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The GPT property group remains committed to pursuing its cherry picking bid for parts of rival, Australand's businesses.

GPT made a $3 billion takeover offer for two thirds of rival Australand's businesses last December, but was rebuffed.
The reaffirmation came today as GPT unveiled its surge in full year profit.
The chief executive Michael Cameron said an Australand offer was still in the works.
"We are committed to advancing a proposal that's going to be in the best interest of Australand and GPT security holders," he said.
GPT Group has gained a big uplift in profit because of a strong operational performance and an rise in underlying values.
Net profit after tax rose to $594.5 million in the full year ending December 31 from $246.2 million with Michael Cameron saying the group again exceeded expectations.
The GPT net tangible assets were up 3.9% helped by a big rise in the value of Melbourne Central in the second half.
The GPT retail portfolio has a 99.5% level of occupancy with the retail portfolio achieving comparable income growth of 3% over 2012.
 
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jchancellor-FAypfDUnLy

GPT still wants Australand bits as GPT profit surges

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Property group Mirvac’s first half profit has dropped 69% with massive writedowns on its development projects.
Mirvac made a net profit of $55.2 million in the six months to December 31, down from $176.6 million in the previous corresponding period.
"The outlook for capital city residential markets remains mixed by location, however underlying factors underpinning the residential property market continued to improve through 2012," its chief executive Susan Lloyd-Hurwitz advised.
"Lower borrowing rates, rising household incomes and weak property prices contributed to an advance in housing affordability, while population growth also picked up sharply.
"Whilst there has not been a material uplift in demand to date and purchasers maintain a cautious position, the stronger fundamentals should result in a further improvement in the residential property market, with the trend towards medium density living continuing, particularly in the south eastern states.
"A low rental vacancy rate and strong rental growth are evident of strong underlying demand in NSW.
"Population growth picking up, affordability improving and state measures directed towards boosting the demand for new dwellings, suggests a further uplift in the residential housing market is likely to be forthcoming," she said.
In Victoria Mirvac noted the strength of the Australian dollar had continued to exert pressure on the Victorian manufacturing sector and, as a consequence output and employment.
"Even though medium density approvals have been growing strongly, the Victorian property market is likely to under perform the other main states particularly in some segments characterised by oversupply," she said.
In the Queensland property market, while it had been adversely impacted by a number of one-off factors, Mirvac noted growing signs the influences which underpin the market are becoming increasingly more tangible. "This points to a medium term improvement in the property market, although state government spending and employment measures will continue to dilute the recovery in the short term," she said.
Thesharp uplift in population growth had meant the WA property market has experienced an improvement in dwelling volumes and firmer pricing in low to mid price points.
"Short-term prospects for the property market are expected to remain favourable as the increased demand in absorbed," she said.
Longer- term prospects in WA will remain dependant on the extent and duration of the resources cycle, Susan Lloyd-Hurwitz added.
With its investment property occupancy remaining high at 98.2%, there was a 1.1% increase in its total investment property revaluations.
The group completed 193 leasing deals over 85,632 square metres of net lettable area, representing 6.4% of the investment portfolio.
It also has progressed on with its commercial developments including Treasury Building in Perth WA where works commenced on the 30,000 square metre office tower, that will house the WA Government which has pre-committed to a 25 year lease across the whole tower.
The company last week announced it would write down the value of developments in Queensland and Western Australia by $273 million.
Susan Lloyd-Hurwitz said Mirvac’s underlying performance was in line with expectations, and the company was on track to deliver its previously forecast full year operating earnings of about 10.7 cents per security.
Mirvac told investors the volatility created by the European debt crisis and US budgetary issues dominated international capital markets for the six months to 31 December 2012, resulting in funding costs remaining elevated.
"There will be limited impact of these events on the group’s borrowing costs for the next six to 12 months, allowing time for conditions to stabilise before any refinancing is required.
<div>"The group remains focused on managing its capital position prudently by monitoring and accessing diversified sources of capital, including both domestic and international markets," the report said.  
</div>
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Mirvac profit slumps with residential outlook mixed but improving excepting Victoria

