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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
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There is still one tenancy space available in Harvey Norman’s landmark Springvale Homemaker Centre in Victoria. In December CBRE updated the available leasing opportunities indicating there was still showroom floor area with 1,420 square metres available.
The first stage of the centre, involving the largest IKEA store in the Southern Hemisphere, opened in September, attracting more than 80,000 people in the first four days of trading.
In the first five days the Springvale Facebook page has been live it’s had more than 1000 “likes”.
It is located on the corner of the Princes Highway and Westall Road in Melbourne’s outer southeast.
<img src="/images/stories/harveynormanfloorplan3.gif">
The remainder of the 72,000-square-metre complex opened in October, providing space for more than 25 retail brands, including Harvey Norman and Domayne.
The double-storey complex is a joint venture between Harvey Norman and IKEA. Harvey Norman bought its eight-hectare property, formerly used as a Telstra supply branch, when its fended off fierce competition from developers to pay $14.6 million in 2004, which was $4.6 million more than vendor Folkestone paid for it six months earlier.

Harvey Norman occupies a 10,000 square-metre store, and IKEA is trading from a 36,000-square-metre space.
<img src="/images/stories/harveynormanfloorplan2.gif">
CBRE bulky goods senior manager Chris Parry says the development introduces new brands and concepts to the Melbourne bulky goods market, including Curtain Wonderland, Harvey Norman Big Buys and Regal Sleep Solutions.
It will also provide an opportunity for expanding retailers including HS Home – the new Harris Scarfe concept – which is being rolled out across Australia.
JB HiFi, Nick Scali, Snooze, Early Settler, Outdoor Furniture Specialists, Howards Storage World, Adairs, Babyco, Plush, Anaconda, House and Berkowitz are among the tenants.
Parry says the rents range significantly, as CBRE has leased space as large as 2,500 square metres within the centre. 
“An indicative range is $250 per square metre net to $460 per square metre net,” he says. 
“We are currently marketing the last remaining showroom, which is 1,450 square metres with an asking rent of $330 per square metre,” Parry says.
He says the centre's anchor tenants have attracted smaller retailers.
“The strength of the anchor retailers and the centre’s location have been two of the drawcards for tenants, with the complex offering easy access to in excess of 1.8 million people within 30 minutes’ drive time,” Parry says.
“The pulling power of IKEA has been another attraction for tenants, with over 45,000 customers on average visiting an IKEA store each week.
“This equates to over 2.34 million customers a year and when combined with the customer base of the centre’s other tenants in Stage 2, will provide Springvale with a visitation rate unrivalled in Australia.”
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jchancellor-FAypfDUnLy

Still space left in Harvey Norman-IKEA's new Springvale homemaker centre

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Four blocks totalling 42 units in Bankstown have been listed for October 19 auction.
Set in Sydney’s south west, the offering will be in one line through CB Richard Ellis agents Harry Bui, Frank Oliveri and Peter Vines.
The blocks have already been strata titled.
Their current gross income is $665,000 and their anticipated market rent is $762,000.
The complex has $66,000 operating expenses plus $111,000 in statutory charges, making its annual net operating income $486,000.
Its statutory charges include $33,000 council rates, $45,000 water rates and $32,000 land tax.
Three of the blocks were built in 1984, and one constructed in 2006, with none having undergone any significant upgrades or modernisation.
With rental demand rising in the Bankstown market and rent growth projected by Residex at 5% to 6% a year for the next few years, Bui says the 42 multi-housing collection is “a prime real estate investment opportunity”.
According to Residex, the residential house market in Bankstown experienced capital growth of 11% over the year to June 2011.
The median value for Bankstown units during the June 2011 quarter was $306,000.
The Bankstown residential sales of individual strata-titled apartments have totalled 661 apartments in the past 12 months, with a $239 million total transaction volume at an average of $270,000 to $310,000 for one-bedroom apartments, $300,000 to $360,000 for two-bedroom apartments and $330,000 to $465,000 for three-bedroom apartments.
According to Residex, apartments within the 2160 to 2249 postal code range are forecast to have about 2% to 3%-plus growth a year over the next five years.
“As a broader outlook for the local residential apartment market, we expect apartments in Bankstown to continue to be popular amongst private investors and owner-occupiers,” Bui says.
“There could be further yield compressions for a quality asset in a prime location as there are more first-home buyers and investors coming to the market.”
The median weekly Bankstown rent for a two-bedroom unit is $385 per week.
Its vacancy rate remains tight and rental yield for apartments has outperformed, Bui says.
According to SQM Research, the suburb of Bankstown had a vacancy rate of 0.6% at June 2011.
Its rental yield was 6.45% reflecting a 1% increase over the last decade.
“This offering is a unique opportunity to secure a low-risk investment with very strong foundation for future growth,” Bui says.
“There’s a value creation opportunity and a safe exit strategy. There’s significant scope to enhance capital immediately through various cosmetic enhancements with select interior upgrades,” he notes.
He suggests smaller strata-titled apartments for under $400,000 were highly sought after by smaller investors and owner-occupiers in the local market.
The apartment sizes range from 68 square metres for one-bedroom units to 131 square metres for two-bedroom units. They average 100 square metres.
The current rents range from $275 a week to $340 a week.
Whole-block sales have been rare in Bankstown in the past 12 months. The most notable transaction was the sale of the whole 21 two-bedroom apartment block leased to Housing NSW at 2-6 Bungalow Crescent in Bankstown, which fetched $6.04 million in April.
The next highest sale was a block of 12 units sold for $3.35 million in mid-2010. Its sale price reflected $279,000 per unit. It’s leased to NSW Housing returning $191,000 a year.
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Bankstown blocks comprising 42 units slated for October auction

