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Low residential vacancy rates and rising rents were evidence of strong underlying demand, with residential property markets improving as buyers sought out medium-density housing, according to Mirvac Property Group.
The group’s development division reported yesterday it was on track to settle 1,800 residential lots in the 2013 financial year.
It was in line with fiscal 2012. It has had the settlement of 331 lots as at September 30, 2012.
NSW was Mirvac’s strongest market, while Victoria’s property market has underperformed. The Queensland market remained patchy but would lift towards the end of the year, driven by increasing interstate migration and investment by resource companies, Mirvac chief executive officer development Brett Draffen advised.
"Dwelling approvals in New South Wales, after an initial recovery following the global financial crisis are now increasing close to their pre-GFC levels.
"The low rental vacancy rate and solid rental growth points to strong underlying demand.
"In conjunction with the improving housing market fundamentals, the announcement of land supply measures by the state Government and incentives for first time purchasers of new properties should provide a further boost in demand.
"Following a post-GFC uplift, the Victorian property market had become more subdued, as evidenced by slowing volumes and falling prices; more so for houses than medium density accommodation. The appreciation of the Australian dollar has continued to suppress the state’s manufacturing sector, with investment still biased towards the resource states.
"While the improving fundamentals will boost the property market, Victoria is still likely to under perform the other main states (New South Wales, Queensland and Western Australia)."
Mirvac advised 85% pre-sales at Yarra Point, in the Melbourne Dockland and 43% pre-sold in the Yarra’s Edge, Array project.
With 80% of Mirvac's residential properties priced below $1 million, Mirvac said its medium-density product was in demand, particularly in the south-eastern states.
“The combination of soft property prices and lower borrowing costs have resulted in an improvement in housing affordability while home ownership is becoming financially attractive compared to renting,” Brett Draffen says.
“This trend is expected to gain momentum given housing affordability, the changing preference of new migrants, the aging of the population and increasing incidence of small households,” Draffen says.
Mirvac also noted its focus on the office sector and regional shopping centres was working in subdued market conditions.
Reaffirming its guidance for flat growth this financial year, Mirvac said it expected the group's 2012/13 operating profit to be between $366 million and $370 million. Mirvac reported operating profit after tax of $366 million for 2011-12. 
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jchancellor-FAypfDUnLy

Mirvac affirms profit guidance as sub-$1 million median density attracts buyers

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Receivers have been appointed to manage the Juniper Group's iconic Soul development at Surfers Paradise on the Gold Coast.
<img src="/images/stories/2012/10/sould.jpg">
“The challenges facing the real estate market in the Gold Coast area are well known and have been impacting the major developers in the area for some time," PricewaterhouseCoopers (PwC) receiver Michael Fung says.
"These challenges, together with the slower than expected completion and delays in settlements on pre-sold stock, meant that the receivership of this world-class development was unsurprising,” says Fung.
Fung says it would be "business as usual" as receivers finalised settlements of pre-sold apartments, marketed the remaining unsold apartments, and continued the development of the retail precinct.
{yoogallery src=[images/stories/2012/10/oct25soul]}
The 288-apartment Soul project had about $425 million of pre-sales during 2006-07, but many buyers have been unable or unwilling to settle.   Juniper Group had engaged Norton Rose to ensure buyers legally settled on their purchases.
“Many of the apartments have been pre-sold, and we will be working through the settlement process to deliver those apartments to purchasers.
“Assets of such premium quality as Soul are rare, and we expect the remaining apartments will command significant attention from both domestic and international buyers,” Fung says.
The appointment of receivers and managers is restricted to the Soul development only and does not affect any other properties or assets, in particular, the Sea Temple hotel operation which is not impacted by this appointment.
The appointment is over the following companies: Juniper PM Pty Ltd; Juniper Financier No 2 Pty Ltd; Juniper Developer No 2 Pty Ltd; Pimlico Investments Pty Ltd; Juniper Property Holdings No 15 Pty Ltd; and Juniper Property Holdings No 24 Pty Ltd.
Initially due for completion in 2010, the Juniper Group's Soul development was seeking the staggered settlement through much of this year.

The initial sales of the Soul apartments were undertaken in late 2004, when in a coup of timing some $200 million was secured from 126 sales following its Boxing Day 2004 release.

