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Melbourne’s residential rental vacancy rate sat at 2.4% in February, but with a clear trend of higher vacancies the closer landlords were to the CBD.
Suburbs within four kilometres of the CBD reflect a vacancy rate of 2.7%, according to the latest Real Estate Institute of Victoria data. That is the same result as in December.
Within suburbs between four kilometres and 10 kilometres of the Melbourne CBD, the vacancy rate is 2.6% compared with 2.1% in December.
The middle suburbs have a 2.2% rate compared with 1.2% in December.
Vacancies in the outer suburbs have tightened from 2.1% to 1.6%.
REIV chief Enzo Raimondo notes the availability of rental homes in regional Victoria remains very low,  with a vacancy rate at 1.4%.
Within the main regional Victorian cities, the Ballarat region has a 1% vacancy rate, and Bendigo continues to be one of the most difficult places to find a rental home in Victoria, with a vacancy rate of 0.6%.
The highest regional level of vacancies is in the Geelong region, where 2.% of rental homes are vacant.
 
 
 
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jchancellor-FAypfDUnLy

Rental vacancy increasing in middle Melbourne suburbs: REIV

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Llloyds International, the Australian arm of British giant Lloyds Banking Group, has posted a $1.2 billion loss for 2011.
Poorly performing commercial property loans were mostly responsible, according to documents lodged with the Australian Securities and Investments Commission published by The Australian.
Lloyds made an operating profit of $403 million in 2011 but wrote off $1.6 billion in commercial property loans.
In 2010 the bank made a $1.6 billion loss after it wrote off $2.3 billion in loans.
Lloyds, which has some 200,000 Australian customers, had $12.6 billion of loans and advances outstanding at the end of 2011, which was down from the $19 billion in the previous year.
The bank's net property exposure contracted 66% over the year to $2.6 billion, helped by a $1.6 billion sale of impaired loans in troubled Gold Coast and New Zealand property markets.
Lloyds' financial statements advised its portfolio had been exposed to Australian non-metropolitan real estate markets, "where market conditions and asset valuations in 2011 have continued to remain weak".
Despite the ongoing losses, chief executive David Smith told The Australian the business had a good future in Australia.
"We are on top of our balance sheet now as a result of dramatically reducing our exposure to commercial property loans," Smith says.
Its parent company Lloyds Banking Group posted a recent £2.8 billion ($4.1 billion) loss for 2011, compared with a £320 million loss a year earlier.
In 2009 the British government bailed out the banking group and still owns some 41%.
 
 
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Lloyds International blames poor commercial property loans for $1.2 billion loss

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Former St George Bank chief Paul Fegan and his wife, Leonie, have listed their  hillside Mosman residence for March 31 auction.
The Alex Popov-designed Burran Avenue house last traded at $10.75 million in late 2007 when he was the St George chief executive.
Fegan, who was briefly Telstra's executive in charge of strategy and corporate services, is now a non-executive director of AMP Limited.
“Expectations are around the $10 million mark at this stage,” says McGrath listing agent Priscilla Ouvrier.
“It’s an inspired Alex Popov creation that has resulted in sophisticated contemporary residence with light-filled interiors, superior finishes and breathtaking water views.
“Its’ a very private home upon 1,130 square metres,” she says.
The matrimonial property comes with a 20-metre pool.
Burran Avenue’s most recent non-waterfront sales include a $7.4 million to Joris and Adriane Lugtenburg. He’s been associated with the Cape Town based Allan Gray Capital, a South African investment management company, since 1989.
“It was an inspired collaborative design by 4d Architects and its artist owners that created a supremely private and aesthetically exhilarating home offering a sequence of indoor and outdoor living zones and a flexible dual-level layout,” its Raine &amp; Horne selling agent Brendan Warner gushed.
Another hillside Burran Avenue house listed with $5 million-plus hopes in 2010 has been sold at $3.2 million on its third agency marketing campaign.
Mosman has been <a target="_blank" href="https://www.propertyobserver.com.au/residential/mandalong-house-listing-set-to-test-mosman-market-after-banking-bonuses-dry-up/2012022753564">among the hardest hit suburbs since the global financial crisis</a>.
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Former St George boss lists Alex Popov-designed Mosman house

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Actor Nicole Kidman has seemingly sold the final piece of her beachfront holding on the NSW far south coast. 