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{yoogallery src=[images/stories/september27jet]}
Drummer Christopher J. Cester has listed his four-bedroom, two-bathroom Hollywood house at $1,075,000. Cester paid $1.01 million for the property on Holly Hill in May 2005. The 209-square-metre Spanish-style home was built in 1937. Judith Ledford of <a target="_blank" title="Rodeo Realty" href="https://www.rodeore.com/claw_featured.asp">Rodeo Realty</a> is the listing agent.
Cester who formed the band Jet with his brother Nic Cester,  grew up in Dingley Village, a suburb just out of Melbourne. The listing is billed as Old Hollywood glamour in a gated 1930s estate on a private cul-de-sac.
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Is this gonna be your house? Jet founder lists Hollywood home

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Price estimates given  before auction by Sydney estate agents are coming under increased pressure as stock levels accumulate in spring. But in Melbourne the price guides appear overly cautious, with sales typically exceeding the estimates.
Despite the healthier price guidance Melbourne’s clearance rate eased to 53% from 55% on the previous weekend. Sydney’s weekend clearance rate stood at 58% on the preliminary results, up from 54% the weekend before last. It was 57% on initial reports, so expect the a fall once unreported non-sales come in.
In Sydney’s lower north shore at Neutral Bay, a 1930s Thrupp Street unit listed with $790,000 plus hopes sold on the weekend for $780,000. Not a major gap, but an increasingly regular occurrence.
There was a $2.75 million vendor on an unsold Manly duplex listing. The 2003 North Steyne had been listed with $3 million hopes.
The top bid on an unsold Birchgrove weekend auction listing was $1.7 million. The Grove Street listing had $1.8 million plus hopes, given it made the most of its 150-square-metre block. The Victorian terrace spans four levels and has four bedrooms and two bathrooms.
Even the first-home price bracket appears without momentum on occasions. A two-bedroom Marrickville unit listed with $500,000-plus hopes was passed in at $501,000 through Callagher Estate Agents. It had last traded for $385,000 in 2004.
Ashfield achieved a better result, with a 113-square-metre Liverpool Road listing fetching $490,000 pre-auction having been listed with $400,000-plus hopes through Raine &amp; Horne Ashfield.
A Queens Park semi sold for $2.13 million having been listed with $1.9 million-plus hopes through GoodyerDonnelley.
And there was a pre-auction sale at Bondi Beach when $750,000 was paid for an Edward Street flat listed with $700,000 plus hopes by GoodyerDonnelley.
Some agents have adopted extremely cautious estimates including a Surry Hills terrace that came with a $675,000-plus forecast. The Commonwealth Street terrace, listed through BresicWhitney, had previously sold at $660,000 in 2007. It sold before auction at $780,000.
A similar study of published pre-auction estimates of Melbourne listings suggested a greater success rate, although a $270,000 vendor bid was placed at an auction of a Commercial Road, Footscray offering that had been listed with a $280,000 to $300,000 estimate.
And a three-bedroom, renovated Federation property in Fairfield sold at $940,000 – midrange of its $900,000 to $990,000 estimate through Nelson Alexander.
About $1.6 million had been tipped for renovated 1930s Nungerner Street Balwyn offering that passed in on a $1.45 million vendor bid. It had a $1.54 million reserve through Jellis Craig.
But most of the other surveyed listings went past the upper end of the price ranges.
A $410,000 to $450,000 estimate was given on a Royal Parade, Parkville apartment that fetched $481,000 through Nelson Alexander.
There was a $520,000 to $570,000 estimate on a Prahran flat in Red Tulip factory conversion that fetched $615,000 through Biggin &amp; Scott.
A Collingwood warehouse conversion listed with $775,000 to $825,000 hopes fetched $860,000 through Jellis Craig.
A five-bedroom weatherboard  Sandringham offering with $1.65 million-plus hopes fetched $1.75 million.
An Edwardian house on Dover Street Flemington listed with $580,000 to $630,000 hopes sold through the Thomson agency at $646,500.
A $540,000 to $580,000 estimate had been given on an Esdale Street Nunawading offering that sold at $620,000 through Noel Jones.
A $476,000 sale in Yarraville through Hocking Stuart had been estimated to sell at between $400,000 and $440,000. It’s an apartment in the former 1981 St Georges theatre building, which was converted about seven years ago.
Several fell short of pre-marketing hopes. There were $1.6-million-plus hopes for a Caulfield North listing through Jellis Craig. The Alma Road offering with a McSteen Tan architects design was passed in, with bidding falling short of its $1.6 million reserve.
There was a $1.6 million vendor bid when a Ferrars Place, South Melbourne listing went to auction, having been marketed by Kay &amp; Burton with $1.55 million to $1.7 million hopes.
There was a $5 million vendor bid on a <a href="https://www.propertyobserver.com.au/victoria/vendors-of-st-kilda-west-home-hope-%245-million-is-over-the-horizon/2011092251652" target="_blank">Beaconsfield Parade, St Kilda offering</a> that had been listed with a $5 million to $5.5 million expectation.
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Sydney's auction price estimates challengable, Melbourne's better than on the money