Prices started at $1.05 million, with the penthouse coming with a $16.75 million asking price. By October 2006 some 150 units were reportedly sold and by early 2008 it had risen to 180 units sold worth a reported $425 million that had been exchanged, including the penthouse.

Hwoever the actual total sales tally was revised to $200 million in sales in press reports in early 2012.

The Soul Penthouse on the Gold Coast – purchased off the plan in late 2006 for $16.85 million – was amid the reported sales, but on the market mid-year as it neared completion and initial settlement.

It's a four-level penthouse with six bedrooms on the 70th floor of the Cavill Avenue building. There’s a private internal Italian glass lift and staircase.

Recently the developer Graeme Juniper told the Gold Coast Bulletin the Brisbane businessman Charlie Caltabiano had been given an extension on the settlement date <a target="_blank" href="https://www.propertyobserver.com.au/residential/gold-coast-soul-penthouse-on-market-as-it-nears-overdue-completion/2012042354395">for the purchase of the penthouse</a>, which had been due to settle in August.

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Trouble in Surfers Paradise as unsold and unsettled Soul in receivership

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Barangaroo's new hotel and casino should be built over the water, the former prime minister Paul Keating has urged. 

He's suggested Premier Barry O'Farrell reverse the decision for the Barangaroo hotel to be erected on solid ground. Keating is the former chairman of the advisory Barangaroo Design Excellence Review Panel.
But the Premier quickly ruled out the idea of returning the hotel to its original position saying: "I think that would be a terrible precedent given the Harbour is one of the greatest assets and attributes this city has."
The initial 2009 plans under Keating's stewardship had the proposed hotel built over the harbour but it was revised after a public outcry, with Keating yesterday attributing it to "Clover Moore, Darling Island residents and The Sydney Morning Herald".
<img src="/images/stories/2012/10/barangaroo3.jpg">
The proposal was derided on unveiling when the SMH published its front-page characterisation of the hotel on the pier as<a target="_blank" href="https://www.smh.com.au/national/grand-slam-for-barangaroos-grand-plan-harbour-makeover-looks-like-worst-of-dubai-20091221-la26"> "the worst of Dubai</a>".
It was during the period of anti-development urban affairs reportage by the then urban affairs editor Matthew Moore. <a target="_blank" href="https://www.smh.com.au/nsw/big-red-cut-down-to-size-but-barangaroo-critics-not-silenced-20100616-ygjh">It included a six-month campaign  against the hotel concept</a> with the president of the Barangaroo Action Group, Ian Campbell, prominent in the reportage. Having paid $9.1 million in 2008, Campbell owned a prestige Sydney Wharf apartment in the nearby Darling Island district, which while over water itself, was at risk of losing morning sun from the then proposed hotel development, which was being presented (below) in as unflattering light as possible.
<img src="/images/stories/2012/10/baran.jpg">
Philip Thalis, who won the initial design competition on redeveloping Barangaroo but failed to secure the design implementation, was the commentator who dubbed the hotel over the harbour as "a catastrophic mistake for Sydney".
"It's the worst of Dubai 'look at me' architecture,'' Thalis told the SMH urban affairs reporting team in late 2009.
Matthew Moore, who has since taken redundancy from Fairfax Media, is expected to appear in an upcoming ABC Australian Story that looks at the emotional upheaval within its dwindling journalistic ranks. 
The project's lead architect Lord Richard Rogers did find voice through the property pages of the SMH in May 2011, telling then its property editor Jonathan Chancellor that the hotel was <a target="_blank" href="https://www.smh.com.au/business/lord-rogers-barangaroo-architect-defends-his-vision-20110529-1fas0">" a wonderful opportunity for a landmark as long as the ground area is public domain".</a>
"It's a visual marker," he told me.
Ivan Harbour, a partner at the London-based architectural firm Rogers Stirk Harbour + Partners – whose design was selected for the project – noted it was the heritage Walsh Bay wharves nearby that helped shape the practice's plan.
"We as outsiders came along and saw that Sydney builds in the water," Harbour said.
"We thought if we can put water into the site through the inlets, maybe we can project outside of the site too. So we are not taking water away, in fact we are increasing the amount of water.
"It seemed to us it wasn't an irrational thing to do to have this as a focal point. We didn't quite understand the comparison with Dubai," Harbour said.
The architects did like its briefly attributed nickname, Big Red.
"We thought fantastic – it has a nickname, which means it's in the consciousness," Harbour said.
 
