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Melbourne’s property market has unquestionably deteriorated over the past year, but The Block 2012 has triumphed as more than just a television ratings success.
<a href="https://www.propertyobserver.com.au/renovating/at-%24506000-above-reserve-brad-and-lara-s-%24162-million-south-melbourne-sale-secures-the-block-2012-prize/2012062955355" target="_blank">After the series went to air, Brad and Lara emerged as the winners.</a>
<li>Brad and Lara's terrace (reserve $1,114,000) sold for        $1,620,000
</li>
<li>Dan and Dani's terrace  (reserve $992,000) sold for            $1,440,000
</li>
<li>Mike and Andrew's terrace (reserve $966,000) sold for   $1,400,001.01
</li>
<li>Sophie and Dale's terrace (reserve $975,000) sold for      $1,330,000.
</li>
Being some $506,000 over the $1,114,000 reserve price, the Maitland couple took home the breathtaking $506,000 difference along with the game's $100,000 prize. With a pace-setting $1.62 million auction sale price, Brad and Lara's South Melbourne terrace kicked off the weekend's four auctions – and never looked liked getting beaten as The Block 2012's top seller.
Bettering the past four series – Bondi Beach, Manly, Vaucluse and Richmond – all four contestant couples won huge winnings – a collective $1.74 million – for their 10-week effort arising from Channel 9's ultra-cautious reserves given the prevailing Melbourne property market sentiment.
But with very keen bidding from numerous prospective buyers, plenty of investors left The Block without their desired Dorcas Street acquisition despite turning up at all four Saturday afternoon auctions.
The Block 2012 auction result spoilt the dire forecasts of property crash pundits, but only one of the four terraces actually sold at around its expenditure cost.
From behind the 405 terrace's green door, Karl Gillon from Buxton Albert Park, which sold Channel 9 the four terraces for $3.8 million in 2010 – noted when bidding neared $1.6 million that "we are still at below cost."
It was the breadth of buyers who wanted a South Melbourne address that underpinned the prices, as opposed to the slightly trickier Richmond location. The buyers, who included neighbours, were tempted in after low reserves were mooted – and offered. There was also an ambush marketing presence from EnergyWatch's new boss, entrepreneur Danny Wallis, best known as founder of the information technology service provider DWS Limited.
Based on disclosed sales of terraces in South Melbourne over the last two years, two-bedroom sales have averaged $1.13 million, three-bedroom terraces have averaged $1.3 million and one four-bedroom terrace sold for $1.8 million in April last year.
Brad and Lara's 405 Dorcas Street three bedroom terrace was the biggest offering of the four adjoining terraces at 158 square metres land. It was also the less adventurous fitout of the four.
The next best price was $1.44 million for Dan and Dani's at 407 Dorcas Street, which had a $992,000 reserve and meant the couple had a $448,000 take-home prize.
In third place, price wise, was 403 Dorcas Street, with Mike and Andy's offering fetching $1.4 million in the day's final auction. It had a $966,000 reserve, with the brothers taking $434,000 home in winnings.
<a href="https://www.propertyobserver.com.au/auctions/auction-order-the-block-2012-revealed-405-407-401-403-dorcas-street/2012062955354" target="_blank">The bookies' pre-auction favourite, Dale and Sophie</a>, finished fourth with a $1.33 million sale price, which was $355,000 over its $975,000 reserve.
On Saturday, after the auctions, but before the Sunday night finale went to air, Property Observer noted the South Melbourne auctions were held behind security-enforced closed doors this afternoon, and remain officially unreported. But with a spoiler alert for Blockheads, Property Observer gleaned all four terraces found buyers.
Only Hockingstuart revealed it sold its listing at an undisclosed price on the REIV Saturday results website, the sole agency to break ranks. And by Sunday morning sold stickers were on the auction boards for two of the terraces. Melbourne agents secured an overall 59% success rate at its reported weekend auctions.