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Expatriate Australian billionaire Michael Hintze has added two large irrigation properties in Wee Waa, northern New South Wales, costing $14 million to his ever-expanding east coast farming portfolio.
The London-based hedge fund founder has amassed one of Australia’s fastest-growing farm portfolios, with acquisitions totalling about 50,000 hectares since 2007.
His private pension fund, MHPF, has spent about $141 million on the land and water purchases.
The latest properties Gunedra and Redcamp bought through Ray White Rural agent Bruce Gunning span 2,216 hectares of fertile floodplains adjoining the Namoi River and Pian Creek in the Wee Waa district,  known as the birthplace of Australia’s cotton industry.
Hintze is the founder and senior investment officer of CQS Management, a London-based hedge fund with assets of $US10.5 billion.
The Hintze portfolio has been accumulated and managed by Richard Taylor, a director of Growth Farms Australia. MHPF has been described as "a newly diversified agricultural force taking shape in eastern Australia" by The Land's agricultural writer, Peter Austin. It now has made 17 acquisitions in NSW and <a href="https://www.propertyobserver.com.au/sweet-deal-for-michael-hintze/2011060450346" target="_blank" title="Hintze buys sugar plantations">recently added two sugar cane farms in north Queensland</a>, which marked a shift away from its weighting towards the southern NSW mixed farming of wool, prime lambs, cattle and winter cropping.
The purchases have been driven by the view that rural land in Australia now represents good value in light of the strong global demand for “soft commodities”. A key strategy of the group has been to aggregate parcels of land where possible to achieve efficiencies of scale and cross-property synergies.
Hintze's buying spree began when he spent $12.5 million for a Breadalbane property in July 2007. Despite his acquisitions Hintze is not likely to join the Australian Farm Journal's top 10 landholders, since other new players, Macquarie Group and the British private equity company Terra Firma Capital Partners, have between them spent $740 million buying vast chunks of northern Australia. Hintze's biggest purchase was the 7,700-hectare grazing property Warrane, west of Armidale, costing $22 million in late 2007.
Hintze's wealth has been estimated by Forbes magazine at $US1.4 billion in early 2011. Hintze's estimated $1.4 billion net worth has him ranked 879 in the Forbes Billioniares list, and 12th richest Australian.
Gunning says the vendors of the Wee Waa property have been involved in the cotton industry for decades.
“The vendors were an American family farm business involving 10 owners who commenced operations in 1961 and have been one of the pioneers of the modern cotton industry in Australia,” Gunning notes.
The family members, now mostly in their senior years, took the opportunity to recently sell the properties and due to the high Australian dollar are able to maximise the amount of money they’ll be able to take home.
The offering had been listed for April auction.
Gunedra and Redcamp have water entitlements from the Namoi River supported by bore water, making it one of the safest cotton farms in the district. Gunedra is 1,119 hectares of freehold land with 734 hectares of lasered irrigation fields. Redcamp is a 1,089-hectare freehold with 566 hectares of lasered irrigation fields.
Hintze’s <a target="_blank" href="https://www.propertyobserver.com.au/rural/expat-billionaire-michael-hintze-adds-to-farming-portfolio/2011082151216">most recent purchase</a> was at Young in NSW.
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Billionaire Michael Hintze dons cotton in Wee Waa rural acquisition