<hr class="system-pagebreak">
 
The luxury hotel, Sydney's first international premium hotel for more than a decade, was billed as integral to the site's vibrancy, adding activity after hours and at weekends, according to the developer, Lend Lease.
"But then we were asked at some point to make it anaemic," Harbour said.
Among those leading the opposition was the Sydney lord mayor, Clover Moore, who was the subject of a tirade by the former prime minister after she presented to Parliament a petition of more than 11,000 names calling for a review of the proposed development. The attempt to force a special commission of inquiry into the Barangaroo development were colourfully dismissed by Keating as advocacy by ''sandal-wearing, muesli-chewing, bike-riding pedestrians''. But following the public outcry and the review, the amendments removed the building's obvious redness and also reduced the hotel height from 213 metres to 170 metres.
Its gross floor area was reduced from 44,000 square metres to 33,000 square metres.
"We rather liked its character, as it symbolised a strength," Harbour said. "It hasn't lost its colour, not in our minds. Sydney has a climate for colour – why go grey?"
Rogers agreed. "The colour band in most cities goes from black to white ... it's rather sad."
The decision then led to Barangaroo builders Lend Lease being given a bigger hotel, which requires the city's second casino to fund it, according to today's report by Daily Telegraph reporter Andrew Clennell.
Keating says the compensation was forced because Lend Lease already had a contract with the government to have a hotel on the water and O'Farrell broke that contract.
The Daily Telegraph revealed this week that the government at its next cabinet meeting on November 5 would move James Packer's six-star hotel Barangaroo casino proposal to the next phase of "detailed consideration", effectively giving it the green light.
Labor's shadow cabinet has given the greenlight to the project after lobbying from Packer's camp including the former Labor powerbrokers Mark Arbib and Karl Bitar.
The project's lead architect, Lord Richard Rogers, has described the renewal of the 22-hectare stretch of concrete and East Darling Harbour wharves as ''turning Sydney's back door into another front door''.
“The water is critical, the public space is critical, the city is growing and you need more public space,” he suggests.
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Paul Keating suggests Barangaroo's new hotel casino be built over the harbour

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The head of the Reserve Bank of Australia's financial stability department, Luci Ellis, has said it would be a "mistake" to assume the main risk to the health of a financial system came from housing markets.
The senior RBA official says housing markets are not the biggest threat to financial stability, despite the international turmoil that has triggered property crashes across the world.
Noting commentary that Australia could be vunerable she suggested commercial property markets were more likely to threaten financial stability than residential property or the sharemarket.
"Let me be clear: risks from housing markets are not zero, and never will be," she said in a speech to the CPA Australia Finance and Accounting Expo 2012 in Sydney yesterday.
"But commercial real estate or property developers are still more likely to pose risks to a financial system, and through it to the real economy," Dr Ellis said, in comments that were not confined to Australia.
The nation's banks were holding about $8 billion in impaired loans in the sector in the June quarter, the Reserve's latest Financial Stability Review found.
Ellis made the remarks in a speech arguing that when looking for lessons from the global financial crisis, it was important not to come to "mistaken conclusions".
"We also had yet another iteration of the old lesson that property market dynamics can drive episodes of financial instability.
"Ten years ago, the global debate about whether monetary policy should respond to asset prices was rather unhelpfully focused on equity markets, which at the time did not have the kind of leverage that is the nub of the problem.
"The crisis has shown that property markets are usually more relevant to financial stability.
"These markets have the boom–bust dynamics and leverage needed to turn an asset price downturn into a financial crisis."
Along with her commentary on residential and commercial markets, Ellis argued against simplistic metrics to gauge the health of a banking system. 
She said it was "misleading" to focus too much on loan-to-deposit ratios – which are relatively high for Australian banks, at more than 120%.
"If you see a bank with a very low level of this ratio, well below 100%, ask yourself what the bank is doing with that deposit funding instead," Ellis said.
"They are investing it in securities and other kinds of investment. And as we saw in the crisis, those securities can often be far riskier than regular lending."
With banks being forced to hold more top-tier capital under new global rules to make the sector more resilient, Ellis also said regulators could not afford to assume highly capitalised banks would necessarily be safer.
 
