<html><body>
Bowen House, Richmond's first Cobb &amp; Co coach house, has sold for $2 million after auction.
It sold through Biggin &amp; Scott agents Andrew Crotty and Chloe Kimball at the vendor's reserve after passing in under the hammer.
Built in 1871, the freestanding Victorian landmark at <a href="https://www.realestate.com.au/sold/property-house-vic-richmond-123929570" target="_blank">7 Bowen Terrace</a> comprises three bedrooms, two bathrooms and a basement level.
It last traded for $575,000 in 1998 and was bought by a young family.
</body></html>

jchancellor-FAypfDUnLy

Bowen House, Richmond's first Cobb & Co coach house sells

<html><body>
A charming Victorian home in Brunswick sold at weekend auction.
The double storey <a href="https://www.realestate.com.au/property-house-vic-brunswick-123942114">222 Barkly Street property </a>fetched $2.5 million under the hammer.
It last sold at $83,500 in 1981.
Jellis Craig selling agent Lisa Roberts said the five bedroom house drew just the two bidders, both young families.
A local Brunswick family secured the house, with 266 square metres living space, according to the Herald Sun.
Roberts said they were keen on its position in the Princes Hill High School zone, where the home’s previous owners of 35 years had also sent their children.
</body></html>

Brunswick trophy home sold at $2.5 million

<html><body>
GUEST OBSERVER 
Australians should think carefully about engaging a buyer's agent to help them purchase a property.
Buyer's agents were prominent in this year’s series of reality TV show ‘The Block’, with four out of the five renovated apartments auctioned in the finale purchased through buyers’ agents. 
While contestants in The Block made huge profits from properties selling far above reserve prices, it was often a case of buyer's agents bidding against one another and pushing up prices.
Many more Australians looking to purchase property have been turning to buyers’ agents but they need to approach them with caution.
Prospective property purchasers must consider whether a buyers’ agent will provide genuine assistance in securing a property or just find ways to spend more of their money.
Buyer's agents charge between 1.5 percent and 2.0 percent of the purchase price of the property if they find your home and negotiate the deal or secure the property at an auction, which means the fee they charge is linked to the price you pay for the property.
That is the less you pay the less they make, which seems counter intuitive to me.
Their fees can end up being very costly, especially for people who have struggled to save to get on the property ladder.
Consumers using a buyer's agent should ensure they are licensed as a real estate agent and independent. 
While buyers’ agents can be very useful for time poor property buyers or those looking for something particular, buyers’ agents in the general market may cost the consumer more than the benefit that is derived.
Mark Mendel is founder and chief executive officer of iBuyNew and can be contacted <a href="https://www.ibuynew.com.au/">here</a>.
</body></html>

Think carefully about engaging a buyer's agent: Mark Mendel

<html><body>
A Yarralumla mansion - with pool and tennis court on a 2286 sqm block - sold for $5,475,000 at auction on Sunday.
The initial price guidance had <a href="https://www.realestate.com.au/sold/property-house-act-yarralumla-123949462" target="_blank">been $3.8 million plus</a>. Property Observer gathers the block had cost $750,000 in 2001 with the 580 sqm home built around 2005.
Peter Blackshaw Real Estate agent Mario Sanfrancesco secured the sale of the five-bedroom, four-bathroom residence near Lake Burley Griffin which was bought by a Canberra family.
The sale of 12 Hunter Street is the territory’s third-highest house sale, behind two properties on the exclusive Mugga Way in Red Hill.
But the sale is the highest under the auction hammer exceeding a sale set in June at $3.95 million at 16 Brown Street, Yarralumla. There was an earlier auction record in 2014 when a home at Mugga Way in Red Hill sold for $3.4 million.
Canberra’s highest residential sale was when at 27 Mugga Way in Red Hill sold for $7.3 million in 2010, which was closely challenged by 20 Mugga Way which sold for $7.2 million in 2014.
Hunter Street's most recent sale was when the former ACT Brumbies captain Stephen Moore sold his Canberra family home.
</body></html>