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The Queensland Investment Corporation has reportedly bought entrepreneur John Longhurst’s share in the Logan Hyperdome shopping centre for about $336 million.
The Australian Financial Review reported the deal at around $350 million had been finalised reflecting a yield in the low 6% range.
RP Data shows December 18, 2012 documentation of involving $168 million transactions.
Property Observer notes it was 1990 when Longhurst paid $200 million for developer Bob Ell's then 12-month-old shopping Taj Mahal.
QIC Global Real Estate now owns the entire 82,500 square metre centre which is located south of Brisbane.
The AFR met a brickwall when QIC Global Real Estate managing director Steven Leigh declined to comment on the transaction, saying as a leading institutional investor, QIC Global Real Estate’s operations are "commercial in confidence.”
The industry bble, Shopping Centre News’ annual “Big Guns” report, the Logan Hyperdome is ranked as the 35th largest shopping centre based on a moving annual turnover of $462 million.
Mr Longhurst, whose wealth is estimated at $370 million by BRW Rich List, is the creator of Dreamworld theme park on the Gold Coast.
John Longhurst sold the half share to QIC in 1996 for about $131 million.
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John Longhurst sells his half of Logan Hyperdome to QIC

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Eight consortiums have lodged expressions of interest with the Queensland government to build on state-owned land at the Broadwater on the Gold Coast.
Most plans include a casino as part of the proposal. The Broadwater Marine Project is a joint initiative of the Queensland Government and Gold Coast City Council seeking private sector investment to deliver what could be the largest integrated tourism infrastructure development in Queensland’s history. The project seeks delivery of a cruise ship terminal on state government-owned land on The Spit or on Wave Break Island in the Broadwater.
In addition to the terminal, the potential multi-billion dollar integrated tourism project could include hotel, casino, marina and super yacht facilities, retail, entertainment, hospitality, community open space, recreation facilities and a mix of residential development. A Gold Coast cruise ship terminal and associated tourism infrastructure have the potential to boost tourist visitation, increasing expenditure into the state and local economies and creating jobs.
The Chinese-backed development company Ridong is the first to confirm its interest.
All the applications include a cruise ship terminal at the request of the Gold Coast City Council as a "value add" for the city's tourism industry.
The Gold Coast Bulletin reported that of the eight, four are Asian, along with a Middle Eastern company.
Sources close to the project say it is not viable without the development of a casino.
RDG boss Steven Haggart confirmed the Chinese-backed development company was one of the parties.
The land on offer was Wavebreak Island and parts of The Spit, including land immediately to the north and south of Sea World Nara.
"We have put forward a plan for the Broadwater which has 10 game-changing developments on it," said Mr Haggart, whose company is behind the $1 billion Jewel, Surfers Paradise resort.
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Eight bids for Broadwater Gold Coast cruise ship development site

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Stockland’s share price rose to near two-year highs despite yesterday's profit downgrade to its 2013 full-year guidance.
The worse than expected half-year performance was met by high trading volumes which saw the stock price pushed up 5.2% to $3.66 by market close.
It followed a $306 million hit to the value of Stockland’s residential portfolio as well as a 26% slide in its underlying profit.
The group's profit outlook had been known to be problematic as in November the group informed the market its earnings would be 10% to 15% below the 2012 full-year result.
The new chief executive, Mark?Steinert yesterday gave the sixth revision in a year, according to research from analysts at CLSA.
Adam Fairfax at JP Morgan, said Wednesday’s trading volume of 40 million shares was roughly four times higher than the recent average and attributed the sudden uplift to the break in the “buyer’s strike.” 
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Stockland shares hit near two year highs despite profit downgrade guidance

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The billionaire developer Bob Ell has abandoned plans to build a mansion on the <a href="/news">Cremorne </a>harbourfront.
His company, Leda Holdings, has listed the building blocks that come with permission for a nine-bedroom house with two pools on its 4,397-square-metre holding.
<a href="https://www.randw.com.au/749071/" target="_blank">It is one of the largest waterfront properties on the north shore</a>. Offers are due March 12.
"Approval is in place for the construction of a 2,739-square-metre home of extraordinary calibre presiding over its exclusive waterfront position," says the marketing.
<img src="/images/stories/2013/02/ell1.jpg" alt="ell1" width="470" height="221">
The $12 million proposal, which also includes a rooftop tennis court with a retractable fence and parking for eight cars, has been listed by Richardson &amp; Wrench Mosman agents Richard Simeon and Mark Manners.
<img src="/images/stories/2013/02/ell2.jpg" alt="ell2" width="470" height="305">
"Masterfully conceived, the one-of-a kind residence features such remarkable amenities as a guest house, caretaker's house, two pools, N/S tennis court, gym, billiard room, home theatre and office whilst still enjoying over 1000sqm of level lawns and garden," the advertisement says.
"With Laurie's Sutton's recent sale at 10 Bay Street Mosman for $20 million we have expectations of early to mid-$20 millions," Simeon told Property Observer.
<img src="/images/stories/2013/02/ell3.jpg" alt="ell3" width="470" height="305">
"Our strategy initially is to target the Chinese market both locally and internationally," he says.
<img src="/images/stories/2013/02/ell4.jpg" alt="ell4" width="470" height="381">
It was in 2008 when Leda snapped up the lots fronting Willoughby Bay.
Leda bought two of the properties from the brothel owner Eddie Hayson, and a third from a neighbour, spending a total of $16 million.
The properties had houses built in the 1950s and '60s.
 