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Melbourne buyers seem in general to have lost interest in the million-dollar-plus housing market, according to Melbourne buyers’ agent Mal James.
“But it’s not as boring out there as you might think,” James says.
“Just as some new AFL coaches bobbed up, so have a few interesting homes, and you should revisit your contacts to see what new offerings are on the horizon.”
He suggests the websites are showing a few more homes in the top end than they have for a while.
‘This is due to the selling agents planning an extended campaign around the grand final while still trying to get the home done and dusted prior to the Melbourne Cup,” he says.
He says the market has five strong themes:
<ol start="1">
<li>Very low new stock levels for family homes</li>
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“Stock levels have been below average for months with not one $100 million auction weekend in late winter or early spring for bayside and the inner east and it seems this will continue until at least after the Melbourne Cup,” James says.
<ol start="2">
<li>Upper end has some strength.</li>
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“More than one $3 million a day offering has been sold in Melbourne during September,” James says.
“We are still down on last year in terms of activity, but last year was a bumper year. So far it has been pretty much a normal September at this price level in terms of activity and price.”
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Lower end of the $1 million-plus plus market is getting weaker </li>
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James says more properties in the lower end of the $1 million-plus market are being passed in, they are staying on the market for longer and they are attracting fewer bidders.
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Well priced A-grade homes are selling </li>
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However, he says poorly priced B-grade and C-grade homes don’t sell, unless they are discounted.
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<li>
Bayside appears considerably weaker than inner east </li>
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James says the inner-east market of Toorak, Malvern and Hawthorn is performing far better in the $1 million to $2 million price range than the bayside suburbs of Brighton, Hampton and Sandringham.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Very low new stock levels for Melbourne family homes: Mal James

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The record-setting Woolwich riverfront mansion that last sold for more than $11 million in 2007 has been resold for a reported $9.2 million.
The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/record-setting-woolwich-riverfront-mansion-back-on-the-market-as-saga-continues/2011080150989">had been listed under bank instructions through David Ward at Ward Partners</a>.
National Australia Bank repossessed the Angelo Street house.
<img src="/images/stories/woolwich2.jpg">
Internal water damage and garden poisoning were detected earlier this year at the then-vacant house, with police investigating a break-in at the property during which taps in the kitchen and several of the six bathrooms were left running for days, causing serious damage.
Just before Christmas 2010 Judy Obeid, the wife of the recently retired NSW Labor powerbroker Eddie Obeid, entered into a contract to buy the property from the vendor, the mobile phone company director Mick Hakim.
The off-market transaction was cloaked in secrecy, with the Hunters Hill peninsula rife with whispers about the deal at an unconfirmed $8.5 million price.
The sale unravelled as Hakim’s financiers sought to control the sale process with the NSW Supreme Court Justice Ian Gzell giving Equititrust Limited, the second mortgagee, an order for possession at one point in the process.
<img src="/images/stories/woolwich3.jpg">
It is understood the Obeids were not the latest buyers, but it did sell to other locals.
For much of 2010 the house had been on the market with a price tag of $13.5 million.
The five-bedroom Angelo Street house designed by Wolski Coppin Architecture comes with 650 square metres of space.
It was built by home builder Peter Campbell, who sold for $10.35 million in 2004 to Xiaoquin Jin.
The 2,087-square-metre north-facing block had been bought for $3.75 million from internet entrepreneur Sean Howard in 1998.
The Hakims had liberty to apply to the court if they were of the view that a property was to be sold at an undervalue, Gzell notes.
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Record-setting Woolwich mansion sold for loss as saga winds down