Without any confirmation – and plenty of trepidation given confidentiality clauses required from all attendees – the whispers suggested all four Dorcas Street terraces sold surprisingly well - for in excess of the timid $1 million plus price expectations that understandably cautious agents gave in the early days of the marketing campaigns.
<img src="/images/stories/2012/06/energyblock.jpg" width="470">
It proved a remarkably successful lure in securing interested bidding parties, attracted also my the tax depreciation entitlements, who turned competitive during the auctions.
Based on the unconfirmed reports, the terrace prices averaged about $1.45 million.
At that, the prices are mildly reflective of current market values in the district, but a bit short of their overcapitalised works program that followed the initial pricey outlay that secured all four terrace at a $3.8 million cost.
The results will be a key market sentiment indicator, of significance far beyond its entertainment value, which is why Property Observer reports generally on the same-day results without going into the specifics of the reality television game outcome.
The overall prize winning couple is seemingly still a tightly kept secret, partly because it all depends on the reserve pricing, of which the dozens of auction attendees were typically uninformed. This series the auction reserves are even affected by price deductions arising from rewards from game results after challenges put to the contestests.
<img src="/images/stories/2012/06/block401auction.jpg" width="470">
All contestant couples pocket the difference above the reserve prices and the winners get an extra $100,000. There was no sign any of the property carnage that accompanied last year’s Richmond auction. The Block’s 2011 airing – which ramped up the series to a remarkable six nights a week footage – ended with a dose of reality at its auction finale as three of the four listings failed to find bidders under the hammer.
But at one Dorcas Street auction the usual silence of opening bidders was instead accompanied by simultaneous bids from four parties, one attendee told Property Observer.
“Very cosy auctions in packed lounges,” one buyers’ agent tweeted.
Footpath observers noticed there was a caravan of investors moving jovially, but increasingly frustrated, between the four consecutive auctions, which kicked off around 2.15pm and ran until about 5pm Saturday afternoon.
<img src="/images/stories/2012/06/danblock.jpg" width="470">
An underbidder on one property reputedly snapped up the next offering.
Even bidders who were at the Richmond auction were back in attendance for the Dorcas Street offerings.
Buyers arriving for the next auction typically became aware of the previous comparable sale price in hushed conversations and so Channel 9’s containment hopes failed to keep the results to within the four walls. Although The Sunday Age kept mum on its inside knowledge having been permitted to attend the first auction, Brad and Lara's auction, whose house is the biggest of the four.
Forbidden from revealing the results – and indeed whether the property even sold – The Age television reporter Michael Lallo wrote on the Fairfax Media website: “it will make for compelling viewing.”
He reported it was Karl Gillon – from Buxton Albert Park, which sold Channel 9 the four terraces – who opened proceedings with the 405 Dorcas Street auction – and reportedly set about knocking the neighbouring three properties.
"We have real living zones," he said, "not those shoebox front rooms they call a living room.”
The Block tweeted its website had technical difficulties last night possibly given the desire of the high ratings audience to prematurely know the outcome.
It is expected there will be two series in 2012 - one series will be filmed with semis in Bondi above the more beachy location where The Block began in 2003 – and there are rumours of a second series as an Allstars version including former contestants.
Channel Nine is expecting huge ratings for the finale, which aired from 6:30pm Sunday night.
Property Observer readers can download<a href="http://propertyobserver.com.au/ebooks/free-ebook-lessons-from-the-block-and-other-property-reality-television-shows." target="_blank"> a free ebook on renovation and reality television</a>.
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jchancellor-FAypfDUnLy

The Block 2012 auction result spoils the dire forecasts of property crash pundits

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It was Bank of America Merrill Lynch analysts who suggested in April that prospective suitors might want to look past the lax retailing environment and focus on David Jones’s potential as a property play.
This afternoon the UK-Luxembourg firm EB Private Equity has offered to buy the retailer in a $1.65 billion takeover deal.
<a href="https://www.ebpe.net/">EB Private Equity's website</a> describes the group as a Luxembourg and UK real estate investor and developer.
"EB Private Equity has developed an expertise in real estate investments that ranges from investments in commercial (office and retail), leisure and alternative asset class investments,'' the group's website says.
