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Strong bidding from residential homeowners, hostel operators and developers saw a former hostel in Melbourne's Fitzroy sell under the hammer for $1.704 million.  
The expansive Victorian terrace home, features six-bedrooms, three-bathrooms and offered 330 square metres of space on 285 square metres of land. 
For more than 20 years, the 66 George Street property was home to AHL George Wright Shelter. 
It was sold with vacant possession to a local private investor. 
Colliers International’s Ted Dwyer and Andrew Ryan were the selling agents. 
“The property provides an opportunity for someone to turn it into a lavish residential home, but also to continue its use as a hostel or other form of accommodation, or another form of residential development (STCA),” said Mr Ryan.
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Former Fitzroy hostel sells under the hammer for $1.704 million

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Several offshore parties are believed to be circling one of Australia's most prestigious hotels - the iconic Sofitel Wentworth - barely a week into the marketing of the five star hotel.  
Property Observer understand that a number of parties from China, Europe, the US and Singapore are already believed to be having a hard look at the hotel -  which has become famous for hosting Liberal Party gatherings on election night.
It is understood that the final buyer is likely to come from offshore and that the selling price will be about $200 million. 
LaSalle Investment Management acquired the hotel for $130 million in 2010, on behalf of the LaSalle Asia Opportunity Fund III.
Expressions of interest for the 436-room hotel close on 21 March through Jones Lang LaSalle's Hotels &amp; Hospitality Group and McVay Real Estate.
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Numerous offshore parties circling the iconic five star Sofitel Wentworth hotel

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Melbourne-based Impact Investment Group has outlaid $32 million to acquire the global headquarters of Roy Morgan Research in Melbourne's CBD.
The fully leased building, at 401 Collins Street, was sold on an initial net yield of 7.81%.
Roy Morgan Research occupies the entire building and will enter into a 10 year lease with Impact Investment Group (IIG) with two five year options.
Located in the heart of the Melbourne's CBD banking and finance district, the 11-storey office building was built in 1937 for the Trustees Executors &amp; Agency and underwent significant improvements in 2007.
IIG said it acquired the building with a strategy to dramatically improve the overall energy performance of the property, which currently has a NABERS Rating of 1.5. It is targeting a NABERS rating of 4 or greater.
The asset will be held in a single property unlisted investment trust.
"The trust aims to provide sophisticated and wholesale investors the opportunity to benefit from the secure, long term income stream and the potential for capital growth, while benefitting from the environmental and social initiatives of IIG", said the group.
IIG’s sophisticated and wholesale investors are forecast to receive quarterly income returns of about 9% a year.
Since its inception in early 2013, IIG has arranged and co-invested in four investment syndicates. The 401 Collins property is the fifth for IIG, which is owned by Chris Lock - chief executive - and Small Giants, the family office of Daniel Almagor and Berry Liberman.
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Impact Investment Group purchases Melbourne CBD office building for $32 million

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A stronger presence from domestic purchasers, yield compression, improved leasing conditions driving demand and investors moving up the risk curve to access stock are expected to be the key forces driving higher investment in Australia's CBD office market in 2014.
Colliers International’s latest CBD Office Research &amp; Forecast Report for the first half of 2014 showed that more than $8.1 billion worth of CBD office buildings changed hands in 2013 - 16% above the previous year and the highest level of investment since 2007. 
Australian and offshore institutions dominated buying activity and China emerged as the country with the strongest growth, purchasing $580 million of CBD office property in 2013, said the report. 
"Growth in Chinese investment is expected to continue to define the market in 2014," said John Marasco, Colliers International managing director of capital markets and investment services.
"To date, most of the activity has been private Chinese investors purchasing secondary CBD office buildings however this started to change at the end of the year with the sale of Centennial Plaza to China’s sovereign wealth fund China Investment Corporation." 
"We are now seeing growth in institutions from China purchasing offices for investment, as opposed to development."
While offshore interest is expected to remain strong Colliers believes 2014 will be the year that domestic purchasers make their presence known.  "We are already seeing local demand competing, and in some cases winning, against the force of the offshore investors and this is set to continue further in the year ahead," said Mr Marasco. 
"On the back of increased activity by A-REITs, superannuation funds and privates, we will start to see the pendulum swing towards the locals in 2014."
Colliers is forecasting yields to tighten further this year on the back of increased competition for assets and the weight of money. 
Prime CBD office yields currently range from 6.75% in Melbourne CBD to 7.94% in Perth CBD. By the end of this year, Colliers is tipping yields will become firm in all markets with the exception of the Perth CBD.
Improved leasing conditions are also likely to drive demand for CBD office assets, noted the report. 
“The ‘disconnect’ between a strong investment market and a weak leasing market has been a key feature of Australian CBD office markets over the past two years,” said Nerida Conisbee, Colliers national director of research. “We now consider that incentives have peaked in most CBDs and prime net effective rental growth is likely to occur in all markets with the exception of Brisbane". 
Mr Marasco said that almost all indicators pointed towards increases in the amount of funds targeting Australian commercial property in 2014.
“Australia continues to be an attractive investment destination and provided that stock continues to come to market, total investment volumes should be greater in 2014 than they were in 2013,” he added.
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Chinese investment growth will continue to define commercial market: Colliers International