About $800,000 was expected when the last portion <a href="https://www.propertyobserver.com.au/new-south-wales/nicole-kidman-s-south-coast-nsw-beachfront-land-fails-to-sell-at-auction/2012021753426">went to February 11 auction</a>.

With the post-auction negotiation sale paperwork now underway, the website now says “Under Contract”.

<img src="/images/stories/kidmanbeach.jpg">
The vacant 1,009-square-metre block had been for sale since 2008 at $1.2 million plus through Michael Skuse of LJ Hooker Batemans Bay. It has 21 metres of beach frontage on Knowlman Road. 

It was 2004 when Angus Hawley, Nicole's then brother-in-law, first swooped into town by helicopter to bid on the rare beachfront offering offered by the Knowlman farming family from Goulburn, who had paid £35 in 1929. Rosedale locals say Kidman has been there only a handful of times since 2004.
Kidman purchased the Rosedale holding as part of a $4 million outlay on the coastal strip in 2004. She has already recouped $3 million, selling two of the properties to Canberrans.
 
 
 
 
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Nicole Kidman finds buyer for NSW far south coast beachfront holding 

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A corruption inquiry has begun hearing allegations that Sydney businessman Fortunato "Lucky" Gattellari bribed an Aboriginal land council on the New South Wales south coast.

The Independent Commission Against Corruption (ICAC) has heard that in 2005 a man called Ronnie Binge approached Lucky Gattellari with a plan to develop several parcels of land around Narooma.

The land was owned by the Wagonga Aboriginal Land Council.

The ABC reported Ronnie Binge told Gattellari that side payments would have to be made to the council's decision makers to secure the land.

The commission’s counsel assisting told the inquiry that Gattellari liked the plan and asked his business associate Ron Medich to put up the cash.

The inquiry heard that over five years the developers paid upwards of $130,000 to the chairman, coordinator and chief executive of Wagonga but ultimately the deals did not go through because the New South Wales Land Council intervened to stop them.

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Gattellari and Medich bribed an Aboriginal land council: ICAC inquiry told 