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Bob Ell lists Cremorne harbourfront residential mansion mega-site

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Transport company owner Peter Smith has listed his home on the Isle of Capri. The property at 31-33 The Corso will be auctioned March 17 through McGrath agents John Natoli and James Ledgerwood.

Peter Smith was the buyer when <a href="https://www.mcgrath.com.au/buy/house-southport-qld-4215/168449/?searchID=26362426" target="_blank">Alston, the $9.8 million Southport mansion </a>sold under bank instructions.

The businessman started his trucking business in the 1960s with a Bedford truck and went on to form Cubico, which was sold to multinational Mayne Nickless.

[smartcode_project:default project_id=29916]

In 1974 Smith started SCT (Specialised Container Transport) and built it into a national logistics operation. It offers road, rail, sea, refrigerated transport, contract warehousing, distribution, and contract management services. In September 2010 Specialised Bulk Rail was formed as a subsidiary to haul iron ore from Calm Hill Mine for IMX Resources.

<a href="https://www.mcgrath.com.au/buy/house-isle-of-capri-qld-4217/176321/?searchID=26362389" target="_blank">His three-level riverfront house comes with five bedrooms and six bathrooms, plus a five-car basement garage.</a>

It cost $5.6 million in 2005 with Smith then demolishing the existing home and building a new home designed by leading Gold Coast architect David Denham. The home, of about 160 squares, was completed in 2006.
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Transport entrepreneur Peter Smith lists on Isle of Capri

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Purrumbete, the 10-bedroom bluestone homestead in Victoria's Western District, has been sold.
It comes nine months after being relisted with <a href="https://www.propertyobserver.com.au/victoria/six-walter-withers-murals-%E2%80%93-with-a-10-bedroom-victoria-western-district-homestead-thrown-in-%E2%80%93-listed-for-%246-million/2012050254531" target="_blank">a $6 million asking price</a>, which was then revised to $5.5 million. <a href="https://charlesstewart.com.au/view-property?OID=3933547" target="_blank">Andrew Rice at Charles Stewart Geelong</a> has advised the sale, with undisclosed sales price, on the agency website.
Andrew Rice, the agency director of rural property sales, advised Property Observer its sold to an undisclosed Geelong district family.
The estate on 170 hectares, some 75 minutes from <a href="/news">Geelong</a>, initially hit the market in late 2010. It was listed by B&amp;B operators Max and Ann Magilton, who've occasionally quipped that they bought six paintings with a house and farm attached. They paid $2 million in 2000.
Set on Lake Purrumbete, the house comes with a 1902 great hall lined with six Walter Withers murals telling how the Manifold family settled the area in the 1830s.
The Manifolds replaced the original slab hut with a bluestone and weatherboard house in the 1840s, which was incorporated into a larger residence in the 1850s and then in 1901 the architect Guyon Purchas undertook extensions and renovations for it to become a striking example of Art Nouveau architecture.
Later in Purrembete's ownership the late Sydney stockbroker Rene Rivkin, attracted by the Withers murals, bought the 170-hectare property for $1.5 million from David Marriner in 1987 and then followed it up with his purchase of the Walter Withers painting Allegory to Spring, which the Manifolds had commissioned to hang in the adjoining Purrembete room. Against a background of blossom-laden wattle and peach trees, it depicts a young girl clad in blue and white gossamer garments stirred by the winds of spring, who is moving with swift step past two shorn lambs to the destiny of love, which inevitably awaits her, according to Fanny Withers’ short biography of Walter. The painting cost $190,000 at a 1987 auction at Joel's.
The murals had gained public attention in the late 1980s and again in the early '90s when the two consecutive high-profile owners, David Marriner and Rene Rivkin, tried to strip them from the house.
With its Withers murals still intact, the bluestone homestead was resold by Rivkin in May 1991 for $950,000 and then later during the same recession Rivkin sold the painting at Sotheby's for $66,000. The property sale represented a 36% net loss; the painting, 60%.
Andrew Rice has enjoyed a close association with the Purrumbete property, having been involved in the sale back in 1987. He suggested the latest result would be an enormous injection of confidence for the rural sector.
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Purrumbete, with its Walter Withers farming murals, sold in Victoria's Western Districts