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Australian CBD office markets are entering into a hiatus period this year, with supply levels forecast to hit their lowest point in 13 years.
Despite strong supply in Melbourne and Sydney, Knight Frank's latest Australian CBD Research showed that stock levels across the nation's capital cities slumped 29% to 463,000 square metres of new and refurbished stock in 2013. That compared to 649,000 square metres in 2012.
<img src="/images/stories/2014/02/25/chart_of_tghe_week_feb_25_one.png" width="470" height="297" alt="chart_of_tghe_week_feb_25_one">
Source: Knight Frank
Supply levels are expected to shrink further this year, with the global real estate firm forecasting supply to come in at only 241,000 square metres - a figure it says would be the lowest level of gross supply additions since 2001 when nearly 200,000 square metres was completed.
"Following relatively strong completion activity over the past two years, this hiatus in new construction completions over the next 12 months comes at a welcome time for the markets, especially those with an overhang of backfill and sub-lease space waiting to be absorbed," said Knight Frank national director of research, Matt Whitby.
This year, he said, the only major high profile additions to stock would occur in Melbourne, with 150 Collins Street (Westpac committed) and 720 Bourke Street (Medibank committed) slated for completion. A handful of smaller new builds and refurbishments would also be completed in Sydney, Perth and Adelaide, he added.
However, Knight Frank is projecting a rebound of supply in 2015. It is tipping completions to total about 562,000 square metres and includes projects that commenced without tenant pre-commitments such as 180 Ann Street, Brisbane (Daisho) and 20 Martin Place, Sydney (Pembroke).
"Notwithstanding this, Brisbane and Canberra will be devoid of any major supply until late 2015," said Mr Whitby.
He also made a point of saying that while new supply additions were expected to be relatively lower, backfill space would continue to be a major factor this year and increasingly so during 2015.
Another key theme cited in the report was last year's unprecedented level of site sales occurring in and adjacent to the CBD markets, mostly in Melbourne and Sydney. That demand, said Mr Whitby, was driven predominately by Asian developers, as the "highest and best use" of sites was, and continues to be, slanted towards residential rather than commercial use.
"This trend will see an increasing amount of commercial stock withdrawn due to residential and hotel conversions, alongside a large number of obsolete stocks being refurbished and modernised in an effort to attract tenants."
He described that as a "real game changer for markets", especially in Sydney and Melbourne over 2014/15, "as the net supply figures (i.e. after withdrawals) will be significantly lower than the headline numbers, which will help cushion the market in the face of a soft leasing market."
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Australian CBD office supply forecast to hit 13 year low

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<img src="/images/stories/2014/02/25/DTZ_logog.jpg" width="200" height="66" alt="DTZ_logog" style="display: block; margin-left: auto; margin-right: auto;">
Name: Adam Jones<img style="max-width: 480px; float: right;" src="/images/stories/2014/02/25/jones-feb-25-profile.png" width="125" height="150" alt="jones-feb-25-profile">
Position: Director of CBD office leasing, landlord and institutional investor services

Company: DTZ

Office Location: Melbourne
 
How long have you been in the industry?