Yarralumla's record auction sale on Hunter Street

<html><body>
<img src="https://counter.theconversation.edu.au/content/69034/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The federal government could save about A$1 billion a year by winding back three tax breaks for older Australians that are unduly generous and have no sensible policy rationale, according to our new Grattan Institute report. 
Many seniors pay less than younger workers on the same income as a result of the Seniors and Pensioners Tax Offset (SAPTO) and a higher Medicare levy income threshold. They also get a higher rebate on their private health insurance than younger workers on the same income.
The tax-free thresholds for seniors and for younger people have diverged over the last 20 years. Seniors do not pay tax until they earn A$32,279 a year, whereas younger households have an effective tax-free threshold of A$20,542. 
<a href="/images/2016/11/21/image-20161117-19371-1g8m7mu.jpg" target="_blank">Click to enlarge</a>
<h4><img src="/images/2016/11/21/image-20161117-19371-1g8m7mu.jpg" alt=""></h4>
These outcomes are hard to justify. A retired couple pay about A$4000 a year in tax on earnings of A$70,000 a year from their assets (assuming assets outside of super worth A$1.4 million). Any extra income they draw from a super account is tax free. 
By contrast a working couple with both people earning the minimum wage would have the same income of $70,000 a year but pay tax of about A$7000. Unlike the retired couple, they probably don’t own their own home and have little chance of accumulating $1.4 million in assets, or much super savings, or owning their home before they retire. 
<a href="/images/2016/11/21/image-20161118-19365-1f6c330.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/21/image-20161118-19365-1f6c330.jpg" alt="">
These age-based tax breaks help to explain why the proportion of seniors paying tax has almost halved in the last 20 years. Those over 65 pay less tax per household in real terms than seniors did 20 years ago, despite their rising incomes and workforce participation rates. 
<a href="/images/2016/11/21/image-20161117-19348-3mr1k1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/21/image-20161117-19348-3mr1k1.jpg" alt="">
Age-based tax breaks are badly designed to any justifiable purposes such as increasing workforce participation or preserving adequate retirement incomes for poorer Australians. Tapers that withdraw the offsets for those with higher incomes lead to the tax breaks effectively increase marginal tax rates for many people. And of seniors who lodge a tax return, none of the benefits go to the bottom 40%. 
Some may argue that the tax breaks are a fair reward for a lifetime of paying tax. But large tax breaks for seniors are in fact a relatively new invention not provided to previous generations. 
And the current generation of seniors also receive much more than their predecessors from government spending, particularly on health. Senior households on average receive A$32,000 a year from government more than they contribute in income and sales taxes. In 2004 they only took out about A$22,000 a year. For now, federal budget deficits are funding the difference. 
Very little justification was provided for these tax breaks when they were introduced. But they correlate with electoral dynamics shifting decisively in favour of older voters. From 1995 to 2015, the proportion of eligible voters aged 55 and over grew from 27% to 34%. Because younger Australians enrol less, those aged 55 and over are now 38% of enrolled voters. 
<a href="/images/2016/11/21/image-20161117-19383-qpy8h3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/21/image-20161117-19383-qpy8h3.jpg" alt="">
These tax breaks might have been affordable when they were introduced 15 years ago, and budgets moved into surplus. But the federal government has been running large budget deficits for 8 years in a row. It must make tough saving and spending decisions to avoid handing an unsustainable bill to future generations. Our report proposes winding back SAPTO and the higher Medicare levy threshold. Self-funded retirees should not qualify for SAPTO. Seniors with enough private income that they do not qualify for a full Age Pension should pay some income tax.
The proposed changes are fair. Seniors would pay either the same or less tax than younger Australians. They would have little effect on the 40% of seniors who receive a full Age Pension. They would mostly affect seniors who are wealthy enough to receive no pension or just a part pension. 
These changes would save the federal budget about A$700 million a year. Reducing the private health insurance rebate so that seniors get the same rebate as younger Australians would save another A$250 million.
To put that A$1 billion of budget repair in context, the government’s recent omnibus bill improved the bottom line by A$2 billion a year, and the super package by less than A$1 billion. With deficits running at about A$40 billion a year, there is a long way to go, and reforming age-based tax breaks would help.
John Daley is chief executive officer, Grattan Institute and can be contacted <a href="https://theconversation.com/profiles/john-daley-1870" target="_blank">here</a>.
Brendan Coates is fellow, Grattan Institute and can be contacted <a href="https://theconversation.com/profiles/brendan-coates-154644" target="_blank">here</a>.
William Young is associate, Grattan Institute, and can be contacted <a href="https://theconversation.com/profiles/william-young-260984" target="_blank">here</a>.
All are authors for The Conversation.
</body></html>