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<img width="470" height="191" src="/images/stories/2013/02/estimage2.jpg" alt="estimage2">
Market price estimates that now appear on Domain property listings are causing havoc among listing agents.
Vendors are threatening to withdraw their advertising unless the service to buyers is ceased. The market price estimates that are appearing on Domain within paid vendor offerings are often advising market price estimates that are at distinct odds with the selling agency/vendor expectations.
A<a target="_blank" href="/news"> Dee Why</a>, Sydney, property (pictured below) <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Dee-Why/?adid=2010280218">listed with $880,000-plus hopes has been given a $725,000 to $800,000 market price estimate</a> by the Domain website, sponsored by the RAMS "Borrow up to 97%" marketing campaign.
Click to enlarge
<a href="/images/stories/2013/02/deewhy1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/02/deewhy1thumb.jpg"></a>
It's the market price estimate from Australian Property Monitors, the Fairfax own data company, that are being published on the Fairfax-owned Domain site across the country in a new initiative.
A <a target="_blank" href="/news">Curl Curl</a>, Sydney, property (pictured below) listed with $1.5 million-plus hopes has been given <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Curl-Curl/?adid=2010282290">a $1.2 million to $1.3 million market price estimate.</a>
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/curlcurl2.jpg"><img src="/images/stories/2013/02/curlcurl2thumb.jpg"></a>
The biggest asking price to APM price estimate discrepancy found by Property Observer was in <a target="_blank" href="/news">Fitzroy North </a>in Melbourne.
The four-bedroom May Street cottage (pictured below) has been given a $1.2 million to $1.3 million price estimate in the lead up to its March 16 auction through Nelson Alexander. However, <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Fitzroy-North/?adid=2010280999">Domain's APM market price estimate</a> for buyers is $845,000 to $925,000.
Click to enlarge
<a href="/images/stories/2013/02/fitzroynorth1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/02/fitzroynorth1thumb.jpg"></a>
 