I have been in the industry since 2000, starting off in retail leasing then a short stint in corporate services and then specialising in CBD leasing.
What’s happening in the area you specialise in?
Very interesting times in that the Melbourne CBD vacancy rate has declined in the last six months, which should see incentives stabilise or reduce marginally from the levels they were at last year.
Unlike the past five years which has seen numerous developments come on stream which is well above historical averages, only two new developments, namely Medibank’s new headquarters at 720 Bourke Street and Westpac’s new office at 150 Collins Stree,t are due to be completed this year. Landlords by the end of the year should start to see some semblance of rental stability or growth.
Describe the most interesting property you have leased?
717 Bourke Street which was a brand new 38,000 square metre development in Docklands was interesting from the point of view of the technology involved in the design. 500 Collins Street was also unique in that the building was comprehensively upgraded with tenants in situ with sustainability as its cornerstone. It was the first refurbishment project in Australia to receive a five star Green Star design rating from the Green Building Council of Australia.
What are the ingredients to being successful in your job?
Remaining positive and patient as some deals can take an extremely long time to finalise. The old cliché about thinking outside the square is also important as Landlords are seeking people who can add value rather than act as a facilitator – you need to be able to provide a point of difference.
What aspects of your role do you enjoy the most?
I enjoy coming up with strategies for landlord’s as to how best to market and differentiate their asset in what is a competitive environment. It is also enjoyable coming up with different methods of identifying who is the best fit for a particular space, particularly doing this before our competitors.
Where would you invest a spare $750,000?
If I was a landlord I would look to upgrade my end of trip facilities, as all tenants these days have a strong focus on this. I would also look to spec a fitout, particularly if the space is clear and has been sitting vacant for an extended period. From a personal viewpoint a little thing called a mortgage and put some away for school fees for when my kids get older.
Which football team do you support?
Hawthorn. Very passionately. I am looking forward to back to back flags!
What’s your favourite app or techno gadget?
My Blackberry

How do you use social media?

Twitter for business snapshots/articles and <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/adam-jones/7a/888/740" target="_blank">LinkedIn</a> to stay across who is moving and who key decision makers within various companies are.
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In profile: DTZ's director of CBD office leasing, landlord and institutional investor services, Adam Jones

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A development site in Melbourne's western industrial heartland of Altona has been slated for auction, with price expectations of more than $800,000.
The 5,132 square metre industrial site is located, at 8 Kearsley Court, is only minutes from the West Gate Freeway and 14 kilometres from the Melbourne CBD.
The site will be auctioned on March 6 through marketing agents, Savills Australia's Tim Casanelia and Tom Davis of Tom Davis Industrial Property Consultants.
"The sale provides an opportunity for a developer or owner-occupier to secure a site in what has been a sought after location having already attracted the likes of Coles, Toyota, Chep and Target," said the agents.
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Altona development site slated for auction

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Investors are being offered a rare opportunity to acquire a 50% share in the new Queensland headquarters for GE Australia in Springfield Central.
The soon to be completed GE Queensland headquarters, located in the central business district of Australia’s largest master planned city, Greater Springfield in the heart of South East Queensland, is being offered for sale with three adjoining future development sites.
The 31 Barry Alexander Drive site - known as Parkside - has a total land parcel of 16,880 square metres.
Knight Frank’s Grant Whittaker and Ed Sutton, in conjunction with Savills Peter Chapple and Anthony Ott, <a target="_blank" href="https://www.spacehero.com.au/listing/Brisbane-Cbd-6322">are marketing the GE building and development projects</a> on behalf of master developer, Springfield Land Corporation.
“Comprising 12,500 square metres of A-grade office accommodation over five levels, the Parkside project will be a landmark asset designed by leading architects Conrad Gargett Riddel and anchored by one of the world’s largest corporations,” said Mr Sutton.
On completion, Parkside will comprise an ultra-modern office tower with ground floor retail and secure basement parking for 229 vehicles. The building is targeting a 4.5 star NABERS rating.

Mr Sutton said the residual land contained in the project’s commercial precinct provided an opportunity to partner with the master developer, Springfield Land Corporation, to undertake a joint venture for the development and delivery of the three separate but adjoining lots. The lots are known as Parkside Two, comprising 1,790 square metres, Parkside Three 4,745 square metres and Parkside Four 5,345 square metres for uses including commercial, hotel and retail, he said.
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Investors offered chance to purchase 50% stake in new Queensland headquarters for GE Australia

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Lynch Group Australia has sub-leased a warehouse facility in Sydney's Mascot.
The company has secured 1,404 square metres of sub-leased space, at Unit 9/476 Gardeners Road. 
The length of the lease is for nine months, at a gross face rent of $155 per square metre.
The previous tenant in the property was Smartbox Storage Pty Ltd. 
Agent Trent Gallagher of Colliers International handled the lease. 
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Lynch Group Australia sub-lease Mascot, Sydney warehouse

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Non-profit group People with Disability Australia (PWD) has relocated to new offices in Sydney's city fringe suburb of Redfern.
The firm secured 433 square metres of space on Level 10, 1 Lawson Square Street, Redfern.

The leasing deal was negotiated by Ray White Commercial Office Leasing Director John Skufris.

The lease was struck at a gross rental of $166,705 per annum over three years.

Nearby at 161 Redfern Street, the Aboriginal Disability Network leased 129 square metres, at a gross rental of $450 per square metres a year. Mr Skufris also negotiated the lease.
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People with Disability Australia relocating office to Redfern

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Katherine Jimenez

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