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Commercial property more vunerable to boom-bust than residential: RBA's Luci Ellis 

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AMP Capital managed funds have acquired Westfield's interest in three of Australia’s best known retail assets, the Macquarie Centre in Sydney, Pacific Fair on the Gold Coast and Garden City Booragoon in Perth, for $1.025 billion.
At the same time, the Westfield entities WDC and WRT have acquired AMP Capital managed funds’ interests in four centres – Garden City Mt Gravatt in Brisbane, a part interest in Warringah Mall in Sydney and Knox and Casey Central in Melbourne – for A$710 million.
It's a restructure of their long-standing joint venture, with the price for all acquisitions and divestments supported by independent valuations. 
AMP Capital managed funds will be a $315 million net buyer of assets and following the simplification of its partnerships with Westfield, the number of co-owned shopping centres is reduced from 10 to four.
AMP Capital has attracted A$872 million in new equity from the Canada Pension Plan Investment Board (CPPIB) and Harina Company Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
The new equity will be invested in the AMP Capital Retail Trust (ACRT), which has interests in Macquarie Centre and Pacific Fair.
Their respective investments will allow these highly regarded international investors to participate in the growth of leading shopping centres located in high population growth areas with significant development opportunities.
AMP Capital managed funds will also invest A$970 million on the redevelopment of Macquarie Centre and Pacific Fair.
The redevelopment of Macquarie Centre will begin immediately and plans for the redevelopment of Pacific Fair are being finalised.
The redevelopments will create premier retail and leisure destinations, positioning both assets in the top 10 of Australian leading regional shopping centres. Planning is also underway for a proposed redevelopment at Garden City Booragoon.
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Canadian and Abu Dhabi investment injection accompanies Westfield and AMP Capital's $1.7 billion shopping centre restructure

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Westfield Group has sold its stake in the nine-hectare Bradford Centre development site in northern England to London-based investment manager Meyer Bergman.
Meyer Bergman and two major Canadian pension funds bought the property for book value, reportedly around £200 million ($320 million).
Meyer Bergman’s purchase of the centre is subject to the start of the development, which is now expected to cost £260 million from the second half of 2013.
<a target="_blank" href="https://en.wikipedia.org/wiki/Westfield_Bradford">Bought by Westfield in 2004</a>, the site was earmarked for a £300 million Westfield mall but the project did not proceed nor a scaled-back £275 million scheme.
Meyer Bergman has appointed Westfield to develop, design, build and then manage the centre, which comprises 550,000 square feet of space anchored by Debenhams, Marks &amp; Spencer and Next.
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Westfield Group sells stake in nine-hectare northern England development site

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After his seven year term the Australian Tax Commissioner Michael D’Ascenzo will step down at the end of the year to join the Foreign Investment Review Board.
It will conclude 35 years at the Australian Taxation Office.
Mr D’Ascenzo’s departure adds to other departures by tax officers in the ATO’s upper echelons as two of the three second commissioners – the next most senior level – departed earlier this year.
Jennie Granger headed off to the UK revenue authority, while David Butler left to private consultation.
The remaining second commissioner, Bruce Quigley is tipped to retire next year, when his term expires, according to the Australian Financial Review.
Treasurer Wayne Swan said Mr D’Ascenzo had positioned the ATO for a strong future by driving online, service, cultural and technological change, and has put the taxpayer at the heart of the ATO’s thinking.
In an email to the ATO’s 24,000 staff, Mr D’Ascenzo said he would “sincerely miss the institution.”
Mr D'Ascenzo will act as a non-executive member of FIRB for five years from January 2013.
"The impact of foreign investment proposals on taxation is one of the national interest considerations taken into account in assessing foreign investment applications," Treasurer Wayne Swan said in a statement.
 