David Jones's share price had surged nearly 14% to $2.59 at today, after chairman Robert Savage said the company had received an unsolicited takeover offer.
After Friday’s big jump in the value of David Jones shares, the company’s market capitalization sat at just $1.4 billion.
Merrill Lynch in April said its Melbourne and Sydney CBD sites could be worth anywhere between A$500 million and A$1 billion, providing a potential cash injection to acquirers if they were sold off.
Some market watchers have done quick research into the EBPE company website <a href="https://www.ebpe.net/" target="_blank">(www.ebpe.net) </a>noting its carries little substantial information except some feel-good quotes from JPMorgan and John D. Rockefeller.
The AFR note some of the text looks like it has been copied from the website of another UK real estate investor named Moorfield.
The company’s URL is registered to a mailbox address in the UK with a July 27 expiry and lists Yahoo! addresses as contacts.
Data collector Dealogic says it has no record of EB Private Equity.
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Little known UK-Luxembourg group EB Private Equity makes property play for embattled retailer David Jones

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With a pace-setting $1.62 million auction sale price, Brad and Lara's South Melbourne terrace kicked off the weekend's four auctions – and never looked liked getting beaten as The Block 2012's top seller.
Being some $506,000 over the $1,114,000 reserve price, the Maitland couple took home the breathtaking $506,000 difference along with the game's $100,000 prize.
<li>Brad and Lara's terrace (reserve $1,114,000) sold for $1,620,000
</li>
<li>Dan and Dani's terrace (reserve $992,000) sold for $1,440,000
</li>
<li>Mike and Andrew's terrace (reserve $966,000) sold for $1,400,001.01
</li>
<li>Sophie and Dale's terrace (reserve $975,000) sold for $1,330,000
</li>
Bettering the past four series – Bondi Beach, Manly, Vaucluse and Richmond – all four contestant couples won huge winnings – a collective $1.74 million – for their 10-week effort given Channel 9 gave ultra-cautious reserves given the prevailing Melbourne property market sentiment.
But with very keen bidding, almost auction fevour, among numerous prospective buyers, plenty of investors left The Block without their desired Dorcas Street acquisition despite turning up at all four Saturday afternoon auctions.
The Block 2012 auction result spoilt the dire forecasts of property crash pundits,  but only one of the four terraces actually sold at around its expenditure cost.
Based on disclosed sales over the past two years in South Melbourne, two-bedroom sales have averaged $1.13 million, three-bedroom terraces have averaged $1.3 million and one four-bedroom terrace sold for $1.8 million in April last year.
It was the breadth of buyers who wanted a South Melbourne address that underpinned the prices, as opposed to the slightly trickier Richmond location. The buyers, who included neighbours, were tempted in after low reserves were mooted – and offered. There was also an ambush marketing presence from EnergyWatch's new boss, entrepreneur Danny Wallis, best known as founder of the information technology service provider DWS Limited.
Brad and Lara's 405 Dorcas Street terrace was the biggest offering of the four adjoining terraces at 158 square metres land. It was also the less adventurous fitout of the four.
The next best price was $1.44 million for Dan and Dani's at 407 Dorcas Street, which had a $992,000 reserve and meant the couple had a $448,000 take-home prize.
In third place, price wise, was 403 Dorcas Street, with Mike and Andy's offering fetching $1.4 million in the day's final auction. It had a $966,000 reserve, with the brothers taking $434,000 home in winnings.
<a href="https://www.propertyobserver.com.au/auctions/auction-order-the-block-2012-revealed-405-407-401-403-dorcas-street/2012062955354" target="_blank">The bookies' pre-auction favourite, Dale and Sophie</a>, finished fourth with a $1.33 million sale price, which was $355,000 over its $975,000 reserve.
<img src="/images/stories/2012/06/block4052.jpg" width="470">
It was almost inexplicable, but some auctions appeared to have close to 10 or more registered prospective bidders at the onsite auctions. The speed of offers relegated those making online bids from estate agency offices well behind the auction onsite bid action.