Why special tax breaks for seniors should go

<html><body>
<img src="https://counter.theconversation.edu.au/content/69117/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The federal deficit will be worse in 2017-18 than predicted in the May budget, despite some easing in the delays imposed by the Senate, Deloitte Access Economics’ budget monitor predicts.
It also says the short-term business implications of a Trump presidency are likely to be smaller and slower than the headlines have suggested but in the longer term there may well be net negatives for the global and Australian economies.
The Deloitte assessment comes as the government starts the final parliamentary fortnight of the year, reasonably confident that it will get its industrial relations bills, which were the triggers for the double dissolution, passed.
In a gloomy outlook for the government’s core challenge of budget repair, Deloitte says: “There are challenges seen on almost every front: under-performance on wages and jobs is forecast to continue, we see shortfalls creeping back in on company tax, super may also fall shy, and GST may do the same.”
On current policy settings, Deloitte forecasts a deficit of A$29.9 billion in 2017-18, which is A$3.8 billion worse than budgeted.
“That says something simple: no, the tide isn’t turning,” Deloitte says.
It estimates a $40.5 billion deficit in 2016-17, $3.4 billion worse than budgeted, and a total blow out of $24 billion in the deficit over the forward estimates. 
The government will release its budget update on December 19.
Deloitte applies a reality check to the benefits of the boost in coal prices, which has seen contract prices going to $US200 a tonne and spot prices to more than $US300.
Coal “is dragging Australia out of the income recession we’ve juggled since late 2011. But King Coal also comes with some king-sized caveats.
"First, as many coal companies have been making losses, a switch to earning profits has a slower-than-usual impact on tax payments. Second, many of the factors that sent coal stratospheric are temporary, and most other commodity prices are more in line with budget assumptions.”
So a spike in national income would then ease back, according to the forecast.
It says both wages and jobs are likely to undershoot official forecasts. The tax take from individuals is predicted to fall short of the budget forecasts by A$1.3 billion in 2016-17 and by A$2 billion in 2017-18. In a break with recent trends, a minor shortfall in indirect tax of A$500 million is also forecast in 2017-18.
While the government has made some progress with measures in the Senate “the overall story on spending remains one of the continuing cost of failing to get a backlog of measures through parliament, topped up by a soupcon of new measures”.
Commenting on the Deloitte report, Treasurer Scott Morrison said the government would be adopting a cautious approach to commodity price assumptions in the budget update “and agrees with Deloitte that commodity price impacts are being offset by wages and inflation outcomes”.
“Deloitte also correctly identifies the need for more important savings measures to be passed by the parliament, that are opposed by Labor. This reinforces the position adopted by rating agencies who continue to watch our parliament to see whether they will support the government’s approved pathway to restore the budget to balance,” Morrison said.
Deloitte says that while the election of Trump was bigger news than Brexit, its shorter-term implications are likely to be less than the speculation.
“The US political system has remarkably strong checks and balances, and those checks and balances have increasingly solidified into gridlock over a number of years”, so presidents are rather less powerful than popular opinion believed.
On the other hand, there are Republican majorities in both houses of Congress, and presidential power is at its strongest on foreign policy – suggesting policy change is now more likely in some areas.
“Examples relevant to Australia include trade and climate change policy, and perhaps foreign policy more generally.
"On balance, we would recommend concentrating on the longer-term implications. In brief, we’d say that overall policy changes may well be net negatives for the global and Australian economies – especially trade- related developments and the increased potential geopolitical uncertainties. However, a number of those negatives will be years in the making.”
In Peru for APEC, Prime Minister Malcolm Turnbull continued to extol the virtues of the Trans-Pacific Partnership (TPP), despite it being apparently dead under a Trump administration.
He said Trump had “never said that he’s against free trade. He has criticised a number of agreements on the basis that they’re not good enough deals.
"It may well be that over time the TPP is re-embraced by the United States, by the Congress or indeed by the president, perhaps in the same form it is today, perhaps in a different form.
"The important thing is to maintain the commitment to the arrangements, the free trade, the open markets that are delivering jobs in Australia,” Turnbull said.
Observers are taking the fact the government is preparing to bring on the bills to tighten union governance and to re-establish the Australian Building and Construction Commission in the Senate this fortnight as a sign that it thinks it can get them through. Previously Turnbull has said they would be brought forward “when we believe there is a majority that will support it and on terms that we will accept”.
Asked about this at the weekend Turnbull said that with the Senate “it’s a long game and we work away, we respect every single senator”. On Sunday Employment Minister Michaelia Cash was engaged in negotiations over the legislation.
Michelle Grattan is professorial fellow, University of Canberra and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
</body></html>