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Tax Commissioner Michael D’Ascenzo to join FIRB

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As two properties within the portfolio are under offer, Provident Capital's creditors have voted to liquidate the $130 million subprime lender, rejecting the proposal of its directors to continue via a deed of company arrangement.
The court appointed administrators were sought by Australian Executor Trustees Limited (AET) in July this year following concerns raised with the Federal Court by AET that there was a deficiency in net tangible assets available to meet the claims of debenture holders.
AET indicated it did not support the deed of arrangement proposal on the basis that it was not in the best interests of debenture holders.
The Australian newspaper said Provident's receivers, PPB Advisory, were likely investigate the actions of directors in the lead-up to the collapse.
Its focus will be on why the group appeared to have failed to report tens of millions of dollars in paper losses.
It's also said to look at why Provident didn't sell more than $50 million worth of properties it has repossessed to recoup some of those losses nor apparently mark down the values on those properties as values declined.
Provident collapsed with over 90% of loans by value totalling around $100 million in arrears.
As at September 30, 2012, 95% of the loan portfolio by value was comprised of non-performing loans to borrowers.
The court-appointed administrators were sought by Australian Executor Trustees Limited (AET) in July this year. 
They are currently in possession of 18 loans, after taking possession of a further two loans in September.
The receivers are in the process of making an application to the Federal Court of Australia in order to seek clarification in respect of  aspects of the trust deed in relation to the mechanics of convening formal meetings and making distributions to debenture holders.
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Provident Capital's creditors vote to liquidate 

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The former prime minister Gough Whitlam has listed the Darling Point, Sydney, flat that he and his late wife, Margaret, lived in for more than 35 years.
The three-bedroom, two-bathroom <a target="_blank" href="/news">Darling Point</a> apartment was acquired by Gough and Margaret in 1975, and they moved into the flat after The Dismissal.
Margaret Whitlam died in March this year, and the former prime minister now resides at Lulworth, the St Luke's aged care facility in Elizabeth Bay.
Its McGrath listing agents Ben Collier and Bernadette Berlyn expect around $1.2 million at its November 17 auction.
The vacated apartment has been styled by the agency.
It's in a block of 10 on Marathon Road and comes with a swimming pool.
Title Tattle recalls for privacy Gough identified himself, from time to time, on the building's list of tenants in the lobby as Miltiades, the Greek general victorious at the Battle of Marathon against the Persians in 490 BC.
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Former prime minister Gough Whitlam lists his Darling Point, Sydney, apartment

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Sydney property developer James Vertzayias has declared himself bankrupt, owing $60 million.
The letter sent to creditors discloses the bank ING is owed $26 million, while Westpac offshoot St George is owed $7.6 million.
He headed the Globe Group of Companies, which was established in 1996 and undertook everything from luxury beachside apartments to warehouse refurbishments along with mixed-use development projects.
James Vertzayias lists on the company website his completed <a target="_blank" href="https://www.12belowserver.com.au/Globe/james_cv.pdf">projects</a> over two decades as totalling $505 million, including the Kilns at Brookvale and Elandra at Bundeena.
The company website noted several years ago the Globe Group started a restructuring and recapitalisation, introducing new shareholders and directors to "weather the industry storm brought about by the global financial crisis". 
The business had been in mild difficulties in 2009 with a lender putting one of the 11 companies in the group into receivership.
However Globe's website notes each Globe Project Group business unit is set up as a stand-alone entity and so the impact was limited to the interests of that one company only.
None of the 10 group companies listed on the ASIC website are under administration, given their restructured shareholdings.
"As of 2011, the business is healthy and well positioned to continue delivering high quality developments now and well into the future," the website says.
The letter sent by Insolvency Trustee Services Australia on October 15 after Vertzayias declared himself bankrupt on October 12 gives his address as <a target="_blank" href="https://www.propertyobserver.com.au/residential/title-tattle-packers-shuffle-the-paperwork-john-hewson-a-major-property-player/2011082651311">Mittabah</a>, a 68-hectare Southern Highlands property that was sold last year to a syndicate put together by former Liberal leader John Hewson for $9 million.
Hewson assisted the recapitalisation that saw new investors introduced, and secure the farm at Exeter, but there has since been a falling out between Hewson and Vertzayias based on the quotes from the SMH's CBD business gossip column.
Hewson is not listed among Vertzayias' creditors.
 
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Sydney property developer James Vertzayias bankrupt owing $60 million

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."

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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.

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&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.

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&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."

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&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.

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Jonathan Chancellor

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