<img src="/images/stories/2012/06/block401auction.jpg" width="470">
The buyers' agent Frank Valentic from Advantage Property, who secured the only Richmond under the hammer purchase last year, tweeted his clients had a red-hot go at both the 405 and 403 offerings.
But the bidding from others overtook them.
<img src="/images/stories/2012/06/danblock.jpg" width="470">
Before the properties went to auction Property Observer took a peek inside the South Melbourne terraces, looking at the <a href="https://www.propertyobserver.com.au/renovating/inside-the-block-2012-%E2%80%93-the-bedrooms-and-bathrooms/2012062755316" target="_blank">bedrooms and bathrooms</a>, <a href="https://www.propertyobserver.com.au/renovating/inside-the-block-2012-%E2%80%93-the-exteriors-and-top-floors/2012062755325" target="_blank">outdoor areas and top floors</a>, and <a href="https://www.propertyobserver.com.au/renovating/inside-the-block-2012-%E2%80%93-the-kitchens-and-dining-rooms/2012062555265" target="_blank">kitchens and dining rooms.</a>
The four terraces were bought by the production company for $3.8 million last year, reflecting a $950,000 cost before stamp duty.
The report by BMT Tax Depreciation on 405 Dorcas gave the total cost of expenditure at $721,803, totalling $1.67 million after expenditure, excluding stamp duty.
Investors<a href="https://www.propertyobserver.com.au/renovating/the-block-2012-triggers-gold-mine-fever-return-to-south-melbourne-as-investors-seek-depreciation-windfalls/2012062055199" target="_blank"> could expect depreciation windfalls from the properties.</a>
The contestants made internal renovation decisions that showed <a href="https://www.propertyobserver.com.au/auctions/rootop-study-v-bar-four-bedrooms-v-three-dorcas-street-block-floorplans-indicate-the-auction-battlelines/2012060154945" target="_blank">each terrace had a different layout and style.</a>
From behind the terrace's green door, Karl Gillon from Buxton Albert Park, which sold Channel 9 the four terraces for $3.8 million in 2010 – noted when bidding neared $1.6 million that "we are still at below cost."
Property Observer readers<a href="http://propertyobserver.com.au/ebooks/free-ebook-lessons-from-the-block-and-other-property-reality-television-shows." target="_blank"> can download a free eBook on renovation and reality television</a>.
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At $506,000 above reserve, Brad and Lara's $1.62 million South Melbourne sale secures The Block 2012 prize result

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The auction sequence has been set for the invitation only Saturday auctions at The Block 2012 on Dorcas Street, South Melbourne.
The running order is 405 Dorcas Street, then 407, 401, and lastly 403.
It puts Brad and Lara as first to be auctioned behind closed doors at 405 Dorcas Street at 2pm, ending up with the auction of the renovated terrace by Mike and Andrew.
The order ought not make much difference - unlike the unbridled corporate piggy-back marketing euphoria that fueled the auction crescendo of the first Bondi series.
It saw over the top bidding by owner occupiers, investors and corporate players like mobile phone retailer, Crazy John and John Fairfax's newspaper, The Sun Herald who were bidding in what was described as audacious marketing stunts that piggy-backed the successful debut of the television series.  Crazy John's bidding was done by a 2.1 metre tall Crazy John's mascot that lent an air of a circus to proceedings.
Investors and owner occupiers have proved to be timid buyers in subsequent series.
"Buyer competition will be the challenge," the Melbourne buyers' agent Frank Valentic says.
Sophie and Dale have firmed to the shortest price of any couple since this season’s market on The Block opened, into $2.10 from $3.10 with online bookmaker sportsbet.com.au. 
The price change has come on the back of a lot of interest in the couple over the last 24 hours.
Dani and Dan are the next best backed couple, but have drifted from $3.30 to $3.50.