Trump’s economic impact slower, smaller than predicted – but still bad: Deloitte

<html><body>
The billionaire apartment developer Harry Triguboff has almost doubled his lending to apartment buyers following restrictions from Australian banks and China’s crackdown on money flowing out of the country.
The Meriton Group's mortgage book is $50 million up over the past four months to about $120 million, Triguboff told The Australian.
“I don’t want to be a banker, but I have to be one if our banks won’t lend,” he said.
“There was a shock when they (buyers) expected to borrow and couldn’t. But now they are organised, finding money from other sources, perhaps some from offshore banks.”
Australia’s richest man lent as much as $600 million 15 years ago on the back of restrictive credit conditions to secure his apartment sales.
Meriton will build about 2000 units this year.
It advised prices for its apartments dropped around 5 per cent since last year’s market peak, after Chinese buyers withdrew.
But prices had now stabilised, Mr Triguboff said. Rents had remained firm, he noted.
“Our prices (average for a two-bedroom unit) are down to $950,000,” he said. “It was over a million.”
Last week Meriton unveiled the first in what will be a series of buildings in its intended $1 billion community in the heart of Rosebery.
Stage one, two buildings up to 7-storeys housing 187 apartments, has been given the Mint name, a name inspired by the iconic Minties lollies which were made on the site a century ago.
</body></html>

Harry Triguboff's Meriton lending to secure apartment buyers

<html><body>
<div id="story-description">
An off the plan Sydney penthouse has sold for $27 million to set a new Australian apartment record.
The sale of the penthouse in the planned Opera Residences development at Circular Quay comes just days after a buyer paid $26 million for another penthouse in the same development.
<img src="/images/2016/11/21/700_opera11.jpg" alt="">
The 20-level Circular Quay tower is to be developed by Macrolink Landream.
All but one of the 110 apartments sold before midday Saturday, including the remaining sub penthouse, which went for $16 million.
The $27m penthouse was sold through CBRE agent Tim Rees who also sold the $26 million apartment.
The $27 million deal was signed “unconditionally” and the buyer was a local.
<img src="/images/2016/11/21/700_opera22.jpg" alt="">
Construction of Opera Residences, on the site of the old Coca-Cola Amatil building, will start in April with a December 2019 completion.
The two Opera Residences penthouse prices beat the previous record for the most expensive Australian apartment set by Melbourne’s Australia 108 development, where a penthouse sold last year for $25 million.
</div>
 