One agent told Property Observer after it was brought to his attention that "it would not surprise me if vendors withdrew their property listing from the Domain property portal".
'It was very client unfriendly – and not helping the mum and dad vendor one bit," he said. The fine print accompanying the APM estimate says its a market price estimate calculated by APM's Automated Valuation Model (AVM) and is not conducted by a certified practicing valuer. "The AVM evaluates property characteristics, comparable sales and local market activity and cannot take into account modifications made after the last sale date."
It says the model evaluates multiple and unique combinations of property characteristics for each local area to calculate the most accurate price estimate possible.
"Adaptive hedonics allows the model to use the underlying attributes of each property, in each location, to create highly specific price estimates."
Where a recently reported sale price for a property is available, the model will use this record as the basis for calculating the price estimate.
The sale price is indexed forward from the date of the historic sale, determined by prevailing local market price trends, and converted into current-day value.
Where a recently reported sale price for a property is not available, a pool of neighbouring comparable properties is selected and used as the basis for calculating the price estimate.
The following property attributes are assessed and evaluated:
<ul>
<li> Property location: latitude &amp; longitude,</li>
<li> Property attributes: number of bedrooms, bathrooms and car parking,</li>
<li> Additional features : land size, air conditioning, pool, polished timber floors, walk in wardrobes and entertaining areas,</li>
<li> Geospatial: proximity to bodies of water and transport links, road classification and views.</li>
</ul>
"This pool of comparable properties is then ranked and weighted with each historic sale price indexed to current day value," APM says.
APM stress the figure does not take into account the potential impact of external influences such as a change in economic conditions, future planned infrastructure and environmental conditions.
"The model cannot take into account the effect of renovations or changes to the structure of a property made after the official reported sale date."
APM recommends our customers refer to the comparable sales data provided, inspect similar properties on the market as well as supplement this information with additional market research and advice from property professionals prior to making any decisions.
APM stresses it is "NOT an EXACT valuation for the property."
"It is highly accurate in the majority of cases but does not wholly replace the judgement of an individual making a carefully considered decision with the best information at their fingertips."
Queensland listings are similarly being given market price estimates well under the declared asking price. A four-bedroom Noosaville house (pictured below),<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/QLD/Noosaville/?adid=2010280260"> which has an $829,000 asking price, has been given a $660,000 to $730,000 market price estimate.</a>
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/noosaville2.jpg"><img src="/images/stories/2013/02/noosaville2thumb.jpg"></a>
A Brighton apartment (pictured below) with an $830,000 asking price through Knight Frank has been <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Brighton/?adid=2010280929">given a market price estimate of $660,000 to $730,000</a>.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/brighton1.jpg"><img src="/images/stories/2013/02/brighton1thumb.jpg"></a>
A five-bedroom Somerville house that Nicholas Lynch is trying to sell for between $850,000 and $930,000 has been given an APM market price estimate of $690,000 to $765,000.
At Frankston South, a four-bedroom house comes with a price range of $980,000 to$1.09 million through Nicholas Lynch. But the market price estimate by APM is $805,000 to $875,000.
A five-bedroom Davidson house, given a $935,000 to $1.015 million market price estimate has been actually listed at $1.05 million through Christine Harrison at Smart &amp; McKenzie Real Estate.
Market price estimate reports are typically bought by buyers seeking some price guidance, but only recently added to the Domain listings website in a marketing initiative between Fairfax Media and mortgage lender RAMS.
The most irate are agents whose listings with asking prices come with price estimates at a much lower guidance.
But agents also suggest the upwards variance could also play havoc with buyers and sellers.
At North Balgowlah a two-bedroom cottage has $825,000-plus hopes, but the market valaution from APM is $985,000 to $1.065 million.
There's a $765,000 suggested market price valuation on a Willaroo Avenue, Woronora Heights listing. It comes with $599,000 plus price indication.
A Balwyn North listing was given a estimate just above its $1.05 million-plus asking price.
At Morrisons Avenue, Mount Martha the price estimate and asking price narrowly overlap.
Market price estimates have been an emerging important buying tool for several years, with a degree of caution required especially with houses that have undergone substantial renovations that the price grooming capabilities of the research websites have failed to incorporate into their calculations.
Most market price estimates have been available only on a one-off payment, but some property websites in the competitive world of data sales have been made available for free.
Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/residential/diy-website-property-valuations-mostly-askew/2012042754446">conducted a survey in April last year</a> that concluded that buyers and sellers placing belief in free online web price estimates when estimating envisaged house price values are more often than not being misdirected – with serious over- and under-estimating being given.
A survey of weekend auction results across Sydney and Melbourne showed estimates by real estate portal <a href="https://onthehouse.com.au/" target="_blank" rel="nofollow">OnTheHouse.com.au</a> were askew 67% of the time.
Of the 80 auction results analysed, 54 estimate were incorrect, with some actual sale prices up to 55% off the pre-auction valuation range given by OnTheHouse.com.au.
Just 26 sales actually fell within the wide estimate band.
UPDATE:  
Domain scrapped its Australian Property Monitors market price estimate offering the day after publication of this article.
The market price estimates <a href="https://www.propertyobserver.com.au/news/domain-pulls-apm-market-price-estimate-campaign/2013021559360?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">were being published until mid-morning Friday February 15 on vendor-paid Domain property listings</a>, but they were taken down after causing havoc among listing agents.
The offering is tipped to return to the Domain website in future weeks or months, but in a different format.
It would be likely that free private access to the market price estimate was available without any very public damaging disclosure.
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Unders and overs: APM's askew market price estimates upsetting Domain agents' listings aplenty

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The Victorian planning minister Matthew Guy has approved another $200 million Lend Lease office building proposal within the Victoria Harbour precinct of Melbourne’s Docklands.
Dubbed Y4, the proposal comprises a nine-level building with 34,000 square metres of space on Collins Street, near the impressive ANZ headquarters.
The building includes a central atrium linking Collins Street to the Yarra.
Late last year Mr Guy approved its neighbour, Y3, a $200 million building with 56,000 square metres of office space.
The Australian Financial Review says neither project has yet secured the anchor tenants needed to kick-start construction.
The Bates Smart-designed complex will sit alongside the 21-storey Y3, the Denton Corker Marshall-designed project.
The latest approval is for two towers which allows for multi-tenancy occupation.
 
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Lend Lease gets Y4 Docklands go-ahead, while Y3 awaits tenants

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.

Joel Robinson

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

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

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

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

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

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Jonathan Chancellor

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