Brad and Lara have also drifted from $3.50 to $4.00, while Andrew and Mike continue to be outsiders and have moved from $4.00 to $5.50.
sportsbet.com.au’s Shaun Anderson, seemingly with unconfirmed inside knowledge, says Sophie and Dale "have the lowest reserve and given that the market isn’t exactly booming, that is a massive advantage for them.”
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Valentic says the auction reserves have been advised to the four listing agents who are "happy."
"I predict they will be $1.1 million or less," Valentic who bought the only under the hammer property sold at the Richmond Block finale.
Dale and Sophie in 401 Dorcas won the competition which will see them knocked $10,000 off their publicly undisclosed auction reserve price.
Dan and Dani in 407 Dorcas have $8000 knocked off their reserve.
Brad and Lara have $6000 off and Mike and Andrew have $4000.
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Auction order The Block 2012 revealed - 405, 407, 401, 403 Dorcas Street

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Glenholme, the 1870s grand Victorian Ballarat residence, has been listed with a $2.5 million asking price, most likely a historic house record for the district.
It's been with the Cuthbert family since 1901.
It was first occupied by accountant John Cuthbert, the son of Henry Cuthbert, who’d arrived in Australia in 1854 and lived in Beaufort House.
Hidden behind a white paling fence within a meandering garden, the grand six-bedroom Victorian house is wrapped in wisteria.
There are three reception rooms comprising the salon with white marble fireplace and bay window, the sitting room, which features hand-made copper-plated book shelves and a black marble fireplace, and the stately dining room with open fireplace and gas heating.
Its kitchen has been updated.
Exotic trees, shrubs and old-fashioned flowers create a romantic National Trust-classified garden – which is possibly one of Victoria's finest intact examples of a late Victorian suburban garden, according to the garden historian Peter Watts, who said in 1980 that it was of national significance.
It's been listed through Tony Douglass and Tim Valpied of Hocking Stuart Ballarat.
The suburban villa was built for the merchant John Joseph Goller, a convenient distance from his warehouse in Lydiard Street North. The family had Gollers Wholesale Wine &amp; Spirit Merchants, which was established in 1855.
The radicalterrace website has reported Ballarat’s most expensive home sale is currently on Wendouree Parade, which fetched $2.23 million in 2010. Set back from the road and the banks of Lake Wendouree, the 1888 house had been altered moderately in the 1930s. With four-metre-high ceilings, detailed plaster and paint work, arched doorways and stone fireplaces, the 424-square-metre six bedroom house had been listed with $2.7 million plus hopes in 2009.
The $2.23 million purchase was bought from the Deam family by the Ballarat estate agent and farmer Stewart Gull, who played for South Melbourne and Melbourne in the 1970s, and his wife, Sue.
But Property Observer is aware of a $2.4 million in March this year of the Invermay mansion, Whistlers Run. It was a five-bedroom modern mansion, previously home to local businessman Gavin James.
The Robert Andary-designed house, just five minutes from Ballarat on Pyrenees Vista Close, came with a price tag of $3.5 million. Whistlers Run was marketed as a semi-rural retreat, with a 10-car garage, saltwater swimming pool, six bathrooms, three living areas and floor-to-ceiling windows with views to Ararat and Mt Langi Ghiran. Its tallowwood floorboards are reclaimed from the seats at the Melbourne Cricket Club Members Stand.
Property Observer is also aware of a higher sale on Lake Wendouree when $2,825,000 was paid in late 2007 for a house with 53 square metres of living space, an indoor pool and a tennis court on a large block.
<div>In its April 2012 property valuers Herron Todd White noted that “Ballarat property values soften as the distance from Lake Wendouree, [schools], shops or CBD increases”.</div>
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National garden treasure Glenholme, the 1870s grand Victorian Ballarat residence, listed with $2.5 million asking price

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It’s the tallest building in Australia, and the Q1 has recorded some of the steepest price falls over the past financial year.
Just one of the 28 recorded sales since July last year actually went up on its previous boom-time sale price.
The average price drop among the 27 price falls was 26% on its former boom-time sale.
The worst fall was 51% on the 57th floor, with a $970,000 mortgagee sale. It had fetched $2 million in 2006.
