australian private companies are embracing the potential of the digital economy enough. Social media is a good example; only 31% of respondents have leveraged this technology into their business strategies. What private companies should be doing is understanding how these new technologies can provide them with more efficient ways of reaching their markets, or even reaching markets they haven’t reached before,” Siebels says.
One-third of respondents reported experiencing constraints to capital expenditure over the past 12 months, with the cost of debt and the availability of credit seen to be the biggest causes of that constraint.
Despite the short-term decline in confidence and multiple challenges, 72% of private companies still see a return to brighter business prosperity in the long term.
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Companies gloomy about short-term business prospects

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

[smartcode_project_cta:default project_id=149594]

Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

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>.

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.

Jonathan Chancellor

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