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The ongoing decline in bonuses among merchant bankers and financial sector executives has serious implications for prestige property markets.
This is especially true for Mosman, the Sydney suburb that headlines the prestige markets that previously relied on bonus recipients buying and selling houses.
Until the global financial crisis, vendors enjoyed the home-buying spree in the merchant banker belts that followed, like clockwork, the cash-dominated bonuses.
But the bonus-inspired property purchases disappeared during the depths of the 2008 and 2009 financial crisis, and the after-effects linger.
Salaries may have risen, but bonuses have shrunk given the fallout from government bailout packages, and are typically now tied to company stock incentives.
So estate agents struggle to get competitive buying interest for the top-end listings.
The main challenge for Mosman is the double-digit-million market. 
{yoogallery src=[images/stories/feb27mandolong]}
Mosman’s first big test on 2012 comes with the 1885 Mandolong House (pictured above), a renovated hillside residence listed with $17 million reported hopes – a suburb-record price for a non-waterfront residential property, which currently stands at $15.25 million for a Stanley Street residence.
The Mandolong Road property is situated in a 2,909-square-metre location high on the slopes of Balmoral and comes with a north-south tennis court and swimming pool. It is the home of businessman Barry Roberts-Thomson and his wife, Victoria.
The property last traded for $3,375,000 in 1989.
Last year’s top Mosman sale was the $19 million sale of a Hopetoun Avenue waterfront property to neighbour Ros Oatley of the Oatley wine family. Its price reflected a serious price weakness, since it had traded at $22.5 million in pre-global financial crisis 2007.
The Mandolong House listing comes at a time that Richardson &amp; Wrench Mosman agent Robert Simeon notes “a significant increase in Mosman house listings”.
But Simeon adds it’s well below the spring 2011 peak of 168 house offerings.
“We may now hit 140 houses on the run up to Easter,” he forecasts.
Simeon’s most recent critique of the Mosman house market noted 2011 sales results surpassed 2010. Over the Christmas break the number of Mosman houses on the market dropped to 83, and it had peaked in mid-November at 168 house listings.
“The only statistic that went down during 2011 was the auction clearance rate – Mosman is a private treaty/expressions of interest market, which is clearly evidenced by the figures,” he says.
<ul>
<li>2010 Mosman Median Price – $2,250,000</li>
<li>2011 Mosman Median Price – $2,275,000</li>
<li>2010 Mosman Average Price – $2,684,319</li>
<li>2011 Mosman Average Price – $2,711,657</li>
<li>Total House Numbers Offered in 2010 – 289</li>
<li>Total House Numbers Offered in 2011 – 324</li>
<li>Total Houses Offered By Private Treaty in 2010 – 193</li>
<li>Total Houses Offered By Private Treaty in 2011 – 226</li>
<li>Total Houses Offered By Auction 2010 – 40</li>
<li>Total Houses Offered By Auction 2011 – 115</li>
<li>Adjusted Clearance Rate 2010 – 25 percent</li>
<li>Adjusted Clearance Rate 2011 – 24 per cent</li>
<li>Total Number Sold 2010 – 233</li>
<li>Total Number Sold 2011 – 266</li>
<li>Total Value Sold 2010 – $499,283,500</li>
<li>Total Value Sold 2011 – $623,681,292</li>
</ul>
<a target="_blank" href="https://www.rwm.com.au/2012/02/">Source: Richardson &amp; Wrench</a>
“It will finish at close to $700,000,000 when all sales are recorded,” Simeon suggests.
“Bear in mind that at close to $1 billion our market is a boom level.
“This coincides with my previous thoughts that the Mosman market has bottomed,” Simeon adds.
Much of Mosman’s strength and weakness is the so-called Mosman merry-go-round.
As Simeon says, families move within the 2088 postcode, they don’t move out.
Remuneration consultant John Egan of Egan Associates says pay structures in investment banking had changed dramatically since the global financial crisis.
Whereas previously, a top banker's base pay would be in the $300,000 to $400,000 range, the bonuses were often five to 10 times the base.
He suggests salaries might have risen about 50%, but bonuses are now only one to two times the base, he told the Weekend Australian.
Mosman has also been hurt with fewer upgrading local buyers but also the disappearance of the expatriate given the currency situation.
At weekend auctions, a three-bedroom home with harbour views in Parriwi Road, Mosman, was passed in on a $3.9 million vendor bid despite four contracts having been issued pre-auction.
Mosman agent Sandie Dunne had previously exchanged contracts at $4 million but the client got "cold feet".
It last sold for $3.85 million in 2008.
Mosman's most significant waterfront listing is a relisting of a Curraghbeena Road property that was the home of the London-based Greg Clarke, who once headed Lend Lease, and his wife, Anne.
Offers close this week through agent Paul Gotch who tried to get $12 million plus on its 2010 marketing.
The <a href=""></a>property last traded in November 2007 for $14.5 million when it was sold by retired Deutsche banker Ken Borda and his wife, Ellen.
This time Gotch has been reluctant to put a price estimate on the 933 sq m property, merely noting it was paid for in British pounds when the exchange rate with the Australian dollar was much stronger.
 
 
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Mandolong House listing set to test Mosman market after banking bonuses dry up