There were another seven sales reflecting declines of 40% or higher, three of which were on the upper floors with $1 million plus prices.
Just six of the sales were officially mortgagee sales.
The only apartment that went up was on the 23rd floor, and it was nothing special. It fetched $326,000 in January, having last sold at $321,000 in 2002.
The cheapest sale was $250,000 on the 12th floor, which was 21% less than its $318,000 off-the-plan sale price in 2002.
The priciest resale was $1.3 million on the 71st floor. It had sold at $2.32 million in 2003, reflecting an overall 41% drop, having also sold in the interim at $1.6 million in 2009.
There were also 28 apartment sales in the 2010-11 financial year with just one official mortgagee sale.
Q1 is ranked the world's third tallest residential tower after the 348-metre building The Marina Torch in Dubai won formal recognition as the tallest residential building in the world in April 2011.
Q1 is the tallest building in Australia and the Southern Hemisphere when measured to the top of its spire and second tallest building behind Eureka Tower in Melbourne when measured to roof and highest habitable floor.
The Sunland development group-built highest apartment is its 74th-floor penthouse with a sprawling size of 940 square metres. An Oatlands, NSW couple spent $4.8 million in 2010 on the Q1 Surfers Paradise penthouse. It previously sold off the plan for $7.8 million in 2002, reflecting a 38% decline.
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The taller they are, the harder they fall: Q1 prices falling steeply from boom-time Surfers Paradise highs

Sydney's top 20 house sales in the 2011-12 financial year: Title Tattle

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Channel 7 Sunrise celebrity gossip presenter Nelson Aspen featured prominently in the <a href="https://www.nytimes.com/2012/06/24/realestate/the-hunt-this-neck-of-the-woods-please?_r=2&amp;pagewanted=1" target="_blank">New York Times Sunday Real Estate section </a>last weekend.
It was about his extended search to upgrade from his studio apartment abode to a one bedder in New York after selling his Los Angeles place for $US665,000.
He's bought on the Upper West Side for $475,000, and tweeted all about it.
<img src="/images/stories/2012/06/nelson1.jpg">
No one has been that interested to retweet, however.
The article doesn't say but he did okay with the mid-Wilshire LA place having paid $225,000 in 1997. It was a <a href="https://www.estately.com/sold/925-s-mullen-avenue" target="_blank">1924  three bedder with Spanish Mission roofing</a>. Aspen initially sought $699,000. 
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Nelson Aspen spends $US475,000 on New York one bedder: Tweet of the Week

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The internationally renowned photographer Anne Geddes, famous for her portraits of babies often in cabbage patches, and her husband, Kel, have sold their impressive Potts Point apartment (pictured below) in the Grantham block. It fetched $6.4 million, having cost $7 million off the plan in 2006. 
{yoogallery src=[images/stories/2012/05/june1geddes]}
The sale of the seventh-floor apartment – at about $25,000 a square metre – represents an improvement on two other recent sales in the Alex Popov-designed block.
There are just the eight whole-floor apartments in the 2010 completed development, and a mortgagee sale at $5.5 million last September did little to assist the maintenance of its off the plan pricing.
It had been among the last to sell, fetching $7.5 million in 2007.
The $5.5 million mortgagee sale was followed by another $5.5 million later last year.
Each apartment comprises three bedrooms and three bathrooms, two being ensuite.
There are two car spaces for each of the apartments, plus storage areas. The SJB Interiors introduced a mix of natural stone, bronze and timber.
The Geddes unit was listed sold Jason Boon and Geoff Cox of Richardson &amp; Wrench Elizabeth Bay.
Grantham has front-row views of Woolloomooloo Bay, Sydney Harbour and the Bridge, Opera House and CBD skyline.
Over the other site of the peninsula one of the four Belltrees, Elizabeth Bay prestige apartments, has been sold at around a reputed $6.5 million through Richardson &amp; Wrench in conjunction with LJ Hooker Double Bay. It's been bought by an overseas buyer.