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The Dutch Pension Fund for the Construction Industry reportedly believes Australia offers some of the best opportunities in Asia, as it gets set to boost its international real estate portfolio.
Most of the pension fund’s €5.3 billion property assets are concentrated on direct investments in its domestic market, but about 20% is dedicated to international markets.
The fund wants to double its global portfolio, which currently stands at €1.3 billion, by 2014, according to a Citywire Global report.
"Right now we are increasing our international portfolio in Europe, but we are also looking at the US and Asia-Pacific," says Stephen Tross, Bouwinvest’s director of international investment. Bouwinvest is the property manager for the Dutch Pension Fund for the Construction Industry.
"In the Asia-Pacific region we have already invested in a number of funds and we expect to make our first investment in the retail and office sectors in Australia.
"The country has good fundamentals, it is a market where the population is still growing and the economic prospects look good.
"The economy is holding up well and you can also see it is profiting from its rich base of resources and the Chinese growth story.’
Despite the pension fund’s Asia expansion plans, Tross says the fund was run using a defensive risk profile.
"In our expansion we are looking more towards Australia as it is a mature market, as well as Japan. It is more the developed Asia than the developing one we are keen to invest in."
Tross told Citywire that the majority of the pension fund’s international exposure was gained via unlisted real estate funds as they often offered better options than listed real estate funds.
"The benefit of unlisted funds is that we have more influence as we are big investors and often hold advisory board seats.
"Also these investments are not directly influenced by stock market sentiment."
The management of the real estate assets, which account for 18% of the fund’s €29 billion, was spun off from the broader fund into a separate company, Bouwinvest, in 2003.The fund’s current international exposure is focused on Europe and the US, which make up 64% and 31% respectively.
Tross joined the board of managing directors in September 2010 and previously worked as director for KPMG. Before KPMG he filled several functions for PwC.
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Dutch pension fund eyes up Australian property investment

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The former Hollywood Hills house of the late Heath Ledger has been listed for sale. Nicknamed "The Tree House", it’s been given a US$2,995,000 asking price by the soap opera star Adrian Bellani, currently in the Brad Pitt-led Moneyball.
It’s a 173-square-metre 1951-built pad that features two bedrooms, two bathrooms – even an outdoor theatre – all surrounded by sycamore trees.
Ledger bought the<a target="_blank" href="https://idx123.realtytech.com/rodeo/PrintProperty.aspx?searchID=72ae67b3-7ac9-4b46-b0d8-976fb85cf19d&amp;mlsid=11-534735"> Laurel Canyon property </a>from Ellen DeGeneres in 2005 for US$2.1 million – and he and girlfriend Michelle Williams lived there until their split in 2007. The house was then sold to its current owner in July 2008 for US$2.5 million after Ledger's death from an accidental overdose of prescription drugs in January 2008.
It was briefly listed in 2009 at a US$3,695,000 asking price. It's listed through John Galich at <a href="https://woodrowwilsonestate.com/" title="Rodeo Realty" target="_blank">Rodeo Realty</a>. Ellen DeGeneres paid US$1,275,000 in 2004.
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Heath Ledger's former house on the market

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Australian Treasury boss Martin Parkinson has backed a move to wind back or abolish real estate stamp duties. Like his Treasury predecessor Ken Henry, Parkinson sees stamp duty as making buying and selling houses more expensive, and more significantly inhibiting mobility required for a growing economy.
They make it hard for workers to move west and north to take advantage of the mining boom, Parkinson claims. The Age correspondent Peter Martin notes he was asked at a Canberra forum which taxes were the biggest drag on productivity.
Parkinson nominated state taxes on housing, which, he says, inhibit economic adjustments, ''whether they be individual workers moving from the Illawarra to Queensland or Western Australia to work in the mining sector, or whether a firm is trying to restructure its business''.
''We need to encourage change, not to stand in its way.
"That's why I make specific reference to state governments,'' he told the conference.
Victoria made $3.6 billion from real estate stamp duties in the year to June, and NSW buyers were taxed $3.9 billion dollars last year.
It’s been estimated abolishing the tax could be paid for by lifting the goods and services tax from % to 12.5%.
Martin's report notes the Henry tax review reported that ''ideally there is no place for stamp duty in a modern tax system''. It found property stamp duties discourage turnover and penalise improvements.
''The only positive feature of stamp duty - its relative simplicity - has long since ceased to justify its continued use in the face of the costs it imposes on Australian society,'' the review said, recommending they be replaced by a broad land tax.
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Stamp duty still unpopular at Treasury post-Henry

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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