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Sydney’s weekend auction success rate was on the surface quite respectable.
Sydney secured a slight improvement with its 56% success rate – on initial returns – bettering the 54% of the previous weekend, according to Australian Property Monitors.
But there were three worrying undercurrents that don’t instil confidence in the ongoing market.
The first was the seasonally high number of missing results.
Australian Property Monitors had 494 auctions on its scheduled Sydney list, and managed to collate 394 results, so there’s another 100 yet to come. Melbourne likewise had 102 missing results in the REIV tally.
Certainly given it’s early in the year some agents are rusty when it comes to the voluntary reporting systems, but typically these late results are more likely to be passed-in properties, so they tend to drag down the initial success tally.
The next worrying bit of data within the result was the 12% withdrawal rate that casts a big shadow over the Sydney results.
GoodyerDonnelley agent Alexander Phillips had two withdrawn properties.
“We had no one on them, so we've put a price on them," he candidly acknowledged.
"Buyers are a little bit scared by auctions at the moment.
"If vendors have got a price they're happy with that's in line with the market, it's often best to put a price on it and generally they're then selling quite quickly," he told Fairfax Media.
The Sydney withdrawal rate was 13% on the previous weekend and 11% the weekend before.
It’s not a problem in Melbourne, however.
But both cities share the other worrying symptom – the lack of price disclosure when it comes to the sold price, and also the passed in price.
There were 41 Sydney successful sales where the result was withheld from publication.
There were also 56 Melbourne successful sales where the result was withheld from publication, along with 22 results from sold before negotiations.
One of the reasons is that the agents like to get inquisitive follow-up phone calls from those who want the result - from whom they hope to get their next listing.
But don’t try convincing me that there’s not an element of vendors (and agents) being slightly embarrassed at the price outcome.
If it’s a no bid auction of course there’s no price disclosure – and Sydney had 13 of them on the weekend.
There were 20 vendor-bid Sydney auctions where the vendors are at least telling the market a rough guide above which they will negotiate.
But there were 32 auctions passed in with no price disclosure in Sydney.
There were just the 14 auction passed in results in Melbourne where the result was withheld from publication. And Melbourne’s reportage typically goes the extra mile by giving not only the passed in price, but more often than not it gives the reserve price which is a handy addition missing from Sydney results.
But all up 35% of the 494 Sydney results are missing as of Monday morning. Melbourne had 92 results without prices, plus 102 results yet to be advised, making around 22% missing.
I am not in the same camp as Property Tycoon founder Mark Armstrong, who seeks mandatory reporting of all auction results within 24 hours of a sale. I think there are varying degrees of privacy entitlement – say, those sold before auction are more entitled to have non-disclosure until settlement.
But a publicly held auction is another matter altogether and there should be an onus on disclosure.
"At the moment people are flying blind,” Armstrong says.
“Just like in the share market, there should be 100% disclosure on performance so we can make the most informed decisions," he says.
We all want to know the auction results in a timely manner – so up-to-the-minute Saturday and in Melbourne even Sunday results are a vast improvement on yesteryear, when everyone relied on a limited number of results put up in agent windows or waited until newspapers published sales on settlements.
The Saturday figures are a reliable sample of market direction and sentiment, and those with a desire for more information can always glean it later in the week.
The REIV’s Robert Larocca is correct in responding that people have plenty of opportunities to go along to the auction see what's happening for themselves.
But reporting organisations such as the REIV and APM do have obligations that the data they release gives as best an accurate summation of the marketplace. But they will only truly succeed with agents in tow. 
For tips for agents selling in a tough 2012,<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-50-smart-tips-for-real-estate-agents-to-sell-more-in-a-tough-2012"> download our free eBook.</a>
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Auction marketplace deserves better price disclosure from agents in weekend results  

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NSW Premier Barry O'Farrell has embraced plans by James Packer for a second Sydney casino at the Barangaroo site.
James Packer's casino group, Crown, advised O'Farrell that Crown envisaged the casino could be part of a new hotel and restaurant complex in the centre of the harbourside site.
O'Farrell says the proposal for a second venue would bring jobs and tourism to Barangaroo, but it would need to gain regulatory approval before going ahead.
At the moment the Barangaroo Delivery Authority says the site is intended for ''civic, educational and recreation spaces''.
O'Farrell says: ''I think it's an exciting proposal which could add extra life to Barangaroo, give Sydney another world-class hotel, generate jobs and boost tourism.''
''It's the sort of tourism-related investment we want in Sydney but everyone's aware there are a range of regulatory approvals needed before it could proceed,'' O'Farrell says.
Only one casino licence is allowed in NSW until 2019.
On Friday Crown increased to 10% its stake in Echo Entertainment, which owns the nearby Star casino, and has sought permission from regulators to increase its stake further.
If Crown can gain control of the Star, its executive chairman, James Packer, could pursue his plan for a Barangaroo casino to operate under an extended licence for the Star.
He has signalled that such a casino would not need poker machines and could simply have gaming tables, of which the Star can have an unlimited number.
It was 1994 when James Packer’s late father, Kerry Packer, lost the battle over who would run Sydney's first casino.
At the time the preferred tenderer, Leighton and Showboat, accused rival Kerry Packer consortium of running an orchestrated campaign to discredit Leightons over details within the report of the royal commission into the building industry involving Leighton and other builders over sharing tendering fees.
The Sydney Morning Herald’s coverage of the latest $1 billion casino entertainment plan came with an immediate condemnatory tone given it had been envisaged that the land was to be set aside as "playing fields for office workers."
The ABC report quotes architect Philip Thalis, who was on the original Barangaroo design winning team, and is horrified at the way decisions are being made.
"This just shows what a complete failure of planning we've had in Sydney," he said.
"We've had a continual erosion of what could have been, what should have been, Sydney's great new public western waterfront."
John Lee from the Tourism Transport Forum says it would add life to the area.
"You only have to go to Melbourne and see that area around the Yarra River, yes there's Crown Casino there, but there is also movie cinemas, bowling alleys – there's all sorts of things that entertain people when they go to the precinct," he said.
Echo Entertainment chairman John Story has told the Australian Financial Review he will not allow James Packer to win control of the company cheaply.
Story said Echo shareholders were concerned Packer was trying to seize control of the $2.96 billion casino group without having to pay a takeover premium, after the Crown Limited chairman more than doubled his stake in Echo to 10 per cent in a $256.6 million share raid on Friday.
Packer will need the approval of both the NSW and Queensland governments to increase his holding Echo beyond 10 per cent as ownership of the group is capped at that level.
Mr Packer, who owns 46 per cent of Crown, has indicated he does not wish to take full control of Echo, although he is expected to increase his holding.
“We are just concentrating on getting the government to lift the 10 per cent shareholder cap at the moment. That is out primary goal,” Packer said.
 