</body></html>

Now a $27 million off the plan penthouse sale on Macquarie Street

<html><body>
Altona, the quietened former Sydney harbourfront party home in Point Piper, has new owners. 
No price disclosure but <a href="https://www.realestate.com.au/property/54-wunulla-rd-point-piper-nsw-2027" target="_blank">Altona</a> was offered as likely to fetch $60 million plus, so the sale fell short of the Sydney record set when the casino tycoon James Packer secured $70 million at Vaucluse last year.
The low-key vendors, the Wang family had bought the prized harbourfront home for $52 million in 2013, so with few only minor renovations have made a handy profit.
Late this week the Huang family placed a caveat on the property's title following their purchase. It is understood they live in Hunters Hill.
Its sale negotiations concluded quickly as there was no requirement for Foreign Investment Review Board approval by the resident Australians.
The iconic Victorian Italianate home sits on a 2400 sq m holding after a proposed subdivision sale of the vacant $18 million tennis court block did not proceed after neighbourhood objections. 
The previous owners include Deke Miskin, a former teenage magazine publishing industry entreprenuer, and his wife Eve who hosted many social events as did the Handbury family during their tenure.
A who's who have thought about owning it including actor Russell Crowe who looked at buying it too in 2007 as did the Lowy shopping centre family. 
The harbourside home is on Wunulla Road, just a few doors along from the home of the Prime Minister Malcolm Turnbull and wife, Lucy.
Altona was listed with it limited web marketing in June this year through Rosaline Ho of Goldfield &amp; Co with more than 10 potential buyers eventually shown through the iconic home with Dods &amp; Zuccon Architects re-design.
Sydney's priciest trophy home sale remains the $70 million secured last year by James and Erica Packer through Christie's International agent Ken Jacobs when it was sold to longtime Hunters Hill owner and Chinese billionaire Dr Chau Chak Wing. 
The whisper quiet Altona sale reduces the options to buy impressive eastern suburb waterfronts by one.
As spring listings turn into summer offerings, agents still have Berthong and Boomerang at Elizabeth Bay and Elaine at Double Bay for sale.
The prestige inland offerings include Rona at Bellevue Hill.
There's a raft of houses sitting in equal third place.
The magnificent European-style Villa Igiea was sold for a confirmed $52 million by entrepreneurial expat Dr Wayne Burt in the final hours of 2015 across international time zones. 
The hillside mansion, inspired by a villa in Palermo, Sicily, dates back to the 1920s when built for the Grace retailing family. It has become one of Sydney’s leading short-term luxury rentals, currently occupied by Texan billionaire Jim Clark and his model wife Kristy Hinze-Clark as their Sydney to Hobart race-winning bolthole.
The sale was $47 million for the house and $5 million for the adjoining property.
The bullish Villa Igiea price was secured by Ken Jacobs at Christie’s International and Brad Pillinger at Pillinger Properties, who has had a hand in the 2200sqm property’s sale three times. 
Altona had previously sold at $52 million three years ago, through Alison Coopes, who was back as a listing agent this time.
Also at $52 million, Andrew and Andrea Banks sold Villa Veneto for a reported $52 million, in 2010 to dental entrepreneur David Penn and his wife Linda Mueller, a Lowes Manhattan heiress, who had made their initial inspection two years earlier.
Sold through Bill Malouf, the five-storey Italianate villa was designed by Michael Suttor, with interiors by Michael Love, and was completed in 2004 having cost about $15 million to build. 
In fifth place, the 2008 expatriate foreign exchange dealer Ivan Ritossa paid $45 million for his beachfront  Vaucluse residence via agent Bill Bridges.
Actor Russell Crowe had inspected the house twice but passed when it was listed by late Allco boss David Coe. 
He had bought it in 1998 for $14.63 million after the death of Sir Alexis Albert, of the Boomerang music songbook family, who built it in 1936.
The Queen popped in for afternoon tea on her 1954 visit.
This article first appeared in the Saturday Daily Telegraph.
</body></html>

Point Piper's Altona sails into second place with $60 million sale to Huang family

<html><body>
Some 10 of the Platino Chatswood Place's final release of apartments in Chatswood in Sydney's north, sold off the plan at the weekend.
<div>The final release saw 22 units on offer with pricing:</div>
<div>
<div>Studios, 40-41sqm, $699,000-$730,000</div>
<div>1 Beds, 52-58sqm, $990k-$1,020,000</div>
<div>2 Beds, 77-85, $1,515,000 - $1,825,000</div>
<div>3 beds, 108-160sqm, $2,225,000 - $3,850,000</div>
<div> </div>
<div>After launching in late 2015 and selling out within the first few hours, the developer then launched its second stage earlier this year again with strong demand.</div>
<div> </div>
<div>Blending classic heritage architecture with urban design, the 260 Victoria Avenue neighbourhood will have its own set of amenities, shops, dining precinct and community facilities such as childcare services  just a short distance from the heart of Chatswood CBD.   </div>
<div>They were offered through CBRE managing director David Milton.</div>
<div>
The initial launch at Chatswood Place, a $300 million new boutique mixed use development, saw 106 out of 111 apartments sold for a total of $160 million.
Located at 260 Victoria Avenue, the development comprises 223 apartments over five buildings.
Construction was expected to begin in February 2016 with completion proposed by late 2018.
Platino Properties has been designing and developing residential apartments on Sydney’s North Shore for over 35 years. 
</div>
</div>
</body></html>

Chatswood Place secure 10 more buyers

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

&nbsp;

&nbsp;

fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

&nbsp;

FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News