The Belltrees penthouse fetched $12.25 million. It's one of four apartments in the revamped Belltrees apartment complex.
Word of the sale first crept out in March 2010, but the buyer's identity only became evident on its recent settlement.
It was bought by Jennifer Clarke, the wife of John Clarke, who joined ANZ Bank in December 2000 as the head of  ANZ Infrastructure Services Ltd. ANZIS was renamed Infrastructure Capital Group Ltd after being acquired by John and Mike Fitzpatrick in 2009. The Clarke couple own on Macquarie Street.
It sold at a bullish price through Richardson &amp; Wrench agent Jason Boon despite the long spell of top-end repricing having set in after the global financial crisis.
The hillside Onslow Avenue compex is adjacent to Arthur McElhone Reserve.
Intrigue still surrounds the harbourfront penthouse that set a record apartment price of $14 million when it last traded in 2006.
Savills Residential secured the recent sale of the former Deutsche banker Hal Herron. Locals suggest the sales figure will emerge somewhere in the $13 millions.
It's in the Burley Katon Halliday complex of only six apartments built in 1998 on the site of Cardigan, the former home of the late Cedric and Elizabeth Symonds. 
In 2008 Potts Point ruled triumphantly holding the Australian record apartment mantle following the $20 million off-the-plan penthouse sale in the Ashington development at 10 Wylde Street. 
With views across Woolloomooloo Bay towards the harbour, city and Opera House, the two-level penthouse was set to have 530 square metres of internal space and 115 square metres of balcony. 
The nine-apartment project had been designed by Tzannes Associates, with interiors fashioned by the designer Alex Perry. 
The sale, which was in train for more than a year, was negotiated by Richardson &amp; Wrench Elizabeth Bay-Potts Point agents Geoff Cox and Jason Boon to the elusive property developer Duncan Hardie. 
The sale didn't proceed after Ashington's implosion and abandonment of the project. 
Investec Bank’s property unit is planning a luxury complex on a controversial site in Sydney’s Potts Point previously controlled by the failed Ashington Group. 
Control of the site, 10 Wylde Street, was disputed following Ashington’s collapse in 2010. 
Investec, which had lent to the Ashington to fund the project, took control last year. 
Investec has submitted new $17 million plans with less ambitious design and price expectations. It has scapped its expensively tricky curved glass corner.  The seven-storey development is set to contain 21 apartments and 30 car parking spaces. 
Designed by Adam Haddow of SJB, there will be a mixture of six one-bedroom apartments, three two-bedroom apartments and 11 three-bedroom apartments and a large penthouse. 
The bulk of the products will be between $1.5 million to $2.5?million. 
“The top end is tight; people are being very selective, but we are still seeing a need for product where people are selling out of larger homes in Bellevue Hill and Vaucluse and downsizing to large apartments," Investec's head of property investments, Graeme Katz told the Australian Financial Review recently.


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Some flooring under Potts Point and Elizabeth Bay prestige pad prices

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The Bondi beachfront penthouse of Gretel Killeen, who hosted the Big Brother series for seven years from 2001, sold at auction last night at $1.97 million, just short of the $2 million hopes held by selling agents Vicki Laing and Simon Polito of Laing Real Estate.
The three-bedroom 172-square-metre penthouse occupies the entire top level of the very Art Deco block La Pacifique.
There were three registered bidders. It last traded for $1.09 million in 2001 by Killeen, who's now an empty-nester.
In 2001 it was sold by Susan Blewett, the daughter of former federal health minister Neal Blewett, who had bought it for $300,000 in 1990 shortly before he retired from Federal Parliament.
It's in a block of seven apartments at the northern end of Campbell Parade opposite parkland adjacent to North Bondi Surf Club.
It comes with large living and dining areas, plus modern kitchen, sunroom and a rooftop entertainment terrace.
There’s the exclusive use of a car parking space entered from Brighton Boulevard on the building's back boundary.
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Bondi beachfront penthouse of Big Brother's Gretel Killeen fetches $1.97 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."

[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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