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Barry O’Farrell endorses Packer Barangaroo casino concept

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The record-setting $5.71 million Surry Hills, Sydney warehouse sale by businessman Neville Miles and his artist wife, Beryl, to a McMahons Point couple topped the prices in the weekend auctions.
{yoogallery src=[images/stories/feb27bennett]}
Marketed as arguably Sydney’s finest single-dwelling warehouse, its McGrath selling agents Ben Collier and Andrew Hackett had been seeking $5 million plus for the Bennett Place warehouse (pictured above) which dates back to the 1870s.
There was a $5.5 million reserve on the backstreet warehouse, which had been extensively renovated by Hare + Klein since the 247-square-metre holding last sold at $3.1 million in early 2009.
The previous Surry Hills warehouse record holder was sold late last year by entrepreneur Duncan Burns for $4 million through D'Leanne Lewis of Laing + Simmons Double Bay and Shannan Whitney of BresicWhitney.
{yoogallery src=[images/stories/feb27riley]}
When the Riley Street property (pictured above) was listed in August, the agents hoped it would fetch more than $5 million.
It’s a 297-square-metre Riley Street block.
The bachelor pad-style abode had a three-level configuration for one person with 750 square metres of living space. On one wall at its open for inspection was a Burns Philp poster of the company that was formed in the 1870s and originally concentrated on Australian passenger and cargo coastal trade.
It’s been bought by Robert Willis, who has recently put it up for rent at an undisclosed price. The BresicWhitney ads suggest a $15,200 bond is required.
It had enormous open-plan living and dining zones, a custom-fitted home cinema, a private outdoor area with a heated plunge pool.
Its basement was a 10-car garage.
While the facade of the original building remains, its interior was rebuilt seven years ago after Burns bought the property for $500,000 in 1994.
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Surry Hills millionaires show a flair for pricey warehouse conversions 

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One of the Riverina’s original sheep stations, Thelangerin, which hit the market 140 years after its last sale, has been sold pre-auction.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin1.jpg">
Held by the McFarland family since 1872, Thelangerin is a 21,095-hectare holding near Hay.
Its Ray White Rural Deniliquin selling agent Jeff Shand confirmed its sale, but said the sale details could not be disclosed.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin2.jpg">
The property started with the issue of a land grant of 640 acres (259 hectares) for lot one in the parish of Thellangering to Scottish pastoralist John Peter in 1867.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin8.jpg">
Thelangerin passed briefly to the McVean family before being acquired by Captain Andrew McFarland and his brother, Robert, in 1872.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin3.jpg">
The run as a whole originally comprised 47,000 acres (19,020 hectares).
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin4.jpg">
Its original homestead dates from the 1860s and was added to in 1875 and again in 1888 during the great 1880s wool and land boom.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin6.jpg">
Thelangerin, which fronts about 50 kilometres of the Lachlan River, is rated to carry 11,700 dry sheep equivalents.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin5.jpg">
Thelangerin has a history of rice crops and cereals including oats, barley and wheat, as well as winter pasture.
<img style="border-style: initial; border-color: initial;" src="/images/stories/thelangerin7.jpg">
Thelangerin is positioned on the river adjoining three newly created National Parks. It was briefly listed in mid-2010 with $220-plus hopes per hectare.
 
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Riverina sheep station Thelangerin finds new owner after 140 years

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.

[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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